Currency Forex Trading

(AFX UK Focus) 2006-06-12 14:24 GMT: German shares off intra-day lows midafternoon as Wall Street seen higher

FRANKFURT (AFX) - Shares were off intra-day lows in midafternoon trade as US stock futures pointed to a positive start on Wall Street this afternoon, though they remained in negative territory amid weakness in financial stocks and as Bayer slid after Merck upped its stake in Schering, dealers said.

At 2.56 pm, the DAX 30 index was 33.06 points or 0.61 pct lower at 5,431.02, having moved between 5,399.77 and 5,470.23 so far this session.

The MDAX was at 7,595.66, down 103.06 points or 1.34 pct, while the TecDAX was at 622.07, down 7.55 points or 1.20 pct.

The DAX futures contract was at 5,432.50, up 20.50 points or 0.38 pct, while bund futures were at 116.61, up 0.13.

The euro last traded at 1.2587 usd, against 1.2586 in midday London trade.

Financial stocks were all in the red, with commercial real estate lender Hypo Real Estate leading large-caps lower, dropping 1.04 eur or 2.29 pct to 44.45.

Top 1 Jumped Up Posts in the last 24 hours

Aventurine, the Greek software company that absorbed the original developer Razorwax, has announced that their upcoming MMORPG, Darkfall, is now in preparation for beta testing.

Like other MMORPG's, Darkfall is set on a fantasy world (in this case, Agon), and features the usual cast of playable races - Humans, Dwarves, Elves and Orks. There are two additional races - one of werewolves called the Mahirim, and the other known as the Alfar - pale outcasts who reject all outsiders. Career paths include explorer, hunter, mercenary, ironsmith, magician and fishermen; there is also a "prestige" class system that include Paladin, Assassin, Gladiator and Enchanter.

What makes Darkfall different is its emphasis on PvP combat. According to Associate Producer Tasos Flambouras, old classics such as Ultima Online and Elder Scrolls were enjoyable, but restrictive in their use of classes and levels.

GOLD PRICE EDGES DOWN

Gold inched down on Friday on profit-taking in cautious trade ahead of the release of a U.S. employment report that could have an impact on currency and precious metals trading. The cash price for gold was at $629.80/631.30 an ounce at 0252 GMT, compared with $632.20/633.70 in late New York on Thursday when the metal rose as high as $634.75. -FX Street

Click Here For The Full Story

Staff Selections - Links
.

Australian Dollar Set for Weekly Advance as Metals Prices Surge

July 7 (Bloomberg) -- Australia's dollar was poised for a second weekly advance as the price of metals jumped, bolstering the outlook for the nation's export earnings.

The currency today rose to near a three-week high as a measure of six metals traded on the London Metal Exchange yesterday gained 5.4 percent, the most in six weeks. Higher commodity prices typically support the currency because raw materials account for about 60 percent of the nation's exports.

``There remains pretty good demand for the Australian dollar,'' Callum Henderson, head of foreign-exchange at Standard Chartered Bank Plc, said in Singapore. ``Australia will benefit from soaring commodity prices.''

The currency climbed to 74.59 U.S. cents as of 2:45 p.m. in Sydney from 74.19 cents in late Asian trading yesterday and 74.23 cents a week ago.

PMC Sierra CFO Krock to Depart

SANTA CLARA, Calif. — PMC Sierra Inc. said Thursday its chief financial officer and vice president Alan Krock will leave the company for personal reasons after a "reasonable transitional period."

The company also said it expects second-quarter sales at the midpoint of its prior guidance range of $108 million to $112 million, excluding revenue from its acquisition of Passave Inc. in May.

Bank of Japan Chief Apologizes for Scandal

TOKYO (AP) -- Japan's central bank chief apologized to the nation Tuesday and said he would take a pay cut for an investment scandal that has set off calls for his resignation. He also said the bank has set up a committee to review rules for its officials' assets.

Gov. Toshihiko Fukui also said he would not step down and wanted to complete his job. His term runs through March 2008.

"I am very, very sorry. I deeply apologize to the people," Fukui said at a news conference. "The Bank of Japan's compliance rules have been widely criticized. This must be taken seriously."

Fukui has come under fire since stating last week that he had invested 10 million yen ($86,000) seven years ago in a fund managed by Yoshiaki Murakami, who was arrested June 5 on suspicion of insider trading.