Archive - Mar 24, 2010

• Euro plunges on Portugal downgrade, doubts over Greek aid (FT)
• Wall Street Despised in Poll Showing Majority Want Regulation (Bloomberg)
• Corzine to mooch off taxpayers at latest gig as he seeks to convert MF Global to a primary dealer (Bloomberg) - cause there is nothing quite like the smell of free Fed money in the morning
• "The need to bring in the IMF was a failure for Europe, and
  Greece would likely eventually default even with aid" - UBS
  Investment Bank deputy head of global economics Paul Donovan (Bloomberg)
• Tax-break law could benefit JP Morgan by up to $1.4 billion (WSJ)
• Durable goods orders in February rise 0.5% in February, just below expectations; once again Boeing's sham orderbook saves the day, with a 32.7% sequential increase in non-defense aircraft and parts (Bloomberg, Census Bureau)
• James Saft: Economy volatility a hurdle for stocks (Reuters)
• Global derivatives disclosure to rise (FT)

• Asian stocks rise on strengthening global economy; Euro declines on Greece.
• Crude oil declines for first day in three on increase in US inventories.
• Euro drops to record versus Franc, 10 month low against Dollar on Greece.
• Fiat seen cutting 5,000 jobs – report
• Japan approves record $1 trillion budget amid debt concerns.
• Japan exports in February increased 45.3%.
• Germany, France agree on IMF role in Greece's budget crisis, Official says.
• Mortgage applications in the US down 4.2%.

The rumors yesterday about a Portuguese downgrade ended up being true, courtesy of Fitch. Portugal to Bund spread widens 4 bps to 125bps, all European spreads wider also as a result.Euro dumped and breaks 1.35 support, last seen in mid 1.33 range.

" We have taken testimony from dozens of witnesses and reviewed tens of thousands of documents .... We have looked at the silver market like we never have before and I think there is a window of success that has been opened for understanding about what has been going on and why .... In 35 years, there has been only one successful prosecution for manipulation. So if you ask me if the manipulation standard in the law is working, I'd have to say no .... We need to be more like the police department and less like the fire department. We need to deter and prevent things from happening, rather than merely responding. "

RANsquawk 24th March Morning Briefing - Stocks, Bonds, FX etc.

I have a strong feeling that if you dig deep enough into the BofA innards, you will find some stinky stuff. Hey, it's just a feelin'.

The credit rating agencies have given both China and the U.S. credit warnings. How can the U.S. prevent a downgrading? Hint: it won't be from a reduction in spending.