FXstreet.com: Fundamental: Fundamental Analysis Reports

Option traders sow the seeds at Origin Agritech

info@interactivebrokers.com (Interactive Brokers LLC) — Tue, 24 Nov 2009 18:12:55 GMT

SEED – Origin Agritech Ltd. – Frenzied options activity continues today on Beijing-based seed producer, Origin Agritech, following yesterday’s announcement that the firm received approval from China’s Ministry of Agriculture to sell its genetically modified phytase corn. Shares are currently up 4% to $10.86, down from an intraday high – and 52-week high – of $11.75. Bullish investors took root in the December contract, purchasing 6,900 calls at the December 12.5 strike for an average premium

London Gold Market Report

info@bullionvault.com (BullionVault.com) — Tue, 24 Nov 2009 13:33:08 GMT

Gold Hits Fresh USD, Euro & GBP Records as UK Central Bank Bets Its Pension on Inflation-Linked Bonds THE PRICE OF WHOLESALE gold in the professional market hit a new record London Fix of $1170.25 an ounce early Tuesday, while Asian stock markets closed the day lower and the US Dollar slipped on the forex market. Crude oil also fell back. Government bonds ticked higher. One London gold dealer noted a "sense of disappointment" that gold failed to reach $1200 an ounce last night as the

World's largest economy growth revised to the downside but remains artificial…

support@ecpulse.com (ecPulse.com) — Tue, 24 Nov 2009 13:19:34 GMT

The third quarter's U.S real gross domestic product growth rate of 3.5 percent is forecasted to be revised down to an annualized rate of 2.9 percent, due to the widening of the county's trade deficit, as the 3.5% growth detected within the third quarter seemed artificial and should actually be strongly questioned and explained; since the jobless rate jumped beyond expectations reaching above 10 percent for the first time since 1983. In fact, today's revised annualized third quarter growth

Risk aversion takes a back seat

info@interactivebrokers.com (Interactive Brokers LLC) — Tue, 24 Nov 2009 13:18:14 GMT

A slew of overnight woes concerning the health of banks around the world was limited in its support for the U.S. dollar. One year ago that evidence would have been enough to raise the heartbeat of the bears and send the pre-market futures down by 2%. Today, equity index futures continue to point to another positive North American session and the net impact is to provide a prop for the euro rather than the U.S. dollar. The euro also rose after the strongest reading for 15 months in a poll of

GoldCore Update: Gold Prices Move Higher in a World of Paper Currencies and Paper Promises

info@goldcore.com (GoldCore) — Tue, 24 Nov 2009 12:17:30 GMT

Gold Gold has maintained last week’s and yesterday’s gain and is currently trading near record nominal highs at $1,166/oz, £705/oz and €781/oz. New levels of resistance and support are $1,175/oz and $1,152/oz. While gold is overbought in the short term it is behaving like a stubborn mule that refuses to go down. A variety of concerns continue to support gold and these include worries regarding the sustainability of the economic recovery (both in China, the US and in other leading industrial

German IFO survey hits 15 month highs

sales@tradethenews.com (TradeTheNews.com) — Tue, 24 Nov 2009 11:03:07 GMT

European Market Update: German IFO survey hits 15 month highs; European bourses shakes off initial concerns over financial sector ECONOMIC DATA - (MA) Malaysia Central Bank Interest rate maintains its overnight Rate at 2.00%; as expected - (RU) Russian Central Bank cuts its Refi rate by 50bps to 9.0%; In line with views -(FI) Finland Oct Unemployment Rate: 8.2% v 8.1%e - (GE) Germany GDP SA Q/Q: 0.7% v 0.7%e; Y/Y: -4.8% v -4.8%e; GDP NSA Y/Y: -4.7% v -4.7%e - (GE) German Q3 Final Private

German IFO Climbs to the Highest Level in 15 Months

support@ecpulse.com (ecPulse.com) — Tue, 24 Nov 2009 10:45:43 GMT

After a tumultuous year in 2008 and grim first quarter in 2008; world economies started to show improvement starting from the second quarter, where the pace of progress continued into the third quarter, where most major economies returned to growth. It seems that recovery is gathering strength ahead of the New Year, where major economies are expected to show a full recovery. Today, after the release of Germany's GDP for the third quarter, which grew 0.7% in the three months ending September

US: Existing home sales at highest level since February 2007

piet.lammens@kbc.be (KBC Bank) — Tue, 24 Nov 2009 08:35:28 GMT

In October, US existing home sales rose by 10.1% M/M to a total number of 6.10 million, while the consensus was looking for a figure of 5.70 million. The previous outcome was however slightly downwardly revised from 5.57M to 5.54M. The details show that both the single-family (9.7% M/M) and the condo’s (13.2% M/M) sub-index surprised on the upside in October. Also months’ supply improved significantly, falling from 8.0 to 7.0, which is the lowest level since February 2007. Both the median and

Europe Ahead: Germany's GDP Unrevised as Imports and Exports Rise

support@ecpulse.com (ecPulse.com) — Tue, 24 Nov 2009 08:11:44 GMT

Germany, the biggest nation in the euro zone, continued to expand in the third quarter as a result of restocking inventories and more spending on machinery and equipment. Also, the expansion in the economy was led by higher exports and imports; while exports are the biggest factor that fuel economic growth. Germany's GDP seasonally adjusted for the third quarter's final reading was unrevised at 0.7%, which was also inline with expectations; while non-seasonally adjusted stood

The testimony of BoE King and other governors will attract attention too

piet.lammens@kbc.be (KBC Bank) — Tue, 24 Nov 2009 08:38:46 GMT

Markets: Fixed Income On Monday, global bonds ended narrowly mixed, a very strong performance in the face of buoyant equity markets. US yields were flat to 2 basis points lower, the curve flattened, while German yield ended up 2-to-3 basis points, the very long end underperforming. A soft comment of the Fed hawk Bullard, late on Sunday, on the desirability of the continuation of the MBS Agency assets purchase program after its planned expiry at the end of March might have played a role in the

Economic Indicators Review

info@nbc.ca (National Bank of Canada) — Tue, 24 Nov 2009 07:37:45 GMT

Canada – In September, factory sales were up 1.4%, reversing in part the 1.8% decline a month earlier (revised upward from -2.1%). The upsurge was entirely attributable to motor vehicles and parts (+15.6%). Gains were partially offset by a 28.6% pullback in aerospace products. New orders sprang 8.3% while inventories decreased for an eighth straight month, shrinking 1.9%. The inventory-tosales ratio thus sank to an 11-month low. In constant dollars, manufacturing sales climbed 1.8% on the

The BOJ: the Japanese economy is "picking up"

support@ecpulse.com (ecPulse.com) — Tue, 24 Nov 2009 07:30:15 GMT

The Bank of Japan released its monthly report for recent economic and financial developments today. The bank raised its assessment for economic conditions saying that the economy is picking up due to stimulus measures taken in Japan and around the world. The Bank of Japan kept interest rates unchanged at 0.1% and decided to end corporate debts purchases by the end of this year as it was scheduled, while the bank decided to extend the limitless lending program till March 31 accepting the low

Japan politicians turn up the heat on BOJ

sales@tradethenews.com (TradeTheNews.com) — Tue, 24 Nov 2009 06:51:21 GMT

Asian Market Update: Japan politicians turn up the heat on BOJ; Chinese advisors warn on inflation, inflow of hot money; Korea underperforms on banking, consumer confidence drop ECONOMIC DATA - (KS) South Korea Nov Consumer Confidence: 113.0 v 117.0 prior (First decline since Feb) - (AU) Australia Sept Conference Board Leading Index: 0.3% v 1.5% prior (4-month low) - (KS) South Korea Q3 External Short-Term Debt: $146.3B v $147.3B prior - (NZ) RBNZ quarterly survey of 2-yr inflation

Q3 GDP figures for South African will be the main focus today

danskeresearch@danskebank.com (Danske Bank A/S) — Tue, 24 Nov 2009 06:21:10 GMT

Review Hungarian retail sales in September continued to show signs of strain, falling 7.3% y/y, down from August’s -7.2% y/y. We have updated our outlook on the Hungarian economy taking into account the latest economic release. As broadly expected the Hungarian central bank lowered its key policy rate by 50bp to 6.50%. The door is still open for further rate cuts though it greatly depends on the development in FX markets. In October Lithuanian IP declined 8.8% y/y, up from a

Asian Session News Summary

support@ecpulse.com (ecPulse.com) — Tue, 24 Nov 2009 06:04:31 GMT

Consumer confidence in South Korea Consumer confidence in South Korea came in at 113.0 in November compared with a previous 117.0 in October to record the first decline in eight months as a result of concerns about the strength of recovery in the world economy. The Bank of Korea decided to keep borrowing costs at the low record of 2.0% for the ninth meeting as the bank aims at supporting economic recovery and avoiding more won gains against the dollar. However, the South Korean economy

Virgin Media bulls bank profits and build new positions

info@interactivebrokers.com (Interactive Brokers LLC) — Tue, 24 Nov 2009 06:03:54 GMT

VMED - Virgin Media, Inc. – Virgin-bulls banked profits and established new positions on the telecommunications company this afternoon amid a 1% increase in shares to $16.54. One investor initiated the closing purchase of 10,000 put options that were originally sold short for an average premium of 68 cents apiece back on October 16, 2009. Today the trader closed out the position by buying the puts for just 15 cents each. Net profits on the trade amount to 53 cents per contract for a total of

Poor Mans Gold

info@alaron.com (Alaron) — Tue, 24 Nov 2009 05:35:32 GMT

Is oil becoming the poor man’s gold? Oil prices are being dragged higher once again as gold continues its assault on all time highs. Oil of course does not seem to move on its own accord but gets driven higher by traders who can’t afford gold. I am only partly kidding. Gold is being driven higher for a lot of reasons. People are buying gold because they fear inflation. They are buying gold because they fear that mounting government debt will never be paid off. And gold of course is the

Low Mortgage Rates and Tax Credit Lift Sales of Existing Homes

webmaster@ntrs.com (Northern Trust) — Mon, 23 Nov 2009 22:25:02 GMT

Low Mortgage Rates and Tax Credit Lift Sales of Existing Homes Sales of all existing homes rose 10.1% to an annual rate of 6.1 million units in October. Attractive mortgage rates and the first-time home buyer tax credit of $8000 helped to boost sales of existing homes. The tax credit program has been expanded and extended to April 30, 2010. Sales of single-family existing homes advanced 9.7% to an annual rate of 5.33 million units in October. Sales of single-family existing homes have moved up

Bear play on Focus Media ADRs

info@interactivebrokers.com (Interactive Brokers LLC) — Mon, 23 Nov 2009 18:19:10 GMT

FMCN – Focus Media Holding ADR – In March shares at Focus Media, the Chinese out-of-home advertising media company were trading at below $5.00. Today, its shares are a little higher at $13.16, which leaves us at a loss to explain what looks like a rather large bearish position initiated using options expiring in April at the 5.0 strike. Shares would need to slide by 62% to reach the strike. The premium of 20 cents appears to have been paid today by one investor – we mused at first that this

European Session News Summary

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 15:56:33 GMT

Euro zone services and manufacturing inch higher Euro zone PMI manufacturing for November advanced reading at 51.0 from the previous 50.7 which is lower than the expected 51.2, PMI services were also released for the same time period at 53.2 higher than the previous 52.6 and better than the projected 52.9. For more news today, PMI composite for November advanced is at 53.7 better than the prior and predicted readings of 53.0 and 53.4 respectively. Germany PMI manufacturing and

Existing Home Sales in the United States Rise in October by a Staggering 10.1 Percent!

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 15:29:09 GMT

The U.S. housing market is showing more signs of increased activity, as cheap home values and the ongoing support from the U.S. government through tax credits for first time buyers continue to support activity in the housing sector, yet the housing market is still stabilizing amid the worst slump since the early 1930s and we should expect activity to increase only gradually, since rising unemployment, tightened credit conditions, and rising foreclosures will continue to weigh down on activity

The world's largest economy remains fragile…

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 13:47:40 GMT

Like last week's data; this week's economic indices posted from the U.S, are forecasted to show that the economy is so far recovering at a truly sluggish pace and continues on facing major obstacles, such as the ongoing rising unemployment and overall tightened credit conditions, having investor's confidence really low and affected easily from any gloomy or worse-than forecasted news released. In fact, the U.S stocks closed last week in red and plunged throughout the midday, despite of current

Fed comments revive risk appetite

info@interactivebrokers.com (Interactive Brokers LLC) — Mon, 23 Nov 2009 13:07:12 GMT

St. Louis Fed President, James Bullard said in a speech over the weekend that the Fed should retain the flexibility to respond through continued purchases of mortgage securities in 2010 should it see the need. In conjunction with the views of Chicago’s Evans who sees perhaps no change in rates into as far as 2011, investors are today reveling in abundant liquidity and downplaying the prospects for the U.S. dollar. As they do so they are reversing last week’s theme of global slowdown. Equity

London Gold Market Report

info@bullionvault.com (BullionVault.com) — Mon, 23 Nov 2009 12:32:12 GMT

Gold Hits New USD, Euro & GBP Records; Remains "Sound, Defensible" Bet as IMF Urges Extended Stimulus THE PRICE OF GOLD rose against all major currencies early Monday in Asia, recording fresh all-time highs against the US Dollar, British Pound and Euro. This morning's London Gold Fix – used as a clearing and benchmark price, and set today at $1166.00, £702.41 and €778.53 per ounce – stood 293%, 284% and 171% higher respectively from this time 10 years ago. The gold price in Japanese Yen

Hungary

danskeresearch@danskebank.com (Danske Bank A/S) — Mon, 23 Nov 2009 12:09:57 GMT

On the following pages we present an updated outlook on the Hungarian economy taking into account the latest economic releases for September and October. The Hungarian economy has experienced a significant drop in economic activity over the past couple of quarters. However, it looks as if the drop bottomed in Q2 09 and that a slow and gradual recovery started in Q3 09. Overall, we expect GDP to contract on average by 6.6% y/y in 2009 and by 1.7% y/y in 2010. The large drop in private

GoldCore Update: Gold Surges to Record Nominal Highs in USD and EUR; $1,200/oz Soon?

info@goldcore.com (GoldCore) — Mon, 23 Nov 2009 11:50:13 GMT

Gold Gold has rallied to new record nominal highs in dollars with geopolitical concerns about Iran escalating and the dollar falling again. Possibly of more importance are increasing concerns about the unprecedented and huge public debt levels in large industrialised nations and the as of yet remote possibility of sovereign default (there are concerns that sovereign default could, like subprime, be the catalyst for the next stage in the global financial crisis). Gold has risen and is trading

Stocks aided by rising risk appetite

sales@tradethenews.com (TradeTheNews.com) — Mon, 23 Nov 2009 11:05:17 GMT

European Market Update: USD finds it hard to be loved; Gold hits fresh all-time highs near $1,1170/oz; Stocks aided by rising risk appetite ECONOMIC DATA - (HU) Hungary Sept Retail Trade Y/Y: -7.3% v -6.8%e - (TT) Taiwan Oct Industrial Production Y/Y: 6.6% v 5.6%e; Export Orders Y/Y: 4.4% v 4.0%e - (TT) Taiwan Oct Unemployment rate: 6.0% v 6.1%e - (FR) France Nov PMI Manufacturing: 54.2 v 56.0e; PMI Services: 60.4 v 57.8e - (SZ) Swiss Oct Money supply M3 Y/Y: 7.7% v 7.7% prior - (GE) Germany

Euroland: Imminent labour market stabilisation

danskeresearch@danskebank.com (Danske Bank A/S) — Mon, 23 Nov 2009 10:46:53 GMT

The ongoing recovery will only be sustainable if private consumption begins to pick up before the initial boost from the inventory cycle and exports fizzle out. A precondition for this to happen is that the labour market stabilises. If it doesn’t we could get a nasty double dip. History suggests that unemployment will peak in Q1 2010 – just in time for private consumption to secure sustainable growth. Euroland PMI and other indicators signal that a peak in unemployment is imminent. Much of the

Ongoing Improvement in the Euro Zone

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 10:34:28 GMT

Improvement continues day after day in the euro zone, seen by the stellar news recently released, showing that the economy is on the right track and that the worst is over. After the expansion signaled in the third quarter; the economy is on its way toward recording further expansion in the last quarter of the year. The 16-nation economy grew 0.4% in the 3 months ending September, compared with 0.2% contraction in the second quarter and 2.5% contraction in the first quarter. The strong

Are UK equities overvalued?

Sarah.Pedder@LLOYDSTSB.co.uk (Lloyds TSB Financial Markets) — Mon, 23 Nov 2009 11:46:00 GMT

UK equity markets, along with many others around the world, have recovered strongly since their recent low in March 2009. Admittedly, the FTSE All-Share is still well below its 2007 all-time peak and, if one wants to go back further, below the previous peak recorded in 2000. However, the fact that UK economic recovery so far seems to be lagging that of some other major economies could lead to doubts about the sustainability of the rise in share prices. Here, the issue is that with economic

Another one bites the dust…

info@ransquawk.com (RANsquawk) — Mon, 23 Nov 2009 09:24:32 GMT

We must learn to walk before we can run Never before equity markets gained so much so fast and despite occasional bumps along the way, stocks continue to edge higher. Still, some sort of rational thinking returned to the markets last week after disappointing economic data releases prompted investors to re-think their rosy outlook. As such equity markets finished the week lower but the downward momentum is unlikely to continue this week. This week is likely to be characterised by thin volumes

The EMU government auction calendar is moderate this week

piet.lammens@kbc.be (KBC Bank) — Mon, 23 Nov 2009 10:27:32 GMT

Markets: Fixed Income On Friday, in a session devoid of eco releases, global bonds traded rangebound with intra-day moves mostly driven by the gyrations of equities. US yields ended up a couple of basis points, while German bonds were narrowly mixed and its curve flatter. For the German bund, it was nevertheless the fifth consecutive daily (modest) gain. The short end of the EMU bond curve and money market rates were negatively affected by the ECB tightening of collateral rules (cf. lower).

Europe Ahead: PMI Day in the Euro Zone

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 07:15:36 GMT

Today, the focus in the euro zone is on the PMI sectors as expectations are showing that the contraction in the manufacturing and service sectors are going to expand further, which supports the fact that the worst of this global recession is over. In our calendars today; PMI manufacturing for the month of November advanced reading is scheduled to be released with projections showing that it will climb to 51.2 from 50.7. Since the manufacturing sector is growing further, it is providing us with

Dovish comments by Fed's Bullard help sink USD

sales@tradethenews.com (TradeTheNews.com) — Mon, 23 Nov 2009 06:59:33 GMT

Asian Market Update: Thailand Q3 GDP Hits 1-yr high as Thai officials raise 2009 forecast; Dovish comments by Fed's Bullard help sink USD; Gold makes new record high at $1,165 ECONOMIC DATA - (NZ) New Zealand Oct Visitor Arrivals: -0.7% v 3.8% prior - (HU) Hungary Nov Economic Sentiment: -27.5 v -26.8 prior; Business Confidence: -18.9 v -18.4 prior; Consumer Confidence: -51.9 v -50.8 prior - (AU) Australia Oct New Motor Vehicle Sales m/m: 3.7% (4-month high) v 3.1% prior; Y/Y: 3.3% v -1.8%

Workmen and their tools

natalie_denne@westpac.co.nz (Westpac Institutional Bank) — Mon, 23 Nov 2009 06:43:12 GMT

New Zealand’s monetary policy framework has been back in the spotlight recently – though you could say it’s never been out of it for very lon g. Concerns about monetary policy have generally revolved around two issues: the effectiveness of using short-term interest rates to manage inflation, and the impact on the volatility of the exchange rate. The first of these has attracted less attention recently, with annual inflation comfortably back within the target band. It’s the latter that has been

The rate decision in Hungary will take centre stage today

danskeresearch@danskebank.com (Danske Bank A/S) — Mon, 23 Nov 2009 06:31:06 GMT

Review Unemployment in Latvia rose to 18.4% in Q3, up from 16.7% in Q2, as the sharp economic downturn has taken its toll on the labour market. Preview The rate decision in Hungary will take centre stage today . Even though it seems to be a done deal that there will be yet another rate cut today, there is some uncertainty about the size of it. Until recently we had expected that the MNB would finish its easing cycle on Monday with a 25bp rate cut. However, we must acknowledge that

Where the Wild Things Are

John@FrontLineThoughts.com (Millennium Wave Investments) — Mon, 23 Nov 2009 06:17:59 GMT

In this issue: Where the Wild Things Are It Is Not Just Japan The Euro-Yen Cross and the Dollar Carry Trade New York, London, and Switzerland From ghoulies and ghosties And long-leggedy beasties And things that go bump in the night, Good Lord, deliver us! --Old Scottish Prayer Where the Wild Things Are is a beloved children's book and now a beautiful movie. But in the investment world there are really scary wild things lurking about in the hidden recesses of the economic landscape. Today we

Investor plants WFC short straddle - set to bloom in April 2010

info@interactivebrokers.com (Interactive Brokers LLC) — Mon, 23 Nov 2009 06:01:15 GMT

WFC - Wells Fargo & Co. – Shares of the financial holding company surrendered 1.5% today to stand at $27.88. One investor initiated a sold straddle on WFC in the April 2010 contract. The trader sold 10,000 calls at the April 32 strike for 1.59 apiece in conjunction with the sale of 10,000 now in-the-money puts at the same strike for 5.81 each. The gross premium on the transaction amounts to 7.40 per contract. The investor will retain the full premium if shares settle at $32.00 by

Blame Game!

info@alaron.com (Alaron) — Mon, 23 Nov 2009 05:38:42 GMT

Let’s all try to agree on someone to blame. I mean can we at least have some bi-partisan blaming?Yesterday, before the Congress Joint Economic Committee, there was some exciting and heated exchanges between Treasury Secretary Tim Geithner and some House Republicans. There were fireworks as Republican Rep. Kevin Brady of Texas blamed Geithner for a major role in creating the economic mess we are in when he was the president of the New York Federal Reserve Bank while all the problems were going

Thailand economy expanded 1.3% in the third quarter

support@ecpulse.com (ecPulse.com) — Mon, 23 Nov 2009 04:34:20 GMT

Thailand's gross domestic product grew in the third quarter of this year from the previous three months, and on yearly basis the economy contracted in the slowest pace in a year. The government's stimulus spending helped to pull the economy out from recession and managed to spur demand and support consumer spending that encouraged the central bank to raise its assessment for the economy. Thailand's gross domestic product expanded 1.3% in the third quarter compared with a previous expansion by