Fundamental Market Overview

Note: This section contains information in English only.
Source: Dukascopy
EUR

After LCH Clearnet SA increased deposit necessary for trading Italian bonds, 5-year bond yields jumped to 7.5%, exceeding those of 10-year bonds. PM Berlusconi's resignation offer left current government with tackling austerity measures in order to decrease costs of borrowing.

USD

HSBC Holdings Plc., Europe's biggest bank in terms of market value, reported a drop in profit of 53% or $1 bn in the 3rd quarter from previous year. Bad debt provisions for bank's US division climbed from $3.15 bn to $3.89bn. According to HSBC representatives, global economy faces challenges that hurt emerging markets, hinder growth and thereby reduce bank's profit.

GBP

UK GBP growth forecast was reduced today by business organisation CBI to 0.9% in 2011, 1.2% in 2012 and 1.3% in 2013. Additionally CBI sees unemployment rising to 8.5% next year from previous forecast of 8.1%.

JPY

Japan's current account increased significantly in September to JPY 1.19T despite 0.96T consensus projections. Economy watchers sentiment stood in the pessimism zone at 45.9 points in October. Nikkei 225 gained 99.93 points or 1.15% today, and closed at 8755.44.

CHF

SNB official rate for EUR/CHF declined to CHF 1.2342, and LIBOR CHF stood at 0.04% today. Yield on 10-year Swiss Confederation bonds was at 0.92% today. SMI has lost 1.37% since opening, and is currently fluctuating around 5604.02 points.

Read the morning report here.

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