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Daily Highlights: 10.25.2010
- Asian stocks gain as SGX buys ASX; Dollar weakens on G-20 currency pledge.
- Bank of Japan may leave policy unchanged after cutting rates to near zero.
- G-20 vows to avoid weakening currencies as leaders prepare to prod China.
- Japan's September trade surplus widens 54% from year-ago, more than expected.
- One third of Britons see house prices falling: Righmove Plc.
- US Treasury 30-year yield near two-month high on outlook for quicker growth.
- Amazon to begin allowing Kindle users to lend e-books to friends, for 14 days.
- Applied Signal Tech hired BofA to explore strategic options for the company.
- B/E Aerospace to buy aerospace-fastener-distribution unit of Satair AS for $162M cash.
- BofA for the first time acknowledged finding some mistakes in foreclosure files.
- Coca-Cola Entrps boosted its quarterly dividend to 12 cents a share from 9 cents.
- CommScope in talks with Carlyle Group to go private at $31.50/sh.
- Equinox Minerals to buy Citadel Resource for $1.2B, adding Saudi copper mine.
- Ford may report the biggest Q3 profit in its 107-year history on its overhaul.
- LVMH bags €1.45B stake in Hermès; says it does not intend to take control of rival.
- OMV AG to acquire a majority stake in Turkish oil retailer Petrol Ofisi, for $1.39B.
- S.Korean govt to begin sale of its 57% stake in Woori Finance, valued at $6.02B.
- Scania AB's Q3 profit jumped eightfold to $350M on 38% rise in revs.
- Singapore Exchange offers to buy ASX for $8.3B in cash and stock.
- Wynn Resorts to sell additional shares, taking advantage of a 2-yr high in stock price.
Economic Calendar: Data on Existing Home Sales to be released today.
Earnings Calendar: AAN, ADLR, AMGN, BEAV, BXS, BYD, CF, CHE, EML, EVBN, IVZ,
NBTB, OMI, ROP, SNE, TXN, WRB.
RECENT RATING ACTIONS
ITALY (2103Z IM)
UNION PACIFIC CORP (UNP)
EBAY INC (EBAY)
UNITED CONTINENTAL HOLDINGS (UAL)
LEGGETT & PLATT INC (LEG)
GREAT ATLANTIC & PACIFIC (GAP)
NEWFIELD EXPLORATION CO (NFX)
VERIZON COMMUNICATIONS INC (VZ)
PENSKE AUTOMOTIVE GROUP INC (PAG)
CYTEC INDUSTRIES INC (CYT)
SOUTHWEST AIRLINES CO (LUV)
HONEYWELL INTERNATIONAL INC (HON)
Data provided by Egan-Jones
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Here are two items that combine to make a 'highlight'
A new report has found that around half of Australia's first home buyers are under some form of mortgage stress.
http://www.abc.net.au/news/stories/2010/10/25/3047493.htm
http://www.abc.net.au/news/stories/2010/10/25/3047841.htm
Big Bad Ben
"While Treasury Secretary Timothy Geithner reiterated that the United States supports a strong dollar at the G20 meeting, there were few takers for that.
'It is one thing for the Treasury to say that, but then the Fed holds all the ammunition and when it is set to print more money, the dollar will remain a weakened currency,' said Jane Foley, senior currency strategist at Rabobank.
Analysts at Goldman Sachs said the Fed is almost certain to announce renewed monetary easing at next week's policy meeting. They said it may announce $500 billion in asset purchases or a bit more over a period of about six months, and the size could eventually reach $2 trillion."
http://www.reuters.com/article/idUSTRE69D46V20101025?pageNumber=1
Chart: Long Bond
http://99ercharts.blogspot.com/2010/10/long-bond_25.html
http://www.zerohedge.com/forum/99er-charts
"There is the possibility... that after the rate of interest has fallen to a certain level, liquidity preference is virtually absolute in the sense that almost everyone prefers cash to holding a debt at so low a rate of interest. In this event, the monetary authority would have lost effective control."
John Maynard Keynes, The General Theory
I believe Tyler was right a few days ago when he posted Nic's comment that stated we are all currency traders now. None of this stuff makes any difference except to the point it may influence Ben's plan on (even more) excess liquidity.
I see the markets are set to jump again at the open. I guess the G20 ended up with a weaker $$. Has Tyler posted a scale of relative influence, you know something along the lines of QE2 = $500B; Dow (1000) QE2 = $1T; DOW = +1000 or something like that?
How to account for the information in this article?
http://www.bloomberg.com/news/2010-10-24/markets-smell-recovery-gaining-as-consumers-drive-retail-sales.html
Things aren't looking too bad in the retail world. Maybe we have a real recovery?
Where's the weekly insider buyers:sellers ratio data from bloomberg?
http://www.bloomberg.com/news/2010-10-25/weekly-insider-buying-and-selli...
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