– U. S. stock futures pointed to a slightly higher open on Tuesday, as investors turned to the Federal Reserve’s upcoming policy-setting meeting for indications on the future of the central bank’s stimulus program.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0. 10% gain, SP 500 futures signaled a 0. 10% rise, while the Nasdaq 100 futures indicated a 0. 25% increase.
Markets were jittery as a string of recent U. S. economic reports last week fuelled further uncertainty over whether the Fed will soon begin to scale back its bond-buying program.
On Monday, industry data showed that U. S. pending home sales fell 0. 4% in June, less than the expected 1% decline, after a 5. 8% rise the previous month.
U. S. drugmaker Pfizer was expected to be active, after the company posted quarterly results slightly higher than market expectations, sending shares up 1. 02% in after-hour trade.
In the auto sector, Chrysler was likely to be in focus as the automaker cut its net income forecast for 2013 to USD1. 7 billion from USD2. 2 billion, and also cut its full-year vehicle shipment outlook.
Oil and gas giant BP was also set to be in the spotlight, after posting a second-quarter profit that missed analysts’ expectations, and warning that its USD20 billion oil-spill compensation fund has almost run out.
Shares in the company plunged 4. 55% in pre-market trade.
Also in earmings news, Sprint reported a wider-than-predicted loss after the wireless carrier shut down its Nextel network and lost more than 1 million monthly subscribers. Despite the news, shares in the company jumped 1. 05% in early trading.
Elsewhere, JP Morgan was up 0. 04% in extended trading, amid reports the U. S. Federal Energy Regulatory Commission is accusing the U. S. lender of manipulating power markets in California and the Midwest.
Other stocks likely to be in focus included Merck, JetBlue, Thomson Reuters, Occidental Petroleum, Coach and Corning, all scheduled to post results before the opening bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 rose 0. 34%, France’s CAC 40 added 0. 21%, Germany’s DAX edged up 0. 21%, while Britain’s FTSE 100 gained 0. 18%.
During the Asian trading session, Hong Kong’s Hang Seng Index climbed 0. 48%, while Japan’s Nikkei 225 Index rallied 1. 53%.
Later in the day, the U. S. was to release data on the Standard Poor’s/Case-Shiller Composite-20 house price index, followed by the Conference Board’s report on consumer – offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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By John Lee.

The government of Iraq wants to purchase nearly $2-billion worth military equipment from the United States.

The Defense Security Cooperation Agency (DSCA) notified the US Congress of the following intended deals:

  • 50 M1135 Stryker Nuclear, Biological, and Chemical Reconnaissance Vehicles (pictured) and associated equipment, parts, training and logistical support for an estimated cost of $900 million;
  • 12 Bell 412 EP helicopters and associated equipment, parts, training and logistical support for an estimated cost of $300 million;
  • Multi-Platform Maintenance and associated equipment, parts, training and logistical support for an estimated cost of $750 million.

According to the DSCA, the proposed sales will “contribute to the foreign policy and national security of the United States by helping to improve the security of a strategic partner. [They] directly support the Iraqi government and serve the interests of the Iraqi people and the United States.

Congress has 30 days to raise any objections to the plan.

(Source: )

By John Lee.

Sony has recently unveiled its extensive plan for expansion in Iraq.

Along with its official business partner, Modern Electronics Iraq (MEI) Sony will look to transform the Iraqi consumers’ experience through launching its entire line-up of latest technology products, introducing experiential Sony-branded stores and setting up authorised service centres in Iraq.

The announcements, which came at an exclusive dealers’ conference in Erbil, highlight the significance Sony places on Iraq as an emerging market in the Middle East with a huge potential for growth.

Iraq is undoubtedly one of the most important markets for Sony. By 2015, we hope to achieve a $350 million share in the consumer electronics space, including the fast-growing mobile phone business,” Sony Middle East and Africa managing director Hiroyasu Sugiyama said at the event.

The numbers certainly look exciting, but our immediate focus is to identify tactics that help us move towards our target. The Sony roadmap for Iraq constitutes a three-pillared strategy based on product, customer and operation.

Recognising the demand for its entire line-up of products in Iraq, Sony aims to synchronise its international launches to include Iraq. From the award-winning Sony Xperia Z smartphone, the Xperia tablet, Vaio notebooks and Bravia 4K TVs to the PlayStation 3 game console and the world’s most powerful audio system, the Shake 7 stereo, Sony will look to reduce wait-time and increase the availability of its products for Iraqi consumers.

Looking to transform the experiential prospects for Iraqi customers, Sony is also set to roll-out its unique world-class branded stores, where all products are displayed in an open and easy-to-touch-and-try layout, with Sony-trained salespersons ready to explain and demonstrate these products.

By John Lee.

Ukraine’s Minister of Economic Development and Trade, Ihor Prasolov (pictured), has told his Iraqi counterpart Khairallah Hassan Babeker [Khayri-allah Babakir, Dr Khairallah Hassan Babiker] that Ukraine is interested in increasing exports of metallurgical products to Iraq.

At their meeting they also discussed the further engagement of Ukrainian machine-building companies in Iraqi projects, and how Ukraine can share its experience in the chemical industry.

Trade between the two countries reached $872.5 million in 2012.

Iraq’s Babeker said:

In restoring our country’s infrastructure and facilities we will rely on the assistance of friendly countries, for instance, Ukraine.

He added that many Ukrainian goods were exported to Iraq through intermediaries, and it would be advisable to consider direct supply:

We’d like to focus on direct cooperation, especially, on opening Ukrainian companies’ branches and representative offices in Iraq, and transferring production capacity there.

Iraq is also reported to be interested in importing Ukrainian grain, meat and dairy products, eggs and sunflower oil.

(Source: Ukrainian News)

By John Lee.

Daewoo Engineering and Construction has won a $709-million contract to upgrade the Akkas gas field in Anbar province, near the Syrian border, the Iraqi cabinet secretary announced.

The South Korean company will provide engineering, procurement, construction and commissioning of a central processing facility in the field.

Construction of the new facility is planned to take 46-and-half months from start to completion.

Along with Kazakhstan’s KazMunaiGas, KOGAS won the rights to develop the Akkas field during Iraq’s third energy bidding round in October 2010, but KazMunaiGas pulled out of the deal months later, forcing KOGAS to double its share in the project.

The contract stipulates a production plateau of 400,000 Mcf/day for a remuneration fee of $5.50/barrel of oil equivalent, with the plateau output to be maintained for 13 years.

(Sources: Dow Jones, Reuters)

Kurdistan Presidency appealed to the Federal Government and Iraqi political parties seriously review and quick to the security situation in the country.

The Iraqi capital has seen a number of provinces this morning a series of car bombings killed and wounded dozens, mostly civilians .

The Presidency said in a statement received in each territory in Iraq, a copy, “we in the Presidency of Kurdistan strongly condemning these acts of terrorism, we express our condolences to the martyrs with wishes for a speedy recovery for the injured, and we bring the criminals behind these heinous acts to justice.”

“The rise in terrorist acts and the deterioration of the security situation, especially in the holy month of Ramadan, a serious and concrete evidence that terrorists party any religion or values, we feel pain when we see that the security situation of the country is threatened, particularly since the terrorist bombings in Baghdad and some other provinces afford serious signals toward targeting civilians and spread fear and chaos in the country.”

“We appeal to the Federal Government and all Iraqi political parties to quickly review the seriousness of the situation, and that the Kurdistan region is ready to help to keep the life and security of citizens held hostage by terrorist threats and to put an end to this bad situation.”

In preliminary statistics by IGN for the bombings today and according to the security source, more than [190] fell dead and wounded by an explosion [18] car bombs in different areas of Baghdad and in the provinces of Wasit and Muthanna, Basrah.

The IGN have published Sunday a news about intelligence source reported to enter [30] car bombing in Baghdad and in the provinces.

The Acting Special Representative of the Secretary-General of the United Nations in Iraq [us], Giorgi Posten, “deep concern following the wave of bombings which carries with it the risk of return to sectarian conflict,” he said..



USDOLLAR Hits Resistance Ahead of 2Q GDP- AUD Looks Below 0.90

DailyFX10 hours ago

Although the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) appears to have broken out of the downward trend from earlier this month, the greenback may track lower ahead of the advance U.S.

US Dollar Index (DX) Futures Analysis – July 30, 2013FX Empire
Collinson FX Market Commentary: July 30, 2013 – US Dollar gainsSail World

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