First of all, I would like to apologize for reporting thursday’s news instead of wednesday’s news for the Asian Market report. I apologize, and promise that it will never happen again!!!
Let’s get the asian market news!!!
England had a late night tea session around 0000 GMT last night, for NIESR gross Domestic Product and Nationwide Consumer Confidence. The NIESR GDP came in around .1% and the Nationwide Consumer Confidence, had sank down to 51, well under the 59 number for forecast and last month’s 62.
Australia had one news item with Monthly Home Loan Levels. The level had declined -3.7% due to the decrease in banks having credit readily available to loan out. Japan’s Leading Economic Index is at 91.2%.
Crude Oil is sticking around the $118 per barrel price point in asian market session trading.
Good morning my fellow European Traders! Ready for an awesome day making some serious pippage?
Let’s get right to the news!
Oil: The sweet stuff has taken a major drop in price over the last couple to $136.38 on the Electronic New York Mercantile Exchange. SUV Owners REJOICE!!!
England’s Consumer Confidence fell short of expectation at 63, and below the previous number of 69. The consensus was betting at 65.
Over in Japan, we got a positive word on Core Machinery Orders. 10.4% INCREASE, nearly doubling the production increase from last month, and the expectation was a tiny 1.1%. NICE!
In Australia, the Westpac Melbourne Institute unleashed their Consumer Sentiment number at -6.7%, which is unfortunately, worse than last month’s number at -5.6%. Keep your chin up folks and your dreams high!
Also we got some bad news from down under on Home Loans. Home loans had declined -7.9% from last month’s -4.2%. They were only expectating -2%, but with how the subprime credit crisis, and now that credit requirements are ever increasing, proves that now you cannot get a dollar loaned to you anymore if your credit is even ok. That wasn’t a shock to me at all!
So, What is going on with the european market? Plenty! Hopefully not as depressing as most of the Asian market was….
right at 600 GMT, we have another statement from Japan regarding Machine Tool Orders. Yes, even Wrenches and Screwdrivers have their own Indicator.
At the same time we will see Germany release their numbers on Trade Balance. Of course the consensus is taking the high road to expect a magic number of 17.4 Billion. Now only if the US could learn a thing or two from this. (But then again, doesn’t this country export awesome Beer, and then Beemers, Benzs, and Volkswagens too! DAMN! That is why their Trade Balance rocks!!!) NEXT TOPIC!!
45 minutes later we will see the French with their Trade Balance as well. Unfortunately this fine country of Wines, Cheeses, Fine Cooking, Stereolab, and Fine Marques such as Renault, Nissan, Peugeot and Citroen is looking at an sour expectation of -3.9 Billion.
And of course Jean Claude Trichet, the European Central Bank President has to step in and get a few words out as well. This time, Jean will be at a plenary Session of the EU Parliament in Strasbourg. Jean will present the Annual Report for 2007 there. Maybe some historical data and maybe some monetary policy to get our Forex News Junkies a bit to chew on please?
Then to finish out the major news events, England will have a trio of numbers coming out. at 1830 GMT we start with the Halifax Housing Price Index. We are looking at a decline of 1% for the magic number. Trade Balance, which compared to France’s Expectation, this one is looking to have a awfully grum day at -7.4 Billion. Then to finish out the England block, BRC’s Shop Price Index, which compares to previous year prices at any one of your local British Retail Consortium stores!
That is the european report. See you in the morning, and TRADE ON!!!!
The number from Consumer Credit in the USA was pretty positive, to the degree of 7.8 Billion, keeping the same number from last month, but shooting WELL over consensus numbers (7.5 Billion)
Are you ready for another jam packed, fun Asian Trading Session?
2101 GMT
We will start tonight with a late tea session in England with their Consumer Confidence numbers.
2150 GMT
a while after that, we will see Japan with their Monthly Core Machinery Orders look for 1.1%.
Australia will see a couple of news events going on too! First we will see at 2230 GMT Westpac Melbourne Institute release their Consumer Sentiment Statement, then another hour at 2330 GMT we will see a number on Australian Home Loans compared to previous month!!!!!
Then you will have to wait to the euro session to get the scoop for the European Market!!! See you then!!!
Good morning and Good trading! Get some good sleep fellow traders! Today I will tell ya will be a hot one, and not with the weather, but with some key numbers on industrial production coming out today. And for those staying up to go through the US markets, we got a nice chunk of news stuff coming in 6 hours from now!
Let’s recap last night’s numbers….
England: RICS House Price Balance: -92.9% way better than expectation, and a positive result.
BRC Retail Sales Annuals: 1.9%
Japan: Core Machinery Orders up 5.5%
In Australia: Home loans were down 3% and NAB consumer confidence was a -4, as opposed previously at -8.
Today is a busy newsday in the currencies as we start the day with in Euro territory with the monthly German Wholesale Price Index. This is one of the indicators used for inflation.
Japan is getting some late numbers in with Machine Tool Orders. This is an annual number for report sales levels in industry grade materials.
Around 2.45 -4GMT we will get a number from France on Industrial Production as well, forecasted to remain the same.
4.00 -4GMT Italian Industrial Production will come in as well, same purpose as the french, for production numbers. We will also see at this time some numbers from the International Energy Agency regarding Oil prices, supply and demand.
In England, we will get around 4:30 three numbers this morning. Monthly Industrial Production, Monthly Manufacturing Production, and the DCLG house price index which is an indicator of inflation.
And later in the morning, The Bank of England Governor, Mervyn King will have a few words. King will probably speak about the numbers mentioned earlier and the effects they had on the world markets.
Today, I have decided to combine the midday and the afternoon for the US market.
So… What did we miss?
Newswise, the United States had Pending Home Sales go up 6.3%, well over expectation of .5%.
So what did Trichet, and Geithner say (condensed version)?
Trichet: Do not look for a huge rate increase;
Geithner: Stated that the Bear Stearns merger was the best viable plan for the troubled company.
So You waited for Apple too I guess!
Yep, Coming from the WWDC for Apple, we are looking at a July 11 release date for the new iPhone 3G. This iPhone will not only have a faster data capability, but also a longer life battery, GPS capabilities, independent application support, AND! (drumroll please!) the price will be cut down to $199 for the 8gig model and $299 for the 16gig model.
So, what is on the for the news tonight?
Tonight, we have a couple of news items from England. The RICS House price balance, which monitors the average sale prices of housing in England, and BRC Retail Sales numbers as well.
In Japan, Core Machinery Order Monthlies are due out. At the end of their session, expect also a number on Machine Tool Orders. This is an annual index.
Uncle Ben Bernanke will have a couple of fine words to say on his podium piece tonight! Will it be anything to help the dollar in it’s recent nosedive?
Australia will see numbers from NAB’s Business Confidence Index and a report on Monthly Home Loan numbers.
Ok folks, wish you the best of luck with trading and make some money!!!
TRADE ON!
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Filed under: Asian Wrap Cap/ European Open News by Thomas Howell