Forex - EUR/USD gains on soft U.S. sentiment, personal spending data

The euro rose against the dollar on Friday after U.S. consumer sentiment and personal spending reports disappointed markets a day after data revealed the U.S. economy contracted more than expected in the first quarter of the year.In U.S. trading, EUR/USD was up 0.24% at 1.3635, up from a session low of 1.3598 and off a high of 1.3650.

The pair was likely to find support at 1.3586, Thursday's low, and resistance at 1.3668, Tuesday's high.The revised Thomson Reuters/University of Michigan consumer sentiment index ticked up to 81.9 this month from 81.8 in April, missing market expectations for a reading of 82.5.

                   

While harsh winter weather dampened spirits, concerns wages will remain weak did more so."The May decline in consumer confidence was not due to the dismal state of the economy during the 1st quarter, which had the weakest pace of GDP growth in three years. Consumers thought the harsh winter weather was mainly responsible," the indicator's statement read.

Consumer sentiment would suffer more if the economy failed to rebound in the months ahead, though the survey revealed that consumers feel the economy will be strong enough to produce more jobs in the year ahead."The main concern expressed by consumers involved dismal prospects for wage growth. Tiny wage gains meant that nearly half of all households anticipated declines in inflation-adjusted incomes during the year ahead," the statement read.


Elsewhere, the Commerce Department reported that personal spending in the U.S. fell 0.1% last month, compared to expectations for a 0.2% rise, after a 1.0% increase in March, whose figure was revised from a previously estimated 0.9% gain. U.S. core personal consumption expenditures, which exclude food and energy, rose 0.2% in April, in line with expectations, after a 0.2% increase the previous month.

http://www.investing.com/news/forex-news/forex---eur-usd-gains-on-soft-u.s.-sentiment,-personal-spending-data-287154

Forex - AUD/USD rises after mixed Australian data

The Australian dollar rose against its U.S. counterpart on Thursday, after the release of mixed economic reports from Australia, although demand for the greenback remained supported by upbeat U.S. data published earlier in the week.



AUD/USD hit 0.9301 during late Asian trade, the pair's highest since May 20; the pair subsequently consolidated at 0.9287, climbing 0.57%.The pair was likely to find support at 0.9203, the low of May 2 and resistance at 0.9367, the high of May 19.

Industry data earlier showed that new home sales in Australia rose 2.9% in April, after a 0.2% uptick the previous month.A separate report showed that private capital expenditure in Australia dropped 4.2% in the first quarter, compared to expectations for a 1.4% decline. Private capital expenditure in the fourth quarter of 2013 was revised to a 4.5% drop from a previously estimated 5.2% fall.

Meanwhile, the greenback still remained supported after data on Tuesday showed that U.S. durable goods orders rose unexpectedly in April and another report showed that U.S. consumer confidence improved in line with forecasts this month.
The Aussie was also higher against the euro, with EUR/AUD retreating 0.53% to 1.4640.

http://www.investing.com/news/forex-news/forex---aud-usd-rises-after-mixed-australian-data-286788

Gold prices ease in Asia with China, India eyed

Gold eased in Asia on Friday with demand prospects from China and India in focus.A pickup in Chinese manufacturing in May - though still below expansion territory - and a new government in India may bode well for demand from the world's top two gold importers.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,294.30, down 0.05%, after hitting an overnight session low of $1,290.20 and off a high of $1,303.90.



On Wednesday, the Federal Reserve released the minutes of its April policy meeting, which revealed the U.S. central bank plans to continue tapering its monthly bond-buying program and rely on other tools to normalize monetary policy, though actual rate hikes won't come after considerable period of time.

The Labor Department reported earlier that the number of individuals filing for initial jobless benefits last week increased by 28,000 to 326,000 from the previous week’s revised total of 298,000. Analysts had expected jobless claims to rise by 12,000 to 310,000, though markets shrugged off the data.

Geopolitical concerns elevated gold prices also, as fears persist the Ukraine crisis will escalate and drag the U.S. deeper into the conflict, which could hamper recovery.Skirmishes with pro-Russian separatists left 11 Ukrainian soldiers dead in Ukraine's eastern region of Donetsk.

Ukraine will hold presidential elections on Sunday, and concerns persist that Russia will meddle in the voting and aggravate the crisis.U.S. and European officials have already warned that Russia would face sector-related sanctions if Moscow disrupts the upcoming elections.

http://www.investing.com/news/commodities-news/gold-prices-ease-in-asia-with-china,-india-eyed-286023

U.S. grains mixed; wheat falls for 6th straight session - Sean Seshadri

U.S. wheat futures declined for the sixth consecutive session on Wednesday, as market players continued to liquidate long positions amid easing concerns over tightening global supplies.On the Chicago Mercantile Exchange, U.S. wheat for July delivery declined 0.57% or 4.08 cents to trade at $7.0513 a bushel, during U.S. morning hours. Prices of the grain dropped 0.8%, or 5.6 cents on Tuesday to settle at $7.0920 a bushel.



Wheat prices have been under pressure in recent sessions after the U.S. Department of Agriculture projected higher global supplies than analysts had expected last week.

The USDA said global wheat inventories will total 187.4 million metric tons in the 2014-15 season starting June 1, up 0.5% from 186.5 million in the current marketing year.

In the U.S., approximately 30% of the winter wheat crop was rated “good” to “excellent” as of last week, down from 31% in the preceding week. Winter-wheat crops in “very poor” to “poor” conditions rose to 42% from 38% in the preceding week.
Elsewhere on the CBOT, U.S. soybeans for July delivery shed 0.25%, or 3.77 cents to trade at $14.8063 a bushel. The July soybean contract rallied 1.25%, or 18.4 cents on Tuesday to settle at $14.8360 a bushel.

Soy traders looked ahead to a report from the National Oilseed Processors Association due Thursday to gauge the strength of crushing demand for U.S. supplies in April.Meanwhile, U.S. corn for July delivery advanced 0.32%, or 1.62 cents, to trade at $5.0363 a bushel. The July corn contract added 0.65%, or 3.2 cents on Tuesday to settle at $5.0260 a bushel.

http://www.investing.com/news/commodities-news/u.s.-grains-mixed;-wheat-falls-for-6th-straight-session-284111

U.S. futures rise as sentiment recovers; Dow Jones up 0.28%

U.S. stock futures pointed to a higher open on Monday, as sentiment slightly recovered from Friday's losses due to concerns over mounting tensions in Ukraine, although investors continued to monitor developments in the region.Ahead of the open, the Dow 30 futures pointed to a 0.28% rise, S&P 500 futures signaled a 0.27% gain, while the Nasdaq 100 futures indicated a 0.28% increase.



Investors remained cautious as hostilities between Russia and Ukraine continued and the West prepared to step up sanctions against Moscow.

A joint statement from G-7 nations said they would "move swiftly to impose additional sanctions on Russia" because the latter has not moved to comply with the Geneva accord.

In the U.S., data on Friday showed that consumer confidence rose to a nine-month high in April, adding to signs that the economy is improving.

The University of Michigan reported that its consumer sentiment index came in at 84.1 this month, up from 80 in March and the preliminary reading of 82.6. Analysts had expected the index to rise to 83.0.

The pharmaceutical sector was expected to be active, after Pfizer (NYSE:PFE) confirmed that it is interested in acquiring the Britain's Astrazeneca (AZN.LONDON) for about £58.8 billion. The acquisition would be one of the largest takeovers in the industry’s history.

General Electric (NYSE:GE) was also slated to remain in the spotlight, after French officials imperiled the company's attempt to acquire Alstom (ALSO.PARIS) by urging the latter to consider a rival offer from Germany’s Siemens (SIEGn.XETRA).

GE chief executive officer, Jeffrey Immelt, was scheduled to meet French President Francois Hollande later Monday, after he was rebuffed by Industry Minister Arnaud Montebourg over the weekend.
In the tech sector, Apple (NASDAQ:AAPL), up 0.22% pre-market, and Korean rival Samsung Electronics (005930.KS) were reportedly heading toward the conclusion of their second U.S. patent trial regarding Google (NASDAQ:GOOGL)'s Android operating system.

Other stocks likely to be in focus included Charter Communications (CHTR.O) and Franklin Resources (NYSE:BEN), scheduled to report quarterly results later in the day.

Across the Atlantic, European stock markets were higher. The DJ Euro Stoxx 50 gained 0.80%, France’s CAC 40 climbed 0.60%, Germany's DAX rallied 0.92%, while Britain's FTSE 100 rose 0.31%.

http://www.investing.com/news/stock-market-news/u.s.-futures-rise-as-sentiment-recovers;-dow-jones-up-0.28-279888

General Electric’s $13 Billion Deal For French Industrial Giant - Sean Seshadri

General Electric Co. (NYSE:GE) is poised to make its biggest-ever acquisition, but the proposed deal is just as likely to draw brickbats from critics of American corporate tax policy as it is kudos from investors.The U.S. conglomerate could announce a deal to buy French industrial company Alstom (PARIS:ALSO) for $13 billion in coming weeks, according to Bloomberg News.

That could spark a public relations headache for the Fairfield, Conn., company, as it is likely to fund the deal from its estimated $57 billion cash hoard kept overseas to avoid U.S. taxes. The Alstom deal could also see regulatory scrutiny from the French government.



GE has long been criticized for its light tax burden. Between 2002 and 2011, it paid an estimated average tax rate of just 1.8. GE’s strategy of keeping cash offshore mirrors moves by other U.S. companies such as Apple Inc. (NASDAQ:AAPL) and Pfizer Inc. (NYSE:PFE).

“This [overseas] money is available to fund the operations of our non-U.S. subsidiaries,” GE spokesman, Seth Martin, told International Business Times in an email.The company’s 2013 annual report  notes that if overseas cash were repatriated, GE would face more in U.S. income taxes and foreign withholding taxes.

“GE’s effective tax rate is reduced because active business income earned and indefinitely reinvested outside the United States is taxed at less than the U.S. rate,” according to the company's annual report.

In the U.S., corporate tax rates can reach up to 35 percent, but General Electric paid just 4.2 percent tax on its operating earnings last year, down from 28.5 percent in 2011, partly thanks to “global funding structures.”
Last year, GE made more than $1 billion in revenue from each of at least 24 countries, though nearly half of its revenue usually comes from the U.S.

The Alstom deal comes as a surprise given GE CEO Jeff Immelt’s promise earlier this year to favor acquisitions of under $4 billion. The deal isn’t yet official, but an announcement could come as early as next week, sources cited by Bloomberg said.

GE has worked to wind down its nonindustrial operations, especially its financial arm GE Capital. The company has also sought to boost its industrial businesses, which sell energy, mining and locomotive equipment to businesses and governments. The proposed acquisition echoes that theme and comes amid GE's planned spinoff of its consumer finance arm, expected later this year.

Alstom, a top maker of energy and rail equipment, saw 14.5 billion ($20.1 billion) euros in sales over the past nine months of 2013, though its shares have performed poorly in the past few years.  About two-thirds of its revenue comes from power-related sales, with transportation and grid equipment ranking second and third in importance, respectively.

http://www.investing.com/news/stock-market-news/general-electric%E2%80%99s-$13-billion-deal-for-french-industrial-giant-279609

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