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Daily Highlights: 12.29.2010
- Beijing city to raise minimum wage 21%; Second move in 6 months amid inflation concerns.
- Brazil raises duties on China-made baby dolls as Real gains hurt toymakers.
- China cuts rare earths export quota for 2011.
- Chinese CEOs reduces support for a stronger yuan as they criticize U.S. monetary easing
- Euro marks higher after disappointing US economic data, buys at $1.3151.
- Housing Starts seen rising to three-year high with belated US jobs boost.
- Oct. Case-Shiller home price down 0.8%; Non-adjusted house prices down 1.3%.
- Oil trades near 26-month high on Retail sales, supply forecast.
- Taiwan may increase interest rate to damp prices after countering inflows.
- US consumer confidence fell to a reading of 52.5 in December from 54.3 in November.
- AK Steel to permanently close Kentucky coke plant; to incur pre-tax charge of ~$80M.
- Allstate Corp has sued BoA, others for allegedly misrepresenting risks on more than $700M of mortgage securities it bought from Countrywide.
- Bed Bath & Beyond's Q3 net rises 25% - beats its guidance. Ups 2011 f'cast.
- BlackRock to launch trading platform; set to hit Wall St profit centres.
- Bunge warns on grain price pressures; short-term worries about food price inflation.
- Cal-Maine Foods posted Q2 EPS of $0.63 (cons $0.72). Revs up 2% at $234.5M.
- ChemChina eyes chemicals acquisition; to buy controlling stake in MA Industries.
- FDA puts clinical testing of J&J's new pain medication fulranumab on hold cites safety concerns.
- FirstEnergy sells 6.65% interest in Ohio Valley Electric Corp for an undisclosed amount.
- Groupon is seeking authorization to sell up to $950M in preferred shares to investors.
- Health Management executes definitive agreement to sell 140-bed Acute Care Hospital.
- Nokia Siemens Networks targets acquisition of Motorola's public carrier wireless network infrastructure assets in Q1 of 2011.
- Norilsk Nickel to buy back shares at $252 apiece, ADRs at $25.20 apiece
- SAP must pay interest in Oracle infringement case, Judge rules.
- Sara Lee Corp. to sell its White King and Janola business to Symex Holdings for $49.6M.
- Time Warner Cable may lose Sinclair Broadcast stations in fight over fees.
Economic Calendar: Data on MBA Mortgage Applications, Crude Inventories to be released.
Earnings Calendar: BFSB, FSGI, HAUP, ONSM.
Recent EJR Reports
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LOUISIANA-PACIFIC CORP (LPX)
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NAVISTAR INTERNATIONAL CORP (NAV)
US AIRWAYS GROUP INC (LCC)
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Data by Egan-Jones
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Beijing is raising minimum wage amid inflation concerns? Seems to me that would be the wrong thing to do.
If China is going to pursue these sort of policies, I may worry less about this "juggernaut".
It's harder to allow an economy to flourish than most realize.
See, Berspankme was right..... he's EXPORTING our inflation to these dipshits and ANYONE who doesnt adhere to the world ZIRP is gonna get CRUSHED.... USA's evil federal reserve for the win ..... again.... and you clowns were worried the USA would eventually only be able to suck the hind titty.....lol.... not a chance