Added: Jul 24, 2008
From: Saxobankvideo
Duration: 5:22
Saxo Bank Market call 24 july 2008Is Lower Oil Prices Enough to Feed an Extended RallyWhile lower crude prices and stronger dollar has helped the Asian equities to rise with Japanese stocks now registering third up-day, the extend of this rally remains to be seen. Overnight News BulletsUK BoE voted 7-1-1 at rate decision, 1 cut and 1 hike, expectations were just 1 cutFR Consumer Spending MoM/YoY (Jun) out at, -0.4%/1.0% vs. -0.6%/1.4% exp. 2.0%/3.1% prior.E-Z Industrial New Orders MoM/YoY (May) out at, -3.5%/-4.4% vs. -1.3%/2.1% exp. 2.5%/11.7% prior.CA Consumer Price Index MoM/YoY (Jun) out at, 0.7%/3.1% vs. 0.5%/2.9% exp. 1.0%/2.2% prior.CA Bank Canada CPI Core MoM/YoY (Jun) out at, 0.1%/1.5% vs. 0.1%/1.6% exp. 0.3%/1.5% prior.US MBA Mortgage Applications (Jul 18) out at, -6.2% vs. 1.7% prior.US DOE Inventories: Crude Oil -1558K vs. -675K exp. Gasoline 2847K vs. 200K exp. Distillate 2419K vs. 2500K exp. Refinery Utilization -2.35% vs. 0.00% exp.NZ RBNZ Official Cash Rate cut 25 bps to 8.00 Expectations was no change.JN Merchnds Trade Balance Total (Jun) out at, Y138.6B vs. Y500.0B exp. Y365.6B prior.JN Adjusted Merchnds Trade Balance (Jun) out at, Y135.4B vs. 342.7B exp. 642.3B prior.Markets FX: NZD selling off heavily after the unexpected cut, GBP stronger after BoE Mins Fixed Income: Treasuries mostly unchanged awaiting job market figures today. Stocks: Equities posting strong gains across the board, Asia up on low oil price and exporters. Commodities: Crude continues the slide, partly pushed lower by stronger USD but also big build in gasoline
Channel: News
Tags: 24 analysis bank call commentary commercial financial live market news political saxo saxotrader saxowebtrader
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