Archive - Mar 4, 2010

• Asian stocks decline on concern China lending to slow; Euro pares gains.
• Australia's January trade deficit narrows on increased iron ore shipments.
• China to boost defense spending by 7.5% in 2010 - slowest pace in a decade.
• Japanese businesses cut spending for an 11th quarter even as their earnings rebounded.
• Greece's financial aid plea snubbed by Merkel in 'historic moment' for EU.
• Mortgage rates offered by some Hong Kong banks are too low: Regulator.
• The Obama administration reasserted Volcker rule.

RANsquawk 4th March Morning Briefing - Stocks, Bonds, FX etc.

Greece has finally come to market with a 10 year bond, catching the very end of the offering window, through a €5 billion bond issue, which according to Petros Christodoulou-spread rumors, is nearly 3 times oversubscribed. Underwriters Barclays, HSBC, NBG, Nomura and Piraeus Bank are alleged to have collected nearly €14.5 billion in bids. We wonder how much of that is merely basis trades being fillled on the cash side. "We are very happy with the bid because the re-entry into the market is always challenging. It went very well," Petros told Dow Jones Newswires. Greece has cut price guidance on the bond from 310 bps over mid-swaps to 300 bps, with books closing at 11am GMT. Pricing is expected later today. Assuming this bond offering closes successfully, Greece will have enough money to last it for at least 30 days, joining such other illustrious countries as the United States, in living bond auction to bond auction.

RANsquawk 4th March Morning Briefing - Stocks, Bonds, FX etc.

How does an NFL linebacker develop computer algorithms that give a crucial edge in the market? “Large pipes” are your trading edge, and “clouds” do the heavy lifting. Like the NFL, you can’t defend against speed. Jon’s system catches big hedge funds, pension funds, and mutual funds shifting large positions. If China is serious about throttling back its economy, it will have a dampening effect on global markets. Volatility is going to die. An exclusive Hedge Fund Radio interview with OptionMonster’s Jon Najarian.