Wake Up Call - Feb 12
Asia:
Hang Seng Index -0.41%; Shanghai/Shenzhen 300 +3.68%; NIKKEI 225 CLOSED; BSE SENSEX 30 -2.39%; KRX 100 -1.07%; Ho Chi Minh +2.27%
U.K. & Europe:
DJ STOXX 50 Index -0.3%; FTSE 100 -0.31%; CAC 40 -0.62%; DAX -0.54%; Russian RTS Index -2.06%
KEY HEADLINE NEWS
- Comments out of OPEC and Saudi Arabia regarding the supply/demand balance are being attributed to the decline in crude prices in overseas trading, but we anticipate oil prices will remain supported in this range. Geopolitical tensions continued to fire all weekend, highlighted by cutting comments from Vladimir Putin and accusations that Iranian leadership has actively supported Iraqi insurgency.
- China's trade surplus reached $15.88 billion in January, down from the $21 billion posted in December, but still achieved a new rolling 12-month high.
- The G7 foreshadowed a view for a strengthening yen, as it warned on betting against the ailing currency. Japan's economy is improving, but its currency has weakened against the euro, providing Europeans with a biased viewpoint on its validity. Treasury Secretary Paulson commented that the yen price is set by the open market, implying that its price reflects value.
- The week ahead marks one full of key economic news, including the testimony of Ben Bernanke to Congress, and releases of important housing, inflation and consumer sentiment data. See our report, "The Greek's Week Ahead" for all the details.
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Check back in later this morning, as "Today's Morning Coffee" will outline in greater detail the day's activity in overseas and commodity markets, and provide economic data & analysis and stock specific news. (disclosure)
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