Oil prices plunged 6% Wednesday after the government reported a surprise increase in oil stockpiles, U.S. and Asian stock markets fell, and a report on durable goods came in much weaker than expected.
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Treasurys fell Wednesday, giving back earlier gains, after the government’s $39 billion auction of 5-year notes received lukewarm demand.
On one hand, Federated Investors’ Market Opportunity Fund had a good year: In a market where nearly every mutual fund got clobbered, it beat 95% of its competitors in 2008 and topped the S&P 500 by an astounding 30 percentage points.
The euro may face increased selling pressures over the next 24 hours of trading as economists forecast German unemployment to rise 43K in July, and fears of a protracted downturn is likely to weigh on the exchange rate as the Bundesbank forecasts growth prospects to remain subdued throughout the first half of 2010. Trading the News: German Unemployment Change What’s Expected Time of release: 07/30/ 2009 07:55 GMT, 03:55 EST Primary Pair Impact : EURUSD Expected: 43K Previous: 31K Impact the German Unemployment Change has had on EURUSD over the last 2 months Period Data Released Estimate Actual Pips Change (1 Hour post event ) Pips Change (End of Day post event) Jun 2009 06/30/2009 07:55 GMT 45K 31K -11 -73 May 2009 05/28/2009 07:55 GMT 64K 1K -23 +64 June 2009 German Unemployment Change The German labor market weakened further in June, with unemployment rising 31K from the previous month to 3.5M, which is the highest since 2007, and businesses may continue to scale back on production and employment in an effort the weather the downturn in global trade. The data foreshadows a weakening outlook for domestic growth as households face fading demands for employment paired with tightening credit conditions, and the labor market is likely to weaken further throughout the second half of the year as the effects of the government stimulus package subside
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Treasury prices fell Friday, capping a second week of declines, as the government prepares to auction a record amount of U.S. debt and demand for safe-haven assets wanes.
Stocks were poised to pull back at Thursday’s open after news that the small business lender CIT Group would likely not be getting additional from the government weighed on investors.
The Euro tested below 1.39 while the British Pound sank to as low as 1.6063 in overnight trading as stocks fell for the sixth consecutive day on Asian exchanges, offering support to the safety-linked US Dollar.
Australia’s Westpac Consumer Confidence added 9.3% in July, the second consecutive month of gains, rising to the highest level in 19 months. In annual terms, confidence has added 38.5%.
