Brent back down from $ 111 due to profit taking selling

Technical analysis for crude oil -14 June 2013

Oil fell to less than $ 111 a barrel yesterday, with some investors reap profits, in the wake of the gains made last week, but the steady optimism a recovery in the world’s biggest economies extent of the decline. The dollar fell against the yen yesterday as a result of sales for a profit, after he scored up quickly to the highest level in two and a half years last week, and gains came as a result of expectations of cash to facilitate the procedures of the Bank of Japan. While gold prices fell towards $ 1,650 an ounce.

The oil market rose last week, after lawmakers reached in the United States to deal at the last minute to avoid the so-called financial abyss or tax increases with spending cuts threaten growth in the largest oil consumer in the world.

The crude fell Brent 48 cents to 110.83 dollars a barrel, after rising 0.6% last week. The U.S. light crude fell 50 cents to 92.59 dollars a barrel, after rising 2.5% last week.

Although the cases of supply disruptions and shrinking exports from the North Sea and South Sudan, Iran and Nigeria supported prices in 2012, it is expected a surplus on the market in 2013.

The International Atomic Energy Agency that supplies from outside OPEC will rise 890 thousand barrels per day in 2013, the highest bit rate of increase in global demand.

The company announced “QP” official prices for oil Qatar land and sea for the month of December last year.

The news agency quoted the country “QNA” company in a press statement yesterday that it has set the price of oil Qatar land 109.6 dollars per barrel, and Qatar Marine oil to 108.55 dollars per barrel.

Dollar fell

The dollar fell 0.4% to 87.72 yen, down from its peak reached on Friday at 88.84 yen in electronic trading on the platform IPS, the highest price since July 2010.

Traders said the dollar may continue to fall in the case of coming off without a price level requests stop-loss selling at 87.350 yen.

The dollar’s gains accelerated last week after meeting minutes showed the Federal Reserve (the U.S. central bank) for the month of December that a number of policy-makers are considering ending bond-buying program in the current year.

In contrast many investors are betting that the new Japanese government headed by Shinzo Abe will seek to weaken the yen and to press for the implementation of strong fiscal stimulus programs and the pressure on the Bank of Japan does the same thing on the monetary level.

The euro, which fell after the release of the minutes of the meeting of the Board of the Federal Reserve decline, and lost 0.3% to $ 1.3034. Hui was the lowest level in three weeks at $ 1.2998 on trading platform CBS on Friday.

Analysts say he may continue near these levels until the ECB meeting on Thursday.

The euro fell 0.8% to 114.28 yen, moving away from its highest level in 18 months 115.995 yen, scored on a platform IPS on Wednesday.

Low gold

Gold prices fell towards $ 1,650 an ounce (an ounce) yesterday with falling equity markets and the rise of the dollar, but remained in a narrow range, as investors focused on budget talks in the United States and the quantitative easing program of the Federal Reserve (central bank) American.

And Federal Reserve officials show a growing concern of the potential risks to the asset purchase program, which adopted the Central American financial markets.

The quantitative easing, benefiting gold by keeping the pressure on long-term interest and raising fears of inflation is a key driver of the rise in precious metal prices in previous years, and therefore any change in that policy is likely to press strongly for gold. Gold fell in the spot market 0.1% to $ 1654.50 per ounce, while gold rose U.S. contracts 0.3% to $ 1654.70.

The spot prices have fallen to their lowest level since late August on Friday, after meeting minutes showed the Federal Reserve policy committee in December that a number of senior officials are expected to slow the pace of the quantitative easing program or stopped before the end of the year.

The prices recovered later after data showed that the unemployment rate in the United States is still high in the last month, to end the week little changed. Gold fell again yesterday, with some investors to reap profits in the stock and commodity in the wake of last week’s gains.

Silver fell 0.3% to 30.12 dollars per ounce, platinum rose 0.3% to 1556 dollars per ounce, and palladium fell 0.6% to 679 dollars an ounce.

 

 

 

Commission ‘Pal’ liquidity decides to soften the rules of international banks

 

 

 

And approved by the Basel Committee on Banking Supervision soften the rules that will apply in 2015, banks in the field of international liquidity in order to cope with major crises.

And announced to the Banking Control Commission, which includes international oversight bodies in the sector, it has been expanded liquidity coverage ratio, which is supposed to allow banking institutions to face a severe crisis for thirty days.

And a set of assets that will be possible acquisition are including bonds and shares, on the condition that institutions are issued by investment classified by credit rating agencies and some types of secured loans or mortgage insurance.

The project is based in its original form to assets considered safer, such as liquidity and State loans.

On the other hand re-examined in the schedule for the application of this ratio.

As expected, this proportion will enter into force on the first of January 2015. On this date, will not be on the banks with a pool so that only 60% of the amount originally requested.

And it will be possible to then gradually increase the share of liquidity even 10% annually to reach 100% up to 2019.

The aim of the new regulatory framework for banks, called “Basel 3”, to improve the liquidity of the banks, allowing them to face big money-pumping operations in the time of crisis.

And calls this framework banks that retain enough of the selling assets easy to finance activity for thirty days, even if funding sources dried up completely.

This reform, which consecrated the wake of the bankruptcy of the American Foundation for Lehman Brothers, which strangled by the disappearance of all its financial resources raised with sharp criticism in the financial community.

Has announced a large number of bankers that the project in its original form would prevent banks from exercising her profession and through the reduction of money that can be placed in the act of granting loans.

The Commission explained that it was adopting the new version of reform “unanimously”.

 

 

Falling stock markets

Nikkei Japanese stocks, after five sessions of the Ascension, with stops drop in the yen, which triggered a sell for a profit in the shares of exporters. While utilities stocks fell by the downgrade by brokerage firms. The Nikkei fell 0.8% to 10599.01 points. The decline in the broader Topix index also 0.8% to 881.06 points.

And most European stocks fell yesterday, while the FTSEurofirst settled after breathtaking rally since the beginning of the year, thanks to gains banking stocks, on the back of regulatory decisions facilitate liquidity regulations in the sector. The FTSEurofirst 300 index settled at 1167.31 points, while the hostel FTSE 100 was 0.2% and Germany’s DAX 0.3%.

And the French CAC 40 index 0.1%. The Basel Committee said observers bankers yesterday that it would give banks an additional period of four years and more flexibility to create cash reserves allows banks to invest part of their reserves in order to support economic growth.

Said a trader in stocks and ETF in Paris: “Although it was unexpected step it remains good news will give banks and the economy breathing space is desperately needed.” Shares “Societe Generale” 3.6%, “BNP Paribas” 2.2%, “Commerzbank” 1.5%. Tokyo, Paris Reuters