Financial Breakfast: Morning News Summary for July 5, 2012

Thursday, July 5, 2012

This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.

Benzinga's Top News

Bank of England Leaves Rates Unchanged at 0.5%, BOE Asset Purchase Target Increased By £50B To £375B

China Cuts One Year Lending Rate 0.31 Percentage Points, Cuts One Year Deposit Rate 0.25 Percentage Points

Domestic Pre-Market Trading

U.S. Equity Markets trade up as Dow futures trade higher about 34 points.
U.S. Dollar trades about 0.52% higher.

To see more pre-market news, click here.

Overseas Trading

European markets are higher in afternoon trading. Britain's FTSE 100 added 0.52%, Germany's DAX advanced 0.81% and France's CAC 40 added 0.13% on the session.
Asian stocks ended the session mixed. China's Shanghai slid 1.18%, Japan's Nikkei 225 fell 0.27%, and the Hong Kong's Hang Seng Market advanced 0.50%.
Bank of England Leaves Rates Unchanged at 0.5%, BOE Asset Purchase Target Increased By £50B To £375B
China Cuts One Year Lending Rate 0.31 Percentage Points, Cuts One Year Deposit Rate 0.25 Percentage Points

To see more overseas news, click here.

Upgrades/Downgrades

JP Morgan Raises PT to $45 on Verizon VZ on Better Wireless Margins

To see more of today's upgrades, click here.

Sterne Agee Downgrades Advanced Micro Devices AMD to Neutral, PT to $8.50

To see more of today's downgrades, click here.

On the Economic Calendar

07:45 a.m. ET - EUR Interest Rate Decision
08:15 - ADP Nonfarm Employment Change
08:30 - ECB Press Conference
08:30 - Initial Jobless Claims
10:00 - ISM Non-Manufacturing Index
11:00 - Crude Oil Inventories

To see more economic news, click here

Earnings

No Major Earnings Today

To see more earnings announcements, click here.

Corporate News

American Apparel AAP June Comparable Store Sales up 19%
The Wet Seal June WTSLA Comparable Store Sales Down 9.0%; Affirms Second Quarter Guidance; to Conduct Capital Planning Review

To see more corporate news, click here.

Commodities

Precious metals are trading higher, with gold posting early gains of about 0.07%
Energy futures are trading higher, with crude oil posting early gains of about 1.16%
Natural Gas futures are trading 0.10% higher and copper is trading lower by about 0.10%

To see more commodities news, click here.

Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name	Resistance-2	Resistance-1	Mid Pivot	Support-1	Support-2
E-Mini S&P 500	1373	1370	1367	1364	1361
Gold	1624	1619	1615	1610	1606
Crude	88.38	87.71	87.11	86.44	85.84
Natural Gas	2.99	2.96	2.92	2.89	2.86
EUR/USD	1.2648	1.2592	1.2549	1.2492	1.2450
US Dollar Index	82.64	82.43	82.16	81.96	81.69