Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth.
Wednesday, February 29, 2012
Oil Makes Commodities Perform
Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth.
Corn trade going sideways
Corn trade was unchanged on the March and December is down 10 cents. This is a short week due to the President’s Day holiday on Monday. The trend has been sideways to lower in February following the late January rally. The corn trade has moved both above and below the 10 and 20-day moving averages between $6.35 and $6.38 on the March contract. The 50-day moving average is chart support at $6.28. The tight range where we find major moving averages is an illustration of our sideways action the past five months.
Flash Crash In Treasury Bonds
At about 10 a.m. on the East Coast, just after the Federal Reserve released Chairman Ben Bernanke's statement prepared for his semi-annual Bataan Death March in front of Congress, the Treasury bond market went absolutely bonkers. Bond prices collapsed, sending bond yields spiking dramatically higher. The sell-off was followed immediately by heavy selling in the metals and currency markets. Traders quickly suspected a "fat finger" had caused the selling -- somebody had accidentally punched in the wrong numbers on their keyboard and sold more Treasury futures than they meant to.
Trucks Running on Natural Gas Can Save Fuel Costs
Feb. 29 (Bloomberg) -- A Made-in-America fuel source may soon be moving tractor-trailers across the U.S. Carriers like Ryder System Inc. are buying long-haul trucks that run on natural gas, around $1.50 a gallon cheaper than diesel. As adoption grows, Clean Energy Fuels Corp. and Westport Innovations Inc. plan to profit from a marriage of technology and domestic energy that has the political blessing of President Barack Obama and the financial backing of T. Boone Pickens.
Oil ends Feb. higher
NEW YORK, Feb 29 (Reuters) - Oil jumped back to positive territory in late trading on Wednesday, ending the month sharply higher as the Federal Reserve said that the U.S. economy expanded modestly in January through mid-February as hiring increased across several of its districts.
ECB pumps a fresh $700 billion into EU banks
Euro, Aussie: Buy the rumor, sell the fact
(Reuters) - The euro and commodity currencies nursed heavy losses in Asia on Thursday as investors cut bullish positions after key events including the European Central Bank's cash injection passed without surprise.
'The Artist' of currencies
NEW YORK (CNNMoney) -- The euro is "The Artist" of currencies. It's winning raves and is the feel-good hit of the season! Don't laugh, but the euro has quietly (get it?) enjoyed a nice bounce in the past few weeks. It's up about 6% versus the dollar since mid-January.
Solving the Greek debt puzzle
Insight: How the Greek debt puzzle was solved
Wolfgang Schaeuble was playing Sudoku on his iPad as he waited to hear whether Greece's negotiating team had persuaded private creditors to accept a bigger loss on their Greek bonds. Germany's finance minister needed this last piece of the debt restructuring puzzle to fall into place. Without the private creditors - banks, insurers and investment funds - a 130 billion euro deal to save Greece from default could fall apart. The consequences for the euro area would be catastrophic.
Top three equities trading spot
Staley targets top-three equities trading spot
Staley, who presented at the bank’s investor day in New York yesterday, said: “We are in 16 business segments and in one, two or three in 13 of them. Equities trading is one place we are not in the top three because two years ago we had not made any investment of size in electronic trading." He added that, since then, the bank has been building a platform and should be able to gain market share owing to its strong prime brokerage and research capabilities: “Once the platform is deployed in 2012 we expect to make great inroads into gaining first place.”
Investigators are unable to find the smoking gun of MF Global
Doubtful Signs of a Criminal Case Against MF Global
Federal authorities are struggling to find evidence to support a criminal case stemming from the collapse of MF Global, even after a federal grand jury in Chicago has issued subpoenas. Investigators, unable to find a smoking gun amid thousands of e-mails and documents, increasingly suspect that chaos and poor risk control systems prompted the disappearance of more than $1 billion in customer money, according to several people involved in the case.
Another chapter of the financial crisis is closed
New York Fed Sells Former A.I.G. Assets to Credit Suisse
The Federal Reserve Bank of New York on Tuesday closed the chapter on another part of the financial crisis, selling mortgage bonds with a face value of about $6 billion to Credit Suisse. The sale effectively signals the end of Maiden Lane II, one of two investment vehicles the New York Fed set up to house risky investments the government had acquired from the American International Group.
The Federal Reserve Bank of New York on Tuesday closed the chapter on another part of the financial crisis, selling mortgage bonds with a face value of about $6 billion to Credit Suisse. The sale effectively signals the end of Maiden Lane II, one of two investment vehicles the New York Fed set up to house risky investments the government had acquired from the American International Group.
Crude Oil Futures
OIL FUTURES: Crude Turns Lower On Oil Inventory Build
NEW YORK (Dow Jones)--Crude oil futures turned lower Wednesday after a report from the U.S. government showed a bigger-than-expected increase in oil inventories, underscoring weak demand in the world's biggest oil consumer.
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