USA: by the session end optimism disappeared from the market

On Thursday, main American indexes finished trading session with minor change. If at opening of the session moderate optimism concerning positive statistics on a labor market was observed, by the session end the enthusiasm left the stock markets. Indexes of Dow Jones and Nasdaq rolled down in a small minus; upon Nasdaq, in particular, was pressed by decrease in prices of Apple (-2 %). Appeared information that the European politicians can suggest to delay introduction of the toughened requirements to the capital of banks, was disproved later by Othmar Karas.
Yesterday it became known that the number of primary requests for unemployment benefits fell to the minimum level since February, 2008 of 339 thousand that appeared much better than forecasts of economists (370 thousand). The statistics on trading balance was worse than expectations - deficiency extended in August to $44,22 billion, having exceeded forecasts of economists.
Following the results of the trading session the indicator of "blue chips" the index of Dow Jones Industrial Average lost 0,14 % and was closed on a level of 13326,39 points, the index of the wide market S&P 500 increased for 0,02% to level of 1432,84 points, and the index of the hi-tech companies Nasdaq went down for 0,08 % to a level 3049,41 points.
Shares included under of "blue chips" showed mixed dynamics. Better than the market looked Bank of America (+1,41%), JPMorgan (+0,79 %), UnitedHealth Group (+0,96 %), American Express (+0,86 %), with fall over 1 % finished Verizon Communications, AT&T and Walt Disney.
The price for oil futures for Light brand following the results of the trading session on NYMEX raised on 82 cents or 0,9 % to level of $92,07 for barrel. Oil rose in price as a result of retreat of dollar and against improvement of the American data on employment.
The price for futures for gold on COMEX raised for $5,50 or 0,3 % to value of $1770,60 for troy ounce. Gold added in the price owing to dollar weakening of the position in a basket of world currencies.
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11 October 2012| UWCFX Daily Market Video Reviews

Asian shares trade weaker

Asian shares tracked Wall Street lower on Thursday morning as weak forecasts for major US corporations underscored concern over global demand. Dow Jones traded 0,95 percent down and the technology sell out seen in the beginning of the week continued with Nasdaq losing 0,43 percent. Alcoa, Chevron, Cisco and Home Depot were the big losers. The oil giant Chevron issued a profit warning for its third quarter result and fell 4 percent. Alcoas grim outlook for global aluminum consumption led to a similar fall. The Asian indexes continue to fall. The Nikkei index for Japan was down for the third day in row.
Commodity prices are under pressure. The Euro remained on the back foot due to uncertainty over Spain’s bailout prospect and Standard and Poor’s downgrading of Spanish debt. The Euro is trading at its lowest level in October. It dipped to 1.2835 on Wednesday and recovered to 1.2865 in early Asian trade. USD/JPY is stronger at 78.05. There are small changes in the overall currency picture. Employment number from Australia was stronger than expected, and the Australian dollar rose for the third day against the USD. Two of the leading emerging market economies, Brazil and South Korea, have both lowered their interest rate.
The tension in the Middle East escalated yesterday when Turkey forced a civilian airplane on route from Moscow to Damascus to land in Ankara. The tense situation continues to have an impact on the oil prices which are steadily up due to concerns over supply. There is fear that the Syrian-Turkey crisis could spill over and further escalate the high tension level between the West and Iran on its nuclear program. Brent crude is trading close to USD 115 a barrel. Precious metals are stable. Gold is trading between 1760 and 1765 with silver stabilizing on USD 34 an ounce.
The International Monetary Fund, IMF, which presented its global growth half yearly forecast this week ahead of its meeting in Tokyo, expresses concern on the slower growth in China and urges swifter action in Europe as the euro zone debt crisis drags on. IMF expressed frustration over Europe’s piecemeal response to its debt crisis, and warned that the respite in borrowing costs in debt laden countries as Spain and Italy might prove short-lived unless Euro zone leaders take more firm action.
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10 October 2012| UWCFX Daily Market Video Reviews

Dollar rises on gloom concerns

Asian shares fell on Wednesday after a technology sell out on Wall Street last night. The Japanese Nikkei dropped 1,86 percent after car exports to China tumbled. Toyota, Nissan and Mazda saw their exports reduced to half in September. The Euro/USD also tumbled to 1.2859, down 75 points from its high on Tuesday. Angela Merkel was met by mass demonstrations and street fights between austerity measure protesters and police in Athens. Merkel assured the Samaras-government that Germany would support continued Greek membership in the EURO conditioned of willingness to carry through the tough austerity measures.
Concerns on companies’ third quarter results and the Chinese economy dragged stock markets down and created new volatility in currency markets. Shares of the world’s largest semiconductor maker, Intel, lost 2,7 percent on downgrading due to weak demand for notebooks. The whole technology sector came under strong pressure. Both Apple and Google have fallen strongly during the last trading days. The aluminum producer Alcoa issued a profit warning due to weaker Chinese demand. A Chinese expert in the French Credit Agricole, countered by saying that some Western medias and companies are trying to bash China negatively. Chinese aluminum export has increased strongly over the last year, and big infrastructure projects mean that China will continue to import huge quantities of raw materials. Growth forecasts of 7, 5 – 8 % for China for 2012 is far outnumbering a recession stricken Western economy.
Oil prices have risen strongly over the last 24 hours. Brent crude reached USD 114 a barrel with New York crude, NYMEX, again trading above USD 92. Increased tension in the Middle East is behind the spike in oil. Turkish forces have amassed tanks and troops in the Syrian border ready to hit. An escalation in the late border skirmishes between the two countries will increase the risk for a NATO intervention Turkey being a NATO member. Precious metals were down yesterday and in early Asian trade with Gold 1765.
The last half yearly report from the International Monetary Fund, IMF, is highlighting the problems the Euro zone represents to the global economy. IMF urged European politicians to deepen its financial and fiscal ties to restore sagging confidence in the global financial system. The austerity measures offered by the IMF and leading Euro-countries like Germany, have, however, worked poorly. Greece is entering its sixth year of recession with strong social and economic costs, witnessed by Merkel’s visit to Athens. Merkel’s visit has done little to calm the unrest in the streets. It might, however, have given the three part coalition of Antonis Samaras a briefing spell to carry through highly unpopular cuts which primarily hit the weakest strata of the population like pensioners and the increasing number of unemployed. The currency markets answer to the last pictures from Greece is to send the Euro down illustrating the volatility inside the Euro zone and question marks whether European finance minister have done enough to turn the tide around.

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