Markets

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Market Morning

So the launch of the new iPad lifted markets. Or something like that – more likely the good ADP private employment numbers and the “good” private credit figures from the US, even though the latter is entirely driven by bubbling student credit creation. Lets check out what happened in detail – remember to read my weekly

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Trading Day – 7th March

More unicorn hunting today as the bearish mood takes over as economic growth figures disappoint. What needs to be put in context is, just like the recent reporting season, profits and the economy are still growing, both around the 2% rate. The rate of change is always the worrying sign, not the headline number. Back

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Market Morning

So you wake up this morning, have a double espresso because the little Princess is teething and check the markets – Ding! And that’s not from the espresso… So what happened? Why the “sudden” risk-off? Apart from the expected negative GDP (gross domestic product: i.e the failed method of measuring economic success) print for the

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Trading Day – 6th March

The bear was hunting unicorns today and what a feast. The local slot machine, the S&P/ASX200,  continued to absorb the news of a new Chinese growth target amidst the RBA decision to hold on rates, and a blowout in the CAD. The result was a day long sell-off, down 1.4% or 58 points to 4204

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Market Morning

Markets had a spate of bad news (European services contracting, Chinese economic growth target shifted) that was barely offset by very good news from the US (service industry expanding) – although Federal Reserve Dallas President Richard Fisher said more bond buying was risky. No milky wilkie? Here’s what happened in detail – remember to read

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Trading Day – 5th March

Another eventful day in the Asian session of the mega-casino that is global financial markets. The local slot machine, the S&P/ASX200,  absorbed the news of a new Chinese growth target amidst other data and reports and finished slightly in the red, down 0.25% or 10 points to 4263 points, well below the long running resistance

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Trading Week

So where have the markets gone this week? Past the daily noise and headlines, this weekly post will examine the major markets (debt, commodities and currencies) before analysing the Australian stock market. First the wrap-up from Friday’s night session on European and American markets: The bullishness in the Asian session did not translate into Europe,

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Lessons from Lehman Part 1

By Satyajit Das In this two part paper, the issues regarding settlement of complex derivatives arrangement revealed by the failure of Lehman Brothers is outlined. Many of the failures affect new regulatory proposals such as the rapid resolution regimes under consideration. The First Part deals with terminating and settling derivative contracts. A generation was once

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Trading Day – not the Ides of March

Okay, so I need to brush up on my ancient history as the title says… Another eventful day on the local Aussie market, jumping on the open following the bullish moves on overnight markets, before retracing throughout the day up 0.4% or 17 points to 4273 points, still well below the long running resistance level

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Market Morning

Risk is back! Or is it? Markets seemed to have liked the good news and shook off the bad news from the data flow last night (like most financial economists who report the former with glee and discard the latter). In the European session, markets were buoyed by a round of PMI manufacturing data and

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Market Morning

Or should that be Market Mourning? In the European session, markets were buoyed by Round 2 of the LTRO (long term refinancing operation) by the ECB (European Central Bank), but were then cut down by “good” news from the Federal Reserve Chairman Ben Bernanke stating no milkie wilkie’s (QE or Quantitative Easing – asset purchases/swaps)

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Trading Day – 28th February

Another uneventful day on the local Aussie market, which jumped on the open, before settling down and finishing flat for the day, down 4 points to 4262 points after breaking the 4300 point barrier on Friday for the first time since early December. This chart is from yesterday, but the difference is minimimal, the concept

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Market Morning

A relatively risk off night in Atlantic trading, as US home sales data brought equity markets back on track after the Euro bourses retreated earlier in the session. Let’s have a closer look at what happened last night in detail: The UK FTSE finished down 20 points or 0.3% to 5915, after slumping over 1%

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Trading Day – 27th February

Well that was an eventful day. The Aussie market lost almost 1 percent or 39 points down to 4267 points after breaking the 4300 point barrier on Friday for the first time since early December. There seems to be an echo in here, since we’ve been here before (late October, mid November 2011) and my

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Trading Day – 24th February

Because of the chaos and indecision in Canberra, the S&P/ASX 200 Index finished…….up for the day and week, although in after hours trade, the market has given back a lot of today’s gains in preparation for a likely flat night tonight on overseas equity markets. The Aussie market gained nearly half a percent or 20 points and

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Market Morning

A relatively solid night on risk markets, with Iranian tensions pushing the price of oil ever higher, gold taking bigger strides and the Dow up to its May 2008 highs. Let’s have a closer look at what happened last night in detail: The UK FTSE finished up 21 points or 0.35% to 5937, still trying

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Trading Day – 23rd February

Amongst the leadership squabbles in Australia, equity markets were subdued throughout Asia, with the S&P/ASX 200 Index again finishing flat for the day, losing just 7 points or 0.1% to 4293 points, remaining below 4300 points and going nowhere as we move into the backend of the earnings season: Before we go on, as I missed Market

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Market Morning

The dealmakers and can kickers failed to ignite equity markets overnight, but they sure put a kick up the commodity complex, particularly gold and oil which raced ahead of the Greek “success”. Let’s have a closer look at what happened last night in detail: The UK FTSE finished down 17 points or 0.3% to 5928,

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Market Morning

Equity markets in Europe slipped last night before regaining ground as positive US data buoyed the broader US bourses, as unemployment claims fell, housing starts rose and manufacturing data improved. Successful debt auctions in Europe also helped offset the continued nervousness around the Greek bailout deal, which is delayed again. Not all risk assets have

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Trading Day – 16th February

So the S&P/ASX 200 Index finally cracked today – but to the downside, falling below 4200 points for the first time in 20 trading days falling 71 points or 1.7% to 4181. The tight trading range has clearly been broken as the market continues to refuse to break free and go over 4300 points. A break of

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Market Morning

Equity markets in Europe and USA did not respond in kind to the Asian rally yesterday, with very mixed data flow. Recessions in Italy, whilst Germany slipped and France gained, Greece continued to commit suicide, and US data and Fed talk spooked. Here is what happened last night in detail: The UK FTSE finished down

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Trading Day – 15th February

So what moved the markets today? Perhaps a speech by the Bank of China Governor that it is ready to step in and help Europe (via the EFSF)? Alongside the realisation that the Bank of Japan will do whatever it can to restart the flagging Japanese economy, Asian markets jumped at the news, including the S&P/ASX

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Market Morning

Equity markets in Europe and USA were flat on continued Greek ructions and staid US data, particularly retail sales which came in at half expectations. Here is what happened last night in detail: The UK FTSE finished flat at 5899, still above its resistance level at 5700 points with the German DAX losing just 10

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Market Morning – February 14th

Equity markets in Europe and USA rallied on the news the Greek Parliament voted for a new austerity package, with risk appetite extending to commodities, particularly crude – perhaps on rising Iranian tensions – except gold, which continues to underperform. Here is what happened last night in detail: The UK FTSE finished up nearly 1%

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Market Morning

As equity markets in Asia slumped on Friday the followup on the Trans-Atlantic bourses was similar, as ructions from Greece continued to spook everyone with a race back to the US Dollar. Right now, riots in Athens as the Greek Parliament tries to vote on a new austerity package will likely provide more stress for

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Market Morning

As equity markets in Asia recovered from the “surprising” Chinese CPI result, European markets were on tenterhooks before posting solid gains, followed by the US markets, with all bourses finishing in the green. The reason? Greece signed off on economy-killing austerity measures, measures required to get 130 billion “financing package” i.e debt. In detail: The

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Market Morning

A broadly flat session on equity markets overnight, with only US markets responding weakly to the positive sessions in Asia, as eyes were again on Greece which looks ready to cast itself off into economic oblivion to suit its German creditors. In detail: The UK FTSE finished flat again, down 14 points to 5875, still

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Market Morning

Another shaky session on equity markets overnight, as Greece debt talks were postponed again, German industrial production numbers were less than exciting, but the whole risk edifice was buoyed late in the evening by a rise in US consumer credit for December. In detail: The UK FTSE finished flat again, down 2 points to 5890,

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Market Morning

A shaky session on equity markets overnight, as ructions over Greece debt talks continued and impatience hounds the markets and the masters of Europe. Most markets were flat or down slightly, here in detail: The UK FTSE finished weakly down 8 points or 0.1% to 5892 points, still well above its resistance level at 5700

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Market Morning

A very positive Friday on equity markets, as the global dataflow excited markets, the biggest showing U-3 unemployment (i.e the very narrowest of measures) falling to 8.3% in the US. Germany, another exporting powerhouse that purposefully has a cheap currency, also saw a reduction in unemployment. Too bad for the peripheral Euro states with record