16 October 2012 09:30

Market Preview - German ZEW Analysed

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Forex Overnight: EUR trading firmer
The EUR has strengthened against the major currencies this morning ahead of the German ZEW economic sentiment index later today which is expected to show an improvement for October. Additionally, investors are keeping tap on the US industrial production data scheduled later today which is expected to reveal a monthly rebound for September. At 5 am GMT, the EUR is trading 0.2 percent higher against the USD at USD 1.2963 while it is trading 0.1 percent higher against the GBP at GBP 0.8067.

The AUD has strengthened 0.1 percent against the USD. The minutes of the Reserve Bank of Australia's (RBA) latest monetary policy meeting indicated that the weak outlook for the nation's economic growth prompted policymakers to take an accommodative stance.

UK Stocks: Likely to open in the green 
The FTSE 100 is expected to open 30 to 31 points in positive territory. Consumer Price Index (CPI), Retail Price Index, Producer Price Index and ONS House Prices are the key economic indicators slated for release today.

GKN Bellway N Brown Group Spirit Pub Company and  Smiths News are scheduled to announce their results later today.

The Financial Times has reported that the UK government and regulators would give approval to  Royal Bank of Scotland this week to exit the state-backed insurance scheme covering the bank's old "toxic assets". Nat Rothschild, one of the founders of  Bumi, has resigned from his position with immediate effect and indicated that the board's proposal to split out assets from the company is not in the interest of shareholders.

Asia: Trading stronger
Asian markets are trading higher this morning tracking overnight gains on Wall Street.

In Japan,  Softbank Corporation has surged after it agreed to buy about 70.0 percent of Sprint Nextel Corporation for a consideration of USD 20.1 billion.  Sonyand  Kyocera have advanced following better-than-expected US retail sales data for September.  Nissan Motor is trading higher after the company along with its partner, Renault SA, stated that they expect to increase the efficiency savings by two-fold by 2016.  Toyota Motor has inched up amid reports that it would idle production at a joint venture plant in Tianjin due to weak demand for its cars in China following anti-Japanese sentiments triggered by a territorial row. On the other hand,  Kirin Holdings has tumbled after it lowered its 2015 sales forecast. At 5 am GMT, the Nikkei 225 has gained 1.3 percent to trade at 8,687.5.

European Stocks: Expected to open higher
The DAX and the CAC are likely to open 50 points and 28 to 29 points firmer, respectively. German ZEW Survey - Current Situation & Economic Sentiment Indices, Eurozone CPI, Trade Balance & ZEW Survey - Economic Sentiment Index and Italian Trade Balance are the key economic indicators scheduled for release today.

Castellum AB Fabege AB I M Skaugen SE and  Aerowatt SA are scheduled to release their results today.

LVMH SA has reported a slowdown in its third quarter sales growth.  Vivendi SA's Chairman and CEO, Jean-Francois Dubos, has been appointed to the board of directors of Activision Blizzard, in which the former has a 60.0 percent stake. 

Macro Update
RBA saw scope for a rate cut, indicates minutes
The minutes of the RBA's latest monetary policy meeting has indicated that policymakers saw scope to cut benchmark interest rates, citing a weak outlook for the nation's economic growth due to lower resource investment in the mining industry and a slowdown in global economic growth.

Fed's bond purchase plan meant to be flexible, says Williams
John Williams, the President of the Federal Reserve (Fed) Bank of San Francisco, has stated that the central bank's recent bond purchase programme is meant to be flexible in terms of size and time and added that the Fed would adjust it in accordance to its impact on the economy.

New Zealand's consumer price inflation eases
Annual consumer price inflation in New Zealand has eased to 0.8 percent in the third quarter of 2012 compared to a 1.0 percent rate reported in the p

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