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Thursday, July 01, 2010 8:12:02 AM
SUMMARY POST charts/##sStocks, Metals Fall on China, Spain; U.S. Futures Fluctuate
By Stephen Kirkland
July 1 (Bloomberg) -- Stocks dropped, extending a global first-half slump, fell as a slowdown in China’s manufacturing and Spain’s deteriorating creditworthiness fanned concern the economic recovery is faltering. Metals declined, the Swiss franc strengthened and U.S. index futures fluctuated.
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•Stocks, Metals Fall on China, Spain; U.S. Futures Fluctuate
•China Manufacturing Slows for Second Month, PMI Shows
•Asian Stocks Fall on China Manufacturing, Moody’s Spain Review
•Spain’s Aaa on Downgrade Review at Moody’s as Note Sale Nears
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EURO -15%, OIL $74.62, GOLD 1242, SILVER 18.61, NASD futures -3%, S&P futures -7%
- private firms reports announced job cuts are down in June, the lowest 6 month tally since 2000.
US futures, having lost 1040, are losing the strength to even put up a fight. We may actually see a gap down today
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* SCROLL DOWN FOR ALL CHARTS AND DATA * SCROLL DOWN FOR ALL CHARTS AND DATA *
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Asia And Europe Selling Off, U.S. Futures Struggling To Open Higher (Again)
Chinese stocks just fell for the seventh straight day, which marks the longest losing streak in 18 months according to Bloomberg. Signs of a slowing Chinese economy could be to blame.
Japan dropped 2% while all major indices were in the red:
MSCI Asia Apex 50 -0.8%
Japan's Nikkei 225 -2.0%
Hong Kong's Hang Seng -0.6%
China's CSI 300 -1.4%
Australia's ASX 200 -1.5%
European stocks have been hammered too, following last night's U.S. bludgeoning, and as Moody's threatens to remove Spain's AAA sovereign rating.
Britain's FTSE 100 -1.1%
France's CAC 40 -1.8%
Germany's DAX -1.4%
The euro is nevertheless holding up, at $1.23. While the Spanish ten-year yield is rising, so far its response appears muted relative to Moody's threat, at 4.57% as shown by the Bloomberg graphic below:
http://www.businessinsider.com/asia-market-wrap-2010-7
____________________________________________________________________________________________
Good morning. Here's what you need to know:
Asian markets were down in overnight trading, with the Nikkei notably down 2.04%. European markets are all also down in early trading, and U.S. futures suggest a slightly higher open.
Several data points emerged from Asian manufacturers today that suggest a regional slow down in manufacturing growth. The HSBC purchasing managers index in China suggests growth is continuing, but only barely.
Japan's tankan survey on business mood is at its first positive level in the last two years. Firms suggest that they intend to increase capital spending 4.4% in the year April 2010 to April 2011. See what Richard Koo thinks the U.S. can learn from Japan >
Toyota may be on the brink of recalling 270,000 more cars over an engine failure issue. The cars in question are Lexus and Crown models, though it is undecided whether a recall will actually be necessary.
China's property bubble continues to show signs that it may be deflating with prices in Shenzen falling. Prices on properties sold fell 10.63% from May to June, though may reflect market preference for lower priced homes.
German manufacturing continued to expand in May, leaving much of the eurozone behind. Greece, notably, had its manufacturing industry contract at its fastest pace in 14 months.
Spain's banking industry continues to tumble today after a weak sovereign bond auction and concerns over a potential Moody's downgrade of the country. Santander is under particular pressure, as investors have growing concerns over their diversification strategy.
After reports of corruption and money being sent outside the country, the U.S. government has decided to cut $4 billion in aid to Afghanistan. The aid may eventually be put back in place, if Afghanistan shows an effort to fight corruption.
Morgan Stanley has gone on a hiring spree in its private banking division bringing on 100 new bankers and may be seeking another 400 by the end of 2011. The move is part of a push to sell more structured products to clients.
Hurricane Alex has made land fall along the Texas-Mexico border bringing 105 mph winds with it. The storm continues to slow efforts to clean up the BP oil spill.
Read more: http://www.businessinsider.com/10-things-july-1-2010-7#ixzz0sQluFdVs
_________________________________________________________________________
WHAT WE ARE WATCHING:
JULY 1st Coming up:
Jul 01 08:30 Continuing Claims 06/19 4500K 4510K 4548K
Jul 01 08:30 Initial Claims 06/26 460K 458K 457K
Jul 01 10:00 Construction Spending May -1.0% -0.9% 2.7%
Jul 01 10:00 ISM Index Jun 59.0 59.0 59.7
Jul 01 10:00 Pending Home Sales May -12.5% -10.5% 6.0%
Jul 01 14:00 Auto Sales Jun NA 4.0M 3.9M
Jul 01 14:00 Truck Sales Jun NA 5.1M 5.2M
By Stephen Kirkland
July 1 (Bloomberg) -- Stocks dropped, extending a global first-half slump, fell as a slowdown in China’s manufacturing and Spain’s deteriorating creditworthiness fanned concern the economic recovery is faltering. Metals declined, the Swiss franc strengthened and U.S. index futures fluctuated.
__________________________________________________________
•Stocks, Metals Fall on China, Spain; U.S. Futures Fluctuate
•China Manufacturing Slows for Second Month, PMI Shows
•Asian Stocks Fall on China Manufacturing, Moody’s Spain Review
•Spain’s Aaa on Downgrade Review at Moody’s as Note Sale Nears
___________________________________________________________
EURO -15%, OIL $74.62, GOLD 1242, SILVER 18.61, NASD futures -3%, S&P futures -7%
- private firms reports announced job cuts are down in June, the lowest 6 month tally since 2000.
US futures, having lost 1040, are losing the strength to even put up a fight. We may actually see a gap down today
___________________________________________________________
* SCROLL DOWN FOR ALL CHARTS AND DATA * SCROLL DOWN FOR ALL CHARTS AND DATA *
___________________________________________________________
Asia And Europe Selling Off, U.S. Futures Struggling To Open Higher (Again)
Chinese stocks just fell for the seventh straight day, which marks the longest losing streak in 18 months according to Bloomberg. Signs of a slowing Chinese economy could be to blame.
Japan dropped 2% while all major indices were in the red:
MSCI Asia Apex 50 -0.8%
Japan's Nikkei 225 -2.0%
Hong Kong's Hang Seng -0.6%
China's CSI 300 -1.4%
Australia's ASX 200 -1.5%
European stocks have been hammered too, following last night's U.S. bludgeoning, and as Moody's threatens to remove Spain's AAA sovereign rating.
Britain's FTSE 100 -1.1%
France's CAC 40 -1.8%
Germany's DAX -1.4%
The euro is nevertheless holding up, at $1.23. While the Spanish ten-year yield is rising, so far its response appears muted relative to Moody's threat, at 4.57% as shown by the Bloomberg graphic below:
http://www.businessinsider.com/asia-market-wrap-2010-7
____________________________________________________________________________________________
Good morning. Here's what you need to know:
Asian markets were down in overnight trading, with the Nikkei notably down 2.04%. European markets are all also down in early trading, and U.S. futures suggest a slightly higher open.
Several data points emerged from Asian manufacturers today that suggest a regional slow down in manufacturing growth. The HSBC purchasing managers index in China suggests growth is continuing, but only barely.
Japan's tankan survey on business mood is at its first positive level in the last two years. Firms suggest that they intend to increase capital spending 4.4% in the year April 2010 to April 2011. See what Richard Koo thinks the U.S. can learn from Japan >
Toyota may be on the brink of recalling 270,000 more cars over an engine failure issue. The cars in question are Lexus and Crown models, though it is undecided whether a recall will actually be necessary.
China's property bubble continues to show signs that it may be deflating with prices in Shenzen falling. Prices on properties sold fell 10.63% from May to June, though may reflect market preference for lower priced homes.
German manufacturing continued to expand in May, leaving much of the eurozone behind. Greece, notably, had its manufacturing industry contract at its fastest pace in 14 months.
Spain's banking industry continues to tumble today after a weak sovereign bond auction and concerns over a potential Moody's downgrade of the country. Santander is under particular pressure, as investors have growing concerns over their diversification strategy.
After reports of corruption and money being sent outside the country, the U.S. government has decided to cut $4 billion in aid to Afghanistan. The aid may eventually be put back in place, if Afghanistan shows an effort to fight corruption.
Morgan Stanley has gone on a hiring spree in its private banking division bringing on 100 new bankers and may be seeking another 400 by the end of 2011. The move is part of a push to sell more structured products to clients.
Hurricane Alex has made land fall along the Texas-Mexico border bringing 105 mph winds with it. The storm continues to slow efforts to clean up the BP oil spill.
Read more: http://www.businessinsider.com/10-things-july-1-2010-7#ixzz0sQluFdVs
_________________________________________________________________________
WHAT WE ARE WATCHING:
JULY 1st Coming up:
Jul 01 08:30 Continuing Claims 06/19 4500K 4510K 4548K
Jul 01 08:30 Initial Claims 06/26 460K 458K 457K
Jul 01 10:00 Construction Spending May -1.0% -0.9% 2.7%
Jul 01 10:00 ISM Index Jun 59.0 59.0 59.7
Jul 01 10:00 Pending Home Sales May -12.5% -10.5% 6.0%
Jul 01 14:00 Auto Sales Jun NA 4.0M 3.9M
Jul 01 14:00 Truck Sales Jun NA 5.1M 5.2M
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