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Broadgate: Market News 19/4

19 April 2012

The yen weakened for a third day as Bank of Japan Governor Masaaki Shirakawa pledged to continue monetary easing.
The USD strengthened due to the data later today may show sales of previously owned U.S. homes increased in March, while the nation’s jobless claims fell last week, according to economists’ surveyed by Bloomberg.

The MSCI Asia Pacific Index (MXAP) slipped 0.3 percent as of 1:17 p.m. in Tokyo, led by declines in Japanese equities. The Hang Seng China Enterprises Index rallied 0.8 percent and futures on the Standard & Poor’s 500 Index added 0.1 percent.
Ten-year Treasury yields held below 2 percent for a fifth day.

Oil traded near the lowest close in more than a week in New York after a government report showed U.S. crude stockpiles rose more than twice as much as forecast. Futures were little changed after declining the most in two weeks yesterday. U.S. supplies gained 3.9 million barrels last week, Energy Department data showed. The median forecast in a Bloomberg News survey of analysts was for an increase of 1.8 million barrels. Prices also dropped after Iraq’s deputy prime minister for energy said the Strait of Hormuz is unlikely to close and there is no shortage of oil.

Corn jumped 1.3 percent for the biggest gain in more than two weeks.

What to watch today this morning’s auction will see Spain attempt to raise up to €2.5bn by selling two types of bond – one matures in 2014, and the other in 2022. The 10-year bonds will be most closely watched, I think, as long-term debt is seen as a better measure of market confidence. The Euro debt crisis has continued with uncertainty.

EUR/USD

USD/JPY

GOLD

OIL

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