Bobbys Corner-Open Market-October.24.2011
Good Morning:
European leaders have failed to convince investors that they can come up with an effective work around to alleviate the Euro regions debt crisis.
The Euro also lost some support, as the markets are concerned that data from the Euro Zone showed that the manufacturing and service sector fell in October at the fastest pace in 2 years. This is not a direct sign of a recession-but it certainly points to an economy that is faltering.
The GBP rose, as uncertainty regarding the European debt issue had investors move to the safety of the GBP. JPY also rose as investors look for a safe haven for their assets.
World equity markets were mixed, and US Futures are up slightly.
Oil, gold, silver are all higher too.
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-October.19.2011
Good Morning:
The Euro advanced on news that the European rescue fund will get a boost-and that Germany and France support the increased fund size to ease the pressure of the debt crisis in the region.
European assets drew demand, as investors are looking for a resolution by this weekend-when the Euro Zone has a summit planned with their leaders and Finance Ministers.
The markets seem very positive that the EFSF (European Financial Stability Facility) will work, and that European leaders will come to an agrement this weekend.
In Greece this morning-demonstrations that were scheduled for today to protest increased austerity measures has turned violent in the last 1/2 hour.
The programs that took care of the Greek populous from cradle to grave are no longer fiscally possible-and the population is rebelling-but at this time there are no alternatives except to stop these entitlement programs that have sapped the nations coffers.
Most Asian equity markets were higher-and Europe is higher across the board. US Futures are only a few points on the negative side at this time.
Today we have data on CPI and housing-but markets are squarely focused on Europe.
HAVEA GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-October.18.2011
Good Morning:
The Euro lost some steam overnight, as Moody’s Investor Service indicated that France is in jeopardy of losing it’s top credit rating . Moody’s stated that France is under threat as the regional debt crisis adds the potential for additional credit problems in France and the Euro Zone overall.
France’s 10 year notes were the 4 th worst performer in the 3rd quarter, behind Greece, Belgium, and Ireland.
Risk is moving to the sidelines, as world equity markets turned lower, after yesterday’s selloff on Wall Street.
Gold, silver, oil and the commodity world are all lower this morning-and US Futures are also pointing to a lower opening this morning.
This morning we have data on PPI and TICs report. The markets will be watching for any pickup in inflation, but investors will be looking at
news about Europe and their debt problems-along with equity flows.
| TIME | FOR | EST. | PRIOR | |||
| 8:30a.m. | PPI MoM | SEPT. | 0.20% | 0.00% | ||
| 8:30a.m. | PPI EX FOOD & ENERGY MoM | SEPT. | 0.10% | 0.10% | ||
| 8:30a.m. | PPI YoY | SEPT. | 6.40% | 6.50% | ||
| 8:30a.m. | PPI EX FOOD & ENERGY YoY | SEPT. | 2.40% | 2.50% | ||
| 9:00a.m. | TOTAL NET TIC FLOWS | AUG. | -$20.0B | $9.5B | ||
| 10:00a.m. | NAHB HOUSING MARKET INDEX | OCT. | 15.O | 14.O | ||
HAVE A GREAT DAY & GOO DLUCK
Bobbys Corner-Open Market-October 14.2011
Good Morning:
FX markets prepare themselves for this weekend’s G-20 meeting, and expectations are high that the Euro Zone will come up with a meaningful monetary plan to deal with the regions sovereign debt issues.
In other news-S&P downgraded Spain, and placed them on negative watch. This followed Fitch rating-who downgraded the country on October 7. Fitch also cut Italy’s rating on the same day. Spain’s leading bank-Santander was also downgraded earlier this week.
In additional signs of stress on the banking system-Fitch cut the rating of UBS, Lloyds, and Royal Bank of Scotland. The rating agency also put more than a dozen banks under negative watch.
World equity markets all traded higher-and US Futures are also higher this morning.
Oil, Gold, Silver are all higher this morning.
| TIME | FOR | EST. | PRIOR | |||
| 8:30A.M. | IMPORT PRICE INDEX MoM | SEPT | -0.40% | -0.40% | ||
| 8:30A.M. | IMPORT PRICE INDEX YoY | SEPT | 12.40% | 13.00% | ||
| 8:30A.M. | ADVANCE RETAIL SALES | SEPT. | 0.70% | 0.00% | ||
| 8:30A.M. | RETAIL SALES LESS AUTOS | SEPT | 0.30% | 0.10% | ||
| 8:30A.M. | RETAIL SALES EX AUTO & GAS | SEPT | 0.30% | 0.10% | ||
| 9:55A.M. | U. OF MICHIGAN CONFIDENCE | OCT.P | 6O.3 | 59.4O | ||
| 10:00A.M. | BUSINESS INVENTORIES | AUG. | 0.40% | 0.40% | ||
HAVE A GREAT DAY-WEEKEND & GOOD LUCK
Bobbys Corner-Open Market-October.13.2011
Good Morning:
Risk came off this morning-as European equity markets along with Gold, Silver and Oil are all lower this morning. Too many positive days-and it was inevitable that a negative day was just around the corner.
The ECB released their monthly report for October. The main points are that the region continue to have downside risk, which is subject to high uncertainty, along with comments that Euro Zone governments must take fiscal action to sustain their sovereign stability.
Today we have data on the US August Trade Balance (or deficit-which is what it really is), and it is expected to rise, as a faltering global economy caused US firms to have fewer exports. China also released data that pointed to lower exports, due to the global slowdown.
Also today, unemployment claims data for the week will be released, and the number is expected to increase to 405K from 401K the week before.
The jobs picture in the US remains bleak-as the unemployment rate continues to stay above 9%, and there seems to be no real initiatives being introduced that will lead to a decrease in unemployment anytime soon.
| TIME | FOR | EST. | PRIOR | |||
| 8:30a.m. | TRADE BALANCE | AUG. | -$45.5B | -$44.8B | ||
| 8:30a.m. | INITIAL JOBLESS CLAIMS | 8-Oct | 405K | 401K | ||
| 8:30A.M. | CONTINUING CLAIMS | 1-Oct | 3710K | 3700K | ||
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Oct.12.2011
Good Morning:
Risk was back on the table overnight as equity markets traded higher, thus forcing the USD and JPY lower as investors seek higher-yielding assets-and forfeit the safer havens for now.
Aussie and Kiwi jumped higher, as did the Euro. The Euro rose to a 3 week high as news that the European Commission will present proposals to recapitalize the European banks today.
The Swiss Franc also rose overnight-as investors anticipate that the Swiss Nat’l Bank may act to further weaken the CHF by adjusting the original cap that the SNB put into place last month versus the Euro.
In other news from accross the pond-the BOE stated that their new round of stimulus is needed, and that the BOE will do whatever needs to be done to keep the UK economy on track.
World equity markets rose-as did Gold, and Oil.
US Futures are also higher at this time.
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Oct.11.2011
Good Morning:
Quotes from the five best foreign-exchange forecasters (as measured by Bloomberg), say that the best is over for the dollar. The rally that has helped the greenback has no chance of continuing-as the slow US economy will force the Fed to flood the world with USD, to inject liquidity into the financial sector through bond purchases. With almost 3 years of near zero interest rates, and $2.35 billion of bond purchases during the same 3 years pulled the US out of a recession, but the faltering economy has some analysts fearing a new recession is brewing on the horizon.
The Euro was a bit softer ahead of a vote by Slovakian Lawmakers on the Euro Zone bailout. Most feel that this will pass, but that the vote will be messy-thus adding additional uncertainty to an already uncertain situation.
In other Euro Zone news, the Greek government is comenting that the budget deficit will be 9.1% of Greek GDP-versus the original target of 7.5%. I am not surprised-are you?
Asian equity markets were higher, following NY”s rally on Monday (up 330 points). European markets and US Futures are lower at this time.
Gold and oil are lower.
HAVE A GREAT DAY & GOOD LUCK
Bobbys Corner-Open Market-Oct.10.2011
Good Morning:
The Euro advanced on the heels of comments by both the German and French leaders that they pledge to keep Greece in the Euro, and a plan to
assist the banking sector within the Euro Zone. They have given themselves a 3 week deadline to get these maters finalized, and devise a workable plan. Presently they are looking to calm the markets-but they must come up with a long lasting plan.
The CHF also showed gains, as the Franc has had some recent weakness, investors are looking to take advantage of this weakness and fatten their coffers with CHF.
The currency market s are being lead by the positive events regarding the European banks. If this rally continues we can expect to see some additional weakness for the greenback.
World equity markets are higher-as are US Futures at this time.
Oil is higher, as is Gold and Silver.
HAVE A GREAT DAY & GOOD LUCK
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