Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality

Iraq Dinar/News is a popular topic among many topics this board offers. You must log in to see and participate in our Dinar sections.

Position yourself for free after watching the video on eCommerce at


I can be reached by phone or text 7am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2017

Market Talk – March 10th, 2016


Posts : 26734
Thanked : 1361
Join date : 2013-01-12

Market Talk – March 10th, 2016

Post by Lobo on Thu 10 Mar 2016, 4:51 pm

The surprise rate cut by the New Zealand Central Bank earlier this morning spooked a few markets especially ahead of the ECB later in the day. The Nikkei liked the news which resulted in a +1.3% rally but that has been reversed after the wests reaction to the ECB this evening. In late US trading we are seeing the Nikkei futures -1.9% lower and the JPY trading sub 113 down -0.5%. The Shanghai cash market was weak all day but accelerated that decline into the close. After Consumer Confidence showed better than the expected 1.9% and was released at +2.3% but that was not enough to turn a bear market bull. Also, in late US trading the China 300 continues to fall with last price seen -30 points a further -1%.
Europe was just waiting for the ECB and then all the fun and games began just after mid-day. Initial reaction from equity markets was a huge (2%) rally for both the DAX and the CAC. However, that was short-lived as the press conference began he commented that that was that! Yes, they cut rates to -0.4% but said, No more rate cuts! Also reduced refi rate from 5BP to zero, increased the monthly QE amount to 80bn (from 60bn) and in corporate paper and lastly a new series of LTRO. After the surge we saw the reverse and by mid-afternoon all core indices were heading lower, eventually closing around 2% down on the day.
US markets also saw a volatile day with 1%+ swings a common occurring both in the morning and afternoon sessions. By the close of business markets really felt none-the-wiser and all indices closed almost unchanged on the day.
The same thing could not be said for either Gold or US Treasury markets. Gold saw a healthy $18 (+1.5%) rally to close just over $1270 whilst Bond prices drifted. The yield on the US 10yr opened the morning at 1.86% but were sold upon hearing the ECB news. We closed this evening at 1.93% having seen an intraday high of 1.95%. The curve performed reasonably well with 2’s and Bonds off only 3BP each while the belly (5’s and 10’s) lost around 6bp. The 30yr closed 2.70% which really was an impressive performance given they auctioned $12bn this afternoon and were awarded at 2.72% average yield. In Europe all markets suffered with German Bunds closing +7bp at 0.31%. Peripheral closed as followed:- Italy 1.45% (+4bp), Greece 8.75% (-34bp), Turkey 9.95% (-9bp) and UK Gilt 10yr at 1.54% +7bp.
The EURO was hit upon the news (-1.5%) but by mid-afternoon trading had recovered all losses and was +1.7% higher on the day even breaching the $1.12 handle at one stage. With GBP also making small ground against the USD the DXY closed the day down 1% at 96.19.
CPI in both Germany and Spain tomorrow morning then that’s it for the weekend. Next week we have Central Banks in play yet again….

    Current date/time is Tue 21 Nov 2017, 4:49 pm