Bank Stocks Monday
Bank Stocks Monday
The euro resists bank panic
Red Alert. There were the “three witches”, a name given to the day when the maturities of three major futures coincide, there are now three witches, the one called the day on which banks are facing their (d) Targets Dominique Strauss Kahn, IMF managing director, Jean Claude Trichet President of the ECB and Christian Noyer, head of the French BdF … These three – in passing – will want reassurance after the heavy fall in U.S. stock and Europe, including the CAC 40 in Paris, which has lost more than 4%. On behalf of Coue method, the central bank also European hammered the banking system will not be disturbed by the maturity of the loan outstanding on Thursday of 442 billion euros last year awarded more than 1100 commercial banks. The Governor of the Bank of France for its part said that banks are able to repay loans. As a member of the Governing Council of the ECB, he even added “we will ensure that there is no problem and it all goes well.” Moreover, market participants noted, the ECB will offer banks unlimited funds at three months, so the dreaded collapse as feared, can not happen … From his perch U.S. DSK also addressed the markets. The IMF chief said that “the recovery will continue and there will be no double-dip recession.” It is true that poor indicators published recently in China and the United States have revived fears about a slowdown in overall economic growth. Pending the opening exchanges, the euro entered Wednesday morning up slightly to 1.2213 dollar against the euro, after falling the previous day to 1.2152 dollars, its lowest level since June 14 Note that given the yen, the euro also resumed Tuesday after falling 107.32 yen its lowest level since November 15, 2001. As the yuan, Chinese currency finished at 6.7977 yuan to one U.S. dollar against 6.7959 yuan on Monday. …
Listed oil barrel prices retreated sharply Tuesday 75 dollars in New York, in a market worried about the growth of the Chinese economy. As for “Alex” went from tropical storm to hurricane late Tuesday, the first of the season in the Atlantic, he has forced BP to reduce its oil recovery operations in the Gulf of Mexico, where the U.S. will use the assistance offered by twelve countries in the fight against the oil spill.
CHANGES: retreat controlled. The euro retreated sharply against the U.S. dollar Tuesday and the yen, against a backdrop of heightened anxiety in financial markets about the strength of the recovery of the global economy, which drove investors to safe-haven assets.
Around 2100 GMT (2300 Paris), the euro stood at 1.2186 dollars against 1.2276 dollars late Monday, after falling during the day at 1.2152 dollars, its lowest level since June 14 Facing the yen, the euro dropped to 107.93 yen also cons 109.68 yen on Monday, falling 107.32 yen even at its lowest level since November 15, 2001. The dollar also dropped against the yen at 88.57 yen 89.35 yen against Monday. Around 2100 GMT, too, the British pound gained some ground against the euro at 80.86 pence per euro, after touching 80.67 pence, its strongest level since November 7, 2008. The book, however, lost some ground against the greenback at 1.5067 dollars.
TO KNOW: “the dollar remains a barometer of safe haven currencies,” said Jessica Hoversen, the brokerage firm MF Global. “Despite the huge deficit at the federal level, and the slowdown in growth (the U.S.), it is supported by interest in blue chip stocks. “The market does not evolve according to the fundamental (economic), but depending on investor appetite for risk,” she added.
The dollar has suffered a wave of general anxiety about the global recovery, which has driven down stock markets worldwide, and a surge in U.S. government bonds, securities safe haven, to new heights. The confidence of financial markets was “shaken by renewed concern over China’s growth, which could be slower than expected,” said Jane Foley, analyst at Forex.com
The economic institute Conference Board has revised downward its composite index on the growth prospects of China for the month of April, reduced to 0.3%, against an initial estimate of 1.7%.
“China is the main engine of global recovery and loss of trust concerned,” Derek Halpenny noted, an analyst at Bank of Tokyo-Mitsubishi, especially that “fears about Chinese growth coming week when the European Central Bank ( BCE) saw its refinancing operation one year to expire Thursday. ”
More than a thousand banks in the euro zone must repay Thursday a total of 442 billion euros at the ECB, and the market is showing “very nervous” before the deadline for the key European financial sector, has held Ms Hoversen .
The news from the United States has not reassured the index of consumer confidence from the Conference Board has relapsed to 52.9 points, its lowest level since March.
PETROLEUM: retreating controlled. Oil prices retreated sharply Tuesday in the opening exchanges in New York, in a market worried about the growth of the Chinese economy. Around 1:10 p.m. GMT on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for August delivery traded at 75.71 dollars, down 2.54 dollars compared to the previous day.
TO KNOW: “The market is showing concern for the growth in China,” noted Phil Flynn of PFG Best Research. “Some signs suggest that it begins to slow. The Shanghai Stock Exchange ended down 4.27% Tuesday after the downward revision of the Conference Board composite index for China to 0.3% in April, against an initial estimate of 1.7% . Another source of concern, the Agricultural Bank (AGBANK), which must go public, has set an IPO price in Shanghai lower than expected, dealers said. China should concentrate two-thirds of the growth in energy demand in the coming decade, which makes the oil market very sensitive to any sign of slowdown in the country.
The course thus pursued their downtrend started Monday, after jumping over the weekend as Tropical Storm Alex approached the Gulf of Mexico. Alex generates winds of about 110 km / h, according to the U.S. weather service, who believe it should turn into a hurricane Tuesday. But “it is now clear that Alex will not seriously disrupt the production of the Gulf of Mexico,” said Phil Flynn. “The cleanup of the oil spill from BP will be can be a bit slow, but overall, it could have been worse.” Some oil companies have evacuated staff from some of their platforms in the Gulf as a precaution, but the storm should stay away from most areas of hydrocarbon production. “The short-term impact of an active hurricane season on oil supply will be minimal, mainly because of the propensity of the U.S. government to tap into strategic reserves in these cases, have felt the Barclays analysts Capital. “However, this adds to the volatility of oil prices.
NOTE: Alex dropped from hurricane to tropical storm Tuesday night, the first of the Atlantic season, has forced BP to reduce its oil recovery operations in the Gulf of Mexico, where the U.S. will use the Assistance by twelve countries in the fight against the oil spill.
“The United States will accept twenty-two proposals for assistance from twelve countries and international organizations, said Tuesday the State Department said in a statement, adding that high-speed boats to recover surface oil booms and fire proposed by Japan were part of the proposed aid. With winds near 120 km / h and gusts even higher, Alex, now a hurricane of category, is now threatening the coasts of Mexico and Texas, said Tuesday the National Hurricane Center (NHC).
Furious failures of BP in the fight against the oil spill, frustrated by the attitude of Barack Obama, elected officials in Louisiana are taking matters in hand. “Further strengthening is expected” before the hurricane makes landfall, the NHC expects that Wednesday night, near the US-Mexico border. Alex is moving westward and is not expected to turn toward the area of the spill, where he will still feel.
By Wednesday, waves 3.5 meters high are expected in the area. “Part of the recovery of oil to the surface of the water can occur when the sea is big,” explained a spokesman for BP. The hurricane will also delay the introduction of a third vessel recovery of crude, the Helix Producer. Between 30,000 and 60,000 barrels of oil escaping from the well every day, and the Helix Producer should be increasing total capacity to recover between 40,000 and 50,000 barrels per day by early July, up 25,000 cons present with two other buildings.
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