EUR/USD Forecast: bearish below 1.1440

After setting a new 11-year low at 1.1097 following Greek elections result last Monday, the EUR/USD pair spent the week in consolidative mode, finding finally sellers in the 1.1422 level, slightly below the 61.8% retracement of the post ECB-QE-announcement slide. As the week fades, the pair trades right below the 1.1300 mark, under pressure as dollar strengthens across the board, closing in the green for the first time in eight weeks.

The weekly chart shows that technical indicators maintain a strong bearish momentum in extreme oversold levels, which suggest there’s still room for further gains in correction mode, but are in no way confirming a bottom. In the daily chart, indicators have bounced from extreme oversold readings but remain deep in the red, whilst moving averages maintain their bearish slope well above current price, being the shortest, and the closest, 20 SMA around 1.1520. Price has been consolidating for most of these last days in a quite tight range, but as long as capped below 1.1440, 61.8% retracement of the above mentioned rally, the upside will likely remain limited. It will take some steady follow through above the mentioned 1.1520 to see the corrective movement extending over the upcoming days, eyeing tops early January lows in the 1.1750 price zone.
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Central Banks still on the makes, US NFP next

This past week did not lacked entertainment, although it was quite soft as just “minor” Central Banks played the currencies’ war.  The Singapore Central Bank eased its currency policy announcing it would take measures to slow the appreciation of the Singapore dollar. The Denmark one cut its rate for third time in two weeks, whilst Russia cut its benchmark from 17% to 15%, just one month after a surprise hike from 10% to 17%. There was no official announcement coming from Switzerland, but the EUR/CHF spiking 100 pips in an hour, almost daily basis, should lift suspects they are somehow working on weakening CHF.
Data was quite soft in Europe, with inflation in the EZ and Germany taking another step into deflation. In the US, macroeconomic readings were far from bright, except when it came to confidence: Americans are overly optimistic, despite the first year meeting of the FED brought nothing new.
The dollar continued its advance to multiyear highs against most rivals, with commodity currencies leading the slide, and EUR and JPY fighting back. But should be no surprise as both currencies in their crosses against the greenback had been largely oversold for months. At this point, seems more as some sort of consolidation/correction going on in both, in the middle of the dollar bullish trend.
The worse and the best word these days around the world is not growth, but “inflation.” Deflationary pressures in Europe triggered QE which finally decided to inject easy money into the markets sending local share markets strongly up. Low inflation in the US is the milestone to overcome for the FED to start rising rates.  There won’t be much on that front among majors economies next week, but there will be plenty of fundamental data that will provide information of how consumption is doing, and therefore where inflation is heading too. Everything will be read in regards of inflation, or at least most of it.
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OPEC oil output rises in January as key members stand firm: survey

LONDON (Reuters) - OPEC's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices.
The Organization of the Petroleum Exporting Countries at a November meeting decided to focus on market share rather than cutting output, despite concerns from members such as Iran and Venezuela about falling oil revenue.
Supply from OPEC has averaged 30.37 million barrels per day (bpd) in January, up from a revised 30.24 million bpd in December, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
At the Nov. 27 meeting, OPEC retained its output target of 30 million bpd, sending oil prices to a four-year low close to $71 a barrel. Crude since fell to a near six-year low of $45.19 on Jan. 13 and was trading above $49 on Friday.
OPEC Secretary General Abdulla al-Badri, speaking in London on Monday, defended the no-cut strategy and said prices may have reached a floor, despite oversupply. Other OPEC delegates have since echoed this message.
"Prices are stabilizing," said a delegate from a Gulf producer. "But the world economy is not very strong and stocks are too high."
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Crude oil rallies over 1% but supply glut worries still weigh

Crude oil futures rallied over 1% on Friday, on the back of a weaker dollar but the commodity still remained within close distance of a nearly six-year low as ongoing concerns over a glut in global supplies continued to weigh.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March traded $0.56 or 1.26% higher to $45.10 a barrel during European early afternoon trade.
Prices rose $0.08 or 0.18% on Thursday to settle at $44.53.
Futures were likely to find support at $43.58, Thursday's low and a nearly six-year low and resistance at $46.55, the high from January 27.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.27% to 94.71, moving away from last Friday's more than 11-year highs of 95.77.
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Wall St. closes down for January, Shake Shack rallies in debut

NEW YORK (Reuters) - U.S. stocks closed down on Friday after a volatile session as investors worried at the end of a rough month for the market about weak U.S. growth data and whether instability in Europe could hurt corporate earnings in the United States.
U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.
This came after Greece's finance minister said the government would not cooperate with the European Union and International Monetary Fund mission.
A brief afternoon rally from rising oil prices failed to stick as investors, nervous about U.S. and global economies, fled to bonds from equities and even sold off utilities stocks, the worst performing sector on the day.
"It feels like a flight-to-safety trade on a month-end. People are putting money into assets that have done well this month," said Peter Coleman, head trader at ConvergEx Group in New York, who said Friday was a good reflection of the month.
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Forex - USD/CAD jumps over 1%, hits fresh 6-year highs

The U.S. dollar rose over 1% to fresh six-year highs against its U.S. counterpart on Friday, even as data showed that the U.S. economy grew at a slower pace than expected in the last quarter, as downbeat Canadian growth data weighed on the nation's currency.
USD/CAD hit 1.2750 during early U.S. trade, the pair's highest since March 2009; the pair subsequently consolidated at 1.2755, climbing 1.09%.
The pair was likely to find support at 1.2506, Thursday's low and resistance at 1.3063.
The Bureau of Economic Analysis reported on Friday that U.S. gross domestic product rose 2.6% in the last quarter of 2014, down from a previous estimate of 3.0% and from a growth rate of 5.0% in the three months to September.
The greenback remained supported after the Federal Reserve indicated this week that interest rates could start to rise around mid-year.
Meanwhile, a report by Statistics Canada showed that the country's GPD fell 0.2% in November, compared to expectations for a 0.1% downtick and after a 0.3% gain in October.
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Forex - EUR/USD off session highs after batch of U.S., E.Z. data

The euro erased gains against the U.S. dollar on Friday, despite tepid U.S. economic reports as earlier data from the euro zone failed to boost confidence in the bloc's economic recovery.
EUR/USD pulled away from 1.1364, the session high, to hold steady at 1.1308 during U.S. morning trade.
The pair was likely to find support at 1.1223, the high of January 27 and resistance at 1.1421, the high of January 27.
In a revised report, the University of Michigan said its consumer sentiment index ticked down to 98.1 in January from 98.2 the previous month. Analysts had expected the index to remain unchanged this month.
The UoM also said its inflation expectations for the next 12 months rose to 2.5% this month from 2.4% in December.
A separate report showed that the Chicago purchasing managers' index rose to 59.4 this month from 58.8 in December, whose figure was revised up from a previously estimated reading of 58.3. Analysts had expected the index to fall to 57.5 in January.
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Dollar index edges up, remains at multi-year highs after U.S. reports

The dollar edged higher changed against the other major currencies on Friday, as the release of tepid U.S. data failed to dampen optimism over the strength of the country's economic recovery.
In a revised report, the University of Michigan said its consumer sentiment index ticked down to 98.1 in January from 98.2 the previous month, compared to expectations for an unchanged reading.
The UoM also said its inflation expectations for the next 12 months rose to 2.5% this month from 2.4% in December.
A separate report showed that the Chicago purchasing managers' index rose to 59.4 this month from 58.8 in December, whose figure was revised up from a previously estimated reading of 58.3. Analysts had expected the index to fall to 57.5 in January.
The data came after Bureau of Economic Analysis said U.S. gross domestic product rose 2.6% in the last quarter of 2014, down from a previous estimate of 3.0% and from a growth rate of 5.0% in the three months to September.
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Selling pressure of banking stocks pulls down Vietnam's Hanoi stock market

HANOI, Jan. 30 (Xinhua) -- Selling pressure of banking stocks pulled down Vietnam's capital Hanoi stock market after rising in the previous week.
On Friday, HNX-Index, the benchmark of the Hanoi bourse lost 1. 3 points or 1.5 percent from the previous week's close.
The index witnessed two ups and three downs during the week, posting the lowest level of 85.56 points on Friday and the highest level of 87.23 points on Wednesday.
Last week, the HNX-Index fluctuated between 84.63 points and 86. 86 points.
The Hanoi bourse closed at 85.56 points on Friday, down 1.39 points or 1.6 percent against the previous trading session.

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Opinion: Better stock gains — for a privileged few

SAN FRANCISCO (MarketWatch) — The New York Stock Exchange, should it follow through on a report that suggests it will introduce a midday stock auction, isn’t going to incur the wrath of Michael Lewis, who’s latest book, “Flash Boys,” argued that high-speed trading has rigged the markets against regular investors.
But the Big Board, now a unit of Intercontinental Exchange Inc. ICE, +0.42%  , isn’t exactly doing regular retail investors a favor. Its plan to create a midday auction will match big institutional sellers’ bids and offers for big blocks of shares in a bid to win more business away from dark pools where the same process happens off the tape and anonymously.

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Dutch companies to develop small scale LNG

Dutch companies VEKA Group, Deen Shipping and IUVENIS have joined forces with Peter Goedvolk, and will cooperate in the field of trade, transport and bunkering of small scale LNG in Northwest Europe.
Goedvolk recently established Count, a commodity, trading and logistics company.
VEKA Group and Deen Shipping previously launched an LNG company, LNG Bunkering Service B.V. and announced the construction of the first LNG bunker tanker, LNG PRIME.
The LNG PRIME will be active in the Amsterdam, Rotterdam, Antwerp (ARA) region, bunkering seagoing vessels as early as the start of 2016.

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Mattel Reports Fourth Quarter and Full Year 2014 Financial Results

Fourth Quarter Highlights

• Worldwide net sales down 6% (including an unfavorable impact from changes in currency exchange rates of 3%);
• North American Region¹ gross sales down 2% and International Region gross sales down 5% (including an unfavorable impact from changes in currency exchange rates of 8%);
• Worldwide gross sales by core brands: Barbie^® down 12%; Hot Wheels^® up 5%; Fisher-Price^® down 11% and American Girl^® down 4%;
• Gross margin decreased 410 basis points of net sales, partially due to the acquisition of MEGA^® Brands;
• SG&A increased 390 basis points of net sales, including the impact of the acquisition of MEGA Brands;
• Operating income of $237.0 million compared to operating income of $479.3 million in the fourth quarter of 2013; and
• Earnings per share of $0.44 (includes a negative impact of $0.05 per share from MEGA Brands integration costs² and a negative tax impact of $0.03 per share) vs. prior year earnings per share of $1.07.

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Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast: ‘Loonie’ Tumbles on GDP Data

he Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate advanced to 1.92 after GDP data out of the North American nation came in below forecasts.
Canada’s Gross Domestic Product (GDP) contracted in November as manufacturing dropped the most since January 2009 and as the economy suffered from declines in mining and oil and gas extraction.
According to Statistics Canada the nation’s GDP contracted by -0.2% on a month on month basis, a figure that was worse than the unchanged 0.3%  forecast.
Earlier the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate surged to a new six year high on Friday as oil prices fell yet again.

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Euro to Canadian Dollar (EUR/CAD) Exchange Rate Forecast: German Retail Sales Jump, Canadian GDP, Eurozone CPI, Unemployment Rate Ahead

The Euro to Canadian Dollar (EUR/CAD) exchange rate recorded gains early in Friday’s European session after German Retail Sales reached higher than forecast levels.
Annual Retail Sales were pulled out of the -1.0% contraction to +4.0%. Economists had expected a smaller 3.6%
Earlier… The Euro to Canadian Dollar (EUR/CAD) exchange rate recorded gains in the second half of Thursday’s European trading after mixed German data and oil price declines.

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USD/CAD – Canadian Dollar Slide Continues, Pair Trading Above 1.26

USD/CAD – Canadian Dollar Slide Continues, Pair Trading Above 1.26

The Canadian dollar continues to lose ground on Thursday. In the North American session, USD/CAD is trading above the 1.26 line and the pair has jumped over 200 points since early Wednesday. On the release front, US numbers were a mix. Unemployment Claims sparkled, dropping to 265 thousand. However, Pending Home Sales declined 3.7%. There are no Canadian releases on Thursday. On Friday, we’ll get a look at the only Canadian event of the week, GDP. The markets are expecting a decline of 0.1%. A weak reading could send the reeling loonie even lower. US employment numbers have improved as the economy chugs along. This was underscored by Unemployment Claims, which plunged to 265 thousand, down from 307 thousand a week earlier. This marked the indicator’s lowest level since April 2000. The news was not as positive from Pending Home Sales, which declined 3.7%, its worst reading in a year.

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Forex Market: EUR/USD daily trading forecast

Yesterday’s trade saw EUR/USD within the range of 1.1262-1.1366. The pair closed at 1.1335, gaining 0.41% on a daily basis.
At 8:42 GMT today EUR/USD was up 0.22% for the day to trade at 1.1342. The pair touched a daily high at 1.1353 at 8:35 GMT.
Fundamentals
Italian unemployment
The rate of unemployment in Italy probably reached a new record high level in December at 13.5%, according to the median forecast by experts, from 13.4% during the prior month. The number of unemployed people dropped 0.2% in November compared to October to reach 3.457 million. At the same time, employment in the country was 0.1% lower to 55.5% to reach 22.31 million persons. Youth unemployment rate climbed 0.6% to a new all-time high of 43.9% in November, according to the National Institute of Statistics.

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China Money Rate Completes Biggest Monthly Decline Since May

(Bloomberg) -- China’s benchmark money-market rate capped the biggest monthly drop since May after the central bank added funds to the financial system to offset capital outflows and meet a seasonal pickup in demand for cash.
The seven-day repurchase rate, a gauge of interbank funding availability, fell 79 basis points in January to 4.17 percent as of 4:30 p.m. in Shanghai, a weighted average from the National Interbank Funding Center shows. It climbed as high as 6.59 percent in January 2014, during the two weeks leading up to the Lunar New Year holiday. Demand for money climbs before and during the weeklong break, which begins Feb. 18 this year, as people exchange gifts and families get together for meals.

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India's foreign exchange reserves down by US $97.9 million to US $322 billion

India's foreign exchange reserves declined marginally by US $97.9 million to US $322.037 billion in the week to January 23, RBI said on Friday. In the previous reporting week, the reserves had jumped by a whopping US $2.66 billion to US $322.135 billion, a new record high.
Foreign currency assets (FCAs), a major constituent of overall reserves, fell by US $19.7 million to US $297.510 billion in the reporting week, Reserve Bank data showed. FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in reserves.

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Indicted money exchange ex-worker gets 3 years in U.S. prison

Jan 30 (Reuters) - A former information technology employee at the defunct digital currency exchange Liberty Reserve was sentenced on Friday to three years in a U.S. prison for his role in concealing what authorities described as a massive money laundering business for criminals worldwide.
Maxim Chukharev, 28, will likely serve approximately 10 months, with good behavior, after receiving credit for 10 months in a Costa Rican jail and 10 months in U.S. custody while awaiting trial, his lawyer said.
In court filings, prosecutors acknowledged that Chukharev was the "least culpable" of seven defendants charged with helping to operate Liberty Reserve, which authorities say was used almost exclusively by criminals to process money transfers connected to drug trafficking, child pornography, computer hacking and other crimes.

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Russia cuts interest rates from 17% to 15%

Russia has cut its main interest rate from 17% to 15% because inflation "is stabilising".

The rouble fell by more than 2% against the dollar following the central bank announcement.
Russia's economy has been suffering for a range of reasons, including economic sanctions by the West over its involvement in the crisis in Ukraine.
This week the government said it would put measures in place to try to stave off an economic crisis.
The measures included investing at least 2.34 trillion roubles ($35bn, £23bn) in the economy, following a collapse in oil prices and the rouble.

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Google 4Q Revenue Up But Misses Target: Declining Ad Prices, Exchange Rates, Spending on Projects

Google, in its fourth quarter earnings report, reported revenue of $18.1 billion, a figure that falls short of the expectations set by Wall Street analysts for the company.
While the $18.1 billion revenue for Google represents a 15 percent increase in revenue the company posted in the corresponding period last year, it comes up short against the analyst's revenue forecasts of $18.5 billion.
Shifting exchange rates, including a stronger U.S. dollar, negatively affected the revenue of the company. According to the company's earnings release, Google's revenue would have been higher by $541 million if the foreign exchange rates in the fourth quarter did not change compared with the previous quarter. If such was the case, then Google would have slightly surpassed Wall Street expectations.

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New Exchange Protects User Funds with Segregated Bank Accounts

Hong Kong-based exchange Gatecoin has launched after a lengthy setup process, promising segregated bank accounts for customers in 40 countries across five continents.
The company says it is the first to offer this kind of security, which is common in the non-crypto forex exchange world. This means customer funds are kept in separate bank accounts to the company's own funds, and thus can have funds returned in the case of a force majeure financial event that depletes company reserves.
Gatecoin is a licensed Money Services Operator in Hong Kong. It offers bitcoin trading in USD, EUR and HKD through its low-latency matching engine, and plans to implement Ripple in the next few weeks.

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New restrictions planned for Canberra's Cricket World Cup matches at Manuka

Cricket World Cup matches at Canberra's Manuka Stadium will be subject to tough new rules after Attorney-General Simon Corbell issued special declarations earlier this month.
As part of new major event laws introduced in the ACT last year, Mr Corbell triggered anti-scalping provisions, along with advertising free "clean zones" around Manuka Oval and special copyright protections for World Cup marketing symbols and sponsors.
Police will have enhanced powers to remove fans and bar them from re-entry to the venue and to conduct ordinary frisk searches, confiscate items and arrest or detain people who do not follow instructions.
Officers also have the ability to work in coordination with security staff to conduct non-invasive searches and scanning for prohibited items.
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Blizzard Executives Reportedly Think Heroes of the Storm Will Be a Failure

Blizzard executives reportedly don’t have high hopes for the developer’s upcoming MOBA Heroes of the Storm, with a report suggesting that many of the company’s staff are expected to be laid off following its release to recuperate its losses.
According to contributor Tae Kim of Yahoo Finance, an Activision Blizzard insider released a huge batch of information regarding a number of games Blizzard has in the pipeline, along with details regarding its current games on the market. Along with claiming that Blizzard is now actively working on a 2v2 mode on Hearthstone and that the online trading card game has pulled in numbers that are “off the charts,” the unnamed source then went on to say how Heroes of the Storm could have a detrimental impact upon the company following its release.
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Stocks markets to decline amid slowing growth

TORONTO - The Toronto stock market was set for a lower open Friday as the latest economic growth data pointed to slowing economic growth at the end of last year.
Statistics Canada says gross domestic product in November declined 0.2 per cent, worse than the flat showing that economists had expected. GDP had risen 0.3 per cent in the prior month. The agency said the drop extended across major sectors including manufacturing and mining, quarrying, and oil and gas extraction.
There were also further indications of the damage caused to the energy and financial sectors by the collapse in oil prices.
The Canadian dollar fell to fresh six-year lows on the data, losing 0.45 of a cent to 78.85 cents US.

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UK fund manager predicts stock market plunge during next recession

One of the UK’s most successful hedge-fund managers has issued a stark warning that the global economy faces a downturn that will be “remembered in a hundred years” and leave stock markets facing devastation.
Crispin Odey, best known for anticipating that banks would go bust in 2008, made his gloomy predictions in a missive to clients of his Odey Asset Management business in which he warns that the European Central Bank’s €1.1tn (£730bn) bond-buying programme announced last week will not stave off a slump.
 He is not only pessimistic about the firepower of the central bank to inject life in to moribund eurozone markets but also about China, where recent data showed growth had slowed to 7.4%.

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Stock markets end a downbeat January

Both the Dow Jones and S&P 500 ended the month down by more than 3%.

Shares of hamburger chain Shake Shack sizzled on Friday following its IPO while Amazon’s rallied after a strong earnings report. But a few bright spots couldn’t ward off another day of losses for the stock market, which closed out January in the red. Concerns about weak domestic economic growth weighed down the market on Friday after the Commerce Department said that U.S. gross domestic product grew at a lower-than-expected annual rate of 2.6% in the fourth quarter of 2014 — down from 5% during the previous quarter. Friday also brought renewed concern over economic stability in Europe, where Greece’s new finance minister said the country would not negotiate new bailout terms with the European Union and International Monetary Fund.
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China money rates rise on seasonal cash pressure, stock exchange repos spike

SHANGHAI, Jan 23 (Reuters) - China's money markets rose on
Friday, with the major benchmark money rate gaining over 24
basis points on cash demand for month-end tax payments and the
looming lunar new year holiday that will close markets for a
week.
    The seven-day bond repurchase agreement closed
out the week averaging over 4.16 percent up from 3.92 percent
the previous Friday, the first time it has done so since
December. Other commonly traded tenors also rose.
    Liquidity conditions remain a subject of intense focus this
week given the condition of the stock market, where regulators
have been moving to tighten up the routing of credit out of the
interbank market and into stocks. 

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Shake Shack readies New York Stock Exchange debut

Nearly 14 years ago, on something of a lark, the restaurateur Danny Meyer opened a Chicago-style hot dog cart in Manhattan’s Madison Square Park, hoping to draw crowds to the park and give summer jobs to the staff at one of his nearby high-end restaurants. That stand has morphed into Shake Shack, a burger-and-crinkle-fries empire with outposts in London, Dubai, Istanbul and Las Vegas.

On Friday, it will begin trading on the New York Stock Exchange with a valuation of about $745 million and will increase Meyer’s net worth by about $155 million.

Conceived as an homage to the friendly Midwestern fast-food joints of Meyer’s childhood, Shake Shack has become one of the most prominent purveyors of fast-casual food. That sector, dominated by the likes of Chipotle, has fundamentally reshaped the fast-food industry with its emphasis on using fresh ingredients with a better backstory.

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European stocks rise on upbeat French, Spanish data; Dax up 0.29%

Investing.com - European stocks were higher on Friday, supported by the release of upbeat data from France and Spain, while investors still awaited reports on euro zone inflation and unemployment due later in the trading session.

During European morning trade, the EURO STOXX 50 added 0.27%, France's CAC 40 edged up 0.23%, while Germany's DAX 30 rose 0.29%.
Official data earlier showed that French consumer spending increased by 1.5% in December, exceeding expectations for a 0.2% rise. November's figure was revised to a 0.2% gain from a previously estimated 0.4% advance.

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Belarusian banks resume online exchange operations

MINSK, 28 January (BelTA) - Belarusian banks are resuming online exchange operations on bank cards, BelTA has learned.

Alfa Bank (Belarus) informs it will be back online for Alfa Click and Alfa Mobile operations on bank cards denominated in Belarusian rubles on 2 February 2015. 

On 26 January Priorbank lifted restrictions on online trading in Belarusian-denominated debit cards in the national segment.


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Waiting for the Fed

EUR/USD: heading towards 1.10 in very near term

In recent weeks, the EUR/USD has corrected far more rapidly to reach 1.12. Developments have accelerated in the eurozone, from the Swiss National Bank (SWB) withdrawing its floor rate and the European Central Bank’s (ECB) announcement of bigger-than expected Quantitative Easing (QE)), to Syriza’s sweeping victory in the Greek elections. All these events accelerated the EUR/USD’s fall, with a low at 1.11.
The ECB’s asset purchase programme of the ECB, it was bigger than expected at EUR 1,140bn through to September 2016, or EUR 60bn per month, with a possible extension if inflation does not recover near the 2% official target.

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CORRECTION OFFICIAL-BRIEF-Tele2 says 2015 profit forecast assumes constant fx rates

(Changes from previous company comment that profit guidance included devaluation risk in Kazakhstan after company corrects)
Jan 30 (Reuters) - Tele2 :
* CFO says 2015 guidance based on constant currency rates
* CEO says did better in Kazakhstan in Q4 than TeliaSonera controlled KCell thanks to fewer enterprise clients, low price market position. Further company coverage: (Reporting By Sven Nordenstam and Olof Swahnberg)

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Google misses revenue targets: spends too much on Glass?

Google has announced its fourth quarter earnings. Despite posting a 15 per cent growth in revenue compared to the same period a year ago, the results failed to reach Wall Street analyst targets, marking the fifth consecutive quarter the search giant has fallen short of estimates.
In the fourth quarter, revenue minus traffic acquisition costs was $14.48bn, compared to the $14.61bn analysts were predicting, according to Forbes. Gross revenue was $18.1bn versus estimates of $18.45bn, whilst adjusted earnings per share of $6.88 missed analysts' expectations of $7.11. Google's full year revenue for 2014 was $66bn, up 19 per cent year on year.

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Commercial Leases In Turkey

Over the last decade, commercial real property investments have significantly developed in Turkey. 299 shopping centers are operational in Turkey,¹ with a total gross leasable area of 8.2 million m² and 82 new shopping centers are expected to be opened. Istanbul's office market has grown by 128% through 2003 to 2013 and reached 3.4 million m² and there is still a gap between supply and demand. These developments in the real estate sector make Turkey a tempting alternative for both local and foreign investors/developers.
The developing economy and rapid increase in commercial leases (e.g. office, store, hotel and private hospital etc. leases) has led to an increase in real estate prices. The significant increase in real estate prices and construction costs inevitably compels investors to borrow loans from financial institutions, to acquire and develop real properties.
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FXCM set to sell FXCMPro – LeapRate Exclusive

LeapRate Exclusive… LeapRate has learned that embattled retail forex broker FXCM Inc (NYSE:FXCM) is very close to effecting a sale of its institutional brokerage arm FXCMPro.
M&A discussions around FXCMPro began virtually immediately after FXCM received a $300 million lifeline from Leucadia National Corp (NYSE:LUK) just under two weeks ago. FXCM stated at the time that it intended to sell non-core assets to help repay the loan from Leucadia. We (and most in the industry) understood ‘non-core assets’ to mean that everything will go except FXCM’s core retail forex brokerage franchise.
Another Leucadia company, investment banking firm Jefferies LLC, is acting as adviser and doing most of the work in finding a buyer for FXCMPro.

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Asia Pacific Market: Stocks fall on profit booking, weak offshore cues

Asia Pacific share market ended down on Thursday, 29 January 2015, as participants' locked-in recent gains in bluechip stocks after the US Federal Reserve unexpectedly lifted its view on the economy, signaling that the US central bank remains firmly on track with plans to raise interest rates this year.
The MSCI Asia Pacific Index lost 1.1% to 140.79. Key benchmark indices in New Zealand, Japan, Taiwan, South Korea, China, Hong Kong, and Malaysia and fell by 0.54% to 1.31% while Singapore Strait Times ended steady.
Among major regional bourses
Australia market rises for sixth straight session
The Australian share market ended higher, registering sixth session of consecutive rise, as gains in utilities, financial, material and consumer goods stocks were more than offset by losses in energy, technology, and bullion counters. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both rose by 0.3% to 5569.50 and 5532.20, respectively.
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Finance and retail stock drive share market gains, but Aussie dollar loses ground

The local share market has risen despite falls for other key markets around the globe, but it has been a different story for the Australian dollar.

Having risen a full cent against the greenback yesterday after the release of official inflation data, the local currency has lost all that ground and more.
Most of the fall came as local currency traders clocked on this morning, though the Aussie slipped further this afternoon to around 78.7 US cents at 5:00pm (AEDT).
The stock market began today's session lower after significant overnight losses on Wall Street, but bounced back despite similar falls on Asian markets.
The All Ordinaries index closed up 16 points or 0.3 per cent at 5,532.

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UPDATE 2-Nomura's quarterly profit boosted by strong share market

* Q3 profit Y70 bln yen vs Y39.5 bln analyst view
* Retail pretax income Y50.5 bln, strongest in six quarters
* Fixed income falls, overseas ops post loss (adds analyst comments, recasts)
TOKYO, Jan 29 (Reuters) - Nomura Holdings Inc reported a 45 percent rise in third-quarter net profits on Thursday, the biggest jump in its quarterly profits in a year, thanks to a strong performance by its retail equity business.
Nomura, Japan's largest investment bank and brokerage, has benefited along with nearest rival Daiwa Securities Group Inc from a renewed appetite for equities which propelled the Nikkei index to a 7-1/2 year high in the period.

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Daily FX Trading Update: Japanese Inflation Figures Fall Short – Jan 30, 2015

The US dollar was able to advance against most of its FX trading counterparts when risk aversion extended its stay in the currency market. Traders are also increasing their long dollar bets after the FOMC retained its hawkish bias earlier this week. Data from the US economy was mixed, as the initial jobless claims showed a better than expected 265K reading versus the projected 301K figure while the pending home sales report marked a 3.7% decline. For today, the US advanced GDP reading is due and another strong figure might lead to more gains for the dollar. Analysts are expecting to see a 3.0% growth figure for Q4.

The euro recovered slightly in recent FX trading, despite weaker than expected data from Germany. The preliminary CPI showed a 1.0% decline instead of the projected 0.8% drop while the unemployment change report showed a mere 9K drop in joblessness. Apart from that, the previous month’s reading was downgraded to show a smaller decline in unemployment. German retail sales and French consumer spending figures are up for release today, with the former likely to show a 0.4% gain and the latter to print a 0.3% uptick. Also up for release are the Spanish flash GDP and CPI figures, along with the euro zone CPI flash estimates.

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Three months on, fruitless CEO search overshadows Sanofi

PARIS (Reuters) - Barring a last-minute breakthrough, drugs firm Sanofi's Chairman Serge Weinberg may have to acknowledge in his results presentation next week that the hunt for a new chief executive is not going well.
At least three potential candidates in a narrow field have turned their back on the job heading France's largest company.
The manner of Chris Viehbacher's shock dismissal three months ago, and the surprisingly small pay-off he won last week, have cast a long shadow over the process.
"I think it is going to take time," said a source close to the company. "What we risk missing in the meantime is a strategic vision that you cannot have without a deep knowledge of the pharmaceuticals sector."
Last week Christophe Weber, the French chief operating officer of Japan's Takeda Pharmaceutical Co, told Reuters he had rejected an approach.
Paris-schooled Olivier Bohuon, chief executive of British medical devices maker Smith & Nephew, told staff in November he had no plans to leave, and in the same month, former Wyeth boss Bernard Poussot joined the board of Sanofi's rival Roche.
AstraZeneca Chief Executive Pascal Soriot, another prominent French pharma executive, has played down any interest by saying he sees himself as more Australian than French.
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Gold regains ground as dollar softens, U.S. data ahead

Gold prices rose on Friday, easing off two-week lows hit after upbeat U.S. jobless claims data and the Federal Reserve's most recent policy statement, while investors eyed the release of additional U.S. economic reports due later in the day.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were up 0.46% to $1,262.10.
The April contract ended Thursday's session 2.43% lower at $1,255.90 an ounce.
Gold futures dropped after the U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits decreased by 43,000 to 265,000 last week. Analysts had expected initial jobless claims to decline by 8,000 to 300,000 last week.

The upbeat data added to optimism over the strength of the economy and fuelled expectations that the Federal Reserve will begin to raise rates sooner than previously thought.
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Dollar softens but holds near multi-year highs ahead of U.S. data

The dollar lost some ground but remained with close distance of a more than 11-year peak against the other major currencies on Friday, as investors awaited the release of fourth-quarter U.S. economic growth data, as well as additional U.S. reports due later in the day.
The dollar remained supported after the Federal Reserve indicated this week that interest rates could start to rise around mid-year.
The greenback was also boosted by data on Thursday showing that U.S. jobless claims fell to the lowest level since 2000 last week.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.10% to 94.90, not far from last Friday's more than 11-year highs of 95.77.
EUR/USD was almost unchanged at 1.1320 after Eurostat reported that the annual rate of euro zone inflation fell by 0.6% in January, after a 0.2% slip in December. Economists had expected an annual decline of 0.5%.
Core inflation, which strips out volatile measures such as food and energy costs, rose 0.5% on a year-over-year basis, but was still well below the European Central Bank's target of close to, but just under 2%.
In a separate report, Eurostat said the euro zone’s unemployment rate ticked down to 11.4% in December from 11.5% the previous month, confounding expectations for the rate to remain unchanged.
Earlier Friday, official data showed that French consumer spending increased by 1.5% in December, exceeding expectations for a 0.2% rise, while a separate report showed that Spanish GDP rose 0.7% in the fourth quarter of 2014, above expectations for a 0.6% gain.
In Germany, retail sales gained 0.2% last month, official data showed, disappointing expectations for a 0.3% rise.
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Declines in RMB spot prices hint at downward pressure

The efforts of the People's Bank of China (PBOC) to stabilize the currency rates did not hinder the market from testing how low the renminbi can go during the last week of January.
The renminbi plummeted by nearly 2%–the maximum trading range permitted by regulators–during the Jan. 29 session after the PBOC set the daily reference price of the renminbi against the US dollar 0.0053 yuan (US$0.0008) lower to 6.1335 yuan (US$0.98).
It was the third nearly 2% drop during the four sessions of the week despite the PBOC's reference price showing a rise of 0.0049 yuan (US$0.0008) during that period.
The Chinese currency has shed 3.5% against the greenback in the spot market for the month as of Jan. 29 and saw a record 1.95% intra-session decline on Jan. 28.
Although the PBOC attempts to stabilize the price of the renminbi through the management of the daily mid-point price for the foreign exchange market, analysts said that the nearly 2% declines during recent sessions showed the bearish sentiment toward the Chinese currency.
They also said the concern that central banks around the world may decide to weaken their currencies after several countries unexpectedly introduced monetary easing measures.
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Crude oil trading outlook: futures head for seventh monthly loss amid glut

West Texas Intermediate and Brent crude were headed for the longest monthly losing streak since January 2009 as rising US crude oil output and inventories exacerbated worries of a global supply overhang at times of slowing economic growth. A firm dollar also weighed.
US crude for delivery in March rose 0.22% to $44.63 per barrel by 8:30 GMT, having shifted in a narrow daily range of $44.74-$44.43. The contract rose 0.18% yesterday to $44.53, but not before it fell to $43.58, the lowest since March 2009.
Meanwhile on the ICE, Brent for settlement in the same month slid 0.22% to $49.02 a barrel, ranging between $49.24 and $48.76 for the day. The European benchmark crude rose by 1.36% to $49.13 on Thursday, settling at a premium of $4.60 to its US counterpart. The gap narrowed to $4.39 on Friday.
Oil prices extended losses for a seventh month after US production surged to the highest in more than three decades, while OPEC stood firm and denied an obligation to normalize prices by cutting its own output. Saudi Arabia’s King Salman, who earlier in January succeeded the deceased King Abdullah, kept Oil Minister Ali Al-Naimi at his post, signaling he will adopt no change to the kingdom’s oil policy. Saudi Arabia, OPEC’s leading producer, steered the group into retaining its production quota at 30 million bpd at a November 27th meeting in Vienna, in a push to defend market share and curb US shale supply.
US crude output jumped by 27 000 barrels per day to 9.213 million bpd in the week ended January 23rd, a record for weekly statistics tracked since January 1983. The Energy Information Administration also reported that US crude supplies surged by 8.874 million barrels in the week ended January 23rd to 406.7 million, the highest on weekly data spanning back to August 1982.
Inventories at the Cushing, Oklahoma storage hub rose to 38.9 million barrels, from 36.8 million during the preceding period. This was an eight consecutive weekly jump, pushing supplies to the highest since January 2014.
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Forex Market: USD/CAD daily trading forecast

Yesterday’s trade saw USD/CAD within the range of 1.2507-1.2678. The daily high has also been the highest level since March 18th 2009, when a high of 1.2755 was recorded. The pair closed at 1.2617, gaining 0.64% on a daily basis.
At 9:20 GMT today USD/CAD was up 0.28% for the day to trade at 1.2652. The pair broke the first key weekly resistance level and touched a daily high at 1.2663 at 9:05 GMT.

Fundamentals

United States

Gross Domestic Product – preliminary estimate The preliminary estimate of the US Gross Domestic Product probably pointed to an annualized rate of growth of 3.3% in the fourth quarter of the year. The final GDP estimate for Q3, reported on December 23rd, pointed to an annual growth of 5.0%. The latter has been the highest growth rate since Q3 2003, which reflected an upturn in consumer spending and investment. Real personal consumption expenditures rose 3.2% in the third quarter, compared to a 2.5% increase in Q2. Real non-residential fixed investment increased 8.9% in Q3, following an increase of 9.7% in the second quarter. Real exports of goods and services were up 4.5% in the third quarter, compared to an increase of 11.1% in Q2, while real federal government consumption expenditures and gross investment expanded 9.9%, after a decrease of 0.9% in the second quarter, according to data by the US Department of Commerce.
In quarterly terms, US economy probably expanded 1.0% in Q4, following a final growth rate of 1.4% in Q3, which was reported on December 23rd.
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Stock Market News for January 29, 2015 - Market News

Benchmarks eroded initial gains to end in the red as another decline in oil prices offset the positive impact of Apple's record earnings results and the Fed's encouraging view on economy and labor market. After concluding its two-day meeting on Wednesday, the Federal Open Market Committee (FOMC) provided a positive picture regarding economic growth and labor market, and also maintained it would remain "patient" before hiking interest rate.

For a look at the issues currently facing the markets, make sure to read today's  Ahead of Wall Street  article

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4 0 inShare Link Comment Investor Alert FREE Access to Cramer's $2.7 Million Charitable Trust Portfolio Stock Markets Surge in Late Rally as Volatility Causes Waves

NEW YORK (TheStreet) -- Volatility has quickly become the new normal on Wall Street. Thursday's session was characterized by blink-and-you'll-miss-it turns in direction with all benchmark indexes posting gains by the afternoon session after losses earlier.
The S&P 500 had recovered from losses by the afternoon, adding 1%. The Nasdaq was up 0.94%.
The Dow Jones Industrial Average was up 1.25%, boosted by a jump in McDonald's  (MCD) shares. The world's largest fast food chain was more than 5% higher after announcing that CEO Don Thompson would be leaving the company. Thompson had held the position since July 2012 during some of the its worst years of draining sales and weak profits. 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Tel Aviv Stock Exchange Weekly Review: 25-29 January 2015

Trading on the Tel Aviv Stock Exchange (TASE) during the last week of January was characterized by a mix trend in all the leading share indices; TA-Oil and gas Index made notable increase of 6.0%; Trading commences in derivatives on the TA-100 Index

TEL AVIV, Israel, January 29, 2015 /PRNewswire/ --

TA-25  

The TA-25 index decreased 0.5% over the week and decreased 1.2% since the beginning of the year, after an increase of 10.2% for the whole of 2014.

     (Logo: http://photos.prnewswire.com/prnh/20130117/588933 )

TA-100  

The TA-100 index decreased 0.1% over the week and decreased 1.5% since the beginning of the year, after an increase of 6.7% for the whole of 2014.

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