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Daily Highlights: 7.27.09
- Administration looking for Chinese help to narrow trade gap and boost US jobs.
- Advertisers are getting cheaper rates than a year ago on television commercials.
- Aetna 2Q profit dropped to $346.6M due to greater commercial expenses and cuts full year forecast.
- Asian markets were higher Monday on hopes for further earnings recovery, Nikkei hits 10,000 mark.
- China's new small-company stock exchange gets 108 IPO applicants on 1st day as launch nears.
- China shares up for 4th day on high liquidity-driven sentiment, led by metals and airlines.
- Euro rises to $1.4263 in European morning trade as investors continue to leave dollar.
- EU says Iceland's entry talks will likely be simpler, shorter than others.
- German consumer confidence rises amid lower prices and stable job market.
- Oil rises above $68 in Asia as economic recovery hopes fuel 3-week rally.
- US Economy probably shrank at slower pace, signaling recession abated.
- US stock futures point to higher open ahead of earnings, new home sales update.
- Aetna Inc. puts its pharmacy-benefit management business on the block.
- ArcelorMittal exploring a JV spin off of its stainless steel business, est. $3B.
- Citigroup trader is pressing it to honor a 2009 pay package that could total $100M.
- Corning's June net income declines from $3.2B to $611M.
- De Beers qtrly net drops 99%; but sees sales of uncut diamonds improving.
- Eastman Chem beats by $0.15, posts Q2 EPS of $0.86. Revs fell 31.7% to $1.25B.
- Ericsson to buy Nortel's North American Wireless unit for $1.13B.
- Fortune Brands' net falls 27% on continued weakness in home-products segment.
- Honeywell's June net income declines from $723M to $450M.
- Julius Baer profit falls 47% to $204.3 million as managed assets slump.
- MSFT bows to pressure, gives European users of Windows choice of Web browsers.
- Pearson raises earnings guidance for 2009, shares rise 9 percent to top FTSE.
- RadioShack 2nd-quarter profit rises to $48.8 million as company trims expenses.
- Verizon added 1.1M customers in Q2 vs. 1.4M added by AT&T in the same period.
- Virgin Blue of Australia airline reports losses, launches capital raising of $189M.
- Volkswagen plans to raise up to $5.7B via rights issue to fund purchase of Porsche.
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The euro is a joke. Half the countries are bankrupt. Eventually those countries will have no choice but to call time on the euro experiment and revert to a significantly devalued native currency. Only a matter of time before the euro crashes.
The USD is a greater joke. All the countries are bankrupt.
Nah, the EU/Euro was a glorious accomplishment for the groups that have made globalisation and a world currency their goal. If anything, the current crisis will force many other countries to finally reluctantly join the EU as a condition for the loans they will receive to bail them out.
Some people will see that as 'conspiracy talk,' but I finally see the big picture - and it all makes sense. They aren't even shy in their goals, but more so in the nature of accomplishing them. It has worked for them in the past - first flooding the money supply by debt issuance (at generously 'low' rates), then suddendly contracting said money supply/creit (due to some crisis), and then offering the ultimatum of either taking/foreclosing the collateral, or doing bailout loans with conditions that dictate terms that the borrower (country) had previously flatly rejected.
And which megalomaniac of the world runs the show?
They may try it, but it'll never work.
There is no person (or persons) running the show. 'The System' is an inanimate object, a tyrannical behemoth which has been evolving for the past four centuries.
Well it's going to be politically impossible for German to bailout Ireland, Austria, or Hungary ect, ect. So my guess these countries will have no choice but to pull out of the euro, and once one goes they will all start dropping. It may even get to the stage where the PIGS (Portugal, Italy, Greece, and Spain) call time as well. Now if that happens you have a full blown euro currency crisis.
Longer term I suppose it's possible that euro may end up as some sort of German/French currency, which would probably be ok, but that comes after the crisis and market havoc, and it will wreak havoc in the equity markets and commodities too. I wouldn't want to own the Nasdaq 100 @ 1600 if the euro crashes.
MD
I was wondering about the cash for clunkers program. Any chance that it will push some people to buy cars that probably shouldn't and then if a wage cut / hours reduction / layoff happens, they lose not only the car but their house?
Most likely not at all. Have you seen the details that have to be met for the program? I think it was something like the car turned in has to be at least 15 (?) years old, and get less than 25 (?) MPH. From what I have overheard, almost nothing qualifies.
It´s much more costly for small countries to drop out of the eurozone than remaining there. Some eastern european countries have even asked for faster entry into the eurozone than previously planned, because of the benefits, which are tighter spreads, stable import prices and better access to there main export markets in western europe.
Ireland's external debt to GDP ratio at then end of 2008 was 929% of GDP. Do you think they are going to stay in the euro?
Awesome - Obama just broke out a quote from...Yao Ming!
If Ireland would drop the euro consumer price inflation would go through the roof. They have no choice but keeping the euro.
They want to keep the euro about as much as the US wants a strong dollar. If they still had the punt they would devalue it, prices would go up significantly and people would have to adjust to lower standard living. That's what happens when you run up too much debt.
Another daily highlight: Rick Santelli will host "Fast Money"...probably because of vacation rotation and possibly to pump up ratings