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Main » 2014 » May » 29 » Morning briefing from Saxo Bank: Market Review on May 29, 2014
Morning briefing from Saxo Bank: Market Review on May 29, 2014




Forex: U.S. Dollar traded upward


This morning the movement of the U.S. dollar against most major currencies marked increase. Today, market participants' attention will be drawn to the revised GDP for the first quarter, pending Home Sales and ezhenednlnye applications for unemployment benefits, which will help assess the strength of the American economy. Thus, traders expect U.S. GDP will be revised downwards due to weaker-than-expected data for March on trade, the volume of construction and supply of industrial goods. In Europe, traders still keep guessing about the introduction of additional stimulus measures at a meeting of the European Central Bank next week. Cause moderate interest and today the figures for economic growth in Spain. At 5 am GMT, the euro and the British pound lost 0.2 per cent and 0.5 per cent against the U.S. dollar, trading at the price of 1.3605 and 1.6728 dollar dollar respectively. Japanese yen rose 0.2 percent and 0.5 percent against the U.S. dollar and euro, respectively. Europe: Market opens in the "outset" The opening of the German stock index DAX is expected to be between -3 and 0 points and the French CAC - 3-4 points lower. Index of the British stock exchange FTSE100 open higher by 5 points. Publication of GDP in Spain, as well as consumer confidence indicator from Gfk and confidence in the business environment of the UK Lloyds scheduled for today. Alpha Bank AE (ALPHA), Public Power Corporation SA (PPC) , Folli Follie SA (FFGRP), Mota-Engil SGPS SA (EGL), Motor Oil Hellas Corinth Refineries SA (MOH), Tiscali SpA (TIS), Severn Trent (SVT), Tate & Lyle (TATE), Electra Private Equity ( ELTA), PayPoint (PAY), Helical Bar (HLCL) and Future (FUTR) will report on the results of its activities.According to Bloomberg, Deutsche Bank AG (DBK) sued the U.S. investment adviser HPM Partners LLC, claiming that the latter luring staff divisions of the bank asset management and private equity. Deutsche Bank AG (DBK)is preparing to pay additional fines and civil claims after an internal investigation revealed some irregularities in the bidding Russian ruble and Argentine peso - reports Reuters. Repsol SA (REP) stated that the June 6, 2014 to pay a special dividend of one euro per share. According to Sky News, Mary Hall (Mary Hall) appointed director of the audit team Lloyds Banking Group (LLOY) . Chris Weston (Chris Weston) - Head of Unit company Centrica (CNA) for international shipment, include British Gas, - and CEO Sam Laidlaw (Sam Laidlaw) came close to that to leave their positions in the restructuring managers - reports Sky News. According «The Times», Mitchells & Butlers (MAB) has entered into exclusive talks to buy Orchid Pub Company for more than 250 million pounds.Asia: The market is trading mixed this morning, Asian markets mixed. In Japan, Mitsubishi Heavy Industries (7011) added to the price on the statement by the President of the search for opportunities for shopping.Toyota Motor (7203) and Nissan Motor (7201) traded higher. Nippon Suisan Kaisha Limited (1332) moved forward on elevations broker. Credit Saison Company (8253) , by contrast, retreated into force broker downgrade target price. Fast Retailing (9983) and Aeon (8267) reduced because data showed a drop in retail sales in Japan. At 5 am GMT, the index of the Tokyo Stock Exchange's Nikkei 225 index was trading 7.1 points higher at around 14,678.1. In Hong Kong, Hutchison Whampoa (13) added to the price after the EU antitrust authorities approved the purchase of Irish mobile business Telefonica SA. China Ping An Insurance (Group) Company of China Limited (601318) and China Pacific Insurance (Group) Company Limited (601601)recorded an increase due to the positive evaluation of the broker. In South Korea, Transdermal Asia Holdings Company (015,540), Han Chang Corporation (005110) and Hyundai Elevator Company (017,800) went down once in the list of top laggards among the components of the index KOSPI. Whereas, Samsung Electronics (005930) rose in value after the company unveiled its bracelet to monitor health. U.S.: Futures trading higher At 5 am GMT, futures for the S & P 500 traded higher by 2.1 points. Publication GDP , the number of primary and repeated applications for unemployment benefits, an index of personal consumption, the underlying index for personal consumption expenditures and the amount of outstanding transactions for the sale of housing is planned for today. Costco Wholesale (COST), Avago Technologies (AVGO), Pall Corporation (PLL) , Splunk (SPLK), Lions Gate Entertainment (LGF) and Esterline Technologies (ESL) announced its results today. Yesterday within the extended trading session Palo Alto Networks (PANW) rose 11 percent due to adjusted earnings for the third quarter above analysts' estimates, as well as the consent of the company to pay $ 175 million to settle litigation with Juniper Networks (JNPR) . Juniper Networks paper rose by 0.9 percent.Apple (AAPL) gained 0.1 percent. Thus, the company has confirmed the purchase of Beats Electronics LLC for three billion dollars. Intercept Pharmaceuticals (ICPT) progressed by 7.4 percent after the Office of United States Food and Drug Administration for the treatment of drug assigned non-alcoholic fatty liver disease, which is based obetiholevoy acid (obeticholic acid), the status of the expedited review. Meanwhile, Tilly's (TLYS)«collapsed" by 23.4 percent by the weak earnings outlook for the second quarter and a decline in comparable sales. Gordmans Stores (GMAN) retreated by 15.4 percent due to an unexpected loss in the first quarter.Fabrinet ( FN) lost 3.7 percent on the announcement that the company's shareholder - Asia Pacific Growth Fund III - sold 3.15 million of its common shares through the underwritten public offering. U.S. stock index S & P 500 during the regular trading session yesterday fizzled out after a four-day series of victories, dropping 0.1 percent from the record level. Allergan (AGN) fell 5.4 percent after a part of its offer to buy the company Valeant Pharmaceuticals (VRTX) increased the size of the cash settlement to 58.30 dollars per share. Vertex Pharmaceuticals went down by 2.2 percent. Dollar General (DG) and Lowe's Companies (LOW) lost three percent and 2.2 percent respectively, followed by a decrease in the company's stock broker rating. Stryker (SYK) , in contrast, gained 2.8 percent for information about the planned takeover offer for the company Smith & Nephew. However, the company denied the truth ascribe intentions. In addition, Michael Kors Holdings (KORS) rose by 1.3 percent due to higher-than market expectations of profit for the fourth quarter. The price of securities of companies in the telecommunications sector Windstream Holdings (WIN) and Frontier Communications (FTR) increased by 3.2 percent and 2.4 percent respectively. Summary of the latest newsJapan Retail Sales are down more than forecasts Annual Japanese retail sales in April fell more than expected - by 4.4 percent, whereas in the previous month, there was an increase in the 11.0 per cent. increase in sales of new homes in Australia accelerated According to the Association of Housing Industry (HIA), the level of new home sales in Australia in April showed an increase of 2.9 percent, while the previous month increase was only 0.2 percent. Acronym private investments in Australia exceeds expectations seasonally adjusted Australian volume of private investments in the first quarter of 2014 decreased by 4.2 percent, exceeding expectations; revised decline of the previous quarter was equal to 4.5 per cent. current account surplus rises in South Korea South Korea's surplus of the current account, seasonally adjusted increased in April to 9.8 billion U.S. dollars on the revised March figure of 6.6 billion surplus . 
Material provided by Saxo Bank
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