The Traderszone Network

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The world’s currencies got off to a sleepy start on Monday after a relatively uneventful weekend, with the yen consolidating a week of solid gains.

Last week was horrible for financial stocks as the XLF tumbled 2.86%.  Investment services ($DJUSSB) and asset managers ($DJUSAG) were at the bottom of the heap with losses of 6.00% and 3.94%, respectively.  The losses were technically damaging for both industry groups as both now appear to be rolling over and staring at further potential losses ahead.  The DJUSAG recently hit price resistance, could not break through and closed at four week lows.  The approximate trading range for the group is 145-155.  A close below 145 would likely signal a retest of February lows near 130.

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There was some good and some bad news in tonight’s Chinese March inflation (and deflation in the case of PPI) data.

The good news, for those who believe that rising inflation is a positive economic outcome, was that Producer Prices declined “only” 4.3% Y/Y, or less than the -4.6% exoected, and better than the -4.9% drop last month. On a sequential basis, PPI rose by 0.5% on the back of various commodity input prices posting a modest increase in the past month on the back of China’s epic January loan injection.

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Housing finance data from Australia, February.
Home loans +1.5% m/m,
– expected 2.0%, prior was -3.9%
Investment lending +4.1% m/m,
– prior was -1.6%
Owner-occupied loan value +1.7% % m/m,

CPI, 2.3% y/y
– expected 2.4%, prior 2.3%
PPI, -4.3%
– expected -4.6%, prior of -4.9%
The PPI still declining, but at -4.3% its slowing its falls, that’s the slowest y/y pace of fall since January of last year. Recovering property and commodity prices cited.

The Daily Mail’s parent is in talks with private equity firms for a possible bid for Yahoo, sources told The Wall Street Journal.