Overnight Developments

• Global stocks are higher with the European Euro Stoxx 50 Index up +0.60% at a 3-week high and Sep S&Ps up +8.30 points at a 1-week high. Treasuries are weaker and the dollar index fell to a 1-week low, while commodities are stronger with copper at a 1-week high. European stocks rallied after April Euro-Zone industrial production rose a more-than-expected +0.8% m/m and its +9.5% y/y increase is the biggest year-over-year gain since the data series began in 1991. Mining companies gained after copper rose to a 1-week high and Salzgitter AG, Germany’s second-biggest steelmaker, advanced 3.2% after UBS AG raised its recommendation on the stock to "neutral" from "sell." The euro jumped to a 1-week high against the dollar after Greek Finance Minister Papaconstantinou told the Real News that the receipt of 110 billion euros ($134 billion) in emergency loans is enough to cover most of Greece’s borrowing needs in the coming years and that his nation isn’t considering restructuring its debt. Treasuries were pressured after equities rallied and after St. Louis Fed President Bullard, who was speaking at a press briefing in Tokyo, said that Europe’s sovereign-debt crisis shouldn’t postpone the Fed from raising interest rates.
• The Asian markets today closed higher with Japan up +1.80%, Hong Kong +0.90%, China closed for holiday, Taiwan +1.20%, Australia closed for holiday, Singapore +0.78%, South Korea +1.01%, India +1.60%. Japan’s large manufacturers said business conditions improved in Q2 from Q1 as the Q2 BSI large manufacturing rose to 10 from 4.3 in Q1, signaling that Japan’s export-led recovery is gaining traction. Japanese companies said they plan to increase spending on plants and equipment by 9.7% this fiscal year, compared with the -5.5% in cutbacks projected 3 months ago. The Q2 BSI data suggests that the Q2 Japan Tankan survey, due to be released July 1, may also be on the strong side. Japanese exporters gained as the yen slumped to a 1-week low against the dollar, easing concern that a stronger currency will erode exporters’ earnings. May India wholesale prices accelerated 10.16% y/y, more than market expectations of a 9.6% y/y gain, and increases pressure on India’s central bank to raise interest rates. The RBI has raised the benchmark reverse repurchase rate by 25 bp twice since Mar to the current 3.75% level and the central bank said it will tighten monetary policy at a "moderate" pace given the risks to economic expansion from Europe’s debt crisis. India and China, Asia’s fastest-growing major economies, are battling to contain inflation as the region shows little signs of being affected by Europe’s debt woes.

Overnight U.S. Stock News

• Sep S&Ps this morning are trading up +8.30 points. The US stock market opened lower last Friday but recovered its losses and zigzagged higher into the close to finish with modest gains (Dow Jones +0.38%, S&P 500 +0.44%, Nasdaq Composite +1.12%). Bullish factors included (1) the larger-than-expected increase in the Jun US University of Michigan consumer confidence which jumped to a 2-1/3 year high (+1.9 to 75.5 versus expectations of +0.9 to 74.5), (2) comments from Philadelphia Fed President Plosser who said that he doesn’t expect a "big impact from Europe’s fiscal crisis on the US economy," and (3) the report from the Fed that said net worth for US households and non-profit groups rose by $1.6 trillion in Q1, the fourth consecutive quarterly increase, to $54.6 trillion, which may keep consumer attitudes positive about the economy.
• Bearish factors included (1) weakness in consumer companies after the unexpected decline in May US retail sales which had its biggest decline in 8 months (-1.2% and -1.1% less autos versus expectations of +0.2% and +0.1% less autos), (2) the warning from billionaire investor George Soros who said the fiscal crisis that prompted European governments to curb their budget deficits may push the global economy back into recession, and (3) comments from Minneapolis Fed President Kocherlakota who said that he’s concerned about "weakness in the labor market."
• Alcoa (AA) rose 2% and Freeport-McMoRan Copper & Gold (FCX) gained 1.6% in premarket trading after copper prices climbed to a 1-week high.
• SanDisk (SNDK) advanced 1.6% in European trading after an article in Barron’s said the memory chip supplier may rise as much as 17% as flash memory sales for Apple’s iPad and other mobile devices expand.

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Overnight Developments

• Global stocks are weaker with the European Euro Stoxx 50 Index down -1.99% and June S&Ps down -14.50 points. The dollar index rose to a 14-month high and most commodities sank on concern that global economic growth is starting to slow. The euro sank to a 4-year low and bank stocks tumbled after the ECB said in its bi-annual Financial Stability Report yesterday that Euro-Zone banks may see another 90 billion euros in net writedowns this year on loans and securities and will need to make provisions for losses of about 105 billion euros next year, which may be even bigger amid "heightened sovereign risks and possible second-round effects of the fiscal consolidation." European stocks weakened further after the April Euro-Zone unemployment rate unexpectedly rose +0.1 to a 12-year high of 10.1% as the region’s sovereign debt crisis undermined the outlook for the economy. ECB Vice President Papademos, speaking on the final day of his term as Vice President , said that Europe’s economy may struggle to gather strength after contagion from Greece’s fiscal crisis eroded confidence in consumers and companies last month and forced governments to deepen spending cuts to reduce budget deficits and that "the consolidation measures can be expected to have some short-term negative impact on growth and employment."
• The Asian markets today closed lower with Japan down -0.58%, Hong Kong -1.36%, China -1.05%, Taiwan -1.15%, Australia -0.37%, Singapore -1.35%, South Korea -0.62%, India -2.20%. Chinese stocks declined and helped to send global stock markets lower after manufacturing in China slowed more than expected. China’s Federation of Logistics and Purchasing reported that the April China Purchasing Managers’ Index fell -1.8 to 53.9, lower than estimates for a decline to 54.5, which raises concern that China’s economy, the engine of global growth, is slowing. China’s real estate market may also be weakening after the Shanghai Securities reported that real estate closings in Beijing, Shanghai and Shenzhen in May plunged as contract numbers dropped by as much as -70% m/m from April. Japanese stocks closed lower on concern the nation’s political instability may slow the economic recovery after Prime Minister Hatoyama said he will consider his political future and do "what’s b est for the people of Japan" after polls showed 80% of Japanese voters want him to step down 6 weeks before mid-term elections.

Overnight U.S. Stock News

• June S&Ps this morning are trading down -14.50 points on global economic growth concerns. The US stock market weakened last Friday and finished with moderate losses (Dow Jones -1.19%, S&P 500 -1.24%, Nasdaq Composite -0.91%). Bearish factors included (1) the action by Fitch Ratings to cut Spain’s credit rating to AA+ from AAA, spurring concern the European debt crisis will worsen, (2) concerns that the US economic recovery will slow after April personal spending unexpected failed to increase for the first time in the last 7 months (unchanged versus expectations of +0.3%), (3) the weaker-than-expected May Chicago purchasing managers index (-4.1 to 59.7 versus expectations of -2.8 to 61.0), (4) an escalation of tensions in Korea after a North Korean general warned of "all out war" if any accidental clashes with South Korea break out, and (5) weakness in oil-services companies and energy producers after President Obama extended a moratorium on deep-w ater offshore drilling permits, suspended exploration in two areas off of Alaska, cancelled pending lease sales in the Gulf of Mexico and proposed sales off Virginia’s coast, and suspended operations at 33 deep-water wells being drilled in the Gulf of Mexico.
• Bullish factors included (1) an easing of liquidity concerns after the 3-month dollar Libor rate fell for the first time in the last 14 sessions, (2) the unexpected increase in the May US University of Michigan consumer confidence (+0.3 to 73.6 versus expectations of unchanged at 73.3), and (3) the action by Goldman Sachs to raise their operating earnings per share estimates for S&P 500 companies to $78 for 2010 and $93 for 2011, up from $76 and $90 respectively, citing stellar Q1 results and better net margins than they had expected.
• British Petroleum Plc (BP) plunged nearly 17% in European trading after it abandoned an attempt to plug the leaking well in he Gulf of Mexico.
• Alcoa (AA) fell nearly 2% and Freeport-McMoRan (FCX) dropped 2.4% in pre-market trading after industrial metals prices slumped.

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- About the Author: Rob Trader – Forex Expert http://tradingtoollist.co.cc/ Article Source