Indices begin week on positive note

Discussion in 'Trading' started by TradeTheNews, Mar 19, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    US Mid Morning Recap
    by TradeTheNews Staff

    - Equity futures moved higher ahead of the NYC on the back of strong overseas performance. The Shanghai Composite set the tone overnight after it reversed from a lower open to close up more than 1% despite the Chinese Central Bank’s decision to raise interest rates. Equities received further support from new round of buyouts both speculated and announced. ABN +9% EAGL +4.7% SVM +12% TRI +4% THE +17% Shares of Ford have ticked up 2% in late morning trade as talk that Shanghai Automotive could make a play for the Co. The energy complex has been strong from the start as the OSX did make new 2007 highs early in the session. May Crude is fractionally higher at $59.72 after it assumed its place as the front month contract.-

    - With the equity strength there has been some selling in the treasury market. The long bond future is off 11 ticks while the yield on the 10-year has risen to 4.567%. The Dollar is mixed against the European currencies with the Euro gaining and Cable declining marginally. The USD/JPY +0.75% to 117.58 is advancing, helped by the stabilization of equities, but it is worth noting the Aussie dollar is approaching an 11-year high against the Greenback nearing the 0.80 mark.