1pm - 'Economic news' courtesy reminder time Traders!
'Market Focus' in the US this evening
"Last week's Industrial Production Report for July was strong suggesting today's durable goods report won't be a disappointment. This turns the focus on what could be a big disappointment: New Home Sales." [Source: nasdaq.com., Mark Pender]
'Market Reflections' from previous session (24.08.2010)
"The worst fears have been borne out: second round stimulus has created a mid-year wasteland in the housing sector, at least judging by today's Existing Home Sales Report which plunged 27 percent on top of June's seven percent plunge. The talk today is that government action to boost the housing sector has been haphazard and ineffective. There's also talk that August is shaping up to be no better than July for the housing sector. The Dow industrials fell 1.5 percent to 10,051.
Rates continue to move lower as investors seek out safety no matter how small the return. Rates are now revisiting the lows of the worst of the recession in what is hard evidence that double-dip fears are on the increase. The yield on the 2-year note is a mere 0.47 percent with the yield on the 10-year and 30-year both down 10 basis points on the day, to 2.50 percent and to 3.56 percent. Gold is also benefiting from the fears, up 0.8 percent to $1,230. Money moved out of other commodities including oil which fell 2.0 percent to $71.50." [Source: nasdaq.com., Mark Pender] ______________________________________________________
Of note in the US this evening:-
Durable Goods Orders [ Market moving indicator] [Durable goods orders reflect the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods. The first release, the advance, provides an early estimate of durable goods orders. About two weeks later, more complete and revised data are available in the factory orders report. The data for the previous month are usually revised a second time upon the release of the new month's data.]
New Home Sales [ Moderate volatility expected] [New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances.]
EIA Petroleum Status Report [ Moderate volatility expected] [The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.]
MBA Purchase Applications [The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.]
5-Yr Note Auction [Treasury notes are sold at regularly scheduled public auctions.]
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Of note in Australia tomorrow:-
Conference Board Australia Leading Index (Jun) [ Moderate volatility expected] [The Conference Board Australia leading Index released by the Conference Board measures future trends of the overall economic activity including employment, average manufacturing workweek, initial claims, permits for new housing construction, stock prices and yield curve. It forecasts short to mid-term growth in the Australian economy. Generally, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]
1pm - 'Economic news' courtesy reminder time Traders!
Market moving indicator]
Moderate volatility expected]
