Daily Highlights: 12.1.09

• Australia raises interest rates by 25 bps to 3.75% as economy rebounds.
• Auto loan delinquency rate rises in 3Q but some states improve, hinting at recovery.
• Bank of Japan leaves benchmark interest rate at 0.1%.
• Bank of Japan said it will provide 10 trillion yen in short-term loans to commercial banks.
• China’s manufacturing grew last month at the fastest pace since April 2004- HSBC survey.
• Dubai, Abu Dhabi exchanges fall for 2nd day after Dubai World debt bombshell announcement.
• Dubai leads Gulf default risk lower after UAE eases credit for lenders.
• Euro rises to $1.5050 in European morning trade, Bank of Japan adds liquidity.
• Eurozone unemployment rate remains steady at 9.8 percent in October.
• German jobless rate unexpectedly falls to 7.6 percent in November.
• Japan firms may buy more overseas assets as Yen gains
• Japan shares jump to 2-week high on hopes for central bank steps to boost economy.
• Manufacturing in US probably grew in November, taking lead in recovery: Bloomberg survey.
• North Korea implements currency reform to fight runaway inflation.
• Oil rises to near $78 in Asia as trader eye Iran's detention of 5 British sailors.
• US Business Activity grows a second month in sign recovery strengthening.
• World stocks gain on Wall Street rise as Dubai fears abate; Japan up amid surprise BOJ meeting.
• Yen falls as Bank of Japan's emergency meeting spurs bets on intervention.
• Alstom-Schneider wins bid for Areva Transmission unit, beating GE, Toshiba, bid $6.14B.
• De Beers' three shareholders to inject as much as $1B via a share placing.
• Dubai World starts talks with banks on restructuring $26B of debt.
• France Telecom must pay $1.65B in back taxes after losing EU appeal.
• GE, Vivendi said to agree on $5.8B value for NBC Universal stake.
• GM said to consider selling Saab assets to Beijing Automotive.
• Head of AIG's aircraft-leasing business in talks to buy $4B in planes from AIG.
• Nintendo’s US sales of Wii console during Thanksgiving week fell despite 20% price cut.
• Staples reported Oct. net income rise from $157M last year to $269M this year.

Economic Calendar: Data on Construction Spending, ISM Index, Pending Home Sales,

Recent Egan-Jones Rating Actions
GEORGIA GULF CORP (GGC)
ROWAN COS INC (RDC)
CONSOL ENERGY INC (CNX)
NATIONAL RURAL UTILITIES (2381A)
CARPENTER TECHNOLOGY CORP (CRS)
BALL CORP (BLL)
PEABODY ENERGY CORP (BTU)
SYSCO CORP (SYY)
SUPERVALU INC (SVU)
NUCOR CORP (NUE)
ARCH COAL INC (ACI)
ORBITAL SCIENCES CORP (ORB)
ROCKWELL COLLINS INC (COL)

Comments

[Racer]

"The New Jersey Transportation Trust Fund Authority, for instance, must pay nearly $1 million a month at least until December 2011 to Goldman Sachs on derivatives deals tied to municipal debt—even though the state retired the debt last year."

http://globaleconomicanalysis.blogspot.com/2009/11/virginia-borrows-126-billion-to-pay.html