The Big Picture:
The Dax traded down 0.39% yesterday. The real negative in in the Index being E.ON´s shares, which in light of their quarterly earnings yesterday, traded down as much as -7%. It emerged that , shortly before the initial public offering of their subsidiary company Uniper, the September, E.ON will have to write down billions on their conventional power plants and gas storage.. After last years record loss of 7 Billion, E.ON has already announced a loss of 3 billion for this half year. Initially E.ON planned to outsource their atomic power plants to Uniper, it has now transpired however, that the new E.On will have to carry the cost of exiting the nuclear power market. It is legally required that German Utility Providers are required to pay 10 billion Euro in to the state fund for nuclear waste storage. This whole process shows how political decision kann lead companies in to financial difficulties, highlighting a further aspect of investing.
Pre-Market direction of US Futures (07.00 CET)
The S&P is trading up 0.07%
The DAX is in an upward trend. Main resistance at 10,500 has been broken to the upside. Next resistance is seen at 10860. We expect a continuation of the upwards trend.
Euro / USD
The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429.
JPY / USD
The USD has turned positive against the Yen. Biggest support will be found at 100,31.
Gold is trending upwards. The next major resistance is at 1375.
Oil is in a mid term downwards trend. In the short term, it is important that Oil finds a bottom.
Us Markets spent another day consolidating. An unexpected increase in Oil inventories led to a drop in prices of-2.48%. Concurrently, Oil shares dropped. Asian Markets trended lower. Energy stocks performing weakest. The NZD has rising to a one year high, against the USD, the New Zealand central bank having lowered interest rates, which had been expected by investors. The USD is trading slightly higher to the Euro. Gold and Oil showing slight weakness.
Today´s numbers (CET)
14:30 USA: Initial Jobless Claims
DAX Quarterly Earnings: RWE, Thyssen Krupp, Deutsche Telekom, Henkel AG
USA Quarterly Earnings: Ralph NVIDIA, amongst others
RoboForex Analytical Department
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