SIF Trader Report

Mar 19th, 2013

Reflection on YesterdayMarch 18, 2013

Shocking plans in Europe to impose sweeping taxes on all Cyprian savings accounts to pay for a bailout of the island pulled European exchanges lower and pulled the Dow down 0.4 percent to 14,452. The euro lost nearly one percent and is back under $1.3000 at $1.2955.

But demand for safety has been limited with gold up only $10 to $1,605 and with the 10-year US Treasury yield down a modest four basis points to 1.95 percent. Lost in the session due to the Cypress news was a weak housing market index that points to unwanted bumps ahead for the new home market.

Stocks That are Moving in the 60

U.S. Stock Market Review

Canadian Stock Market Review

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European Markets

Asian Markets

Consumer Interest Rates

Numbers for U.S.

Industries Performance

Commodities

Currencies

European Headlines

Cyprus Bank-Levy Passage in Doubt as EU Shows FlexibilityCyprus’s passage of an unprecedented levy on bank deposits was in doubt as euro-area finance ministers responded to criticism of the measure by loosening their stance on how the money is raised.

European Stocks Retreat Before Cyprus Debate on Bank LevyEuropean stocks fell for a third day before Cypriot lawmakers meet to discuss a 5.8 billion-euro ($7.5 billion) bank-deposit levy needed to win a bailout. U.S. index futures were little changed and Asian shares climbed.

U.K. Inflation Quickens to Fastest in Nine MonthsU.K. inflation accelerated to the fastest pace in nine months in February and factory-gate prices increased twice as much as forecast as energy costs surged.

Volvo Said to Win China Approval to Begin Making CarsVolvo Cars, the Swedish carmaker owned by Zhejiang Geely Holding Group Co., won the approval of China’s main industry planner to begin making vehicles in the country, three people familiar with the matter said.

Asian HeadlinesAsia Stocks Pare Gains on Report Cyprus Won’t Pass LevyAsian stocks pared gains after a report suggested Cyprus’ parliament won’t approve a tax on bank deposits needed to secure a euro-zone bailout.

India Gold ETF Sales Mimic Soros as Goldman More BearishIndian gold funds are shrinking for the first time since June as investors in the biggest bullion-consuming nation follow billionaire George Soros in pulling money from products backed by the precious metal.

Japan Steel May Forge Ventures to Make Nuclear Parts in AsiaJapan Steel Works Ltd., a nuclear parts supplier for customers from Areva SA to Hitachi Ltd., is considering tieups in Southeast Asia and India after the Fukushima disaster squeezed demand at home and in the U.S.

Lion Mentari Orders 234 Airbus Jets to Challenge AirAsiaPT Lion Mentari Airlines ordered 234 planes from Airbus SAS, its second order of more than 200 aircraft in two years, as Indonesia’s biggest budget carrier expands its fleet to meet rising travel demand.

Canadian HeadlinesBrent Falls to Shrink Premium to WTI Before Cyprus Vote

Brent crude fell, shrinking its premium to U.S. oil to less than $15 a barrel for the first time since January, as Cyprus prepared to vote on a bank levy amid renewed concern that Europe’s debt crisis will worsen.

Gold Falls After Three-Day Gain as Stronger Dollar Curbs Demand

Gold fell, ending a three-day advance in London, as a strengthening dollar curbed demand for an alternative investment.

Flaherty to cut spending in response to weak growth forecast

Finance Minister Jim Flaherty intends to freeze or cut spending on programs, defer capital expenditures and eliminate some corporate-tax exemptions to help close the gap on a $2.1-billion shortfall in revenues for 2013, The Globe and Mail has learned.

U.S. Headlines

JPMorgan Whale Pushed for ‘Young’ Trader Who Later Took His JobBruno Iksil, the trader whose wagers cost JPMorgan Chase & Co. $6.2 billion and led to his ouster, may have unwittingly helped pick his replacement.

U.S. Stock Futures Are Little Changed Before Fed MeetingU.S. stock futures were little changed, following a two-day slide for the Standard & Poor’s 500 Index, as investors awaited a report on housebuilding and the start of a Federal Reserve meeting.

Ryanair Places $15.6 Billion Order for 175 Boeing 737 PlanesRyanair Holdings Plc agreed to buy 175 Boeing Co. 737 jets worth $15.6 billion at list price to offer discount flights in markets vacated by full-service rivals and said it may opt to add 200 more by the end of the year.

Samsung Preparing Wristwatch as It Races Apple for SalesSamsung Electronics Co. is developing a wristwatch as Asia’s biggest technology company races against Apple Inc. to create a new industry of wearable devices that perform similar tasks as smartphones.

References

Yahoo!

Bloomberg

The Globe and Mail

CPMS

BNN

NY Times

CNN

BMO Economic Calendar