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Daily Highlights: 1.7.10
- Asian stocks rise, led by carmakers, banks; Copper gains, bond risk falls.
- Australian retail sales rose 1.8% in November - the most in eight months.
- China’s central bank said it will target “moderate” loan growth in 2010.
- Dollar near 3-week low on signs global rebound gaining momentum.
- Oil pulls back below $83 in Asia after cold weather sparks 20 percent rally since December.
- Spot iron ore delivered to China rose to the highest in more than a year amid “panic buying” by steel mills.
- AIG unit must pay reinsurance of more than $517M to workers’ compensation insurers.
- AT&T to release smartphones with Palm, Android operating systems this year.
- Bed Bath & Beyond beats by $0.15, posts Q3 EPS of $0.58. Revs up 10.8% at $1.98B.
- Berkshire Hathaway plans to sell $1B of debt in two-part offering.
- Cadbury Board held talks with Hershey board members to encourage a rival offer.
- Continental AG to sell $1.6B of shares to finance debt after regulatory approval.
- Family Dollar Stores' Q1 net rises 14% beating est., revs rose 3.9% to $1.82B.
- Ford sells $1.25B of bonds through Fed program expiring on March 31.
- GM CEO predicted the automaker to be profitable in 2010, ending 5 yrs of annual losses.
- GMAC may post $10B annual loss after taxpayers take majority stake.
- Goldman said to plan to convert Sumitomo Mitsui shares as bank mulls sale.
- Hot Topic reduced its Q4 EPS f'cast as December sales fell more than analysts estimated.
- Immucor posts Q2 EPS of $0.28 (cons $0.26); revs rose 13.2% to $82.6M.
- Metro-Goldwyn-Mayer sets Jan. 15 deadline for potential buyers of studio.
- National Australia Bank may bid for state-owned British lender Northern Rock.
- Netflix, Warner Bros. end dispute with deal on DVD rentals, online viewing.
- Ruby Tuesday beats by $0.03, reports Q2 EPS of $0.01. Revs fell 5.6% to $273.5M.
- Samsung Electronics swings to Q4 operating profit of about $3.3B.
- San Miguel to be acquired by a company controlled by its directors for $3.74B.
- UK's Sainsbury's supermarkets 3rd quarter sales rise 3.8 percent.
Earnings Calendar: GPN.
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Spot iron ore delivered to China rose to the highest in more than a year amid “panic buying” by steel mills.
Domestic consumption is a blessing.
The steel business is booming right now in the US. I know several high level people in the industry and tthey are doing extremely well.
China lol..."moderate"?
What does that mean?
Exponential growth means that if they want to grow at 9% still, they have to DOUBLE their consumption and the building of empty cities in 8 years. They will need twice as many empty cities, buildings, shopping malls, and idle factories in less than a decade. They will have to build as much in this 8-year doubling interval as the entire sum total of everything they've built in history.
Australia is cracking me up. They are going to stay out of this crash just by being with good trading partners. New Zealand is going to win too just by telling Europe and America to bugger off a few years back.