Summary of Overnight News:
• The FTSE-100 will open sharply higher this morning following last night’s strong gains in New York, as dovish comments by Fed chairman Ben Bernanke and sliding oil costs allowed investors to set the crisis in the Middle East to one side and put a bit of blue on our screens to match the skies outside.
• US stocks surged greater on Wall Street last night following Federal Reserve Chairman Ben Bernanke reassured the industry with his view that economic growth seems being moderating and inflation remains contained, traders noted.
• ‘Clearly we do not want to tighten too very much to lead to our economic system to grow much more slowly than its prospective,’ Bernanke said in the course of questioning before the Senate Banking Committee.
• Investors interpreted Bernanke’s testimony like a sign the Fed is near to ending its streak of interest rate hikes, dealers added.
• The DJIA closed 212.19 factors greater at 11,011.42, its greatest efficiency of 2006, although the Nasdaq ended up 37.49 points at a couple of,080.71.
USA
Figures out These days:
13:30 US jobless claims (w/e 15/7) k Prev 332
13:30 CA wholesale sales (May possibly) %m/m Prev 0.1
15:00 US leading indicators (Jun) % Prev -0.6
17:00 US Philadelphia Fed (Jul) Prev 13.one
19:00 US Minutes of 29 Jun FOMC Meeting
• Yesterday’s 0.3% rise inside the US June core CPI tipped the balance to one more 25bp rate hike on 8 August. But a much less hawkish than expected and fairly noncommittal testimony from Chairman Bernanke additional a fraction a lot more ambiguity for the chance of an imminent rate hike, while using focus seemingly more on the lengthier expression impact on inflation from moderating growth. His testimony, which gave strong boost to US and European share rates and Treasury bonds, came since the Fed released forecasts suggesting that it can be prepared to bring US inflation down gradually, to minimise the damage towards the actual economic climate.
UK
Figures out These days:
09:30 Retail revenue (Jun) %m/m Exp 0.two Prev 0.5
09:30 Retail product sales (Jun) %y/y Exp 2.7 Prev 4.0
09:30 PSNB (Jun) £m Exp 7000 Prev 6583
09:30 PSNCR (Jun) £m Exp 13000 Prev 16246
• UK retail revenue (09:30) are forecast to have edged up throughout June, by around 0.2%. All round, the quarterly overall performance from the retail sector ought to have improved considerably in Q2 which must underpin tomorrow’s release for GDP, expected to possess grown 0.7% in Q2, inline using the MPC’s central projection.
Japan
Figures out Nowadays:
06:00 JN BoJ Monetary Policy Minutes
EURUSD @ 1.2590 GBPUSD @ 1.8435 GBPEUR @ one.4640 USDJPY @ 116.85
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