Daily Highlights: 3.11.10

• Asian bourses turn lower after release of higher-than-expected Chinese inflation data.
• Bank of Korea keeps key interest rate at record low as economic growth slows.
• China inflation, production accelerate, adding pressure for stimulus exit.
• Chinese property prices were 10.7% higher than a year earlier in February: Govt agency.
• Federal Reserve gets a new look as regulator of largest, riskiest firms.
• Japan's Q4 GDP grew at an annual 3.8% pace - lower than the prelim reports of 4.6%.
• Oil falls below $82 in Asia as traders look for US crude demand to match growing economy.
• US Senate passes $150B bill for jobless aid, tax breaks.
• World airlines rebound on Asian and Latin Amer. demand, halve 2010 losses forecast to $2.8B.
• Yen rises versus Euro, Dollar as Chinese reports show inflation quickened.
• American Eagle Outfitters' Q4 net rises 81% as both sales grew 7%, margins improved.
• BP will pay Devon Energy Corp. $7B in cash for assets in Brazil, the Gulf of Mexico and Azerbaijan.
• CA to buy IT performance monitoring vendor Nimsoft for US$350M.
• Brown-Forman's Q3 net falls 13% to $107.9M on write-downs. Revs up 9.9% at $861.7M.
• BMW's FYE profit fell 36% to $210M.
• Daihatsu reportedly recalls about 275,000 vehicles due to missing or loose parts.
• Everest Re puts Chile quake, windstorm losses at $250M.
• Gymboree's Q4 net grew 13% to $33.2M as revenues gained 4% to $295.7M.
• Hot Topic's Q4 net falls 44% on lower sales; sees Q1 loss of $0.02-0.05/sh.
• HSBC Holdings Plc’s Swiss private bank says it suffered “serious data theft”.
• Lufthansa expects 2010 revenue, profits to rise despite risks.
• Medtronic brain stimulator missed study goal: FDA.
• Old Mutual FY2009 operating profit up 3%, may list US asset management operations.
• Paramount Energy Trust to buy oil, natural gas assets in Edson area for C$126M.
• Psychiatric Solns in talks to be acquired by Bain Capital, terms undisclosed.
• US Treasury Dept has no clear exit strategy for its investment in GMAC Fincl Srvcs.

Economic Calendar: Data on Continuing & Initial Claims, Trade Balance to be released today.

Earnings Calendar: AIRM, APP, ARO, BKE, DIET, FSCI, JTX, MDZ, MLR, NAVI, PLL, PNY, RAD, SFD, SHFL, STEI, UTSI, ZQK.

RECENT RATING ACTIONS

ZIONS BANCORPORATION (ZION)
HUNTINGTON BANCSHARES (HBAN)
COLLECTIVE BRANDS INC (PSS)
NAVISTAR INTERNATIONAL CORP (NAV)
ANHEUSER-BUSCH INBEV NV (ABI BB)
PARKER DRILLING CO (PKD)
CHEVRON CORP (CVX)
COMMERCIAL METALS CO (CMC)
ALASKA AIR GROUP INC (ALK)
JETBLUE AIRWAYS CORP (JBLU)
MARSH & MCLENNAN COS INC (MMC)
COMERICA INC (CMA)

Data provided by Egan-Jones Ratings and Analytics

Comments

[suteibu]

So Japan is doing the downward revision shuffle like the US.  Is that an import from the US or have they always done that?

Does the Treasury Dept have a clear exit from anything?

[SDRII]

AIG must be rallying on the loss sharing agreement with Metlife...

[rubearish10]

Ok, rising imports /exports in China w/rising inflation. Yet, there's no US inflation but US is big trade partner w/China. SHould we see US GDP growth stall to near 1-2%, there's very good chance STAGFLATION hits hard and without much warning, especially if "extended ZIRP" continues.

[Mr Lennon Hendrix]

Japan bought IMF gold 3.10.10

Sale to be announced 3.17.10

Sale pending at $1125 an OZ

[mark456]

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