C. Cieszynski: passo indietro dei mercati
European Market Wrap a cura di Colin Cieszynski, analista di CMC Markets
Dopo un tentativo di rimbalzo ieri oggi i mercati hanno fatto un passo indietro, incapaci di sostenere i propri progressi a seguito dei dati economici americani che hanno di fatto rimarcato un rallentamento dell’economia a stelle e strisce. Sul mercato forex è ancora la Sterlina la valuta che mette a segno il maggiore rialzo grazie al dato sul surplus commerciale della Gran Bretagna; il Dollaro rimane debole nei confronti delle maggiori valute soprattutto a causa della politica monetaria accomodante della Fed, che registra già un ritardo rispetto alle altre banche centrali. Euro in progresso sulla scia delle azioni del Governo greco teso a privatizzare parte del proprio patrimonio pubblico; la riduzione degli spread dei titoli di Stato greci e spagnoli è però controbilanciata dai progressi di Yen e Franco Svizzero. Tra le materie prime, arretra il prezzo del gas naturale, volatilità sull’argento e ritracciamento per l’oro.
EUROPEAN MARKET WRAP
Toronto – 26th May 2011
More US Disappointment Drags on Markets
After a tentative step forward yesterday, markets on both sides of the pond have taken a step back today, unable to sustain upward momentum after US economic data continued to point to a slower economy. US jobless claims rose to 424K last week above the 404K street estimate and still stubbornly above the key 400K level. US Q1 GDP remained at 1.8%, below the 2.2% street estimate. Personal consumption was revised down to 2.2%, well below the 2.7% street expectation. Off this news, the Dow and the S&P 500 have been rolling over, led downward by Computer Sciences dropping over 15% after posting earnings last night. Luxury goods retailer Tiffany & Co on the other hand has jumped 8.6% after beating the street.
UK shares have also been trading lower today along with indices across the continent, indicating that the broad based market correction that started earlier this month remains intact. Shares have strengthened as the day has progressed with the FTSE taking a run at the high end of a 5,800-5,900 trading range toward the close. Miners have been among the leaders with Antofagasta, Anglo-American and Fresnillo posting solid gains. In currency markets today, sterling continues to outperform on the back of yesterday’s positive trade data.
The greenback has been generally weakening against other majors with this week’s soft data suggesting that the Fed may lag behind other central banks and delay joining the global monetary tightening parade. The Euro has been steady on indications that Greece may be preparing to step up asset sales to get its financial house in order and try to avoid some of the worst case scenarios that have been tossed around lately. European treasury yields have been falling today, particularly for Greece and Spain although advances by the defensive Swiss Franc and Yen indicate that some remain cautious.
Commodities have been giving back some of yesterday’s gains particularly natural gas after a higher than expected storage build (105 BCF vs street 94 BCF). Crude oil has been consolidating above yesterday’s breakout points with Brent being somewhat more supported than Texas crude. Silver remains volatile in both directions while gold has been drifting back a bit in normal backing and filling. Inflation moves to the front of the line overnight and into tomorrow with consumer price reports due for Japan and Germany. For the UK, GfK consumer confidence data is due along with Nationwide house prices. Consumer confidence data is also expected for the Eurozone and the US along with pending home sales as trading winds down ahead of a US long weekend.