Last Market news @ Empire Global FX broker

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Brent crude rises above $118 on Europe debt deal

Brent crude oil jumped above $118 on Friday, supported by Europe's latest agreement to bail out Greece, but U.S. crude made only slight gains due to concern about talks to avert an unprecedented U.S. default

The Brent futures contract for September rose 91 cents at $118.42 a barrel by 11:17 a.m. EDT. U.S. crude rose 25 cents at $99.38 a barrel, after earlier trading as low as $98.43.

Analysts and traders said the preliminary solution to the euro zone debt crisis presented in Brussels on Thursday was still providing some support for Brent, but ongoing wrangling over the U.S. debt ceiling was impinging on U.S. crude.

"The U.S. debt ceiling crisis hasn't been solved and there has been mixed economic data, so that might not be enough to keep crude above $100, even though we are up at the moment," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

In the United States, efforts are continuing to secure a last-minute deficit-reduction deal before the August 2 deadline to raise the country's debt ceiling.

Data showing that Chinese manufacturing contracted in July also has made some analysts and traders cautious. Commodity markets are focused on the economy of China as a major source of future demand growth.

 

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Wall St Week Ahead: Markets edgy on debt talk stalemate

Much of the United States may be frying in near-record temperatures but Wall Street has been feeling the heat for months. Wrangling over the debt ceiling has kept markets on edge, and investors are still waiting for a breakthrough that leads to a deal to avoid a devastating default.

Investors have viewed as extremely unlikely the possibility of a U.S. default if the federal government does not agree to raise the debt ceiling. But the odds are growing, and Congress and the White House remained at odds just a few hours before Asian markets opened on Monday.

"Unless during the course of the day there is a specific, concrete proposal that placates the market before Asian markets open, the worst-case scenario is that the markets just sell off -- sell off dramatically," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

White House officials and Republican leaders scrambled on Sunday to reassure global markets the United States would avert a debt default, but the two sides gave no sign they were moving closer to a deal.

White House Chief of Staff Bill Daley warned that there would be a "few stressful days" ahead for financial markets, with the deadline to lift the $14.3 trillion U.S. borrowing limit now only nine days away.

"To some degree the outcome of there being no deal has been priced in, but the discounting is not fully in the market and this is adding to uncertainty that has already been coupled with the events in Europe and expectations that growth was already going to be weak," Krosby said.

Wall Street is set to close its worst three months in a year as July draws to an end this week after a roller-coaster ride for markets.

With euro zone leaders having reached a deal for yet another bailout for debt-laden Greece, investors will be free to chew over the rancor in Washington with even more attention.

In addition, the corporate earnings season suggests other risks could dog the market. Despite generally good results so far, there have been some worrisome signs.

The S&P 500 rallied 6 percent in the run-up to reporting season, but earnings misses from big industrial names like Rockwell Collins and Caterpillar Inc weighed on the Dow and S&P 500 on Friday.

Earlier in the week several big consumer names such as Whirlpool and Pepsi warned about sluggishness in developed markets, sending their shares sharply lower.

"The market still has a high degree of skepticism in it," said Nick Kalivas, an analyst at MF Global in Chicago, summing up the earnings season so far.

Kalivas said he will be closely following earnings from sector and economic bellwethers this week. Those include the package delivery company UPS, chipmaker Texas Instruments, and online retailer Amazon.

Around 30 percent of the S&P 500's $12.3 trillion market cap have reported earnings so far. They have outpaced consensus estimates by 3.8 percent, and only 7 percent have missed estimates, according to data from Morgan Stanley.

But share prices of those that have fallen short of estimates have taken a severe beating. Given the fragile sentiment, a few more prominent misses could derail the market.

"The market is punishing these misses more than it is rewarding beats, an asymmetry we have been calling for and we forecast will continue," Morgan Stanley's U.S. equity strategist Adam Parker wrote in a note to clients.

"Our view remains that first half of the year numbers are achievable, but the second half of the year looks challenged," he said.

This week is also a big week for economic data. Fears of a slowdown in the economy have been a large driver of market volatility over the last few months, and the coming releases will be parsed very closely.

They include early regional manufacturing data from Chicago and New York, a reading of consumer sentiment, and a first reading of U.S. growth for the second quarter, expected to show the economy grew just 1.9 percent in the period.

Bob Doll, chief equity strategist at BlackRock, one of the world's largest fund managers with around $1.6 trillion of equities under management, said last week that the U.S. economy is at a critical juncture.

Doll points out that since 1960 every time year-on-year growth has fallen under 2 percent the U.S. economy has gone into recession.

"Our bottom line view is that investors should maintain a reasonably constructive bias toward risk assets, but should also be prepared to scale back exposure if evidence of economic growth acceleration does not materialize," said Doll.

And many believe economic activity will be depressed if a failure to raise the debt ceiling interrupts key government services such as social security and Medicare.

The uncertainty is sure to stress markets further, and fund managers hitting the beach in August may find themselves fiddling with their BlackBerrys more than the little umbrella in their cocktails.

"I need a vacation, man. After all the stuff that's happened in the last three months I'm pretty much shot, I'm getting weird, even my 6-year-old looks at me," said one New Jersey-based fund manager, who was packing his bags for a destination in the Caribbean as temperatures topped 100 degrees Fahrenheit in New York City.

 

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Gold hits record with debt talks deadlocked

Gold prices hit record highs on Monday after negotiations to lift the U.S. debt ceiling hit stalemate over the weekend, raising fears over a possible default and boosting the appeal of bullion versus assets like Treasuries and the dollar.

Democrats and Republicans in Congress are bitterly divided over plans to cut the U.S. deficit, a necessary move before the debt ceiling can be raised.

With the August 2 deadline for a resolution fast approaching, the world's largest economy is facing an unprecedented debt default. If this happens, investors could dump the dollar and U.S. Treasuries.

While most investors believe a deal will be done, nervousness ahead of the decision is still pressuring the dollar, hurting long-dated U.S. Treasuries and benefiting gold.

"Ultimately you need some sort of political resolution, some sort of acknowledgement that there are long-term financial problems that need to be dealt with," said Natixis analyst Nic Brown.

"There are ultimately two options -- you either have monetization of debt, or you have a move toward fiscal consolidation, and a move toward fiscal sustainability. Until we get the latter, the market will assume the former. That is just a great bid for the gold market."

Spot gold peaked at $1,622.49 an ounce and was up 1.1 percent at $1,615.74 an ounce at 9:54 a.m.

It has reached record highs in each of the last five consecutive quarters, and is on track for its biggest monthly gain since April this month on concerns over euro zone debt levels as well as the U.S. negotiations.

The stalemate in Washington led to safe-haven German Bunds outperforming U.S. Treasuries on Monday, as risks of a U.S. default outweighed worries over euro zone debt. U.S. Treasury yields rose and European shares slipped.

Long-dated U.S. Treasury debt prices fell and the cost of insuring the country's debt from default rose on Monday on investor concern that the world's biggest economy could lose its prized top-notch credit rating after debt talks collapsed.

The dollar dipped against a basket of currencies, while the Swiss franc, often seen as a haven for investors, rose against the euro and the U.S. unit. The euro slipped after Moody's downgraded Greece by three notches.

"With little optimism on U.S. debt talks at the moment, the gold price acutely reflects investor nervousness that limited progress will be made before the August 2 deadline," UBS said in a note. "This nervousness is in many ways justified as the threat of a U.S. ratings downgrade is very real."

"S&P has threatened that a ratings downgrade is possible even this month, if progress on the negotiations is insufficient. With just a few days left in the month, it is increasingly likely that investors will continue to buy gold as a defensive trade."

Rating agency Standard & Poor's last week reiterated that there was a 50-50 chance the U.S. AAA credit rating could be cut within three months.

SPECULATORS PROVE BULLISH

Hedge funds and other large speculators last week boosted their bullish bets in U.S. gold futures to the highest in nearly two years as gold rallied on the euro zone's debt crisis and uncertainties around the U.S. debt talks.

Managed money in COMEX gold added 16,135 lots in the week ended July 19, boosting their net long position to 238,319 lots, which marked the highest holding for the key speculator group since the week of October 18, 2009.

U.S. gold futures for August delivery were up $16.80 an ounce at $1,618.30, off a high of $1,624.30.

"The stumbling block for gold is the relatively large size of Comex specs," said UBS.

"These are of course not normal times, so the extension in the Comex gold book can continue for a while longer. But the danger is that positive headlines out of the U.S. debt ceiling discussions could prompt recent gold specs to liquidate."

Among other precious metals, silver was bid at $40.42 an ounce against $40.02, tracking gains in gold.

The gold:silver ratio -- the number of ounces of silver needed to buy an ounce of gold: eased back below 40 on Monday as silver outperformed, approaching last week's two-month low.

Spot platinum was bid at $1,787.50 an ounce versus $1,793, while spot palladium was at $796.97 an ounce against $804.25.

 

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Dollar hits record low versus Swiss franc on debt standoff

The dollar slumped to a record low against the Swiss franc and a four-month trough versus the yen on Monday, with more losses seen if U.S. lawmakers fail to compromise on a deficit reduction plan.

With a little more than a week before the August 2 deadline to raise the $14.3 trillion U.S. debt ceiling, there is an ever-increasing threat of a ratings downgrade and default, an event that could cause a frenzy in financial markets.

Congressional Democrats and Republicans pursued separate budget proposals with no clear path to bring them together.

U.S. Senate Democrats would offer a $2.7 trillion spending-cut plan while U.S. House Speaker John Boehner, the top Republican candidate in Congress, introduced a new plan on Monday.

President Obama will make an address on the debt limit at 9 p.m. EDT.

"While investors still appear to be giving Washington lawmakers the benefit of the doubt that they will reach a deal, every day that passes without a resolution will likely see markets price in a higher risk premium into the dollar's valuation," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

SWISS FRANC SOARS

Overall, the Swiss franc was the biggest beneficiary of the demand for safe havens, pushing the dollar to an all-time low of 0.80210 francs on trading platform EBS. The dollar has fallen in three of the last four sessions against the Swiss currency. It last traded at 0.8058, down 1.5 percent on the day.

"While a deal is still likely to be reached in the 11th hour every day that passes is likely to see investors become increasingly unwilling to hold dollar denominated assets," Esiner said.

The euro also fell versus the franc, dropping as much as 1.7 percent, as did sterling. Traders reported heavy selling of the pound ahead of Tuesday's UK gross domestic product data for the second quarter.

The U.S. debt ceiling stalemate, however, helped the euro gain against the dollar. It last traded at $1.4374, up 0.2 percent on the day, according to Reuters data.

Moody's further slashing of Greece's debt rating on Monday did not benefit the dollar much as a safe-haven alternative to the euro but instead boosted the Swiss franc and gold.

Despite the new bailout introduced by the European Union last week, there are still unanswered questions on how the group plans to implement the unprecedented measures, according to David Song, currency analyst at DailyFX in New York.

"In turn, the European Central Bank may show an increased willingness to keep the benchmark interest rate at 1.50 percent for the remainder of the year, and the Governing Council may have little choice but to maintain its unconventional tools as the EU struggles to address the sovereign debt crisis."

Against the yen, the dollar fell as low as 78.055 yen, its weakest since mid-March.

Many traders say the dollar could test a record low of 76.250 yen if concerns about the U.S. debt ceiling worsen, while they also expect the U.S. currency will keep plumbing all-time troughs versus the Swiss franc.

In related news, global foreign exchange turnover rose in April from October, driven by increasing volume across spot, forwards, swaps and options activities, according to a semiannual survey released by major central banks on Monday.

The ICE Futures' dollar index .DXY slipped 0.1 percent to 74.108, not far from a six-week low of 73.889 hit last week.

 

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Moody's warns Greek default almost certain

Moody's cut Greece's credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.

It was the second rating agency to warn of a default after euro zone leaders and banks agreed last week that the private sector would shoulder part of the burden of a rescue deal that offers Greece more cash and easier loan terms to keep it afloat and avoid further contagion.

"The announced EU program along with the Institute of International Finance's statement implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100 percent," Moody's said in a statement.

Bank lobby IIF, which led private sector negotiations, aims to attract 90 percent investor participation in the bond exchange plan which comes on top of the EU's new 109 billion euro bailout.

Moody's cut Greece's rating by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed debt exchanges.

Greece now has the lowest rating of any country in the world covered by Moody's, which, like Fitch last week, said it would review Greece's rating after the debt swap is completed.

"Once the distressed exchange has been completed, Moody's will reassess Greece's rating to ensure that it reflects the risk associated with the country's new credit profile, including the potential for further debt restructurings," it said.

However, whereas Fitch pledged to quickly give Greece a higher, "low speculative grade" after its bonds had been exchanged, Moody's said it could not forecast when the rating would change or how.

"It all depends how quickly the debt exchange takes place," said Alastair Wilson, Moody's Managing Director for EMEA Credit Policy. "Once we have greater visibility over that, we will reassess the credit profile quite quickly. Whether the rating will change, that's a different question," he told Reuters.

A senior EU official said on Saturday that the aim was to start a voluntary swap of privately-held Greek bonds in late August and conclude it in early September.

Greek bank shares and the broader stock market were unfazed by Moody's action. Analysts said the downgrade and the default warning were priced in and less worrying following assurances provided by the EU deal.

"The EU Council last week effectively secured Greek banks' continued access to ECB liquidity, even in the case that PSI (private sector involvement) triggers a selective default," said Platon Monokroussos, an economist at EFG Eurobank.

The government has repeatedly criticized ratings firms for their downgrades and its spokesman threatened on Monday to end its subscriptions to these agencies as the new rescue package means Greece will not issue new bonds for years.

"All governments pay a subscription to these agencies. We, I think, do not need the reviews anymore. They have no practical value," Elias Mosialos told Radio 9. "Perhaps the finance ministry should end its subscription."

CONTAGION CONTAINED ... FOR NOW

Moody's said it would take into account the possibility of a second default while reassessing Greece's rating.

"Our experience is that relatively small restructurings have often been followed by deeper defaults," Wilson said, adding that he could not say if this would be the case for Greece.

The rescue package for Greece benefits other euro zone countries by containing near-term contagion risks but it was not necessarily positive in the longer run as it set a precedent for private sector involvement in rescue deals, Moody's said.

"The support package sets a precedent for future restructurings should the finances of another euro area sovereign become as problematic as those of Greece. The impact of Thursday's announcement for creditors of Ireland and Portugal is therefore likely to be credit-neutral," it said.

The cost of insuring most peripheral euro zone government debt against default rose on Monday on market doubts that the fresh aid package for Greece agreed last week will protect bigger economies from contagion.

Standard & Poor's and Fitch rate Greece CCC, broadly in line with Moody's rating. S&P has not yet said how the EU summit deal will affect Greece's rating.

 

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Ford profit tops expectations, shares up

Ford Motor Co's quarterly profit beat Wall Street expectations, helped by higher prices and improved sales in North America.

Ford, the only U.S. automaker that did not accept a government bailout, has posted a net profit for eight straight quarters. It had racked up net losses of $30 billion from 2006 through 2008 when it cut jobs, sold unprofitable brands and reshaped a lineup laden with large SUVs and pickup trucks.

In North America, Ford's pretax profit for the second quarter rose 0.5 percent to $1.91 billion.

North America was the only region where the company's profit improved. In Europe, where Ford's performance has been lagging in recent quarters, pretax profit was trimmed nearly in half to $176 million.

Ford shares were up 1.7 percent at $13.40 in trading before the market opened on Tuesday.

Chrysler also reported on Tuesday, posting a wider second-quarter net loss after the U.S. automaker repaid $7.6 billion in debt stemming from its 2009 federal bailout.

Ford did not alter its North American production outlook or its 2011 U.S. auto sales forecast.

However, Ford Chief Financial Officer Lewis Booth said the company now expects full-year U.S. industry auto sales to be at the low end of a range of 13 million to 13.5 million vehicles. It had expected 2011 sales at the high end of that range earlier in the year, he said.

Ford's sales forecast includes medium and heavy trucks, which account for 250,000 to 300,000 in annual sales.

Excluding one-time items, Ford's quarterly profit fell to 65 cents per share from 68 cents a year ago. Analysts on average had expected earnings of 60 cents per share excluding one-time items, according to Thomson Reuters I/B/E/S.

Revenue rose 13 percent to $35.5 billion.

Net income fell to $2.4 billion in the quarter, or 59 cents per share, from $2.6 billion, or 61 cents per share.

"We delivered very good quarter results while growing the business globally and serving more customers in every region," said Ford Chief Executive Alan Mulally. "Despite an uncertain business environment, we further strengthened our balance sheet and continued to invest for the future."

Booth said the company continued to lower its automotive debt, by $2.6 billion in the quarter to $14 billion.

INVESTMENT GRADE PROGRESS

"This wasn't the easiest of quarters," Booth said. "We've got through the Japanese tsunami issues very well. We lost some units (vehicle production) in Asia Pacific, but managed to lose a lot less than we expected and we didn't really lose any significant units anywhere else in the world. It's just evidence that the plan's working."

Ford is striving to return to an investment grade rating by the major ratings agencies. Booth said he could not predict when the company may return to investment grade.

Most major agencies have Ford rated two notches below investment grade. Ford was last at investment grade in May 2005.

However, Booth said he expected a re-examination by the agencies once labor talks with the United Auto Workers union are completed. Those talks will officially begin this Friday for Ford.

The UAW represents about 41,000 Ford auto production workers.

Ford's hourly "all-in" labor cost per worker is about $58, compared with about $50-$51 per hour for Chrysler and about $57 per hour at GM.

The gap between Ford and its Japanese rivals with U.S. plants has narrowed from about $25 to $30 in 2007 to about $5 to $10 now, according to the Center for Automotive Research of Ann Arbor, Michigan.

Ford's labor costs are higher than Chrysler mainly because it has hired fewer than 100 so-called second-tier workers who make about half the pay of veteran UAW-represented workers, while about 12 percent of Chrysler's 22,800 union auto workers make the lesser wage.

The Ann Arbor consultant also said that Ford's estimated U.S. auto production labor costs are about $5.1 billion annually.

COMMODITY COSTS UP

Booth said that Ford's profit was hampered by higher commodity costs related mainly to higher oil prices. He said prices for plastics, steel, aluminum, cooper and precious metals are all on the rise and affecting profit margins.

"As we continue to see growth in Asia, commodities stay under pressure," he said.

In its home U.S. market, the No. 2 U.S. automaker had a 16.9 percent market share through the first half of this year, compared with 17 percent a year ago.

Ford's sales in the first half of the year rose 12 percent versus a 17 percent rise for General Motors Co and 20 percent for Chrysler Group LLC.

 

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Greece hopes for quick debt swap in August

Greece wants a voluntary swap of government bonds for longer maturity paper to start in August and be completed fast to emerge rapidly from an expected default rating, its deputy finance minister said on Tuesday.

Greece's private sector creditors will take a 21 percent loss on their bond holdings as part of a 37 billion euro ($53 billion) contribution to the country's latest bailout plan, agreed at a euro zone summit last week.

"In the coming days, in collaboration with (bank lobby) IIF, talks outlining the exact procedure that will be followed so that holders of Greek government bonds choose one of four options and proceed to a debt swap will be completed," Deputy Finance Minister Filippos Sachinidis told Mega TV.

"Yes, this procedure will start in August," he said.

The International Institute of Finance (IIF) has estimated a take-up rate of about 90 percent for the voluntary program, which gives banks the option to swap Greek debt with new bonds with maturities of up to 30 years.

"If the IIF will be the format that will be finally used, the 90 percent (assumed) participation rate does look optimistic," said Justin Knight, head of European rates strategy at UBS.

Investment bank JPMorgan also questioned whether enough investors would take up the swap offer, and challenged the estimate that investors would take a 21 percent "haircut" under the scheme. It said the loss of capital investment would be more like 34 percent.

Greece's creditors in banking, insurance and fund management are looking for more clarity on the options to swap debt for 15-year or 30-year bonds, paying interest Greece can more easily afford.

"It's a complex matter and should be done sooner rather than later. The government is in talks to hire a team of banking and legal advisers," a senior Greek banker who declined to be named told Reuters.

BRIEF STAY IN "SD?"

Credit rating agencies have said they will view the planned bond exchange as a partial default but have left the door open for the overborrowed country to emerge from the rating once the transaction is completed.

Fitch has said it will place Greece in "restricted default" during the swap.

On Monday, Moody's warned it will almost certainly slap a default tag on Greece, after downgrading it by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed bond swap.

The agency plans to review the rating after the swap is done, but unlike Fitch which has pledged to quickly raise Greece to a "low speculative grade," Moody's did not say when the rating would change or how.

With a first working meeting on implementing the plan set to take place in Athens on Thursday, Greek officials hope the bond exchange can be done fast.

"The goal is for this (bond swap) to last as briefly as possible," Sachinidis said. "It appears that we will manage to secure a satisfactory participation to proceed with the exchange."

 

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Wall Street opens down in third day of losses

Stocks fell for a third straight day on Wednesday as a political deadlock over raising the debt ceiling and a decline in durable goods orders kept investors away.

The Dow Jones industrial average .DJI was down 73.38 points, or 0.59 percent, at 12,427.92. The Standard & Poor's 500 Index .SPX was off 9.18 points, or 0.69 percent, at 1,322.76. The Nasdaq Composite Index .IXIC dropped 18.98 points, or 0.67 percent, at 2,820.98.

 

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Gold drops amid risk aversion after record highs

Gold fell on Wednesday after hitting record highs near $1,630 an ounce, as a broad sell-off of riskier assets prompted bullion investors to take profits amid mounting fears of a U.S. debt default.

Gold initially benefited on news a vote on a deficit reduction plan offered by House of Representatives Speaker John Boehner was pushed back to Thursday from Wednesday amid stiff opposition by his fellow Republicans and Democrats.

Trading volume just partway through the session was the highest since May and was on track to be one of the heaviest trading days of the year as investors focused on the gold market as a safe haven on looming risks of a U.S. default.

Bullion could pull back sharply if a deal to cut long-term U.S. deficit dampen market fears, analysts said. The metal is still up around 8 percent in July on euro zone debt fears and uncertainty ahead of the August 2 deadline to raise the U.S. debt ceiling.

"With each passing hour of this brinkmanship on the U.S. debt situation, gold becomes more attractive," said Bill O'Neill, partner of commodity investment firm LOGIC Advisors. "However, there is a very definite danger of a quick snapback if the debt talks were to settle very quickly."

Spot gold was down 0.5 percent at $1,609.89 by 12:34 p.m. EDT, after rallying to a record $1,628 an ounce.

U.S. gold futures for August delivery were down $5.80 an ounce at $1,610.90. Trading volume already topped 320,000 lots, set to be one of the heaviest sessions in 2011.

Silver was down 1.4 percent at $40.29 an ounce.

Sharp losses in the U.S. equity markets and industrial commodities such as crude oil prompted investors to take profits in the gold market to cover losses elsewhere, analysts said.

Gold option traders said that more investors are using option strategies to protect their profits made in the underlying gold futures.

"The dealers are definitely buying puts and selling calls," said COMEX gold options floor trader Jonathan Jossen. "When you see these dealers are doing this ... they are looking for a move down or just locking in their risks."

 

[EmpireGlobalfx]

Lawmakers seek elusive compromise to escape debt debacle

Top Republicans and Democrats worked behind the scenes on Wednesday on a compromise to avert a crippling U.S. default, looking to salvage a last-minute deal from rival debt plans that have little chance of winning congressional approval on their own.

With financial markets increasingly on edge, the White House said it saw no alternative to striking a deal to raise the government's borrowing limit by an August 2 deadline to allow the world's largest economy to keep paying all of its bills.

"People keep looking for off-ramps. They don't exist," White House spokesman Jay Carney told reporters, saying the government would be "running on fumes" after the deadline unless the limit was raised.

Even if a deal is reached to lift the $14.3 trillion debt ceiling, a budget plan that flinches from hefty cuts in the deficit may result in a downgrade of the top-notch U.S. credit rating. This would push up U.S. borrowing costs and rattle global investors.

The faltering moves to break the deadlock are weighing on markets. Along with the uncertainty, Wall Street was hit by weak earnings and lackluster economic data, suffering its worst day in eight weeks.

"The market is beginning to show real concerns in terms of a default. I don't think it's going to happen ... (but) are we headed for a downgrade? That is becoming more of a possibility as each day goes by," said Peter Cardillo, chief market economist at Avalon Partners in New York.

The dollar rebounded after a sell-off this week but policy makers in countries from Japan to France fretted over how a crisis of confidence in U.S. solvency could spill into the international economy.

Worried investors shifted funds into gold and the Swiss franc, traditional safe havens that both rose to record highs in dollar terms.

The Treasury will lay out a plan in the next few days for how the government will operate if the August 2 deadline is missed.

Leaders in the Republican-controlled House of Representatives and Democratic-controlled Senate scrambled to find common ground but complications with their competing plans could send attempts at a compromise right down to the wire.

"You're going to have to make sure that you can have a spending cut package that can pass both chambers -- there's going to be some work to do there," senior White House adviser David Plouffe said on the PBS show "NewsHour."

Senate Democratic Leader Harry Reid, House Speaker John Boehner, the top Republican in Congress, and Senate Republican Leader Mitch McConnell have been talking about how to break the impasse, several lawmakers said.

President Barack Obama, a Democrat, opposes the two-step Boehner plan because it would extend borrowing authority only temporarily, risking a rerun of the standoff in the run-up to the November 2012 election when Obama will seek a second term.

"GET YOUR ASS IN LINE"

Boehner, facing a mutiny by Republican lawmakers aligned with the fiscally conservative Tea Party movement, has been feverishly canvassing support for a vote on Thursday on his reworked deficit reduction bill. It is expected to be close.

At a morning meeting, he appeared to be firming up support from several wavering lawmakers as he told them to "get your ass in line" behind what he has described as the best chance to win the deep spending cuts that Republicans seek.

Reid says Boehner's plan would be "dead on arrival" in the 100-seat Senate. On Wednesday, 53 senators -- all 51 Democrats and the two independents who usually vote with them -- signed a letter to Boehner saying they would not back his bill.

But Boehner's negotiating position could be strengthened if his measure gets the 217 votes needed in the House. If it fails, Boehner would be weakened and his job may be on the line.

Senate Democratic aides said they hoped support would grow for Reid's one-step remedy, which Obama backs, if Boehner's plan is killed, either by the House or Senate.

If Congress does not increase the debt limit, the United States could eventually suffer its first full government default. That could put its faltering economic recovery into reverse and send shock waves through the global economy.

Analysts expressed confidence a compromise can be reached.

"We continue to believe it is overwhelmingly likely that a debt deal is passed without a crisis," Eurasia Group said in a briefing note. "The two sides have furnished proposals that significantly overlap and leave room for compromise."

Reid said he could easily modify his own bill to incorporate elements of Boehner's bill in a way that could win support from both parties in the Senate. This would improve the chances for a compromise that has so far been elusive.

"There will be sufficient cooperation so a bill will pass that allows the debt limit to be lifted, with deficit reduction," Democratic Senator Max Baucus said.

Both sides acknowledge similarities between their plans.

Reid's measure has a concession aimed at winning Republican support -- no tax increases. It also cuts more spending than Boehner's proposal, according to an independent assessment.

Tea Party groups have called on Republican lawmakers to reject any compromise, including the Boehner plan.

A Tea Party rally outside the Capitol in Washington drew about 40 participants, including presidential candidate Herman Cain, who urged Republican leaders to "hold the line" in demanding spending cuts and opposing tax increases.

"Government's too big. That's what this is about," said one protester, Kathy Smith from Fairfax, Virginia.

WORLD "NEEDS" U.S. DEBT DEAL

Boehner rushed to revise his two-step proposal after an analysis by the non-partisan Congressional Budget Office found it would cut spending by $350 billion less than the $1.2 trillion over 10 years he had claimed.

His new plan, which may make it easier for him to obtain backing from fiscal conservatives, reduces the debt ceiling increase to a maximum of $900 billion, covering the nation's borrowing needs until about November. A technical tweak boosts the projected spending cuts to $917 billion.

Some analysts say the government may have enough cash on hand to pay bills until the middle of the month but the Obama administration says the August 2 deadline is unavoidable.

Several House Democrats planned a news conference for Thursday to urge Obama to invoke an obscure clause of the U.S. Constitution to raise the debt ceiling on his own if needed.

The White House has dismissed this idea of using the 14th Amendment but Obama has a range of unilateral options he can take.

"A default or downgrade on U.S. debt would cause considerable problems for Japan's financial system," said Hidetoshi Kamezaki, a board member of the Bank of Japan.

France's budget minister, Valerie Pecresse, urged Washington to come to an agreement.

"The global economy needs an American agreement," Pecresse said.

 

[EmpireGlobalfx]

EURO GOVT-High Italian funding costs keep investors on edge

Italian funding costs hit 11-year high at auction

* Yields rise across the Italian, Spanish curves

* Outlook for risk assets hangs on U.S. debt debate


LONDON, July 28 (Reuters) - Italian bond yields rose across the curve in a volatile trading session on Thursday, after high auction yields inflamed worries about the country's debt burden against the nervy backdrop of U.S. politicians flirting with a default.

Safe-haven German debt made only limited gains, but rose to within a tick of the highest settlement close since last November as continued deadlock in talks over raising the U.S. debt ceiling supported demand for triple-A assets.

This highlighted the prevailing unease among market participants over how and when the sweeping rescue plan announced last week to save Greece and ease contagion concerns will be implemented.

"There's no clear timeline at this point ... There's a vacuum in the market, and market sentiment wasn't that good to start off with owing to the debt discussions in the U.S," said Elwin de Groot, senior strategist at Rabobank.

"Overall it's a pretty bad cocktail."

Italy has continued to feel pressure from markets because the package of euro zone anti-crisis measures did not include an increase in the size of the bloc's rescue fund, analysts said.

This is seen as essential if the European Financial Stability Facility is to provide assistance for Italy, the region's third-largest economy.

Italy issued 10-year debt at the highest yield in 11 years early in the session. While high yields were widely expected, markets were disappointed that the chunky returns on offer didn't draw in stronger bidding. As a result, the bonds underperformed in secondary markets after the sale as primary dealers tried to pass on the issues to end investors.

Cash yields hit a session high of 5.99 percent, but later recovered some ground to stand at 5.84 percent into the European close.

A trader said he had doubts Italy could defend the 6 percent line for too long, as many investors prefer to stay on the sidelines.

"From the way the market has been behaving over the past month, I think there's just fast money moving around. I don't think there's too much real money getting involved here because there's just too much uncertainty," the trader said.

Monument Securities strategist Marc Ostwald said Italian yields could only come down sustainably if the EFSF's size was increased and its power boost approved smoothly in European parliaments.

Evidence of deep structural reforms would be needed then to cap them at more comfortable levels, he said.

Spanish bonds , also seen suffering from concerns about the implementation of the rescue deal, were up over 5 bps, trading at 6.05 percent.

US OR THEM

U.S. politicians have yet to find a compromise on a deal to lift the country's borrowing limit to avoid default before an Aug. 2 deadline.

Even if a deal is reached, a budget plan that does not include hefty deficit cuts may result in a downgrade of the United States' AAA credit rating.

Given that most investors hold U.S. Treasuries because there are few other AAA-rated alternatives, a risk-averse environment would probably see outflows from equities into fixed income.

"If the U.S. retains benchmark status, which seems likely, the rise in funding costs is not likely to be that dramatic," said Charles Diebel, head of market strategy at Lloyds.

"The risk is that investment behaviours and market technicalities overreact and prompt some form of liquidity crisis in the short term but we would suggest this is a tail risk at best."

In the event a deal was struck, the risk premium priced into Treasury debt could unwind, driving the yield gap between German and U.S. bonds wider, and boosting riskier assets in the short term, analysts said.

 

[EmpireGlobalfx]

Wall Street ends worst week in year on debt stalemate

(Reuters) - Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the government loses its ability to borrow money.

The S&P 500 fell every day this week and was down 3.9 percent for the week as legislators failed to work out an agreement to raise the federal borrowing limit, which expires on Tuesday. Investors also worry about the likelihood of a U.S. credit downgrade.

The CBOE Market Volatility Index .VIX, a gauge of investor fear, jumped as much as 9 percent to its highest level since mid-March before paring its rise.

Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, said investors are taking a more defensive stance, possibly moving more into cash.

"It's frustrating for investors and for U.S. citizens to see this unfold in the way it has been," she said.

"From an overall asset allocation standpoint, in an environment like this, you get bigger moves into cash and safe havens."

The Dow Jones industrial average .DJI was down 96.87 points, or 0.79 percent, at 12,143.24. The Standard & Poor's 500 Index .SPX was down 8.39 points, or 0.65 percent, at 1,292.28. The Nasdaq Composite Index .IXIC was down 9.87 points, or 0.36 percent, at 2,756.38.

U.S. President Barack Obama told Republicans and Democrats to find a way "out of this mess." The United States will be unable to borrow money to pay its bills if Congress does not raise the debt limit by August 2.

A second attempt for a vote in the House of Representatives is expected after the close of trading on Friday after a bill was modified to try to win over more conservative lawmakers. The measure has little chance of passing in the Senate, however.

At least one credit rating agency has said it is likely to lower the United States' prized tripe-A rating if the cuts in Washington don't go far enough.

"Will the deal be enough to satisfy the credit rating agencies is really what's at stake here," Trunow said, whose firm manages about $14.8 billion.

The S&P utility index .GSPU is down 2.1 percent for the week, while the Dow is down 4.2 percent and the Nasdaq is down 3.6 percent for the week.

Major indexes also posted losses for the month: the Dow and S&P 500 each lost 2.2 percent while the Nasdaq fell 0.6 percent.

The S&P 500 briefly fell below its 200-day moving average, seen as key support, and bounced back from its worst levels of the day.

Weak economic data also weighed on equities. The U.S. economy stumbled badly in the first half of this year and came dangerously close to contracting in the January-March period.

Among declining stocks, Chevron Corp (CVX.N), the second-largest U.S. oil company, fell 1 percent to $104.02 despite reporting a 43 percent jump in quarterly profit that beat estimates.

Energy led declines on the Dow on Friday, but the industrial sector was among the hardest hit for the week. The S&P industrial sector .GSPI lost 6.1 percent this week, following disappointing results from companies including Illinois Tool Works (ITW.N).

"The industrial sector appears to be pricing in lower earnings ahead," said Chris Burba, a short-term market technician at Standard & Poor's in New York.

Some 8.58 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq, above the daily average of 7.48 billion.

Declines outweighed advances on the NYSE by about 2 to 1, while on Nasdaq losers outpaced winners by about 7 to 5.

 

[EmpireGlobalfx]

Empire Global Fx 's complete list of almost 400 instruments and average spreads.

Instrument Spread
EURUSD 0,6
USDJPY 0,9
GBPUSD 2
USDCHF 2
USDCAD 1,8
AUDUSD 1,2
NZDUSD 1,8
EURGBP 1,8
EURJPY 2,4
GBPJPY 3,2
AUDJPY 1,7
NZDJPY 2,8
CHFJPY 3
CADJPY 3
EURCHF 4
EURAUD 3
EURCAD 4
GBPCHF 6
GBPCAD 5
GBPAUD 5
GBPNZD 10
AUDNZD 7
AUDCHF 4
USDMXN 150
Natural Gas July (06/25/09@2:30pmEST) 0,01
Natural Gas Aug (7/29/09@2:30pmEST) 0,01
Natural Gas Expiring 0,002
Soybeans May(04/22/09@2:15pmEST) 0,04
Soybeans July (6/22/09@2:15pmEST) 0,04
Soybeans Expiring 0,005
US DJ 30 Mar (03/19/09@4:00pmEST) 10
US DJ 30 June (06/19/09@4:15pmEST) 10
US DJ 30 Sept (09/18/09@4:15pmEST) 76
US DJ 30 Expiring 2

 

[EmpireGlobalfx]

US SP 500 Dec (12/18/08@4:15pmEST) 0
US SP 500 Mar (03/19/09@4:15pmEST) 1
US SP 500 June (06/19/09@4:15pmEST) 1,18
US SP 500 Sept (09/18/09@4:15pmEST) 1,18
US SP 500 Expiring 0
US NASQ 100 Mar (03/19/09@4:15pmEST) 2
US NASQ June (06/19/09@4:15pmEST) 2
US NASQ Sept (09/18/19@4:15amEST) 1,75
US NASQ Expiring 0,5
USD Index 0,05
Russell 2000 Dec (TFZ8) 0,05
UK 100 Mar (03/20/09@5amEST) 5
UK 100 June (06/19/09@5amEST) 5
UK 100 Sept (09/18/09@5amEST) 1,5
UK 100 Expiring 1
UK 100 Sept / USD 5
Germany 30 Mar (03/20/09@7amEST) 5
Germany 30 June (06/19/09@7amEST) 5
Germany 30 Sept (09/18/09@7amEST) 1
Germany 30 Expiring 0,5
Germany 30 Sept / USD 5
France 40 Jan 1/16/09@10amEST 7
France 40 Apr (04/17/09@10amEST) 7
France 40 May (05/15/09@10:00amEST) 7
France 40 Expiring 0,5
France 40 Aug / USD 0
Switzerland 30 June (06/19/09@3amEST) 8
Switzerland 30 Expiring 2
Switzerland 30 Sept / USD 8
Japan 225 June(06/11/09@4:15pmEST) 30
Japan 225 Sept(09/10/09@4:15pmEST) 10
Japan 225 Expiring 5
Taiwan Index Oct (STWV8) 0,2
Taiwan Index Nov (STWX8) 0,5
US 10yr Sept (08/27/09@3pmEST) 0,1562
US 10yr Expiring 0,03125
US 30 Yr June (05/27/09@3pmEST) 0,1562
US 30yr Sept (08/27/09@3pmEST) 0,1562
US 30yr Expiring 0,03125
Hang Seng Index July (7/30/09@4:30amEST) 0
German Bund Dec (FGBLZ8) 0,05
German Bund Mar (FGBLH9) 0,05
German Bund (USD) 0,01
DAX 30 (USD) 0,1
CAC 40 (USD) 0,1
Swiss Market Index (USD) 0,1 :smart:

 

[EmpireGlobalfx]

IBEX 35 (USD) 1
SPI 200 (ASX) (USD) 1
UK 100 (M2)/USD 0,5
Germany 30 (M2)/USD 0,5
Spain 35 (M2)/USD 0
German Bund (M2)/USD 0,05
France 40 (M2)/USD 0,5
Switzerland 30 (M2)/USD 5
France 40 Expiring/USD 0
UK 100 Expiring/USD 0,5
SWISS30/USD 5
DAXX30/USD 0,5
3M Company (MMM) 0,01
Adobe Systems (ADBE) 0,17
Alcoa (AA) 0,05
Altera Corporation (ALTR) 0,03
Altria Group (MO) 0,01
Amazon.com Inc (AMZN) 0,26
American Express Co (AXP) 0,01
AMGEN (AMGN) 0,01
Apple Computer Inc (AAPL) 0,03
Applied Materials (AMAT) 0,02
AT&T Corp (T) 0,05
Bank of America (BAC-XNYS) 0
Boeing Co (BA) 0,01
Bristol Myers Squibb (BMY) 0,07
Caterpillar (CAT) 0,01
Cisco Systems (CSCO) 0,03
Citigroup Inc (C-XNYS) 0,01
ConocoPhillips (COP) 0,05
Coca Cola Company (KO) 0,01
Dell Computer (DELL) 0,01
Delta Airlines (DAL) 0,01
Disney (DIS) 0,02
eBay Inc (EBAY) 0,01
EMC Corp (EMC) 0,01
Exxon-Mobile (XOM) 0,01
Freeport McMoran (FCX) 0,01
General Electric (GE) 0,01
Goldman Sachs (GS) 0,01
Google Inc (GOOG) 0,18
Halliburton (HAL) 0,01
Hewlett-Packard (HPQ) 0
Home Depot (HD) 0,01
IBM (IBM) 0,06
Intel Corp (INTC) 0,01

 

[EmpireGlobalfx]

JDS Uniphase (JDSU-XNAS) 0,03
Johnson & Johnson (JNJ) 0,01
JPMorgan Chase (JPM) 0,03
McDonald's (MCD) 0,14
Microsoft Corp (MSFT) 0,01
Monsanto (MON) 0,35
Las Vegas Sands Corp (LVS) 0,03
Morgan Stanley (MS) 0,01
Motorola Inc (MOT-XNYS) 0,05
National Semiconductor (NSM) 0,01
Newmont Mining (NEM) 0,01
Oracle Corp (ORCL) 0,01
Pfizer Inc (PFE) 0,01
Potash (POT) 0,03
Qualcomm Inc (QCOM) 0,04
Qwest Communications (Q-XNYS) 0,07
Research in Motion (RIMM) 0,01
Sun Microsystems (JAVA-XNAS) 0,02
Symantec Corp (SYMC) 0,04
Target Corp (TGT) 0,01
Ternium S.A. ADS (TX) 0,09
Texas Instruments (TXN) 0,06
Time Warner Inc (TWX) 0,01
United Technologies Corp. (UTX) 0,01
United States STL Corp New (X) 0,05
Verizon Communications (VZ) 0,01
Yahoo Inc (YHOO) 0,01
Barclays Plc (BARC-XLON) 0,0025
BP PLC (BP-XLON) 0,01
Invensys Plc (ISYS-XLON) 0,0025
J Sainsbury Plc (SBRY-XLON) 0,01
Marks & Spencer Plc (MKS-XLON) 0,0025
Prudential Plc (PRU-XLON) 0,005
Rolls-Royce Group Plc (RR-XLON) 0,0025
Royal and Sun All. Ins. Group (RSA-XLON) 0,005
Tesco Plc (TSCO-XLON) 0,0025
Unilever Plc (ULVR-XLON) 0,01
Vodafone Group (VOD-XLON) 0,003
BP Plc (BP-XLON)(DISCARDED) 0,01
BARCLAYSUSD 1E-04
ROYAL&SUN_ALL_INS_GRUSD 1E-04
INVENSYS PLCUSD 0,0001
VODAFONE GROUPUSD 1E-04
UNILEVER PLCUSD 0,001
PRUDENTIAL PLCUSD 1E-04
MARKS SPENCER PLCUSD 0,0001

 

[EmpireGlobalfx]

J SAINSBURY PLCUSD 1E-04
ROLLS-ROYCE GRP PLCUSD 1E-04
TESCOUSD 1E-04
Allianz AG (ALVG-XETR) 0,03
AXA SA (AXAF-PAR) 0,02
BASF AG (BASF-XETR) 0,02
Bayer AG (BAYG-XETR) 0,05
Bayerische Hypo (HVMG-XETR) 0,07
BMW AG (BMWG-XETR) 0,03
Commerzbank AG (CBKG-XETR) 0,02
Daimler AG (DAI-XETR) 0,03
Deutsche Bank (DBKGn-XETR) 0,04
Deutsche Lufthansa (LHAG-XETR) 0,02
Deutsche Telekom (DTEGn-XETR) 0,02
E ON AG (EONG-XETR) 0,3
Ericsson (ERICb-XOMX) 0,02
France Telecom (FTE-XPAR) 0,03
Infineon Tech AG (IFXGn-XETR) 0,02
ING Groep (INGA-XAMS) 0,02
Royal Dutch Petroleum ((RDSA-XAMS) 0,02
RWE AG (RWEG-XETR) 0,05
SAP AG (SAPG-XETR) 0,02
Siemens AG (SIEGN-XETR) 0,05
ThyssenKrupp AG (TKAG-XETR) 0,02
Volkswagen AG (VOWG-XETR) 0,2
DAIMLERCHRYSLER AG/USD 0,05
ING GROEPUSD 0,05
BAYERISCHE HYPOUSD 0,05
SIEMENS AGUSD 0,05
AXA SAUSD 0,05
FRANCE TELECOMUSD 0,05
E ON AGUSD 0,05
THYSSENKRUPP AGUSD 0,05
VOLKSWAGEN AGUSD 0,05
DEUTSCHE TELECOMUSD 0,05
BAYER AGUSD 0,05
DEUTSCHE LUFTHANSAUSD 0,05
INFINEON TECHUSD 0,05
RWE AGUSD 0,05
SAP AGUSD 0,05
DEUTSCHE BANKUSD 0,05
BASF AGUSD 0,05
ALLIANZ AGUSD 0,05
ROYAL DUTCH PETUSD 0,05
COMMERZBANK AGUSD 0,05
BMW AGUSD 0,05 :clap:

 

[EmpireGlobalfx]

ERICSSON/USD 0,05
Canon (CAJ-XNYS) 0,03
FUJIFILM (FUJI-XNYS) 0,07
Hitachi (HIT-XNYS) 0,05
Honda Motor (HMC-XNYS) 0,02
Internet Initiative Japan (IIJI-XNYS) 0,03
Kyocera (KYO-XNYS) 0,2
Matsu****a Electric Industrial (MC-XNYS) 0,02
Mitsubishi UFJ Financial (MTU-XNYS) 0,01
Nippon Telegraph and Telephone (NTT) 0,01
Nissan Motor (NSANY) 0,09
Nomura (NMR-XNYS) 0,01
NTT DoCoMo (DCM) 0,01
Orix (IX-XNYS) 0,3
Sony (SNE) 0,21
Toyota Motor (TM) 0,04
3SBIO (SSRX-XNAS) 0,05
51job (JOBS-XNAS) 0,02
Acorn (ATV-XNYS) 0,02
Actions Semiconductor (ACTS-XNAS) 0,01
Agria Corporation (GRO-XNYS) 0,02
Baidu.com (BIDU) 0,99
China Finance Online (JRJC-XNAS) 0,15
China GrenTech (GRRF-XNAS) 0,02
China Life Insurance (LFC-XNYS) 1,19
China Medical Technologies (CMED-XNAS) 0,12
China Nepstar Chain Drugstore (NPD-XNYS) 0,02
China Sunergy (CSUN-XNAS) 0,04
China Techfaith Wireless Communication (CNTF-XNAS) 0,03
China Unicom (CHU) 0,01
CNInsure (CISG-XNAS) 0,15
CTrip.com International (CTRP-XNAS) 0,36
eLong (LONG-XNAS) 0,13
Focus Media (FMCN-XNAS) 0,11
Giant Interactive Group (GA-XNYS) 0,01
Home Inns & Hotels Management (HMIN-XNAS) 0,02
Hurray! (HRAY-XNAS) 0,02
JA Solar (JASO-XNAS) 0,02
KongZhong (KONG-XNAS) 0,02
LDK Solar (LDK-XNYS) 0,01
Linktone (LTON-XNAS) 0,02
Longtop Financial Technologies (LFT-XNYS) 0,07
Mindray Medical International (MR-XNYS) 0,01
Netease.com (NTES-XNAS) 0,01
New Oriental Education & Technology (EDU-XNYS) 0,03
Ninetowns Internet Technology (NINE-XNAS) 0,02

 

[EmpireGlobalfx]

Perfect World (PWRD-XNAS) 0,02
Shanda Interactive Entertainment (SNDA) 0,03
Simcere Pharmaceutical (SCR-XNYS) 0,04
Spreadtrum Communications (SPRD-XNAS) 0,02
Suntech Power (STP) 0,03
The9 (NCTY-XNAS) 0,05
Tongjitang Chinese Medicines (TCM-XNYS) 0,02
Vimicro International (VIMC-XNAS) 0,02
WuXi Pharmatech (WX-XNYS) 0,04
Xinyuan Real Estate (XIN-XNYS) 0,02
Xinhua Finance Media (XFML-XNAS) 0,02
Yanzhou Coal Mining (YZC-XNYS) 0,02
Yingli Green Energy (YGE-XNYS) 0,04
Cemex S.A.B. de C.V. (CX) 0,01
Desarrolladora Homex (HXM-XNYS) 0,04
Empresas ICA (ICA-XNYS) 0,02
Fomento Economico Mexicano (FMX-XNYS) 0,01
Grupo Casa Saba (SAB-XNYS) 0,05
Grupo Radio Centro (RC-XNYS) 0,2
Grupo Televisa, S.A.B. (TV-XNYS) 0,1
Industrias Bachoco (IBA-XNYS) 0,15
Telefonos de Mexico - Series A (TMX-XNYS) 0,02
Vitro (VTO-XNYS) 0,02
Aracruz Celulose (ARA-XNYS) 0,01
Banco Bradesco (BBD-XNYS) 0,02
Banco Itau (ITU) 0,04
Brasil Telecom (BTM-XNYS) 0,07
Braskem (BAK-XNYS) 0,02
Companhia Energetica de Minas Gerais (CIG-XNYS) 0,02
Companhia Siderurgica Nacional-CSN (SID-XNYS) 0,03
Companhia Vale do Rio Doce-CVRD (VALE) 0,06
Comp. Paranaense de Energia-COPEL-Pref (ELP-XNYS) 0,03
CPFL Energia (CPL-XNYS) 0,1
Embraer (ERJ-XNYS) 0,02
Gafisa (GFA-XNYS) 0,01
Gerdau (GGB-XNYS) 0,01
Petroleo Brasileiro - Com (PBR) 0,01
SABESP (SBS-XNYS) 0,2
Sadia (SDA-XNYS) 0,04
TAM (TAM-XNYS) 0,01
Telecomunicacoes de Sao Paulo (TSP-XNYS) 0,02
Telemig Celular (TMB-XNYS) 0,2
Tele Norte Celular (TCN-XNYS) 0,05
Tele Norte Leste (TNE-XNYS) 0,02
TIM Participacoes (TSU-XNYS) 0,04
Vivo (VIV-XNYS) 0,02

 

[EmpireGlobalfx]

Votorantim Celulose e Papel (VCP-XNYS) 0,13
Ultrapar (UGP-XNYS) 0,08
Unibanco-Uniao de Bancos Brasileiros (UBB-XNYS) 0,05
HDFC Bank (HDB-XNYS) 0,05
Dr. Reddy's Laboratories 0,02
Sterlite Industries 0,01
Wipro 0,02
Mechel Steel (MTL-XNYS) 0,2
Mobile TeleSystems (MBT-XNYS) 0,07
Wimm-Bill-Dann Foods (WBD-XNYS) 0,15
Diamonds (DIA) 0,01
Direxion : FINL Bull 3X (FAS) 0,07
Direxion : EMGMK Bull 3X (EDC) 0,1
PowerShares Aerospace & Defense (PPA) 0,08
PowerShares DB Agriculture (DBA) 0,05
PowerShares DB Commodity Idx Trking (DBC) 0,01
PowerShares Dynamic Large Cap Growth (PWB) 0,01
PowerShares Dynamic Pharmaceuticals (PJP) 0,22
PowerShares Dynamic Software Portfolio (PSJ) 0,17
PowerShares Dynamic Semiconductor (PSI) 0,19
PowerShares Gldn Dragon Halter USX China(PGJ) 0,02
PowerShares QQQ (QQQQ) 0,01
PowerShares Water Resources (PHO) 0,01
PowerShares Wilder Clean Energy (PBW) 0,01
PowerShares Dynamic Utilities Portfolio (PUI) 0,13
SPDR (SPY) 0,01
SPDR Consumer Staples (XLP) 0,07
SPDR DJ Wilshire Intl Real Estate (RWX) 0,04
SPDR Energy (XLE) 0,01
SPDR Financial (XLF) 0,01
SPDR Industrial (XLI) 0,09
SPDR S&P China (GXC) 0,04
SPDR S&P Emerging Middle East & Africa (GAF) 0,31
SPDR Technology (XLK) 0,05
SPDR S&P Metals & Mining (XME) 0,01
SPDR Health Care (XLV) 0,01
SPDR Gold Shares (GLD) 0,01
SPDR S&P Homebuilders (XHB) 0,01
SPDR S&P Oil&Gas Exploration (XOP) 0,12
SPDR Materials Select Sector (XLB) 0,01
SPDR Consumer Discretionary (XLY) 0,01
SPDR Utilities Select Sector (XLU) 0,01
BLDRS Emerging Markets 50 ADR Index (ADRE) 0,02
HLDRS Biotech (BBH) 0,04
HLDRS Semiconductor (SMH) 0,01
HLDRS Oil Service (OIH) 0,02 :clap: