April 18th 2012  

 0.9913  +0.0010         1.3077   -0.0057

12,992.00     -32pts             

    1380.00   -3.60 pts

 1646.10  -5.00     31.60  -0.07

104.12  -0.08

Forex: USD trading mixed

The USD is trading mixed against its major counterparts this morning ahead of US weekly jobless claims scheduled for release tomorrow which is expected to indicate a decline. Meanwhile, gains in the USD were capped as the International Monetary Fund (IMF) raised its global economic growth forecast yesterday. At 5 am GMT, the EUR is trading marginally lower against USD at $1.3122, while the GBP is trading marginally higher against the USD at $1.5929.
The JPY has declined 0.7 percent against the USD amid reports that the Bank of Japan (BoJ) may raise its inflation forecasts fuelling market speculation over additional monetary easing.
The AUD has climbed 0.1 percent against the USD. Data indicated that the Westpac/Melbourne Institute’s leading index rose at a slower pace in February.

UK Stocks: Likely to open higher
The FTSE 100 is expected to open 2 to 4 points in positive territory but reversed earlier expectation and now trading at 29 points lower.
Claimant Count Rate, Jobless Claims Change, ILO Unemployment Rate and Average Earnings - Including & Excluding Bonus are the key economic indicators scheduled for release today. Additionally, investors await minutes of the Bank of England’s latest monetary policy meeting.
Tesco, Spirit Pub Company and Hightex Group are scheduled to announce their results today.
BHP Billiton has reported a 14.0 percent annual rise in its third quarter iron-ore production in Western Australia.
Thomson Reuters has reported that HSBC Holdings is launching its first offshore Yuan-denominated bond which would be listed in London.
Charlie Sartain, the head of Xstrata's copper unit, has indicated that copper demand from China would grow a little under 7.0 percent this year.

Asia: Trading in positive territory
Asian markets are trading in the green this morning, after the IMF raised its global economic growth forecast and amid easing concerns in Europe.
In Japan, Sumitomo Electric Industries has surged amid news that it plans to commercialise a system that combines solar power generation with storage batteries. Higher risk appetite amongst investors has led Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Nomura Holdings to trade in the green. Fanuc Corporation, Nissan Motor, Toyota Motor and Kyocera Corporation have risen following weakening of the Yen against its major counterparts. At 5 am GMT, the Nikkei 225 index has gained 1.9 percent to trade at 9,648.5.
In South Korea, LG Electronics and Samsung Electronics have risen after the US International Trade Commission stated that the pricing and subsidies for refrigerators made by both the companies did not hurt the US industry. In Hong Kong, Jiangxi Copper, Petrochina and Aluminum Corporation of China have recorded gains tracking the movement in commodity prices. In China, CSR Corporation has jumped amid news that the company will supply high-speed trains to Hong Kong Mass Transit Railway.

US Stocks: Futures now trading lower before open...
At 8 am GMT, S&P 500 futures are trading 5.0 points weaker.
MBA Mortgage Applications is the key economic indicator scheduled for release today.
Qualcomm, Abbott Laboratories, American Express, eBay Inc., Yum! Brands, Bank of New York Mellon and St. Jude Medical are scheduled to announce their results today.
Intel Corporation declined 3.1 percent in after hours trading session yesterday following a decline in its first quarter earnings. Downbeat revenue for the first quarter dragged International Business Machines 2.3 percent lower. Cree slumped 7.5 percent after its third quarter revenue trailed market expectations. On the other hand, Intuitive Surgical and Yahoo! Inc. climbed 6.0 percent and 2.9 percent, respectively, on the back of better-than-expected earnings for the first quarter. United Rentals rallied 8.4 percent after it swung to a first quarter profit.
The S&P 500 index climbed 1.5 percent in the regular trading session yesterday after Spanish bond yields declined and the IMF raised its global growth forecast for the first time since 2011. First Solar soared 10.3 percent after it unveiled plans to reduce its global work force by 30.0 percent resulting in a drop in its manufacturing costs. Technology sector stocks, Netflix, Apple and Accenture surged 5.8 percent, 5.1 percent and 3.7 percent, respectively. NRG Energy, Newfield Exploration and Alpha Natural Resources paced gains in resource sector stocks, soaring 4.8 percent, 4.5 percent and 3.9 percent, respectively. Coca-Cola and Johnson & Johnson edged 2.1 percent and 0.3 percent higher after their first quarter earnings surpassed market consensus. On the downside, Whirlpool plunged 4.3 percent after the US International Trade Commission in its verdict against a complaint filed by the company indicated that pricing and subsidies for refrigerators made by its South Korean counterparts was not hampering the US industry. Goldman Sachs fell 0.7 percent even as it reported better-than-expected earnings for the first quarter.

European Stocks: Expected to open in the green
The DAX and CAC are likely to open 8 to 9 points and 8 points higher, respectively.
At 8am EST, both DAX and CAC are now trading weaker at 63 and 56 points lower respectively.

Eurozone Current Account & Construction Output and Swiss ZEW Expectations Index are the key economic indicators scheduled for release today.
ASML Holding NV, Svenska Cellulosa AB SCA, Kaufman & Broad SA and Exel Industries SA are scheduled to report their results later today.
The Wall Street Journal has reported that Pfizer is near to selling its infant-nutrition unit to Nestle SA for a consideration of about $9.0 billion.
The National Institute for Health and Clinical Excellence in the UK has stated that it was not recommending Roche Holding AG’s Avastin drug as first-line treatment of metastatic breast cancer in combination with chemotherapy.
Dow Jones Newswires has reported that Aryeh Bourkoff, the head of investment banking of UBS AG’s American unit, has resigned from the company with immediate effect.
Delticom AG has stated that its first quarter earnings before interest and taxes declined 42.4 percent Y-o-Y to €3.4 million.

Macro Update
China new house prices decline
On a year-on-year basis, new house prices in China, as measured by a government survey, have declined in 38 of 70 large cities in March, compared to 27 cities recording a drop in February.
BoJ mulling raising consumer price forecast, reports Nikkei
The Nikkei business daily has reported that the BoJ is considering marginally raising its consumer price outlook for the current and next financial year at its next policy meeting scheduled this month.
Australia’s leading index rises
On a month-on-month basis, the Westpac/Melbourne Institute’s leading index of economic activity in Australia has risen 0.2 percent in February, compared to a 0.6 percent rise posted in January.
New Zealand’s consumer confidence advances
The consumer confidence index in New Zealand has climbed to a three-month high reading of 114.0 in April, compared to a reading of 110.2 recorded in March.

From Trading floor.com/Tradestone Markets Canada