RSS Feed   Twitter

Czech Economy Recovers In Q1

Posted by Joel Backman on June 9th, 2010

(RTTNews) – The Czech economy expanded in the first quarter after contracting for four straight quarters, data from Czech Statistical Office showed Wednesday.

The economy expanded 1.1% in the first quarter from the previous year, following a 3.2% fall in the fourth quarter. The preliminary growth estimate for the first quarter was 1.2%. On a sequential basis, gross domestic product grew by a revised 0.5%. The GDP development was positively influenced by the recovery of production of transport equipment.

In the first quarter, GDP at current prices fell 0.6% year-on-year. The implicit deflator of GDP dropped 1.7% annually, influenced by the decrease of external trade prices. Export prices were lower 7.2% annually and import prices decreased 5.6%.

Read More »

Stock Picks For Wednesday 9 June

Posted by Joel Backman on June 9th, 2010

Newmont Mining is in a long-term upward trend. It could move to the immediate target zone of the 59-60 range again. Investors holding the stock may have a stop-loss at 55.08 ( 20-dma ). The technical chart looks pretty good as the golden cross has formed in March 2009, KD is around 65 and MACD is above 0. The stock is in a Bullish Mode.

Wells Fargo – Finally we got the rebound from trendline support that reached 27.40 during today’s session. Breaking above yesterdays highs 28.11, leaves space for further gains to test the top of this range that stands at 29.42.

Akamai Technologies – The stock keeps closing above its 20-day moving average, you can stay long. The positive medium-term view would be negated if the stock closes below this level. Stay tuned.

Read More »

Crisis Moves to Hungary?

Posted by Joel Backman on June 9th, 2010
Hungarian_1849_bank_note

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.


Read More »

Gold hits new record high

Posted by Joel Backman on June 8th, 2010
gold

Gold prices climbed to a new record high Tuesday as Europe’s debt troubles sparked demand for perceived safe havens, like the precious metal, and investors hedged against inflation.

Gold for August delivery rose $5.70 to settle at a record $1,246.50 an ounce. Earlier in the day, it reached an intraday trading record of $1,254.50 an ounce.

Investors remained wary about the global economic recovery amid Europe’s ongoing sovereign debt problems. In turn, they look to gold and other low-risk investments, which are attractive during times of economic uncertainty, as safe bets.

The precious metal’s price has jumped 13% this year.

Read More »

German April industry output +0.9% m/m

Posted by Joel Backman on June 8th, 2010

Pretty much in line with median forecast of +0.8%.

German EconMin:  The momentum in industrial orders indicates a further recovery in industrial production. Onwards and upwards.

Read More »

UK Treasury says government committed to significantly accelerating cuts in structural deficit

Posted by Joel Backman on June 8th, 2010

Came out on wires a little while ago when I was otherwise engaged.  Wonder if the folks at Fitch were listening.  Sheesh.

Cable back up at 1.4435 from session low 1.4373.

Read More »

Hungary to publish budget report after mkt turmoil

Posted by Joel Backman on June 8th, 2010

Hungary’s government will release a report on the state of the economy and budget at 0830 GMT on Saturday, after its highly confusing comments on public finances drove down the currency and markets sharply on Friday.

Read More »

Hungary, next european Greek-style country ?

Posted by Joel Backman on June 5th, 2010
Hungarian_1849_bank_note

After the warning of Prime Minister of Hungary, Viktor Orban, that his country’s economy was in a “grave situation”, in part because his predecessors in government had “lied” about the state of public finances. He added that country had only a slim chance of avoiding a Greek-style debt crisis. This statement resulted in dowsliding of currency and markets worldwide.Investors and traders are worried that Hungary could become the next European nation to suffer a fiscal crisis and as U.S. May job data came in below expectations.

source: indexmundi.com

Though there will be a report coming from Hungary’s government on the state of the economy and budget at 0830 GMT on Saturday, after its highly confusing comments on public finances. While it should be noted that Hungary has already been bailed out 2 years ago at the time of credit crisis, borrowing $25bn from the International Monetary Fund(IMF) and the EU.

Canadian bonds ended higher Friday, as a lackluster report on employment in the U.S. and worries about economic troubles in Hungary and Europe sent investors scrambling for the safety of fixed-income assets.


Read More »

Wal-Mart: 500,000 new jobs worldwide in 5 years

Posted by Joel Backman on June 5th, 2010
walmart-supercenter

Wal-Mart Stores Inc. said Friday it plans to create 500,000 jobs throughout the world in the next five years, saying there is tremendous opportunity for growth globally.

“We need to recruit the best talent and identify the best talent in our ranks,” CEO Mike Duke told analysts and investors at the company’s annual shareholder meeting in Fayetteville, Ark. It was not immediately clear how many of the jobs would be created in the United States.

Wal-Mart also announced a new program to repurchase $15 billion of its shares, which replaces a $15 billion repurchase plan announced a year ago. The company said $10.3 billion in stock had been purchased as a result of the prior program.

Read More »

US shares fall on weak jobs data

Posted by Joel Backman on June 5th, 2010
_47995606_usjobseekers

US shares have seen big falls after it emerged that fewer jobs were created last month than expected.

The Dow Jones index shed 324 points or 3.16% in Friday trading, with the S&P 500 and Nasdaq indexes also seeing falls of more than 3%. Some 431,000 jobs were created in May, the Labor Department said. However, analysts had expected 500,000 new jobs. Adding to the bleak outlook, most of the new jobs – about 411,000 – were temporary posts for 2010 Census staff.

Read More »
« Older Entries
Newer Entries »
1EU Hosting
Twitter Delicious Facebook Digg Stumbleupon Favorites More

  • Featured Video