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Daily Highlights: 4.29.10
- Asian currencies gain, bond risk drops after Fed pledges to keep rates low.
- Asian stock markets little lower, on concerns of a spread of sovereign debt risk in Europe.
- Australia raises excise duty on tobacco by 25%, ends advertising.
- Australia poised to force tobacco companies to sell cigarettes in plain packs, a world first.
- Brazil lifts benchmark rate to 9.5% from 8.75%.
- European stocks rise after the IMF promises to increase the aid for Greece to 120B euros.
- Fed restated their intention to keep benchmark interest rate near zero for “extended period”.
- Global stock markets mixed as European debt crisis continues to unsettle investors.
- Allstate swings to Q1 profit of $120M as life insurance and investment results improved.
- ANZ's first half net profit rose 36% to A$1.93B, on lower loan loss provisions.
- AOL, amid restructuring, reports 58% drop in Q1 net at $34.7M. Revs fell 23% to $664.3M.
- Apple aims to charge close to $1 million for ads on its mobile devices this year.
- ArcelorMittal swings to profit of $679M in Q1 as shipment rises 34% to 21.5M tons, revs up 23% to $18.7B.
- Baidu Inc.'s Q1 profit more than doubled to $70.4M on Google's China exit.
- BASF's Q1 net soared to €1.03B from €375M last year as sales rose 26% to €15.5B.
- Bayer AG's Q1 net profit rose 63% to €693M; ups Y10 EPS f'cast.
- Becton, Dickinson says fiscal second-quarter net profit rose 14% to $297.6 million.
- BlackRock and GSO Capital Partners LP are forming mutual funds to invest in loans.
- Board of Continental Airlines met on Wednesday to discuss potential deal with UAL.
- BSkyB boosted by soaring HD demand.
- Chicago Board Options Exchange plans to list its shares on the Nasdaq.
- Chinese Internet search engine Baidu's 1st-quarter profit up 165 percent, beating forecasts.
- Comcast Corp's Q1 net rises 12% to $866M as revs inch up by 3.8% to $1.89B.
- Goodyear Tire narrowed its Q1 loss to $47M on a rebound in consumer, auto-maker demand.
- HP to buy struggling smartphone maker Palm for about $1B in cash.
- JB Hunt Board authorized repurchase of up to $500M of its common stock.
- O'Reilly Auto beats by $0.11, posts Q1 EPS of $0.70. Revs up 10% at $1.28B.
- Ryland Group reported Q1 loss of $0.33/sh as revenues fell 5.4% to $250.8M.
- Siemens lifts annual view as Q2 net rises 48% to €1.5B. Revs down 4% to €18.23B.
- Unilever Q1 net profit up 31% at €1.1B, revenues up 6.7% at €10.1B.
- Visa's Q2 net climbs 33% to $713M as spending picks up. Revs up 19% to $2B.
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European stocks rise after the IMF promises to increase the aid for Greece to 120B euros.
Actually, Euro and european stocks rise because of European Economic Confidence improving to 2 year high:
http://www.bloomberg.com/apps/news?pid=20601087&sid=athQ6.OgPouw&pos=2
The Fed may be doing the right thing. They may be geniouses. I just wish they would stop LYING. Keeping a Trillion dollars of excess reserves in the banking system and rates at Zero has nothing to do with structural unemployment ( mostly concentrated in the under-educated and semi-literate). It will make absolutely no difference to the segment of the population that is suffering from 30% unemployment whether rates are Zero or 5%.
No - the reason the Fed is keeping the short end at Zero is to enable the banks to make ungodly amounts of money without having to activate a single neuron.
The only way they can raise "rates" given the magnitude of excess reserves in the system is bu PAYING banks interest on their reserves.
So when the time comes to raise rates - the banks will get freshly printed money from the Fed without lifting a finger.
All fine with me. Just stop LYING.
They cannot stop lying. LYING is the NEW NORMAL.
Agreed, lying is the new normal...has been for quite some time now me thinks.
"Australia poised to force tobacco companies to sell cigarettes in plain packs, a world first."
What is next, all beer bottles to be sold in plain brown paper bags???