Tue, Mar 18 2008, 05:24 GMT
http://www.afxnews.com
LONDON (Thomson Financial) - US SUMMARY: Stocks mixed; dollar plunges
Index Change Pct change
*DJIA 11,972.25 +21.16 +0.18
*Nasdaq 2,177.01 -35.48 -1.60
*S&P 500 1,276.60 -11.54 -0.90
Nymex crude
for April 105.68 usd -4.53 usd
10 yr US
treasury 3.30 pct
* yesterday's close
STOCKS: Wall Street ended a temperamental session widely mixed Monday after investors grappled with JP Morgan Chase & Co's government-backed buyout of the stricken investment bank Bear Stearns Cos.
Policy makers at the Federal Reserve are expected to reduce the target fed funds rate -- the rate banks charge each other for overnight loans -- by at least a half-point today, and perhaps even a full point.
The Commerce Department also said Monday the current account deficit, the broadest measure of foreign trade, fell slightly in 2007 as stronger growth in US exports offset a spiking foreign oil bill.
Lehman Brothers Holdings Inc fell 19 pct on worries it might be next to fall. Lehman -- the investment bank considered most similar to Bear Stearns -- and other major investment banks are slated this week to report quarterly results.
BONDS: Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.30 pct from 3.44 pct late Friday.
FOREX: The dollar sank to a record low against the euro and hit its lowest level in more than 12 years against the yen as investors reacted to the latest emergency rate cut by the Federal Reserve and to news that JPMorgan Chase is buying rival investment bank Bear Stearns for a fraction of what it was worth last week.
The euro rose as high as 1.5904 usd but soon fell back to 1.5731 usd in late New York trading. The dollar fell as low as 95.72 yen, its lowest since August 1995, before recovering to 98.04 yen but still below the 99.21 yen it bought late Friday.
OIL: Crude oil plunged from record levels by 4.53 usd to settle at 105.68 usd per barrel on the New York Mercantile Exchange as investors mulled the next round of financial woes following the Bear Stearns sale.
METALS: Gold prices closed above 1,000 usd for the first time Monday, rising to a new record as uneasy investors flocked to the safe-haven metal following the buyout of investment bank Bear Stearns. Gold for April delivery shot up to an all-time record of 1,033.90 usd an ounce on the New York Mercantile Exchange before easing back to settle at 1,002.60 usd, still up 3.10 usd.
EVENTS:
Adobe Systems Inc Q1 results. EPS forecast 0.46 usd (after market closes)
Darden Restaurants Inc Q3 results. EPS forecast 0.82 usd vs 0.72 (after market closes)
Gamestop Corp Q4 results. EPS forecast 0.80 usd vs 1.10 (1600 GMT)
Goldman Sachs Group Inc Q1 results. EPS forecast 2.59 usd vs 6.67 (before market opens)
Lehman Bros Hldgs Inc Q1 results. EPS forecast 0.93 usd vs 1.96 (1200 GMT)
Feb new residential construction (1230 GMT)
Feb producer prices (1230 GMT)
FOMC meeting. Interest rate decision due 1815 GMT
ASIA SUMMARY: Stocks mixed; dollar slips
Index Change Pct change
Nikkei 225 11,881.17 +93.66 +0.79 (0354 GMT)
S&P/ASX 200 5076.30 -10.70 -0.21 (0353 GMT)
Straits Times 2,768.59 -24.16 -0.87 (0411 GMT)
Hang Seng 20,635.65 -448.96 -2.13 (0357 GMT)
Seoul Composite 1,570.65 -3.79 -0.24 (0412 GMT)
BSE Sensex 14725.68 -83.81 -0.57 (0426 GMT)
usd-yen 97.01 -0.41 -0.42 (Intra-day)
10-year JGBs 1.300 pct +0.035 +2.76 (Intra-day)
Brent North Sea 102.08 usd +33 cents (Intra-day)
crude for April
STOCKS: Asian markets turned mixed after opening firmer Tuesday as investors remained cautious ahead of the Federal Open Market Committee (FOMC) meeting later today.
Asia-Pacific markets failed to sustain early gains, with bourses in Australia, Hong Kong, Shanghai and the Philippines turning lower amid concern about the health of the US economy and the worsening credit crisis.
BONDS: Japanese government bond prices were mostly lower Tuesday morning on profit-taking on recent gains, and as stocks rebounded on bargain-hunting after the yen paused in its rise. At mid-day, the yield on the benchmark 10-year bond was at 1.300 pct, up from 1.265 pct late Monday.
FOREX: The dollar remained under pressure against major currencies in early Tokyo trading Tuesday, with investors anxiously waiting for the quarterly results of US investment banks and the Federal Open Market Committee meeting.
The euro rose as high as 1.5904 US dollars overnight, a fresh lifetime high, while the dollar fell as low as 95.72 yen, its lowest level since August 1995.
OIL: Oil prices continued to retreat from record highs of almost 112 dollars in Asian trading Tuesday on worries energy demand would be affected by the financial market turbulence in the US.
In morning trade, New York's main contract, light sweet crude for April delivery was at 106.10 dollars a barrel, off almost six dollars from its all-time high of 111.80 dollars struck on Monday. London's Brent North Sea crude for May delivery was 33 cents higher at 102.08 dollars a barrel.
METALS: Gold prices closed above 1,000 usd for the first time Monday, rising to a new record as uneasy investors flocked to the safe-haven metal following JPMorgan Chase & Co's buyout of investment bank Bear Stearns Cos.
Silver for May delivery lost 35.5 cents to settle at 20.300 usd an ounce on the Nymex after earlier surging to a 27-year high of 21.440 usd. Copper, tin lead, nickel, zinc and aluminium turned sharply lower.
EVENTS:
Japan's 20-year government bonds auction
Hong Kong's Alibaba FY results
Hong Kong's China Insurance FY results
Hong Kong's Hutchison Telecom FY results
Hong Kong's Wing Hang Bank FY results
China parliament session (ends)
EUROPE SUMMARY: Stocks lower, dollar falls
Index Change Pct change
*FTSE 5414.40 -217.30 -3.86
*DAX 6182.30 -269.60 -4.18
*CAC 4431.04 -161.11 -3.51
UK10-year
Bond 105.64 +0.27
UK 30-year
Bond 106.45 -0.10
stg-usd 2.0095 -0.0198 (Intra-day)
eur-usd 1.5781 +0.0171 (Intra-day)
ICE (April) 102.86 usd -3.34 usd
* yesterday's close
STOCKS: UK blue chips ended Monday's dismal session over 200 points lower as the collapse of Bear Stearns fuelled fears of contagion among other financial institutions, while Wall Street also experienced substantial losses.
Leading European exchanges dropped to their lowest level since the summer of 2005 as the collapse of Bear Stearns sparked a major sell-off across the board.
BONDS: European government bonds remained higher, mostly in the shorter-date maturities, on the view that the US Federal Reserve will cut interest rates again Tuesday by up to 100 basis points.
In the UK, gilts were also higher, mostly in shorter-dated maturities, on continued tensions in money markets despite a BoE funds auction.
FOREX: The dollar stayed under pressure, falling back towards historic lows set against the euro Monday morning, with gloomy industrial production figures adding to the currency's woes following the collapse of Bear Stearns and a further Fed move to ease credit markets.
Meanwhile, the pound stayed under pressure but was off lows, following the BoE's announcement of an exceptional fine-tuning open market operation designed to calm short-term money markets.
OIL: Oil remained lower in late afternoon trade as commodities sold off in line with a decline in the US and European stock markets, sparked by fears over the health of the investment banking sector amid broader economic weakness.
METALS: Gold held above 1,000 usd and was just 2 pct below a record seen in Asian trading Monday amid crashing equity markets, a struggling dollar, fears of more economic weakness and on nervousness ahead of a US interest rate decision this week. At 1257 GMT, spot gold was trading at 1,009.75 usd per ounce against 998.60 usd Friday.
In industrial metals, copper turned sharply lower, dragging the other metals down with it as the dollar recovered slightly, profit taking set in and as the current global credit crisis sparked risk aversion across the board, even in commodities. Meanwhile, tin dropped to 20,300 usd a tonne against 20,600 usd - off Friday's new record of 20,900 usd.
EVENTS:
UNITED KINGDOM
TUI Travel Q1 results
Abbot Group FY results
Collins Stewart FY results
Derwent London FY results
Hikma Pharmaceuticals FY results
Legal & General FY results
Venture Production FY results
Debenhams H1 trading statement
Feb CPI
Treasury officials speak on 2008 Budget before treasury select committee
AUSTRIA
Zumtobel 9-mth/Q3 results
BENELUX
Dutch Jan trade surplus
ABU staffing data
CMB FY results (after market closes)
Dexia Telecom Investor Day
Van der Moolen EGM on share buyback
FRANCE
Carbone Lorraine FY results (before markets open); news conference
Ipsos FY results. Operating profit forecast 88 mln eur, up 10 pct
Poweo FY results
GERMANY
Metro Q4/FY results, news conference. Q4 net profit forecast 772.7 mln eur vs 706.0 mln
TUI FY results, news conference.
Altana FY 2007 final results, news conference
Wacker Chemie FY results
IVG Immobilien FY results, news conference
BMW FY results, news conference. Pretax profit forecast 3.746-3.847 bln eur vs 4.124 bln
GREECE
Iberdrola's Greek unit Rokas FY results
ITALY
Jan trade balance
Mediolanum FY results. Net profit forecast 213 mln eur vs 224 mln
Campari FY results. Net profit forecast 120-122 mln eur vs 117 mln; sales 953-968 mln eur vs 932 mln
Generali analyst meeting
Seat PG FY results. Sales 1.466-1.494 bln eur vs 1.460 bln
Autogrill FY. Net profit forecast 156-168 mln eur
Fondiaria-SAI bid for Immobiliare Lombarda (ends April 17)
PORTUGAL
Sonae company visit
SCANDINAVIA
Finnish Feb labour force survey
Elisa AGM
Outotec AGM
Stockmann AGM
Volvo Feb truck deliveries
SPAIN
Colonial board meeting
Metrovacesa bid acceptance period begins
SWITZERLAND
Forbo FY results
Sia FY results
Siegfried FY results
AFG Arbonia-Forster-Holding FY results
Bucher FY results
Chocoladefabriken Lindt & Spruengli FY results
Huber&Suhner FY results
Liechtensteinische Landesbank FY results
Galenica FY results
EASTERN EUROPE
Czech Jan retail sales
Hungary Jan construction data
Hungary finance ministry gives forecast for March budget deficit
GTC AGM
Grupa Lotos news conference
EUROPEAN UNION/EURO ZONE
ECB main refi result
ECB's Bini Smaghi speech in Sao Paulo, Brazil
EU rules on acquisition by Deutsche Bahn of Transfesa stake
EU's Reding receives Eircom chairman
EU's Mandelson meets Russian vice prime minister
EU's Reding meets European data protection supervisor
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