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European Opening Comments

Posted:24/11/2008 8:10 by Eric Culp
Asian shares were mostly lower but out of session troughs thanks to support from the US government's decision to bail out Citigroup. The ASX was up 0.1%. The Kospi dropped 3.4%. The Hang Seng fell 1.3%. Tokyo was closed for a holiday. Washington announced it would provide $306bln in loan loss provisions to Citi and trade $20bln in cash for preferred shares with a guaranteed 8% dividend. European shares were called higher. The DAX future surged 3.6%. The CAC future was up 2.9%. Economic data focuses on Germany and the Eurozone. Germany's November IFO index of business sentiment and EZ September current account data are due at 0900 GMT, and Need to Know News' Scream Audio will report the numbers live. EZ September industrial orders are scheduled for 10 GMT. European currencies gave back gains, with investors piling into the safe-haven yen. EUR/JPY fell 0.3%. GBP/JPY was off 0.7%. USD/JPY lost 0.7%. EUR/USD rose 0.3%. Cable slipped 0.1%. AUD/USD shed 0.7%. Bond moved higher in early trade. The 10yr Bund future added 7 ticks to 120.77. The 10yr Bund was off 1bp at 3.38%. The 2yr Schatz was flat at 2.11%. The 10yr Gilt added 5bps to 3.91%. The 2yr was up 5bps to 2.02%. The 10yr T-note fell 4bps to 3.2%. Oil took a bid as the greenback faded against the euro. WTI wsa up 1% at $50.42. Brent added 8% to $49.59. click here to return to the top of the page
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