Summary of Overnight News:
• The FTSE-100 will open sharply increased this morning pursuing last night’s powerful gains in New York, as dovish comments by Fed chairman Ben Bernanke and sliding oil rates allowed investors to place the crisis in the Middle East to a single side and put a bit of blue on our screens to match the skies outside.

• US stocks surged greater on Wall Street last night after Federal Reserve Chairman Ben Bernanke reassured the industry with his view that economic growth seems to become moderating and inflation remains contained, traders noted.

• ‘Clearly we do not desire to tighten too very much to lead to our economic system to grow a lot more slowly than its potential,’ Bernanke said throughout questioning just before the Senate Banking Committee.
• Investors interpreted Bernanke’s testimony like a sign the Fed is close to ending its streak of interest rate hikes, dealers added.
• The DJIA closed 212.19 factors increased at 11,011.42, its greatest overall performance of 2006, whilst the Nasdaq ended up 37.49 factors at 2,080.71.

USA

Figures out Nowadays:
13:30 US jobless claims (w/e 15/7) k Prev 332
13:30 CA wholesale revenue (May) %m/m Prev 0.one
15:00 US leading indicators (Jun) percent Prev -0.6
17:00 US Philadelphia Fed (Jul) Prev 13.1
19:00 US Minutes of 29 Jun FOMC Meeting

• Yesterday’s 0.3% rise in the US June core CPI tipped the balance to an additional 25bp rate hike on 8 August. But a much less hawkish than expected and fairly noncommittal testimony from Chairman Bernanke additional a fraction a lot more ambiguity for the chance of an imminent rate hike, using the focus seemingly much more for the longer expression impact on inflation from moderating growth. His testimony, which gave strong boost to US and European share costs and Treasury bonds, came since the Fed released forecasts suggesting that it can be prepared to bring US inflation down gradually, to minimise the harm to the actual economic system.

UK

Figures out Today:
09:30 Retail revenue (Jun) %m/m Exp 0.2 Prev 0.5
09:30 Retail product sales (Jun) %y/y Exp a couple of.7 Prev 4.0
09:30 PSNB (Jun) £m Exp 7000 Prev 6583
09:30 PSNCR (Jun) £m Exp 13000 Prev 16246
• UK retail revenue (09:30) are forecast to possess edged up throughout June, by close to 0.2%. Overall, the quarterly performance with the retail sector ought to have improved considerably in Q2 which ought to underpin tomorrow’s release for GDP, anticipated to have grown 0.7% in Q2, inline with the MPC’s central projection.

Japan

Figures out Today:
06:00 JN BoJ Monetary Policy Minutes
EURUSD @ one.2590 GBPUSD @ 1.8435 GBPEUR @ one.4640 USDJPY @ 116.85

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