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Major indices break winning streaks

  
Analysis, US Market
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S&P and NASDAQ break a today winning streak. Dow industrial average breaks its 4 day winning streak

The major indices have broken their recent winning streaks. Admittedly the NASDAQ and the S&P index is at only reason for 2 straight days, but the Dow industrial average had a 4 day winning streak snapped in trading today.

The final numbers are showing:
  • S&P index -10.99 points or -0.34% at 3215.57
  • NASDAQ index -76.66 points or -0.73% at 10473.83
  • Dow industrial average -135.39 points or -0.50% at 26734.73
Below are the percentage changes and percentage high low ranges for the North American and European indices. Apart from the Italian FTSE MIB and the Portuguese PSI 20, the major indices all closed lower today.
S&P and NASDAQ break a today winning streak. Dow industrial average breaks its 4 day winning streak_After the close Netflix showed a greater than expected rise in new subscribers (10.1 million vs. 8.2M estimate),. But forecast Q3 subscribers much less than expectations at 2.5 million vs. 5.1 million estimate

European shares end the session with mixed results

  
Analysis, Global Indices
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Italy and Portugal indices move higher

the major European indices are ending the session with mixed results. Germany, France, UK and Spain show declines while Italy and Portugal eked out gains. The closes are showing:

  • German DAX, -0.43%
  • France’s CAC, -0.42%
  • UK’s FTSE 100, -0.62%
  • Spain’s Ibex, -0.2%
  • Italy’s FTSE MIB, +0.3%
  • Portugal’s PSI 20, +0.95%
Italy and Portugal indices move higher_
In the European debt market, benchmark 10 year yields fell across the board with UK yields down the most at -2.8 basis points.
European 10 year yieldsIn other markets as London/European traders look to exit:
  • spot gold $-4.25 or -0.23% $1806.05. The high for the day reached $1813.48. The low extended to $1802.97
  • WTI crude oil futures fell $0.19 or -0.46% to $41.01. It’s high price reached $41.18 while the low extended to $40.60. The September contract is currently down $0.21 or -0.51% of $41.19
In the forex market,
  • GBPUSD. The GBPUSD is trading at new session highs in the currently hourly bar. In the process, the price has moved back above its 200 and 100 hour moving average. That tilted the bias back to the upside in what has been an up and down market over the last 7 or so trading days. On the topside a trendline connecting highs from this we currently comes in at 1.2634. The high from yesterday reached 1.26487. The high for the week on Monday reached 1.26652.
  • EURUSD: The EURUSD moved higher in the London session after finding support buyers near the 38.2% retracement of the move up from the Friday low at 1.13759. The high price reached 1.1441. The high price from yesterday reached 1.14512. There is close support at 1.14223 area

UK And US Among Top 5 Weekly Sovereign Deriskers

  
Analysis, Economy, Education, Forex
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The week’s biggest (sovereign) CDS movers have been released, and we have some new entrants in the most endangered species list. While by now nobody will be surprised that the UK is a consistent top 2 player (coming in this week with $319 million in net notional derisking, this making it the 8th week or so the country has made the top 3), only behind Italy and its $452 million in net notional, and just in front of last week’s #1 Brazil, the presence of the United States at #4 should be a little unsettling. It has been months since the US appeared in the top 5. And just like in the long gold case, the same types of existential questions once again arise when the interest in US CDS picks up: who gets to pay off your contracts in the case of an event of default? Elsewhere, the presence of Korea and Turkey (or Australia) in the top 10 should not come as too surprising. On the other end, short covering was violent in CDS of Spain, Hungary and Portugal – Europe’s newest lepers. Is the CDS community concerned the EU can actually pull out a rabbit out of the hat that actually works for once? Hardly. The top 10 reriskers also saw the inclusion of France and long-forgotten insolvent Greece.

A little European Geography lesson

  
Analysis, Education, Humour
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“Spain is not Greece.” Elena Salgado, Spanish Finance minister, February, 2010.

“Portugal is not Greece.” The Economist, April 2010.

“Greece is not Ireland.” George Papaconstantinou, Greek Finance minister, November, 2010.

“Spain is neither Ireland nor Portugal.” Elena Salgado, Spanish Finance minister, November 2010.

“Ireland is not in ‘Greek Territory.’”Irish Finance Minister Brian Lenihan. November 2010.

“Neither Spain nor Portugal is Ireland.” Angel Gurria, Secretary-general OECD, November, 2010.

“Spain is not Uganda” Spanish PM Rajoy. June, 2012.

Crisis Moves to Hungary?

  
Analysis, Economy, Education
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Sovereign debt worries in Europe have been elevated for a couple of months now, and today Hungary moved into the crosshairs.  Sovereign debt default risk as measured by 5-year CDS prices has spiked for Hungary and the countries surrounding it today, but default risk for this region still remains well below levels seen in late 2008 and early 2009.  The first two charts below of 5-year CDS for Austria and Hungary since 2008 highlights this.  Greece and Portugal default risk remains elevated as well, but at the moment it is still down from its recent peaks.  France also remains elevated, but it is still below highs seen in early 2009.  The same can’t be said for Spain, however.  Spain default risk reached a new crisis high today, taking out levels seen prior to the trillion Euro bailout.  And Spain matters much more than Hungary.

Difference Between Lender & Borrower

  
Education, Humour, Life
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Portugal ,Italy ,Greece & Spain (PIGS Nation) are Busy playing Football.All the people in their country are Busy Watching Football matches & Enjoying.

Rest of the World is busy watching the crisis in the Eurozone and Worried about the Finance to the PIGS Nation.

This is the Difference between the Lender and the Borrower !

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