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Market Pulse: What's Moving Today and Why

Thursday, May 03, 2012 - 04:02

May 3 - Reuters Insider has its finger on the market pulse, analyzing and making sense of the biggest movers of the day.

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The ECB -- and Barcelona president -- drug it will be under pressure to -- growth forecasts but will almost certainly hold off from taking further action to ease the crisis this on the same day Spain holds its first on the auction since last week's two and what's done great. Welcome to today's market pulse -- yet again all eyes on Spain Madrid cell slightly more bonds than planned. And investor demand is strong. But not comes at a price the yields paid a sharply higher up I don't know to Michael you said chief market strategist at CMC markets in London. Michael -- Spain forced to pay almost 5% for five yet funds not recalled lots are successful attempts this puts on his -- -- -- place. Successfully is a relative term running -- I think he's better than you know file little option -- allowed it to cover the bid to cover as defending accused. But I think what it has highlighted is the reliance all the time these funny someone has on Spanish banks because. When you actually look at the overseas holdings of Spanish phones I've actually dropped from the beginning of the year but quite some amount. As I mentioned there all -- on my -- target at his press conference. XPS you know change today but. Markets are pricing in some form of -- and down the line. Well not actually do any good. I think you will because at the end of the thing monetary policy can only do so I'm not -- nothing where the limits of what monetary policy can achieve. -- the end of the -- I think what we're gonna see in spying in some form of sovereign debt restructuring and that's really something. That time the politicians have to get. A handle on the same monetary easing may be priced -- but I sending soulful I mean really -- Paul the problem at the -- -- and bring it to a conclusion. Back to today's market news that European stocks up this index is up about 1%. Why -- the time today. I think we're more focused only on actual earnings outlook for the moment we've seen some fairly good earnings from European banks sell ten places some fairly good numbers like the expectations. I think we're assessing a little bit of a bounce in the -- on the back of that fairly successful bond auction. But having said that if -- relative in the Olympics posted its lowest close since 2003 yes tonight. So I think you know -- getting a bit of a bounce back home that. But -- you know looking ahead I think the outlook still looks you know -- uncertain given some of the political dynamic supply coming into this weekend. Okay Michael thank you very much. Think what a couple of standouts on European stock markets are surprised sergeant bond currency and commodity revenues some ten. Taking -- of a 20% plunge in profits in the first quarter. Asset sales to strengthen the balance sheet that's the bottom line but so -- shares up as much as 1% Elliott today. A booming demand and China helping BMW post record first quarter earnings up 19%. To two point one billion euros. The stock easily outperforming the European alt -- sector are about three and a half percent. Finally out technical analyst of the -- Simon small Credit Agricole CIT has been looking at the you know he says there's more dump site to come. Against the Canadian dollar. When -- pad everything looks like it's -- is going low although my only problem walls looking on the weeklies for -- looking on the day these. I'm into just sort of managed to get about five conversion and baseline so maybe we need to get below I think it's like the 113 thirteen level something like that. Then I think we can stop looking at. It being one of those rare currencies that breaks out of the tight ranges we've been seeing. But most today's market pulse -- and that's eleven GMT every -- for your daily dose of what's moving and financial markets and why. I'm Jamie give this -- Reuters.

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Market Pulse: What's Moving Today and Why

Thursday, May 03, 2012 - 04:02