Daily Highlights: 8.03.09

• Asian stocks rise, as Mitsubishi UFJ leads banks higher; Nissan advances.
• Bank, auto shares jump in Japan; Topix hits 9-month high but Nikkei fractionally lower.
• Britain's manufacturing sector grew in July; pound rallies on the news.
• Cash for Clunkers program could end unless Senate approves $2B in addln funding.
• China's Manufacturing grows in July as lending, stimulus counter slump in exports.
• China shares hit 14-month high as surveys show manufacturing is expanding.
• Crude rises above $70/bbl on speculative momentum.
• Data shows recovery in South Korea's economy has accelerated.
• Geithner says US unemployment may peak in 2010, recession is 'easing'.
• Iceland's central bank outlined plans to begin lifting capital controls later this year.
• Job losses probably eased in July as US manufacturing, housing steadied.
• Obama: US has 'many more months' before full recovery from recession.
• Obama officials say middle class may face tax hike to reduce deficit.
• Barclays' 1H net rose 9.9% helped by investment-banking fees, trading gains.
• Chevron's Q2 net falls 71% to $1.75B on lower energy prices, weak demand.
• CIT Group will provide $1B to trade-finance unit.
• Colonial BancGroup cites 'doubt' it can survive after fifth straight qtrly loss.
• Enel SpA 1H net rises 29% helped by intl assets, Italian power generation.
• China's Everbright Securities hopes to raise as much as $1.6B via IPO.
• Ford saw an increase in its July sales, the first YoY jump in almost 2 years.
• Linde's 1H net drops 33.8% to €248M; sales fell 12.5% to €5.5B.
• Lowe's June quarter net income declines from $4.9B last year to $340M this year.
• Metro AG's Q2 sales down 3.8% on currency, price effects.
• Panasonic reports $560M quarterly loss, beating analyst estimates.
• RBS nears deal to sell some Asian assets to ANZ.
• SABMiller reported flat sales for Q1 as economic downturn weighed on demand.
• Suzlon Energy posted Q1 loss of $94.7M amid lower sales, orders postponement.
• Suzuki Motor Q1 net drops 92% to $22.6M as global recession sapped car demand.
• UBS, Swiss settle US tax probe; may see handover of thousands of client names.
• Washington Post swung to a profit in Q2, helped by strong perf. at Kaplan units.

Economic Calendar: Data on Construction Spending, ISM Index & Auto Sales to be released today.

Recent Egan-Jones Rating Actions
WEYERHAEUSER CO (WY)
KELLOGG CO (K)
VALERO ENERGY CORP (VLO)
COLGATE-PALMOLIVE CO (CL)
AVON PRODUCTS INC (AVP)
EASTMAN KODAK CO (EK)
DOW CHEMICAL CO/THE (DOW)
WALT DISNEY CO/THE (DIS)
WYNDHAM WORLDWIDE CORP (WYN)
CABOT CORP (CBT)
AMKOR TECHNOLOGY INC (AMKR)
ACCO BRANDS CORP (ABD)
XEROX CORP (XRX)

Data from: Egan-Jones Ratings And Analytics

Comments

[Anonymous]

Zero Edge

[mdtrader]

Thanks TD.

Why don't they extend the cash for clunkers offer to shares? Simply send your old Lehman share certificates into your broker and receive a $4500 rebate on your next $15,000 purchase of Amazon shares. Everyone's a winner, and Amazon shares would surely be re-rated from 60 times earnings to 100 times. Bargain.

MD

[Anonymous]

I went to a restaurant last night and hated the food. I'm willing to go to Geithner and throw it up all over him if he'll spring for tonight's meal.

Cash for Chunkers.

[mdtrader]

Now that is worthy of a government support program.

[Anonymous]

Read the front page of the Financial Times today. There's an article commenting on how banks are giddy because Bernanke is announcing his intention to buy MBS beforehand, and overpaying when he does the buying.

"You can make big money trading with the government", said an executive at one leading investment management firm.

'A former official of the US Treasury and the Fed said the situation had reached the point that "everyone games them. Their transparency hurts them. Everyone picks their pocket."'

That pocket, by the way, is not Bernanke's.

It's yours and mine.

And they'll keep doing it as long as we let them, which is to say indefinitely.

Now it's our fault.

[Anonymous]

You mean Loews, not Lowe's. Big difference there.