Shares of small-cap biotech company Acura Pharmaceuticals (ACUR, quote) soared once again on Tuesday after a massive rally in the name during Monday’s trading session. The stock surged 42 percent and closed the day at $3.49. Acura opened the session at $2.49 and traded all the way up to $4.50 at one point in the morning.
Gold is roughly flat on day going into the July 4th weekend, tomorrow will be light volume with only a half day of trading. The SPDR Gold Trust (GLD, [stock GLD]) ETF is lower by 0.14% in the final hour of trading today while the iShares Gold Trust (IAU, [stock IAU]) ETF is holding flat on the day.
The greenback is markedly weaker at the close of North American trade with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) off by 0.67% on the session after moving a full 135% of its daily average true range. The losses come on the back of a stellar performance in equity markets with a rebound in risk appetite fueling a broad-based rally in stocks amid speculation that the ECB will
Gold was sharply higher at the close of trade this week with the precious metal surging 3.87% to close at $1622.75 in New York. The rally marks the largest single week advance since the week ending January 27th when prices soared by more than 4.4% as it approached the $1740 level
In previous months, these pages have warned of slowing global growth and cited crude as the leading indicator. Crude plummeted nearly 18% in May compared with just a little over a 6% decline in the S&P 500. Reitterating the stance that crude is the leader (the ‘tell’ if you will) in the next wave of develeveraging, equities probably have much more downside in the coming months.
Most of the major currency pairs continue to show significant correlations with the MSCI World Stock Index, suggesting that broad-based risk appetite trends remain dominant as drivers of price action. This puts thematic macro-level concerns – specifically, the durability of the US recovery and its ability to offset headwinds from Europe and China facing global growth – squarely at the forefront. The US economic calendar is relatively quiet, with headline event risk clustered at the end of the week as PPI and UofM Consumer Confidence readings cross the wires on Friday. This puts the onus on evaluating the extent of downward pressure.
The ongoing political turmoil in Europe continues to shake the markets, with the inability for Greece to form a government now fueling speculation that the country might soon exit the Eurozone. Although an exit by Greece would have only a minimal impact on the broader economy, given the country’s size, fears of contagion seem to be the bigger problem right now, as investors start to price in the impact this will have on larger economies like Spain and Italy.
Euro: French, Greek Elections Raises Risk For Breakup – 1.3000 Crucial British Pound: Correction In Focus, BoE To Discuss Exit Strategy Euro: French, Greek Elections Raises Risk For Breakup – 1.3000 Crucial The Euro tumbled to a fresh monthly low of 1.2954 as French President Francois Hollande overtook Nicolas Sarkozy as the president of France, while the two main parties in Greece failed to obtain a joint majority, and the
The greenback is markedly higher in North American trade with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) advancing 0.28% on the session after moving nearly 76% of its daily average true range. April non-farm payrolls disappointed today with a print of just 115K, missing forecast estimates for a read of 160K. While the unemployment rate surprisingly declined to 8.1% from 8.2%, it’s important to note that the decline can
THE TAKEAWAY: PPI numbers come in lower than expected -> high energy prices continue to affect producers -> Euro trades within tight range Producer price inflation in the 17-nation Eurozone increased less than expected in March, representing the sixth consecutive monthly drop in the gauge. The month-on-month number came in at 0.6% vs. the 0.5% predicted by economists, while the yearly number was 3.3% versus the expected 3.4%. The numbers
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