Step 1: What makes people glance at the Forex?
Clearly profit / money with forex you can be rich quick
Step 2: The facts on the ground
Because you are tempted, then you jump on forex, according to statistics, only 10% who can be rich, the rest failed (up and down, even to the bankruptcy)
Step 3: From the facts, it's hard to Forex and Risk
Look at the statistics field, so the conclusion is hard forex trivial and obvious high risk. In addition to the risk of money / funds that may have been lost, others who may not feel is the risk of loss of time. What if many years, it was what earned that much-so alone? What is not a waste of time, thought, concentration, etc..
Step 4: Consider
From the rich potential (step 1) and the fact + Hard + Risk (steps 2 and 3) consider first .... Do not force it, and refer to the type / model of your personal. Do I model the man who can accept all the above.
- If you think 'try before all the new break', then move on the next step.
- If you do not match the risk, then close this page.
- If you are challenged and interested in forex, then make sure that you are serious serious serious about learning, why? watch the above risk factors you can get to the 90% group that failed. Do not let this happen to you.
- If you think 'try before all the new break', then move on the next step.
- If you do not match the risk, then close this page.
- If you are challenged and interested in forex, then make sure that you are serious serious serious about learning, why? watch the above risk factors you can get to the 90% group that failed. Do not let this happen to you.
Step 5: You Want to Become a Successful Forex Trader
So now, start learning, study, and practice. How:
1. Read all the articles in the sub Newbies - Newbie
2. Read all the articles in the sub Learning Forex Trading
3. Alternative: Buy forex books, search pdf on forex, etc.
4. Patient, and take the time to read first.
Step 6: You Have Know Your Basic Forex
Until this point you should have if only imagine how you can achieve a profit in forex, forex analysis with science. The main science is Technical and Fundamental Analysis. If your understanding about 40-50% of the read / learned before, then go to the next step. If not, increase the time you learn and understand more.
Step 7: Learn by Practice Demo
Read the title properly, learning and practicing, that is still practiced, there is no money here. How: Read and follow the instructions on sub article 'Practice Demo Account'
With this facility + use metatrader demo account to accelerate the process of learning and understanding you will be fundamental and technical analysis.
At the same time it is important that you know is about the berlu metatrader application. Read, understand, and master too. About metatrader can be seen in the sub Learning metatrader
With this facility + use metatrader demo account to accelerate the process of learning and understanding you will be fundamental and technical analysis.
At the same time it is important that you know is about the berlu metatrader application. Read, understand, and master too. About metatrader can be seen in the sub Learning metatrader
Step 8: Know the Sources and Resouce For Reference.
From the above study will analyze, now surely you will need a source that can be used as a reference for your analysis. Here below are some of the sites / sources that is quite interesting.
| *) | From SeputarForex.com | ||||||||||||||||||||
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Step 9: How Your Demo Account Outcome?
Surely now you can measure and see your personal trading performance through the demo account.
How Well Results? O yes, until now you've road / training how many months? Do they look good profit? Consistent?
From experience rekan2, most wah demo already collapsed its currency, the other, up and down, giddy :)
recommendations:
Good, so you know that forex is hard, and it's normal laa. So: still continue to learn and exercise.
How Well Results? O yes, until now you've road / training how many months? Do they look good profit? Consistent?
From experience rekan2, most wah demo already collapsed its currency, the other, up and down, giddy :)
recommendations:
Good, so you know that forex is hard, and it's normal laa. So: still continue to learn and exercise.
Step 10: Important Points, Trading Psychology.
You master yourself, then you master the forex. You can not blame forex and wasteful / market (sorry, you would say a smart ass, but actually is a real stupid). All remained one of your own, the sooner you accept this, the better. So now try to find the articles on the psychology of trading.
Step 10: Important Points, Money Management
In trading psychology there are things about the emotions of greed, revenge, and so on. It is certainly going to hit the concept of setting your funds. That lead to resistance exhausted and chaotic trading capital. So now looking for articles about money management, and remember this is a very, very important.
Step 11: Important Points for Trading Forex = Business
In business, there is up there down, need care development, invosi, evaluation, and development continuously. It is the same with forex trading, than you menjejar stamp 'Trader Success' what if forex trading is seen as the way in which of the measures to step your knowledge keeps increasing and profit. Step your trip the former and consistent.
Step 12: Secrets of Personal Trading Systems
You already know most of the basic analysis, method, strategy, etc., etc.. So now create your own trading system. This trading system is a unique trading system that fit for your own. Surely the creation tarap you can read here and there, could merge here and there. But remember that is needed is a trading system that fits you. The way the logic of your analysis, your emotions, your Spirituality, your time, and so on.
Note: If you have a chance now taught by a Master Forex Trader, believe me, there's no guarantee you'll become a master Forex trader :) .. So understand themselves intent of this important point.
Note: If you have a chance now taught by a Master Forex Trader, believe me, there's no guarantee you'll become a master Forex trader :) .. So understand themselves intent of this important point.
Step 13: Now, step / figure shit ya, how come I still gini-gini right? The performance earned my demo account.
Easy, Relaxed ..Try closing before all, relaxing, and refreshing. You train hard every day (24 hours) as there are also minuses. The brain and your emotions crowded. No one requires you to be present, that there is not you alone who impatiently.
Step 14: Process Creation Trading System.
Well why repeated again? Yeah .. trading because you still suck. So you need a lot of reading :) artikel2 seputarforex forex, you need to be googling articles on the internet, you need to find a friend for a question and answer forum forex is one means dandy.The bottom line: Increasing Knowledge + + Self-Mastery Intensive Training => Creation System Trading
Where the above core should run together now.
Step 15: Wow, 6-12 months my demo account and consistent profit
Well, surprise, congratulations .... But can not say you've become a successful trader. You alone who judge.Only, with evidence that 12-month good outcome, there was no reason to detain you for a Plunge into the real world of forex trading.
Step 16: You are trading in real account now.
Some important points here:- No-risk demo account, real money account you can actually disappear. So there will be a psychological effect that could mess. It is clear now that you are more emotional, fear, etc.. It can make you do not follow the trading system that you have created previously. Be careful for this and prepare.
- You need to learn about forex brokers, but if that is still relatively easy, essentially cuman how to choose a forex broker who is good, and right for you. Can be found in this section.
Step 17 s / d unlimitied: Thank you, and is up to you.
It is hard to describe if you have sequentially in the mastering stage / trading mastery. If it turns out to date have followed langkah2 you apparently well above and order, and even then very few people who want to :)So continue to do? maybe this time you have more than our master, it can be, why not? So you better know that the next step would have been more suitable for you personally.
Try your account with your virtual desk first until your expert for start with live desk
ReplyDeleteNews Today January 23,2013 at 05:49:50 AM
ReplyDelete- Emerging ETF Volatility Plunges to Decade Low on Global Growth
A measure of price swings in the exchange-traded fund tracking developing-nation shares slipped to the lowest level in at least 10 years as economic data from the U.S. and China showed signs of improvement.
Fifty-day volatility on the iShares MSCI Emerging Markets Index dropped to 11.59, the lowest level since at least January 2003, when Bloomberg started compiling the data. The ETF slipped 0.2 percent to $44.71 in New York today, declining for the first time in three days.
China’s economic growth accelerated for the first time in two years last quarter amid government efforts to revive demand, data released Jan. 18 showed. In the U.S., initial jobless claims for the week ended Jan. 12 fell to a five-year low, pointing to further improvement in the labor market, while housing starts climbed 12.1 percent in December. European Central Bank President Mario Draghi said today that the “darkest clouds” over the euro area have subsided.
“You’ve got increased global risk appetite on the back of better Chinese news flow, better-than-expected U.S. data and the fact that Europe appears to be stabilizing,” Alec Young, a global equity strategist at S&P Capital IQ, said by phone in New York. “When there’s more nervousness around you see more volatility, but it’s been nice and steady recently.”
January 23, 2013 at 06:06 AM
ReplyDeleteInsiders Buy the Holdings of VBR ETF
A look at the weighted underlying holdings of the Vanguard Small-Cap Value ETF (VBR) shows an impressive 12.3% of holdings on a weighted basis have experienced insider buying within the past six months
January 24, 2013 at 11:49:56 AM
ReplyDeleteThe Australian dollar fell versus the majority of its 16 most-traded peers as commodities declined after the International Monetary Fund lowered its estimate for global economic growth.
The Aussie weakened against the U.S. dollar for the first time in three days after the Washington-based IMF said the world economy will grow 3.5 percent this year, less than the 3.6 percent forecast in October. The fund cut Japan’s 2014 growth forecast by 0.4 percentage point to 0.7 percent. Australia’s consumer price index rose less than forecast last quarter. New Zealand’s dollar gained as a gauge of manufacturing rose.
“The Aussie decline came from the Asian session after the release of the softer-than-expected CPI number, which increased fears that the Reserve Bank of Australia will cut rates,” Camilla Sutton, chief currency strategist at Bank of Nova Scotia, said yesterday in a telephone interview from Toronto. “It tried to climb back back during the European session, but the IMF report weighed it down.”
Australia’s dollar declined 0.1 percent to $1.0555 in New York trading yesterday. It fell 0.2 percent to 93.53 yen in the fourth straight daily loss.
The New Zealand dollar, nicknamed the kiwi, advanced 0.2 percent to 84.24 U.S. cents. The currency was little changed at 74.65 yen.
Standard & Poor’s GSCI Index of 24 raw materials dropped as much as 0.5 percent before paring the loss to 0.3 percent.
Manufacturing Gauge
New Zealand’s manufacturing expanding last month, according to the Performance of Manufacturing Index compiled by the Bank of New Zealand Ltd. and Business NZ. The reading was 50.1, compared with 48.8 in November.
Australia’s CPI increased 0.2 percent from the previous three months, compared with the median forecast of economists in a Bloomberg News survey of a 0.4 percent rise, the Bureau of Statistics reported.
The Aussie dollar fell 1.5 percent over the past 6 months among the 10 developed-nation currencies monitored by the Bloomberg Correlation-Weighted Indexes. The kiwi gained 2.9 percent. The U.S. dollar fell 4.5 percent, and the yen tumbled 17 percent.
January 25, 2013 at 10:24:11 AM
ReplyDeleteCopper Seen Extending Rally With China Accelerating: Commodities
Copper traders are bullish for a third consecutive week as the fastest expansion in Chinese manufacturing in two years boosts confidence that the biggest buyer of the metal is leading a global recovery.
Eleven analysts surveyed by Bloomberg expect prices to rise next week, six were bearish and a further five were neutral. ETF Securities Ltd. said $28 million went into its ETFS Physical Copper exchange-traded product last week, the most since its introduction in 2010.
About $5.8 trillion was added to the value of global equities since November as China accelerated for the first time in two years and central banks from the U.S. to Japan pledged more action to bolster growth. The U.S. is in its best shape for two years, a global poll of Bloomberg subscribers on Jan. 17 showed. China consumes 42 percent of the world’s copper and North America 11 percent, Barclays Plc estimates.
“Copper is one of those metals that people feel is linked to the industrial cycle,” said Carole Ferguson, an analyst at SP Angel Corporate Finance LLP, a broker and adviser in London. “Demand is obviously returning, we’ve had good numbers coming out of China and the U.S. definitely looks as if it’s in a recovery trend.”
The metal rose 1.9 percent to $8,079 a metric ton on the London Metal Exchange this year, after averaging $7,953 in 2012, the second-highest on record. It reached a two-month low of $7,506 on Nov. 9. The Standard & Poor’s GSCI gauge of 24 commodities added 2.4 percent this year and the MSCI All-Country World Index (MXWD) of equities gained 4 percent. Treasuries lost 0.3 percent, a Bank of America Corp. index shows.
China’s Growth
The preliminary reading of a Purchasing Managers’ Index in China was 51.9 percent this month, compared with 51.5 in December, HSBC Holdings Plc and Markit Economics said yesterday. The economy grew 7.9 percent in the fourth quarter after slowing in the previous seven periods, government data showed Jan. 18. Expansion will accelerate in this and the next two quarters, according to as many as 43 economists surveyed by Bloomberg.
The U.S. economy picked up across much of the country last month, the Federal Reserve said Jan. 16, as homebuilding jumped to a four-year high in December. A majority of the 921 people surveyed in the Bloomberg Global Poll Jan. 17 described the world’s biggest economy as improving.
Confidence in a recovery in the U.S. and China spurred investors to add $175 million to copper ETPs during the past nine weeks, ETF Securities said Jan. 22. Industrial users including AmRod Corp. and Southwire Co. have urged U.S. regulators to reverse a decision clearing the way for a JPMorgan Chase & Co. copper-backed product, saying such funds would leave less for manufacturers and create shortages.
Gold survey results: Bullish: 16 Bearish: 11 Hold: 4
Copper survey results: Bullish: 11 Bearish: 6 Hold: 5
Corn survey results: Bullish: 14 Bearish: 13 Hold: 2
Soybean survey results: Bullish: 14 Bearish: 14 Hold: 1
Wheat survey results: Bullish: 13 Bearish: 11 Hold: 4
Raw sugar survey results: Bullish: 5 Bearish: 4 Hold: 2
White sugar survey results: Bullish: 4 Bearish: 3 Hold: 4
White sugar premium results: Widen: 4 Narrow: 1 Neutral: 6
January 28, 2013 at 10:09:26 PM
ReplyDeleteMix that with an expected withdrawal of aggressive monetary easing from central banks, and investors should brace for both a boom and bust in the commodity markets in the year ahead.
“Overall, we recommend clients on the consumer side to hedge [first half] commodities exposure early in the year, but potentially leave some exposure open for [second half] to benefit from the stabilization or even price declines,” the Danske Bank analysts said.
Mon Jan 28, 2013 2:36pm EST
ReplyDeleteCHICAGO Jan 28 (Reuters) - Commodities are among the most skittish investments. Not only do they react to global economic forces, they can seesaw with supply and demand, China's voracious appetite for raw materials and the weather.
Since commodities are tangible things that are mined or grown, they are hard to hold and often bought through futures contracts, which have their own peculiarities. Yet what is undeniable about commodities is that they are usually a good tracker of broad economic growth, inflation among producer prices and they run inversely to the dollar's decline. You should have a piece of them in your portfolio, but you have to be careful about how you hold them.
Here's how strange commodities are: Even though there was growth nearly everywhere except for Europe last year, commodities, as measured by the Dow Jones/UBS commodities index, declined 1 percent. That compares to a resounding 16 percent gain for the S&P 500 index of large U.S. stocks with dividends reinvested.
Commodities prices have been following muted expectations for the Chinese economy in recent years, which is now the world's largest consumer of raw materials.
Despite predictions last year that the Chinese export-driven economy would cool down due to slack demand in the euro zone and the U.S., according to HSBC, China's 8-percent growth rate may not slow down this year. The IMF reports that China is consuming some 40 percent of base metals, 23 percent of agricultural products and 20 percent of non-renewable energy resources.
Renewed growth in China -- 8.2 percent according to the 2013 IMF estimate last week -- will translate into heavier demand for ores, oil, coal and agricultural goods. The rebound may have already begun. Factory sector growth in China hit a two-year high this month, says HSBC.
Eric Weigel, director of research for the Leuthold Group in Minneapolis, says you have to be careful with how you play the "China effect." Buying baskets of commodities through managed index funds can skew results because of the funds' weightings. The Dow Jones/UBS index, for example, has twice as much invested in agricultural commodities than the rival S&P/Goldman Sachs Commodities Index, which has more than 60 percent of its holdings in energy.
It's hard to execute a commodities strategy using baskets, says Weigel. "From 2003 through 2007, that strategy did well, then fell apart." This was the nasty little secret of commodities, which were supposed to move in the opposite direction of stocks, providing some diversification.
Indeed, when worldwide demand for raw materials plummeted after the 2008 meltdown, commodities followed stocks, which dropped 37 percent. The S&P/GSCI got punched even more -- falling 46 percent that year. This high correlation blindsided many investors like myself, who were looking at historical numbers that suggested commodities moved in the opposite direction of stocks.
What's the best way to avoid falling into lockstep with stocks while using commodities as an inflation or a dollar hedge? Investing in a popular fund such as the PowerShares DB Commodity Index Tracking ETF has not worked recently. Although it holds more than half of its portfolio in petroleum products, it has returned 4 percent over the past three years through 2012. The fund was hurt by its large exposure to energy, as wholesale prices in that sector fell.
An alternative such as the iShares GSCI Commodity-Indexed Trust is similar, investing nearly 70 percent of its portfolio in energy futures, about 20 percent in agriculture and livestock and 10 percent in industrial and precious metals. It has gained 1.22 percent in the last year.
To boost your returns, a more focused approach might be a better way to play specific trends, such as the increased use of metals and petroleum products in Asia.
January 31, 2013 at 9:14:23 AM
ReplyDeleteCommodities were up across the board Wednesday, spurred by a lackluster economic report and signs that the government will continue to keep borrowing cheap.
Silver for March delivery jumped 99.3 cents, more than 3 percent, to $32.177 per ounce. Gold for April delivery rose $18.90, more than 1 percent, to $1,681.60 per ounce.
That contrasted with stocks, as all major U.S. indexes ended lower. Investors fretted about a government report showing the U.S. economy unexpectedly shrank in the fourth quarter.
A plodding economy means the Federal Reserve is more likely to keep interest rates down, to make borrowing cheap and spur growth. When that happens some investors worry about inflation and pile into gold for protection.
The Fed confirmed its commitment to buying bonds and keeping interest rates exceptionally low on Wednesday afternoon, at the end of its two-day policy meeting.
Gold and other precious metals have languished as stocks rose to levels not seen in years. But for gold on Wednesday "the negative turned into a positive," said George Gero, vice president at RBC Capital Markets Global Futures.
Though gold and silver often trade in the same direction, silver's moves can be bigger by percentage, a pattern that held on Wednesday. It's much cheaper to buy silver, and that makes its price more volatile.
Other metals were also up. March copper climbed 5.85 cents, more than 1 percent, to $3.75 per pound. March palladium rose $1.65 to $751.40 per ounce. April platinum was up $10.40 to $1,689.30 per ounce.
Prices for key crops ended higher. Wheat rose 10 cents, more than 1 percent, to $7.87 per bushel. Corn was up 10.75 cents, also more than 1 percent, to $7.4025 per bushel. Soybeans climbed 27 cents, almost 2 percent, to $14.7875 per bushel.
Benchmark crude oil rose 37 cents to finish at $97.94 per barrel. Natural gas for March delivery picked up 7.7 cents to end at $3.34 per 1,000 cubic feet. Heating oil rose nearly a penny, to finish at $3.12 a gallon, and wholesale gasoline for March delivery rose 6 cents to end the day at $3.03 a gallon.
February 01, 2013 at 7:14:48 AM
ReplyDeleteJohn Roncevich, the former head of Wells Fargo & Co. (WFC)’s commodities business, has left the lender and formed a venture to advise banks on ways they can sidestep some of the new regulations affecting the industry.
Roncevich departed in November after ceding oversight of the business in July, Elise Wilkinson, a bank spokeswoman, said via e-mail today. Roncevich joined Wells Fargo through its 2008 purchase of Wachovia Corp. and ran the sales and trading of physical commodities and derivatives. Pekka Kauranen now heads commodities trading at the San Francisco-based firm.
U.S. bankers are facing new regulations as the Dodd-Frank Act requires them to wall off some derivatives trades from units backed by federal deposit insurance. More than 64 bank units have already registered as swap dealers under the Dodd-Frank Act, which requires higher capital, collateral and trading standards.
In his new firm, Roncevich will provide “services to banks that allow them to deliver high-quality derivative, physical and structured commodities products for their clients in a way that eliminates or greatly reduces Dodd-Frank compliance costs and risk,” according to his LinkedIn profile.
Roncevich, who was based in Charlotte, North Carolina, declined to comment. The trade publication SparkSpread previously reported his departure.
February 12, 2013 at 3:16:49 PM
ReplyDeleteFeb. 11 (Bloomberg) --Emerging market stocks dropped to a six-week low as falling metals prices sank commodities shares and Turkish banks slid.
OAO Severstal, a Russian steelmaker, led declines on Moscow’s Micex Index after an explosion at one of its coal mines. Akbank TAS, a Turkish lender part-owned by Citigroup Inc., fell to the lowest level since Dec. 3 after Yapi & Kredi Bankasi AS cut the stock to the equivalent of sell. PT United Tractors gained the most in almost six weeks in Jakarta on speculation the company may sustain a recovery in sales, pushing Indonesia’s main index to a record level. Venezuelan bonds rose after the bolivar was devalued.
February 12, 2013 at 3:49:16 PM
ReplyDeleteThe MSCI Emerging Markets Index fell 0.2 percent to 1,058.75 by the close of trading in New York, the lowest level since Jan. 1. Turkey’s ISE National 100 Index extended its decline to the lowest since Dec. 21 after a car bomb at the border with Syria killed at least 10 people, according to the Anatolia news agency. The Bloomberg Base Metals 3-Month Price Commodity Index slid 0.8 percent, while copper fell the most in a month as China’s New Year’s holiday got underway.
“You’re still seeing this underperformance in emerging markets which are most sensitive to cyclical growth sentiment,” Michael Gayed, the chief investment strategist at Pension Partners LLC, in New York said by phone. “On a daily basis, almost continuously, emerging markets keep weakening.”
Markets in China, Hong Kong, South Korea, Taiwan, Vietnam and Malaysia are shut for the New Year break. Brazil’s market is closed for Carnival. Indonesia’s Jakarta Composite Index rose 0.3 percent to the highest level since at least April 1983.
February 12, 2013 at 3:19:46 PM
ReplyDeleteExchange IPO
The iShares MSCI Emerging Markets Index exchange-traded fund, the ETF tracking developing-nation shares, closed little changed at $43.83. The Chicago Board Options Exchange Emerging Markets ETF Volatility Index, a measure of options prices on the fund and expectations of price swings, slipped 0.8 percent. Price volatility on the MSCI Emerging Markets Index was at 8.8, the lowest level on record for the 100-day measure, according to data compiled by Bloomberg dating back to 2003.
Russia’s Micex Index fell 0.3 percent on its fourth day of declines as brent oil slid from a nine-month high. The Russian Direct Investment Fund will seek to buy as much as $100 million of stock in the Moscow Exchange’s initial public offering, according to a person with knowledge of the Kremlin-backed private-equity fund’s plan, who asked not to be identified because the information isn’t public.
Poland’s WIG 20 Index rose 0.1 percent. Dubai’s DFM General Index lost the same amount, after climbing as much as 1 percent.
February 12, 2013 at 3:19:46 PM
ReplyDeleteMexican Stocks
The benchmark IPC Index of 35 Mexican companies dropped 0.1 percent as data showed the country’s industrial production fell in December for the first time in three years.
Petroleo Brasileiro SA’s American depositary receipts dropped 2.3 percent in New York after newspaper O Estado de Sao Paulo reported that the state-run oil company has told the government that its debt ratios may rise. ADRs of Dalian, China- based Pactera Technology International Ltd. slipped 3 percent, leading a 0.6 percent slump in the Bloomberg China-US Equity Index of the most-traded Chinese stocks in New York.
Akbank and Turkiye Garanti Bankasi AS dragged Turkey’s ISE National 100 Index 1.8 percent lower. India’s Sensex slipped 0.1 percent, falling for an eighth day, the longest losing streak since November 2011. The rupee touched the lowest level in two weeks on speculation capital inflows have slowed.
Trading volumes on the Jakarta gauge were 25 percent below the 30-day average and Micex trading was 20 percent less than average.
February 12, 2013 at 3:19:46 PM
ReplyDeleteBolivar Devaluation
Venezuelan government bonds rallied, with benchmark yields falling to a five-year low, after the government devalued the bolivar, helping cut the budget deficit by generating more local currency from oil exports. President Hugo Chavez, who is recovering from cancer surgery in Cuba, ordered his government to weaken the exchange rate by 32 percent to 6.3 bolivars per dollar starting Feb. 13, Finance Minister Jorge Giordani told reporters last week.
Consumer companies Arcos Dorados Holdings Inc., Coca-Cola Femsa SAB, Grupo Nutresa SA, industrial companies Masisa SA and Copa Holdings SA and MercadoLibre Inc., operator of an online trading site, have “significant exposure to Venezuela,” Morgan Stanley said in an e-mailed report today.
South Korea’s won strengthened 0.3 percent versus the dollar in offshore trading, while Indonesia’s rupiah rose to the strongest level in almost three weeks on optimism the central bank’s efforts to set an onshore fixing for its derivative contracts will stabilize the currency and bolster demand for local assets.
February 12, 2013 at 3:19:46 PM
ReplyDeleteAkbank Sinks
The MSCI Emerging Markets Index has added 0.3 percent this year, trailing a 5 percent increase in the MSCI World Index. The emerging-markets index trades at 10.3 times estimated earnings, compared with the MSCI World’s valuation of 13.7, data compiled by Bloomberg show.
Severstal fell 2.5 percent after at least 17 coalminers died in an explosion in a mine in Russia’s northern Komi region.
Akbank sank 3.4 percent in Istanbul after Yapi Kredi cut its stock recommendation to the equivalent of sell from hold and lowered the price target, according to an e-mailed report. Garanti Bank slid 3.2 percent.
Tofas Turk Otomobil Fabrikasi AS, the Turkish unit of Fiat SpA in partnership with Koc Holding AS, rose 0.5 percent. Chief Executive Officer Kamil Basaran said Feb. 10 that the company will disclose in July details about plans to develop two new subcompact models. HSBC Holdings Plc raised Tofas to an equivalent of buy from hold.
February 12, 2013 at 3:19:46 PM
ReplyDeleteAir Arabia
Mol Nyrt., Hungary’s biggest refiner, rebounded from its steepest slump in more than 15 months, leading a rally in Hungarian stocks. Mol rose 0.5 percent after dropping 5 percent Feb. 8 as Dana Gas PJSC sold 1.675 million shares in the refiner to help refinance its sukuk debt. The transaction was confirmed by Dana in a statement yesterday.
Air Arabia PJSC rose 3.3 percent to the highest level since May 2010 in Dubai on volume of almost five times the three-month daily average amid bets improved full-year profit will prompt the airline to pay a bigger dividend.
Gold Fields Ltd. slumped 1.4 percent in Johannesburg, as it spun off mining assets into Sibanye Gold Ltd. Gold Fields said Nov. 29 that it would place deeper, more labor-intensive South African mines into Sibanye.
United Tractors rose 3.6 percent in Jakarta, the most since Jan. 2. The company may maintain a rebound in heavy-equipment sales after reporting its January figures, according to Pandu Anugrah, an analyst at Maybank Kim Eng Securities in Jakarta. Those sales surged 96 percent last month from December, Investor Daily Indonesia reported Feb. 8.
February 12, 2013 at 3:19:46 PM
ReplyDeleteHealthcare Surge
PT XL Axiata, an Indonesian mobile-phone operator, added 3.7 percent after the same newspaper reported that the company will refinance 4.5 trillion rupiah ($468 million) of debt this year.
Healthcare stocks rose 0.3 percent, the only group to gain on the emerging markets gauge. Cipla Ltd., a chemical and pharmaceutical manufacturer, jumped 3.8 percent in Mumbai to pare last week’s 8.1 percent slump. Dr. Reddy’s Laboratories Ltd. gained 2.3 percent after a five-day drop dragged it to a five-week low.
The extra yield investors demand to own emerging-market debt over U.S. Treasuries slipped three basis points, or 0.03 percentage point, to 269 basis points, according to JPMorgan Chase & Co.’s EMBI Global Index.
February 13, 2013 at 11:21:34 AM
ReplyDeleteBASE METALS
Copper rose for the second time in three sessions on signs that an economic recovery is gaining traction as company earnings and business sentiment improve in the U.S., the world’s second-biggest user of the metal. Nickel climbed 1.1 percent.
On the Comex in New York, copper futures for March delivery advanced 0.5 percent to $3.7415 a pound. Through yesterday, the price climbed 1.9 percent this year.
On the LME, copper for delivery in three months increased 0.5 percent to $8,239 a metric ton ($3.74 a pound). Aluminum, tin, zinc nickel and lead also gained.
February 13, 2013 at 11:21:34 AM
ReplyDeleteSOFT COMMODITIES
Orange-juice futures climbed to the highest in more than six weeks on concern that dry weather may curb yields in Florida, the world’s second-largest citrus grower. Sugar slumped 2.1 percent.
Orange juice for March delivery increased 3.6 percent to $1.2575 a pound on ICE Futures U.S. in New York. Earlier, the commodity rose to $1.273, the highest since Dec. 28. Trading volume was more than triple the average of the past 100 days, according to data compiled by Bloomberg.
Yields in Florida will average 1.62 gallons per box this season, down from 1.63 gallons a year earlier, the USDA said. A box weighs 90 pounds, or 41 kilograms. Brazil is the world’s top orange grower.
Cotton futures for delivery in May declined 1.1 percent to 82.96 cents a pound on ICE.
Cocoa futures for May delivery climbed 0.1 percent to $2,175 a pound in New York. Earlier, the commodity reached $2,147, the lowest for a most-active contract since June 27.
Arabica-coffee futures for May delivery rose 0.3 percent to $1.434 a pound on ICE.
February 13, 2013 at 11:21:34 AM
ReplyDeleteOIL PRODUCTS
Gasoline futures advanced in early trading as crude climbed after OPEC forecast stronger fuel demand in emerging economies. Calendar spreads weakened.
Gasoline for March delivery rose 0.53 cent to $3.0265 a gallon at 10:15 a.m. on the New York Mercantile Exchange, on volume was 5.4 percent above the 100-day average.
March-delivery heating oil fell 0.81 cent, or 0.3 percent, to $3.2234 a gallon on the Nymex on volume 4.1 percent below the 100-day average for that time of day.
Gasoline at the pump, averaged nationwide, rose 1.7 cents to $3.604 a gallon, AAA said on its website today. Prices have climbed 9.5 percent since the beginning of 2013.
February 13, 2013 at 11:21:34 AM
ReplyDeleteNATURAL GAS
Natural gas fluctuated in New York amid forecasts of below- normal temperatures that would increase heating-fuel demand.
Natural gas for March delivery fell 0.3 cent to $3.276 per million British thermal units at 9:54 a.m. on the New York Mercantile Exchange. Prices are up 32 percent from a year ago. Trading volume was 2 percent above the 100-day average for the time of day.
CRUDE OIL
West Texas Intermediate climbed in New York to the highest level in more than a week as OPEC raised its demand forecast and the Group of Seven pledged to avoid devaluing their currencies.
Crude oil for March delivery advanced 46 cents, or 0.5 percent, to $97.49 a barrel at 12:24 p.m. on the New York Mercantile Exchange. The contract touched $97.79, the highest level since Feb. 1. Futures fell to $94.97 yesterday, the least since Jan. 23. The volume of all futures traded was 34 percent above with the 100-day average.
Brent oil for March settlement, which expires tomorrow, gained 10 cents to $118.23 a barrel on the London-based ICE Futures Europe exchange. The more-active April contract rose 13 cent to $117.34 a barrel. The volume of all futures traded was 12 percent above the 100-day average.
February 13, 2013 at 11:21:34 AM
ReplyDeleteGRAINS, OILSEEDS
Corn fell for an eighth session in Chicago, heading for the longest losing streak since March 2010, as prospects improved for crops in South America. Soybeans also dropped.
Corn futures for delivery in March dropped 1 percent to $6.95 a bushel at 11:11 a.m. on the Chicago Board of Trade. Earlier, the grain touched $6.9375, the lowest for a most-active contract since Jan. 11.
Soybean futures for delivery in May fell 0.6 percent to $14.0875 a bushel in Chicago, after touching $14.075, the lowest since Jan. 14.
February 14, 2013 at 2:55:18 PM
ReplyDeleteTOKYO, Feb 14 (Reuters) - The dollar and euro held their gains against the yen on Thursday after the Bank of Japan kept policy steady as expected, with investors looking ahead to a meeting of Group of 20 nations in the coming days for signals on how long the yen's weak trend might last.
The BOJ also revised up its assessment of the economy, as recent falls in the yen and signs of a pick-up in global growth give it some breathing space after it expanded stimulus just a month ago.
Some believe the BOJ might hold off on expanding stimulus next month, and wait until the first rate review under its new governor, scheduled for April 3-4. BOJ Governor Masaaki Shirakawa will leave together with his two central bank deputies three weeks ahead of the end of his five-year term, clearing the way for slightly earlier implementation of aggressive monetary easing under his successor.
"This is the BOJ's 'lame duck session,' so it is natural that they didn't do anything today, and perhaps not next month," said Citibank Japan chief FX strategist Osamu Takashima.
"But the market expects monetary easing under the new governor," he added.
The dollar traded at 93.54 yen, up 0.3 percent and moving back toward a 33-month high of 94.465 set on Monday. The euro stood at 125.63 yen, up 0.1 percent and moving closer to a 34-month peak of 127.71 scaled a week ago.
Data released earlier on Thursday showed Japan's economy contracted for the third consecutive quarter in October-December, adding weight to the new government's push for radical policy steps to revive growth and whip deflation.
Since November, the dollar has soared around 20 percent on the yen, while the euro has gained about 25 percent, as the BOJ came under relentless political pressure to deliver aggressive stimulus steps.
Markets turned nervous this week ahead of the BOJ meeting as well as a two-day meeting of G20 finance ministers and central bank officials starting on Friday, due to concerns that Japan could come under pressure from international peers unhappy with the yen's steep fall.
On Thursday, South Korea's central bank explicitly cited "the new Japanese government's expansionary policy operations" as one of the "potential uncertainties" to South Korea's growth path.
A G7 statement this week, designed to cool international currency tensions, caused some market confusion after Japan said the statement condoned its reflationary policy, while a G7 official suggested otherwise.
Against the dollar, the euro was slightly lower, down about 0.1 percent at $1.3437 after earlier rising to a one-week high of $1.3520 in the waning hours of North American trade. Resistance is seen around $1.3530, the 50 percent retracement level of its Feb 1-11 fall.
Underpinning the euro, data on Wednesday showed output at euro zone factories rose for the first time since August at the end of last year, a sign the single currency bloc was slowly starting to pull out of recession.
While the euro zone has shown some signs of stability, some market participants wondered whether its performance lags actual economic conditions.
"Some investors are confused as to the future course of the euro, since its recent rise wasn't due so much to fundamentals," said Kimihiko Tomita, head of forex at State Street in Tokyo.
Commodity currencies succumbed late in the session, with the Australian dollar pulling back to $1.0350 after rising to a one week high of $1.0370. However, it remained well off a four-month low of $1.0222 plumbed on Tuesday.
February 21, 2013 at 4:48:51 PM
ReplyDeleteCommodities slumped to the lowest level in more than three weeks as Federal Reserve minutes showed policy makers advocated more flexibility in U.S. policy to stimulate the economy.
The Standard & Poor’s GSCI Index of 24 raw materials fell 0.6 percent to 664.04 at 2:27 p.m. Singapore time, the lowest level since Jan. 28. The gauge declined for a fourth day, the worst run since December.
Several policy makers said the central bank should be ready to vary the pace of their $85 billion in monthly bond purchases amid a debate over the risks and benefits of further easing, minutes of the Federal Open Market Committee’s Jan. 29-30 meeting showed. Chinese Premier Wen Jiabao urged local authorities to “decisively” curb real estate speculation. The country is the world’s biggest user of energy and metals.
“The Fed minutes and concerns over China’s property sector hurt market sentiment, weighing on China’s stock market and commodities,” said Peng Guoliang, an analyst at Dadi Futures Co. Asian stocks tumbled from an 18-month high, falling 1.6 percent for the first decline in four days.
Crude oil fell 0.8 percent to $94.42 a barrel, copper declined 0.6 percent to $7,910 a metric ton and soybeans lost 0.7 percent to $14.58 a bushel.
February 21, 2013 at 4:48:51 PM
ReplyDeleteJapanese shares slid, with the Topix Index falling the first time in four days, amid concern the U.S. Federal Reserve may scale back stimulus and China may step up tightening. Resource stocks fell after commodity prices dropped.
Inpex Corp. lost 2.8 percent to lead declines among oil producers. Fanuc Corp., which supplies robotics used in Chinese factories, declined 2.2 percent. GS Yuasa Corp., which makes batteries for Boeing Co., jumped 8 percent on optimism the planemaker is preparing fixes for battery problems that grounded the 787 Dreamliner. Nippon Telegraph & Telephone Corp. gained 0.8 percent on a report its unit will cut a fifth of its workforce.
The Topix lost 1.1 percent to 962.86 at the close of trading in Tokyo, with about two shares falling for each that gained and all but two of the gauge’s 33 industry groups declining. The Nikkei 225 Stock Average (NKY) fell 1.4 percent to 11,309.13.
“Oil prices, much like other financial markets, are being hit by the negative news about a possible decline in stimulus,” said Masaru Hamasaki, chief strategist at Toyota Asset Management Co., which oversees about 1.79 trillion yen ($19 billion). “The Fed needs to discuss how it will eventually end its stimulus program, but at this stage a roll back will be taken negatively by investors,”
Futures on the Standard & Poor’s 500 Index fell 0.1 percent today. The equity gauge fell 1.2 percent in New York yesterday, the biggest drop since November, as minutes of the Federal Open Market Committee’s Jan. 29-30 meeting showed policy makers were divided about the strategy behind Chairman Ben S. Bernanke’s program of buying bonds until there is “substantial” improvement in a U.S. labor market.
February 21, 2013 at 4:48:51 PM
ReplyDeleteCommodities Drop
West Texas Intermediate oil dropped for a second day, extending the biggest decline in three months, the London Metals Exchange Index (LMEX) of six industrial commodities fell for a fourth day, retreating 0.9 percent. Copper for delivery in three months lost as much as 0.8 percent to $7,900 a metric ton.
Inpex, Japan’s biggest energy explorer, fell 2.8 percent to 497,500 yen. Japan Petroleum Exploration Co. slipped 2.6 percent to 3,530 yen. Sumitomo Metal Mining Co., Japan’s second-biggest copper smelter, slumped 5.6 percent to 1,427 yen.
Stocks linked to China fell today after the nation’s State Council told local authorities to “decisively” curb real estate speculation and take steps to rein in the property market, stopping short of imposing fresh measures after prices rose the most in two years last month.
Fanuc declined 2.2 percent to 14,260 yen. Komatsu Ltd., a machinery maker which counts on China for 14 percent of its sales, dropped 4.1 percent to 2,311 yen. Daikin Industries Ltd. (6367), a maker of air conditioners which gets about 18 percent of its revenue from China, slid 2.9 percent to 3,390 yen.
February 21, 2013 at 10:53:38 PM
ReplyDeleteCRUDE OIL
West Texas Intermediate oil dropped for a second day, extending the biggest decline in three months. U.S. crude stockpiles gained for the sixth week in seven, according to the American Petroleum Institute.
WTI for April delivery slid as much as 92 cents to $94.30 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.36 at 3:45 p.m. Singapore time. The March contract fell to $94.46 yesterday, the lowest since Jan. 16. The volume of all futures traded is 66 percent above the 100-day average.
February 21, 2013 at 10:53:38
ReplyDeleteOIL PRODUCTS
East-West spreads fell for gasoil, naphtha and fuel oil.
• Light Distillates • Singapore naphtha’s discount to London Brent crude widens 13 cents to $7.97/bbl at 10:55 a.m. Singapore time, according to data compiled by Bloomberg. • March Japan naphtha swaps down $3.45 at $967.29/mt • March East-West naphtha spread down 57 cents to $9.49/mt
• Middle Distillates • Singapore 0.05%-sulfur gasoil’s premium to Dubai crude narrows 26 cents to $22.12/bbl • March gasoil swap down 84 cents at $132.30/bbl • March gasoil swap trades 63 cents/bbl above April contract • March East-West gasoil spread down $1.43 at $2.25/mt • Jet fuel regrade up 6 cents at 15 cents/bbl • March kerosene swap trades $1.13/bbl above April contract
• Fuel Oil • Singapore fuel oil’s discount to Dubai crude narrows 20 cents to $8.02/bbl • March 180-fuel oil swap down $1.64 at $649.52/mt • March fuel oil swap trades $1.35/mt below April contract • Viscosity spread up 20 cents to $6/mt • March East-West fuel oil spread down 22 cents to $27.83/mt
February 21, 2013 at 10:53:38 PM
ReplyDeleteBASE METALS
Copper slumped to the lowest level in almost eight weeks and nickel tumbled to a 12-week low after China called for property curbs and Federal Reserve minutes showed policy makers advocating more flexibility in stimulus.
Copper for delivery in three months lost as much as 1 percent to $7,880 a metric ton on the London Metal Exchange, the lowest since Dec. 28, before trading at $7,911.25 at 2:22 p.m. in Shanghai. Nickel dropped as much as 2.4 percent to $16,754 a ton, the lowest since Nov. 27.
Copper for May delivery on the Shanghai Futures Exchange declined 2.3 percent to 57,330 yuan ($9,185) a ton, while the May contract on the Comex in New York fell 1 percent to $3.5905 per pound.
On the LME, aluminum slid to a three-week low as analysts estimated stockpiles in China may have climbed to a record level. Lead fell to a four-week low, zinc to the lowest level in three weeks and tin was at the lowest level since Jan. 2.
February 21, 2013 at 10:51:38 PM
ReplyDeletePRECIOUS METALS
Gold swung between gains and losses after minutes from a Federal Reserve meeting showed a debate over the risks and benefits of more stimulus. Platinum fell to a six-week low.
Gold for immediate delivery rose 0.2 percent to $1,567.71 an ounce at 3:46 p.m. in Singapore. The price earlier fell 0.6 percent to $1,555.55 an ounce, the lowest since July 12. Bullion for April delivery slumped as much as 1.5 percent to $1,554.30 an ounce on the Comex, the lowest price for futures since June 29, before trading at $1,567.10.
Platinum for immediate delivery dropped as much as 1.8 percent to $1,617 an ounce, the lowest since Jan. 11, and traded at $1,632.20. Palladium fell as much as 1.6 percent to $726.95 an ounce, the cheapest since Jan. 25, and was at $730.65. Spot silver gained 0.3 percent to $28.6375 an ounce after dropping 0.7 percent.
February 21, 2013 at 10:51:38 PM
ReplyDeleteGRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans declined on speculation that the U.S. government will forecast record planting this year, boosting the prospects for global oilseed supplies. Corn and wheat also fell.
The contract for delivery in May fell as much as 1 percent to $14.54 a bushel on the Chicago Board of Trade, and was at $14.6375 at 3:03 p.m. Singapore time. Trading volume was 71 percent more than the 100-day average at that time of day.
Corn for May delivery slipped 0.3 percent to $6.94 a bushel. That puts the price of soybeans at 2.1 times the cost of corn, compared with a 10-year average of 2.43 times. Beans compete with corn for acreage.
Wheat for May delivery declined 0.4 percent to $7.4225 a bushel on trading volume that was 18 percent above the 100-day average for that time of day.
Palm oil tumbled by the most in a week on concern that demand for use in biofuels may drop after crude oil prices slumped.
The contract for delivery in May lost as much as 2 percent to 2,513 ringgit ($811) a metric ton on the Malaysia Derivatives Exchange, the biggest intraday loss since Feb. 13, and was at 2,534 ringgit at 4:54 p.m. in Kuala Lumpur.
Rubber futures slumped to an eight-week low, wiping out this year’s gains, as Federal Reserve minutes showed policy makers advocating more flexibility in economic stimulus and on concern Thailand will increase supplies.
The contract for July delivery lost 2.6 percent to 297.5 yen a kilogram ($3,184 a metric ton) on the Tokyo Commodity Exchange, the lowest settlement since Dec. 26. Futures have retreated 1.7 percent this year.
February 22, 2013 at 12:02:00 PM
ReplyDeleteCommodities climbed, rebounding from the biggest drop since November, and U.S. stock index futures advanced. The Australian dollar and New Zealand’s kiwi rose with Asian currencies, while stocks pared losses.
The Standard & Poor’s GSCI Index of 24 raw materials increased 0.4 percent at 2:28 p.m. in Tokyo, after tumbling 1.6 percent yesterday. Futures on the Standard & Poor’s 500 Index added 0.2 percent following the gauge’s two-day, 1.9 percent, slump. The MSCI Asia Pacific Index (MXAP) lost 0.1 percent, trimming a 0.6 percent drop. The Australian dollar gained 0.6 percent and New Zealand’s currency added 0.4 percent. Singapore’s dollar and Thailand’s baht rose at least 0.2 percent.
Singapore’s economy expanded more than initially estimated last quarter, adding to evidence of a recovery in Asia. Glenn Stevens, governor of the Reserve Bank of Australia, said recent interest-rate reductions are working. The S&P GSCI gauge, which touched a one-month low yesterday, pared a third weekly drop that’s the longest losing run since November.
“We saw a bit of a rebound off that dramatic fall,” said Jeremy Friesen, a commodity strategist at Societe Generale SA in Hong Kong.“With the lack of any significant news we’re seeing a bit of squaring positions. It’s a dead-cat bounce.”
February 22, 2013 at 12:02:00 PM
ReplyDeleteCommodities Rally
Industrial metals rose, paced by a 1.7 percent gain in nickel. Copper climbed 0.7 percent to $7,916.25 a metric ton. Platinum led a rebound in precious metals, adding 0.9 percent to $1,629.50 an ounce. Palladium advanced 0.9 percent, gold increased 0.5 percent and silver gained 0.7 percent.
Oil in New York rebounded 0.3 percent to $93.16 a barrel while London’s Brent climbed 0.5 percent to $114.08 a barrel. Gasoline futures added 0.6 percent. Soybeans increased 1.2 percent and wheat advanced 0.3 percent.
U.S. stock-index futures rose, indicating the gauge may rally from two-day drop. Shares of Hewlett-Packard Co. (HPQ), the largest personal-computer maker, increased in extended trading after the company forecast fiscal second-quarter profit that exceeded analysts’ estimates.
The MSCI All-Country World Index of equities is still set for a third week of declines, the longest slump since May. China’s government told local authorities to curb real-estate speculation, euro-area services and manufacturing shrank in February and concern grew that the U.S. may curtail stimulus. Italy’s parliamentary election starts this weekend after data showed the euro-area’s economy contracted more than forecast.
“The market got a little too far, too fast,” Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott LLC, which oversees $55 billion, said on Bloomberg Television’s “First Up” with Susan Li. “But at the same time improving economic fundamentals over the course of 2013 and a profit picture that came through earnings looking a little better than what was expected all bode well for stock prices to continue to advance.”
February 22, 2013 at 12:02:00 PM
ReplyDeleteAsian Shares
Japan’s Nikkei 225 Stock Average rose 0.3 percent, erasing a 1.2 percent decline, while South Korea’s Kospi Index and the Shanghai Composite Index swung from gains to losses. Tosoh Corp. surged 4.3 percent after the Nikkei newspaper reported that the company developed materials that prevent lithium ion batteries from catching fire.
Australia’s S&P/ASX 200 Index headed for the biggest advance since July, after falling the most in nine months yesterday. Sims Metal Management Ltd., the world’s largest scrap metal recycler, jumped 4.8 percent as earnings beat estimates.
Australia’s dollar climbed to $1.0312. The RBA’s Stevens endorsed the current level of rates today and said he’d need to be confident the currency is “seriously overvalued” before considering intervention to weaken it. New Zealand’s currency advanced to 83.79 U.S. cents after a report showed credit card spending rose for a third-straight month in January.
February 22, 2013 at 12:02:00 PM
ReplyDeleteYen Weakens
The yen weakened against all its major peers as Japanese Prime Minister Shinzo Abe prepared to meet U.S. President Barack Obama. It fell 0.2 percent to 93.29. The euro gained 0.2 percent to $1.3211 ahead of German economic data forecast to show business sentiment rose to an eight-month high.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-used currencies excluding the yen, added 0.2 percent. Singapore’s dollar strengthened 0.3 percent to S$1.2384 per dollar as data showed the economy expanded more than initially estimated last quarter after a smaller contraction in manufacturing.
Thailand’s baht advanced 0.2 percent to 29.82 per dollar on speculation accelerating growth will attract investment to Southeast Asia’s second-largest economy. Gross domestic product rose a record 18.9 percent last quarter, taking 2012’s rate to 6.4 percent, official data showed Feb. 18.
February 25, 2013 at 9:42:04 PM
ReplyDeleteBovespa-index futures advanced, a sign Brazil’s equity index may gain for a second session, as rising commodities prices boosted the outlook for the nation’s raw material exporters.
Card-payment processor Cielo SA may be active after it was raised to the equivalent of buy at Credit Suisse Group AG. Duratex SA, a Brazilian maker of wood panels and bathroom fixtures, may move after posting adjusted profit of 131.3 million reais ($66.6 million) in the fourth quarter, beating analysts’ estimates, according to data compiled by Bloomberg.
Bovespa-index futures added 0.4 percent to 57,190 at 9:06 a.m. in Sao Paulo. The gauge posted its fifth straight weekly drop last week amid rekindled concern a slowing global economy will pare demand for Brazilian exports and on bets the nation’s policy makers will lift borrowing costs to curb inflation, which could drive investors away from riskier assets such as equities.
The Standard & Poor’s GSCI index of 24 raw materials jumped 1.1 percent, poised for its biggest one-day gain in two months, and the MSCI All-Country World Index added 0.6 percent on speculation Japan may appoint a central bank governor who favors stimulus and as investors awaited the result of Italy’s parliamentary elections.
Consumer prices in Sao Paulo as measured by the IPC-Fipe index increased 0.52 percent in the four weeks ending Feb. 21, a report today from the Foundation Economics Research Institute showed. That compares with the median estimate of 0.63 percent from 13 economists in a Bloomberg survey.
The Bovespa (IBOV) has dropped 10 percent from this year’s high on Jan. 3, while the MSCI BRIC Index (MXBRIC) of shares in Brazil, Russia, India and China has slid 3.5 percent over the same period. Brazil’s benchmark equity gauge trades at 11 times analysts’ earnings estimates for the next four quarters, compared with 10.5 for the MSCI Emerging Markets Index of 21 developing nations’ equities, data compiled by Bloomberg show.
Trading volume for stocks in Sao Paulo was 8.94 billion reais on Feb. 22, which compares with a daily average of 7.47 billion reais this year through Feb. 21, according to data compiled by the exchange.
March 11, 2013 at 6:07:20 PM
ReplyDeleteWall Street commodity revenues crashed last year to their lowest on record, as tighter regulation and limited price swings squeezed the once dominant traders of Goldman Sachs Group, JPMorgan Chase and Morgan Stanley.
All three firms reported double-digit percentage declines in revenues for oil, grains and copper trading in 2012, illustrating how the one-time 'Wall Street Refiners' have withered in the face of subdued markets and restrictions on proprietary trading.
The decline is most stark at Goldman, where commodity revenues collapsed by more than 60 percent year-on-year in 2012 to just $575 million, according to the bank's annual report.
Long considered the top commodity bank on Wall Street for its expertise in both physical and financial markets, Goldman's revenues have now fallen by almost 90 percent since 2009 when they totaled more than $4.5 billion.
Morgan Stanley, Goldman's fellow Wall Street pioneer in commodity markets three decades ago, reported a 20 percent decline in commodity revenues in 2012.
JPMorgan, which has grown its commodity business through a series of bold acquisitions since the 2008 financial crisis and now surpasses both Goldman and Morgan Stanley, saw revenues decline by 16 percent to $2.4 billion.
Spokespeople for the banks, who have regularly declined to discuss their commodity results since they began revealing them in filings in 2009, were not immediately available to comment.
Tightening Regulation
The latest results pose questions about the banks' future strategy in the commodities sector, which was estimated to be worth as much as $14 billion to Wall Street annually at its peak.
Following Goldman and Morgan Stanley's lead, the boom in resource markets that started 10 years ago attracted many big banks to trade oil, metals and agricultural products, but many have struggled since the financial crisis.
The Volcker rule has placed restrictions on trading positions held purely for the banks' own profits as part of the Dodd-Frank Act. Lower market volatility has also cut into clients' trading and hedging activities.
While Brent crude oil averaged a record $112 a barrel in 2012, that was just $1 more than the average price in the previous year.
Wall Street's continued ownership of physical commodity assets, including power plants, oil storage tanks and metals warehouses, is also still under question after the conversion of Goldman and Morgan Stanley to Bank Holding Companies during the financial crisis.
Late last year, Morgan Stanley held discussions about selling part of its commodities business to the Qatari sovereign wealth fund, though that deal appears to be on hold.
Based on Reuters' calculations, revenues at Morgan Stanley's commodity business peaked at around $3 billion in 2008, but have since declined to just over $1 billion last year.
In October, Goldman Sachs denied it had ever "seriously" looked at splitting off its commodities business, after reports said it had held "preliminary internal discussions" about a possible spin-off.
At JPMorgan, which is a relatively late entrant to large-scale commodity trading following its acquisition of RBS Sempra's metals and energy trading desks in 2010, the 16 percent decline may create concern rather than panic.
Global commodity chief Blythe Masters has largely succeeded in her goal of surpassing Goldman and Morgan as the largest bank in commodities, though industry experts say JPMorgan may now start to focus more on costs to boost profitability.
The bank said last year it has 600 professionals in its commodity division, and 10 offices globally.
March 11, 2013 at 5:48:37 PM
ReplyDeleteChina should accelerate opening commodities futures to overseas investors and detail regulations allowing domestic firms to trade raw materials contracts on bourses abroad, Shanghai Futures Exchange Chairman Yang Maijun said in proposals to the National People’s Congress.
Government agencies including foreign exchange regulators and the tax bureau should use preparations already under way for crude oil futures trading to prepare similar policies allowing foreign investors to trade base metals, precious metals and natural rubber futures, Yang said, according to an e-mail from the exchange today.
Yang, a delegate to the annual congress, which began in Beijing last week, also suggested institutional and individual investors from abroad should enjoy preferential tax rates, according to the statement.
China introduced a Qualified Foreign Institutional Investor program in 2002, allocating quotas to non-Chinese funds that were initially restricted to trading stocks and bonds listed on exchanges. In July 2012, China allowed entry into the interbank market, which hosts 99 percent of the nation’s debt.
The SHFE is facing rising competition from the Hong Kong Exchanges & Clearing Ltd., which bought the London Metal Exchange last year and has plans to boost the LME’s activities in Asia.
Chinese companies are disadvantaged because they don’t have legitimate channels to access overseas commodities futures markets to hedge, today’s statement cited Yang as saying.
March 11, 2013 at 5:20:08 PM
ReplyDelete(Reuters) - Wall Street commodity revenues crashed last year to their lowest on record, as tighter regulation and limited price swings squeezed the once dominant traders of Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N).
All three firms reported double-digit percentage declines in revenues for oil, grains and copper trading in 2012, illustrating how the one-time 'Wall Street Refiners' have withered in the face of subdued markets and restrictions on proprietary trading.
The decline is most stark at Goldman, where commodity revenues collapsed by more than 60 percent year-on-year in 2012 to just $575 million, according to the bank's annual report.
Long considered the top commodity bank on Wall Street for its expertise in both physical and financial markets, Goldman's revenues have now fallen by almost 90 percent since 2009 when they totaled more than $4.5 billion.
Morgan Stanley, Goldman's fellow Wall Street pioneer in commodity markets three decades ago, reported a 20 percent decline in commodity revenues in 2012.
JPMorgan, which has grown its commodity business through a series of bold acquisitions since the 2008 financial crisis and now surpasses both Goldman and Morgan Stanley, saw revenues decline by 16 percent to $2.4 billion.
Spokespeople for the banks, who have regularly declined to discuss their commodity results since they began revealing them in filings in 2009, were not immediately available to comment.
TIGHTENING REGULATION
The latest results pose questions about the banks' future strategy in the commodities sector, which was estimated to be worth as much as $14 billion to Wall Street annually at its peak.
Following Goldman and Morgan Stanley's lead, the boom in resource markets that started 10 years ago attracted many big banks to trade oil, metals and agricultural products, but many have struggled since the financial crisis.
The Volcker rule has placed restrictions on trading positions held purely for the banks' own profits as part of the Dodd-Frank Act. Lower market volatility has also cut into clients' trading and hedging activities.
While Brent crude oil averaged a record $112 a barrel in 2012, that was just $1 more than the average price in the previous year.
Wall Street's continued ownership of physical commodity assets, including power plants, oil storage tanks and metals warehouses, is also still under question after the conversion of Goldman and Morgan Stanley to Bank Holding Companies during the financial crisis.
Late last year, Morgan Stanley held discussions about selling part of its commodities business to the Qatari sovereign wealth fund, though that deal appears to be on hold.
Based on Reuters' calculations, revenues at Morgan Stanley's commodity business peaked at around $3 billion in 2008, but have since declined to just over $1 billion last year.
In October, Goldman Sachs denied it had ever "seriously" looked at splitting off its commodities business, after reports said it had held "preliminary internal discussions" about a possible spin-off.
At JPMorgan, which is a relatively late entrant to large-scale commodity trading following its acquisition of RBS Sempra's metals and energy trading desks in 2010, the 16 percent decline may create concern rather than panic.
Global commodity chief Blythe Masters has largely succeeded in her goal of surpassing Goldman and Morgan as the largest bank in commodities, though industry experts say JPMorgan may now start to focus more on costs to boost profitability.
The bank said last year it has 600 professionals in its commodity division, and 10 offices globally.
March 11, 2013 at 2:13:27 PM
ReplyDelete* Dollar near 3-1/2-year high vs yen, 3-month high vs euro
* U.S. job gains stoke speculation Fed may quit QE
* Aussie slips after China data disappointment
* Dollar/yen up 0.15 pct, Aussie/dollar down 0.1 pct
TOKYO, March 11 (Reuters) - The dollar hovered near a 3-1/2-year high against the yen and held an upper hand against other major currencies on Monday after remarkable growth in U.S. employment added to optimism over recovery in the world's largest economy.
U.S. employers added more-than-expected 236,000 workers to their payrolls in February while the jobless rate fell to a four-year low of 7.7 percent.
The jobs report signalled the economy may have developed enough momentum to withstand the blow from higher taxes and deep government spending cuts, fuelling speculation that the U.S. Federal Reserve will tone down its ultra-loose monetary policy sooner than anticipated.
"If we see another job growth of more than 200,000 in the next payroll survey, the market will surely get more excited with talk of an exit from QE," said a trader at a U.S. bank.
The dollar edged up 0.15 percent in Asia to 96.12 yen , not far from Friday's high of 96.60 yen, which was its highest level since Aug. 12, 2009.
The Fed is currently buying $85 billion a month in bonds to push down long-term borrowing costs and spur economic growth. It has said it will keep buying assets until the outlook for the jobs market has improved substantially.
While investors think the Fed's next policy step is to scale back its stimulus, they expect the world's other major central banks to ease policy further.
The Bank of Japan is perceived to be seeking a "new dimension" of easing under new governor Haruhiko Kuroda, who is expected to be appointed this month.
Many market players expect the BOJ to take fresh easing steps at Kuroda's first policy meeting on April 3-4.
Osamu Takashima, chief FX strategist at Citibank, said the dollar could rise to around 98.60 yen, a 100 percent extension of its sharp decline on Feb. 25, towards early April on the back of the dollar's broad strength.
But he warned that the yen could rebound thereafter.
"Despite the yen's fall, the options market has seen a limited rise in dollar/yen implied volatilities and risk reversal spreads, suggesting the latest yen-selling is mostly focusing on the BOJ meeting early April," he said.
March 11, 2013 at 2:13:27 PM
ReplyDeleteUS DOLLAR STANDS OUT
The dollar's index against a basket of six major currencies stood at 82.722, flat on the day and near a seven-month high of 82.924 hit on Friday.
Having risen 4.8 percent since a low hit in early February, the index is seen as on course to test its July 2012 peak of 84.10.
Data from U.S. financial watchdog also showed speculators boosted their bets in favour of the U.S. dollar in the latest week to the highest in more than seven months.
As the dollar firms broadly, the euro was a tad weaker at $1.2995, about 0.1 percent below late U.S. levels after having hit a three-month low of $1.2955 on Friday.
The British pound was just a hair above 32-months low hit on Friday, fetching $1.4918, versus Friday's low of $1.4886.
The Bank of England is widely expected to relaunch asset purchases as soon as next month to shore up the fragile UK economy.
The European Central Bank may be a bit more cautious about further easing, but reinforcing speculation of more easing, International Monetary Fund head Christine Lagarde said on Friday the ECB should lower rates and allow higher inflation.
The Australian dollar slipped following data published on Saturday showed uneven an recovery in China. Both industrial output and retail sales fell short of market expectations, leaving fixed asset investment as the key driver of economic growth.
The Aussie shed 0.1 percent to fetch $1.0223, edging towards an eight-month low of $1.0116 hit a week ago.
"After the lunar new year holidays, the Chinese economy may not be doing as strong as some had hoped. It seems like the U.S. economy is the only one that has momentum," said a trader at a Japanese bank.
March 21, 2013 at 9:26:38 PM
ReplyDeleteNEW YORK (MarketWatch) — U.S. stocks were little changed on Tuesday following a seven-session winning run that had the Dow Jones Industrial Average hitting an all-time high.
“This is the 24th bull market since 1890, and the Dow Jones Industrial Average has gone to a new high in 14 of those 24, so it’s not unusual for the Dow to set a new high,” said Hugh Johnson, chairman of Hugh Johnson Advisors LLC in Albany, N.Y.
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“It is a little surprising from the point of view of valuation. We did more in three months than I thought we would do in a year,” he added.
The Dow DJIA +0.17% was up 3.37 points at 14,450.66.
The S&P 500 SPX -0.01% shed 1.09 point to 1,555.13, with the industrial sector hardest hit and energy faring best among its 10 industry groups.
The Nasdaq Composite COMP -0.21% declined 3.91 points, or 0.1%, to 3,248.89.
For every two stocks rising three fell on the New York Stock Exchange, where 77 million shares traded as of 9:55 a.m. Eastern.
The CBOE Volatility Index VIX +1.90% ended Monday down 8.2% to 11.56, its lowest level since February 2007. The gauge of investor uncertainty is down 36% year to date after a brief surge earlier this month.
The Dow Jones Industrial Average posted another record-high close Monday, its fifth in a row as it extended a winning streak to seven sessions. That is the longest string of positive finishes in nearly a year.
The S&P 500 rose 0.3% Monday to close at 1,556.22, just nine points below its record closing high of 1,565.15 from October 2007.
Strategists noted, however, that stocks often prove vulnerable to a downturn when volatility is so low and the S&P is nearing a high. See: Who's afraid of an S&P 500 triple dip?
The combination of subdued macroeconomic data and strong confidence in equities suggests to some that markets have entered a new phase of “irrational exuberance,” said Oliver Adler, head of economic research at Credit Suisse, echoing the term coined by former Federal Reserve Chairman Alan Greenspan in December 1996.
But Adler argued that other — albeit softer — indicators suggest that such a phase is still some way off. “Media ‘hype’ is remarkably absent, with commentaries more focused on a coming correction than the next big move up,” Adler said in a note. “Most investors seem to be watching markets in disbelief rather than joining in the ‘frenzy.’”
Wall Street started Monday on a negative note, slipping in the wake of weak Chinese data and worries over the continued federal budget impasse. But investors soon proved willing to buy dips.
There are no major economic data set for release Tuesday. The National Federation of Independent Business said its February small business index rose 1.9 points to 90.8% in February, but was still low by historical standards.
Also, a new survey by Manpower said second-quarter hiring intentions in the U.S. remain relatively stable, though globally hiring will remain subdued. Read: Manpower: Global 2nd-quarter hiring to be subdued
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House Republicans are expected to introduce a plan Tuesday to cut $4.6 trillion in spending over the next decade, while Senate Democrats are expected to present their own plan on Wednesday that focuses on a mix of tax hikes and spending cuts. See: Ryan budget trims spending by $4.6 trillion.
Automatic spending cuts began to take effect March 1 after politicians failed to come to an agreement to avoid a process known as sequestration. Economists expect the heavy cuts to dampen the recovery unless lawmakers reach a deal on reducing the deficit.
On the corporate front, shares of Costco Wholesale Corp. COST +2.09% rose 1.6% after the warehouse retailer reported a 39% rise in fiscal second-quarter net income and an 8.2% rise in net revenue.
March 21, 2013 at 8:24:21 PM
ReplyDeleteEmerging-market stocks dropped the most in a week as falling commodities dragged down producers and investors speculated China may resume share sales.
OAO Rosneft, Russia’s largest oil company, slid for the first time in six days in Moscow as oil slumped. Impala Platinum Holdings Ltd. declined in Johannesburg as nickel and platinum declined. China Railway Construction Corp. led losses among Chinese rail stocks amid concern that reforms may boost competition. The rand sank to a four-year low after South Africa’s current-account gap stayed near a four-year high.
The MSCI Emerging Markets Index lost 0.5 percent to 1,058.44 at 5:16 p.m. in Hong Kong. Oil snapped three days of gains, while nickel and platinum retreated. China’s stocks slid a fourth day in Shanghai on speculation regulators may resume initial public offerings. The developing-nations measure surged 1.2 percent last week, the most in two months, as data from China to Japan and the U.S. bolstered the global economic outlook.
“The market has priced in all the good news and it needs to take a breather,” Lye Thim Loong, who helps manage the equivalent of $500 million at Libra Invest Bhd., said by phone in Kuala Lumpur. “People will need to find catalysts.”
South Korea’s Kospi Index (KOSPI) fell 0.5 percent to a three-week low. India’s S&P BSE Sensex lost 0.1 percent amid concern a faster-than-estimated expansion in factory output may reduce the scope for monetary easing. Trading volumes for the Sensex were 13 percent below the 30-day average, according to data compiled by Bloomberg.
Shanghai Drops
The Shanghai Composite Index slid 1 percent while the Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong dropped 1.3 percent.
“The possibility IPO share sales will resume is spooking the market,” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co., which oversees $285 million.
Companies seeking IPO sales are expected to submit reports on self-examination of their financial statements starting next week to meet the end-March deadline, the China Securities Journal reported today, citing investment banks. The China Securities Regulatory Commission suspended issuance of IPO shares in late October after companies were found to report falling profits right after listings.
Micex Slips
Russia’s Micex Index dropped 0.2 percent, the most in a week, and the ruble weakened for a second day.
Rosneft slid 0.9 percent, the most since March 1. Impala Platinum (IMP), the world’s second-largest producer of the metal, dropped 0.9 percent in Johannesburg, snapping a two-day gain.
The MSCI Emerging Markets Index has risen 0.3 percent this year, trailing a 7.2 percent gain in the MSCI World Index (MXWO) of developed-country stocks. The emerging-markets measure trades at 10.7 times 12-month projected profit, compared with the MSCI World’s 13.5 times, according to data compiled by Bloomberg.
China Railway Construction sank 6.5 percent in Hong Kong, the biggest loss in a year. China Railway Group Ltd. tumbled 5.1 percent, while China Communications Construction Co. slumped 2.8 percent. China’s plan to dismantle the Ministry of Railways to curb bureaucracy and corruption may affect companies that have enjoyed government support, Vivian Liu, an analyst at SinoPac Securities Corp., said by phone.
Sinopec Shanghai Petrochemical Co. tumbled 7.8 percent in Hong Kong, the biggest decline in the MSCI Emerging Markets Index. (MXEF) The stock has fallen 14 percent in four days.
GCL-Poly Energy Holdings Ltd. (3800) slumped 6.4 percent in Hong Kong after PV-Tech news reported that China plans to change rates earned by solar farms.
March 13, 2013 at 6:37:13 PM
ReplyDeleteCRUDE OIL
West Texas Intermediate oil traded near the highest level in two weeks after an industry report showed crude stockpiles fell for the first time since February in the U.S., the world’s largest user of the commodity.
WTI for April delivery was at $92.78 a barrel, up 24 cents, in electronic trading on the New York Mercantile Exchange at 3:15 p.m. Singapore time. The volume of all futures traded was 11 percent below the 100-day average. The contract rose 48 cents to $92.54 yesterday, the highest close since Feb. 27.
Brent for April settlement on the London-based ICE Futures Europe exchange, which expires tomorrow, slid 1 cent to $109.64 a barrel. The more-actively traded May contract was up 4 cents at $109.27. The European benchmark grade was at a premium of $16.74 to WTI futures. It shrank for a fifth day yesterday to $17.11, the narrowest gap in six weeks.
OIL PRODUCTS
Asia jet fuel trading at biggest discount to gasoil since December. The East-West fuel oil spread widens for a sixth day.
• Middle Distillates
• Singapore 0.05% sulfur gasoil’s premium to Dubai crude falls 4 cents to $18.66/bbl at 12:54 p.m. Singapore time, according to data compiled by Bloomberg. • April gasoil swap down 11 cents at $124.17/bbl • April gasoil swap trades 36 cents/bbl above May contract • April East-West gasoil spread at $2/mt • Jet fuel regrade at minus 60 cents/bbl. That means aviation fuel is trading at biggest discount to gasoil since Dec. 6 • April kerosene swap trades 30 cents/bbl above May contract
• Fuel Oil • Singapore fuel oil’s discount to Dubai crude widens 10 cents to $5.23/bbl • April 180-fuel oil swap down 96 cents at $636.87/ton • May fuel oil swap trades $2.02/mt below April contract • April viscosity spread at $10.74/mt • April East-West fuel oil spread up 10 cents at $34.57/mt, widest gap since January
• Light Distillates • April Japan naphtha swaps down $4.22 to $906.46/mt, the lowest level since Dec. 13 • April East-West naphtha spread at $13.51/mt
BASE METALS
Aluminum in London rose to a one-week high amid speculation that China’s reserves manager will buy the metal from smelters, while zinc gained by the most among six base metals.
Aluminum for delivery in three months advanced as much as 0.6 percent to $1,993 a metric ton on the London Metal Exchange, the highest since March 5, before trading at $1,990.25 at 3:19 p.m. Shanghai time. Zinc rose as much as 1.1 percent while copper strengthened as much as 0.5 percent. reserve bureau has lent support to prices since last week.”
Copper for delivery in June on the Shanghai Futures Exchange gained 0.9 percent to 56,850 yuan ($9,148) a ton.
On the LME, lead and nickel also climbed, while tin was little changed.
March 13, 2013 at 6:37:13 PM
ReplyDeletePRECIOUS METALS
Gold traded near the highest level in almost two weeks on prospects for additional stimulus from central banks in Europe and Japan and signs of increased physical demand in Asia.
Spot gold traded at $1,593.45 an ounce at 2:29 p.m. in Singapore from $1,592.80 yesterday, when it climbed to $1,598.80, the highest intraday price since Feb. 28. Gold for April delivery was little changed at $1,591.90 an ounce on the Comex after four days of gains, the best run since August.
Cash silver was little changed at $29.16 an ounce and spot platinum fell 0.3 percent to $1,591.25 an ounce. Palladium lost 0.4 percent to $769.50 an ounce, declining for a third day.
GRAINS, OILSEEDS, SOFT COMMODITIES
Soybeans dropped for a second day as the harvest advances in Brazil, poised to be the largest grower this year, boosting supplies available for shipment.
The oilseed for May delivery slipped as much as 0.7 percent to $14.59 a bushel on the Chicago Board of Trade, and was at $14.655 at 2:39 p.m. in Singapore on a trading volume that was 29 percent lower than the 100-day average for that time of day. in an interview yesterday.
Wheat for May delivery fell 0.2 percent to $7.0225 a bushel. Corn for May was little changed at $7.1525 a bushel in Chicago. That put soybeans at 2.05 times the cost of corn, compared with an average of 2.43 times over the past decade.
Palm declined to the lowest level since January on concern that the advancing soybean harvest in Brazil will boost oilseed supplies, depressing demand for the tropical oil. Futures in Dalian fell to the lowest since 2010.
The contract for May delivery lost as much as 1.9 percent to 2,365 ringgit ($761) a metric ton on the Malaysia Derivatives Exchange, the lowest most-active price since Jan. 14, and traded at 2,372 ringgit at 4:36 p.m. in Kuala Lumpur. Futures have lost 30 percent in the past year as supplies outpaced demand.
Rubber tumbled to a three-month low as Japan’s currency climbed, reducing the appeal of yen-denominated contracts, and on concern that reserves in China are increasing.
The contract for delivery in August lost 4.1 percent to 280.6 yen a kilogram ($2,934 a metric ton) on the Tokyo Commodity Exchange, the lowest settlement for the most-active contract since Dec. 14. Futures lost 7.2 percent this year.