US Opening Comments
First Published Friday, 10 July 2009 from Need to Know News
US stock futures are modestly higher, with S&P minis up 3 points to 922 following yesterdays sell off which knocked down all major indices more than 2%. European indices are also receiving modest bid thanks, in part, to better than expected investor confidence out of Germany. The ZEWs investor, as well as expectations indices surged in May to its highest level in more than 3years.
The British Govt has boosted the amount of its upcoming 25yr gilt sale to $11.5bln(GBP10bln) at a 4.36% yield, which is a result of increased demand for British debt.
The bond market is marginally lower led by the 10yr, which is trading in the lower portion of yesterdays range following three consecutive days higher. The US Treasury will sell $25bln in 4week bills this afternoon at 1:00est.
Todays US economic releases include:
May PPI at 8:30e, expected up 1%; Core unchanged
May Housing Starts at 8:30e expected to increase 7% to 500k
May Industrial Production at 9:15e, -0.8% expected; Cap use is expected at 67.9%
USD is considerably lower vs. most major currencies with USD/JPY down nearly 100 pips to 96.91, EUR/USD up 98 pips to 1.39, and Cable up 142 pips to 1.6462.
Demand for cash continues to rise overseas, this according to a recent Moodys survey which said 14% of investment grade European firms will fall short of liquidity the next year despite the recent and unprecedented surge in bond issuance.
Commodities are off to a very strong start with Crude up nearly 2% at just under $72. Unleaded is up over 3 cents to 208.59, Heating Oil is up 2.15% and Natural Gas is up 8 cents to 4.23. Gold is up nearly $10 to 936, while Silver is up nearly 2% to 14.31.
- SGX to offer Nifty options
The Singapore Exchange (SGX) has announced that it expects to offer options on the S&P CNX Nifty Index (Nifty) and related products in the coming year.
This follows SGX’s obtaining of licensing rights from India Index Services & Products Limited (IISL) for the product range including derivative contracts on the CNX Nifty Junior, CNX 100 and CNX Midcap indices....continued - UBS admits 69 ETCS to London Stock Exchange
The London Stock Exchange has announced that UBS has become a new issuer of Exchange Traded Commodities (ETCs) on its markets....continued
- Automated Trader Updates
Following the launch last week of Bloomberg Tradebook’s new MTRX algorithm, Bloomberg has this week introduced its correlation-weighted currency indices, a tool for measuring the strength of currencies....continued
- Bloomberg launches first correlation-weighted currency indices
Philip Brittan, global head of FX, Bloomberg: “We have constructed indices that use purely statistical measures to calculate weights, resulting in benchmarks that capture more variance than those constructed by other methods.” Bloomberg has launched the first family of correlation-weighted currency indices, a benchmark it believes offers a more accurate measure of the relative strength of currencies than traditional, trade-weighted benchmarks....continued
- Turquoise and EuroCCP launch trading and clearing services for Hungarian and Czech Republic Issues
EuroCCP and Turquoise have announced the expansion of their respective clearing and trading services into two additional markets, Hungary and the Czech Republic....continued
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