Italian Election Poll Results Disappointing Euro. The euro traded lower against the greenback on Wednesday after a new poll showed the political coalition led by former Italian Prime Minister Silvio Berlusconi won additional sound support, which threatens the continuation of the reforms initiated by the present government. "Berlusconi proved to narrow the deficit sound support in the polls, his promise to cancel the tax increase and return a portion of tax paid appears to start reaping the response as expected," said Richard Gilhooly, an analyst at TD Securities. "And the risk is negative for the euro."
In his latest political campaign Berlusconi has vowed to cut taxes, and stop the reform measures that have been taken by Prime Minister Mario Monti. During the last few years and the fiscal burden of a large Italian debt has been one factor that haunts the world financial markets. The euro is currently offered in the range of $ 1.3530 or about 0.35% below yesterday's close, after touching the lowest price in the range of $ 1.3492 daily.
French Finance Minister weakening Euro
The euro weakened after French Finance Minister, Pierre Moscovici, again criticized the euro exchange rate. "The euro has gained 6.5% in the last six months and if these conditions persist for a year it would cut annual economic growth of 0.3%," Moscovici said the French express want euro issues discussed at the EU summit that takes place tomorrow. EUR / USD is now trading 1.3500, moving away from a daily high level 1.3594. "The euro is certainly an impact on economic growth," said Moscovici. "Although there is no pressure on the ECB but it should be discussed how the fair value of the euro exchange rate and how to achieve it." Moscovici criticism is in line with the statement of President Francois Hollande who want an agreement on the exchange rate in the medium term.
U.S. Oil Reserves Increase
Uncertainty continued recovery of the U.S. economy will likely succeeded in reducing the demand for energy products, especially oil. It can be seen from U.S. oil reserves increased by 2.6 million barrels; This is additional oil reserves for three consecutive weeks. However, the increase in reserves was lower than forecast rise of 2.7 million barrels and previous publications increased by 5.9 million barrels. Oil prices were little changed after the data was released despite visible efforts to reduce attenuation. Nymex oil is now trading $ 95.65, not far from the daily low level $ 95.02.
Germany No Trouble With Euro Exchange Rate
Germany seems to have no problem with the euro as he uttered that the euro is not too expensive. "The German government believes that the current euro exchange rate is not overvalued," said German government spokesman, Steffen Seibert. Seibert's comments seemed aimed at the French proposal for talks medium-term exchange rate for the euro. Try to reduce the weakening Euro in the New York session. EUR / USD is now trading 1.3515, try to stay away from daily lows 1.3492
"There will be a discussion on the euro exchange rate at the Eurogroup meeting ... but the German government saw the exchange rate is not the right instrument to enhance competitiveness," said Seibert. "Devaluation would only have an impact in the short term. Would not create a strong competitive edge in the long term."
Launch Q10 Maybe Too Late, BlackBerry Slips
Shares of BlackBerry Inc.. traded about 2.5% lower in the early session Wednesday after the Wall Street firm indicated that the launch of the Q10 smartphone, which has a physical keyboard, the U.S. may retreat from earlier expectations. In an interview with the Associated Press, CEO Thorsten Heins said that Q10 new possibilities will be released to market in 8 to 10 weeks after sales began Z10 touchscreen. With expectations Z10 will go on sale in the U.S. in March, it seems the new Q10 will be available in the U.S. market sometime in April 2013.
"We're trying to speed it up as much as possible," Heins said at the end of the interview.
Solid Earnings Not Helping 'Mood' Wall Street
The majority of stocks on Wall Street traded lower on Wednesday as investors digested some of the new earnings release and looking for a strong catalyst to continue the recent rally. The lack of major economic data scheduled for release today also makes the mood a little sluggish market. After ending the previous session's trading nearly 100 points higher, the Dow Jones Industrial Average had slipped about 30 points, led by shares of IBM and American Express. Similarly, the S & P 500 and Nasdaq Composite, each of which recorded a decrease of 0.15% and 0.2% so far. Most key S & P sectors trading in the red zone, with the worst performance are shown in the energy and financial sectors.
Among some of the earnings are released Wednesday, Disney posted a quarterly profit above expectations following strong revenue growth in the business media networks and playground. Time Warner also successful beyond the expectations of profit growth over the cable networks they are able to offset the decline in film, TV and publishing. The company also raised its quarterly dividend by 1%.
In his latest political campaign Berlusconi has vowed to cut taxes, and stop the reform measures that have been taken by Prime Minister Mario Monti. During the last few years and the fiscal burden of a large Italian debt has been one factor that haunts the world financial markets. The euro is currently offered in the range of $ 1.3530 or about 0.35% below yesterday's close, after touching the lowest price in the range of $ 1.3492 daily.
French Finance Minister weakening Euro
The euro weakened after French Finance Minister, Pierre Moscovici, again criticized the euro exchange rate. "The euro has gained 6.5% in the last six months and if these conditions persist for a year it would cut annual economic growth of 0.3%," Moscovici said the French express want euro issues discussed at the EU summit that takes place tomorrow. EUR / USD is now trading 1.3500, moving away from a daily high level 1.3594. "The euro is certainly an impact on economic growth," said Moscovici. "Although there is no pressure on the ECB but it should be discussed how the fair value of the euro exchange rate and how to achieve it." Moscovici criticism is in line with the statement of President Francois Hollande who want an agreement on the exchange rate in the medium term.
U.S. Oil Reserves Increase
Uncertainty continued recovery of the U.S. economy will likely succeeded in reducing the demand for energy products, especially oil. It can be seen from U.S. oil reserves increased by 2.6 million barrels; This is additional oil reserves for three consecutive weeks. However, the increase in reserves was lower than forecast rise of 2.7 million barrels and previous publications increased by 5.9 million barrels. Oil prices were little changed after the data was released despite visible efforts to reduce attenuation. Nymex oil is now trading $ 95.65, not far from the daily low level $ 95.02.
Germany No Trouble With Euro Exchange Rate
Germany seems to have no problem with the euro as he uttered that the euro is not too expensive. "The German government believes that the current euro exchange rate is not overvalued," said German government spokesman, Steffen Seibert. Seibert's comments seemed aimed at the French proposal for talks medium-term exchange rate for the euro. Try to reduce the weakening Euro in the New York session. EUR / USD is now trading 1.3515, try to stay away from daily lows 1.3492
"There will be a discussion on the euro exchange rate at the Eurogroup meeting ... but the German government saw the exchange rate is not the right instrument to enhance competitiveness," said Seibert. "Devaluation would only have an impact in the short term. Would not create a strong competitive edge in the long term."
Launch Q10 Maybe Too Late, BlackBerry Slips
Shares of BlackBerry Inc.. traded about 2.5% lower in the early session Wednesday after the Wall Street firm indicated that the launch of the Q10 smartphone, which has a physical keyboard, the U.S. may retreat from earlier expectations. In an interview with the Associated Press, CEO Thorsten Heins said that Q10 new possibilities will be released to market in 8 to 10 weeks after sales began Z10 touchscreen. With expectations Z10 will go on sale in the U.S. in March, it seems the new Q10 will be available in the U.S. market sometime in April 2013.
"We're trying to speed it up as much as possible," Heins said at the end of the interview.
Solid Earnings Not Helping 'Mood' Wall Street
The majority of stocks on Wall Street traded lower on Wednesday as investors digested some of the new earnings release and looking for a strong catalyst to continue the recent rally. The lack of major economic data scheduled for release today also makes the mood a little sluggish market. After ending the previous session's trading nearly 100 points higher, the Dow Jones Industrial Average had slipped about 30 points, led by shares of IBM and American Express. Similarly, the S & P 500 and Nasdaq Composite, each of which recorded a decrease of 0.15% and 0.2% so far. Most key S & P sectors trading in the red zone, with the worst performance are shown in the energy and financial sectors.
Among some of the earnings are released Wednesday, Disney posted a quarterly profit above expectations following strong revenue growth in the business media networks and playground. Time Warner also successful beyond the expectations of profit growth over the cable networks they are able to offset the decline in film, TV and publishing. The company also raised its quarterly dividend by 1%.
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