Daily Highlights: 8.13.09

• Asian Stocks rise as Fed says recession easing; MSCI Asia Pac Index posts its biggest gain this month.
• Chinese stocks rebound after sharp decline, led by banks and metals.
• China wants more say over iron prices, plans moratorium on new steel projects.
• Euro rises against dollar in morning European trade on positive economic news.
• Euro area contracted only 0.1% in Q2 after unexpected growth in Germany, France.
• Euro zone industrial production fell in euro zone in June, reversing May's gain.
• Fed suggested economy is "leveling out", to trim lifeline by $300B by Oct.
• Food companies warned of a severe shortage of sugar, threaten price increases.
• Foreclosure filings in US rise to record for third time in five months.
• Germany's real GDP grew for the first time since early 2008, rises 0.3% YoY.
• Global confidence level jumps to a 22-month high on signs recession is easing.
• IEA bumps 2009 oil-demand forecast higher on improved Asian economic activity.
• India wholesale prices fall 1.74%; biggest drop in more than three decades.
• Aegon NV will raise $1.4B in equity issue to repay Dutch government.
• Anglo American sell its ~50% stake in Tongaat, the South African sugar producer.
• Anheuser-Busch InBev posts $1.07B net profit; revs dip 9.5% to $9.5B.
• CACI Intl's Q4 net rose a greater-than-expected 23% to $29M on govt spending.
• Hyundai may raise 2009 US sales on 'Clunkers' program, reversing decline.
• Kohl's Aug. net income slipped less than expected from $236M last year to $229M.
• Liz Claiborne posts a loss of $82.1M; revs fell 29% to $683.8M.
• Macy's Q2 earnings fell 90% to $7M ; sales dip 9.7% to $5.16B.
• Prudential says first half loss narrows from same period last year.
• Quicksilver Resources announces a $250M senior notes offering.
• Rio Tinto's US unit plans $500M IPO.
• RWE's 1H profit rises 4.7% to $3.17B after locking in power tariffs.
• Singapore Tele Q1 net rises 7.7% to $655M helped by gains at foreign units.
• Sinochem Corp to buy Emerald Energy for $875M, get Syrian, Colombian oil fields.
• Telstra's Y09 net profit rises 10.3% to $3.4B helped by 2.7% rise in revs.
• Switzerland, UBS settle tax case; allows UBS clients to appeal to a Swiss tribunal.
• WalMart's June earnings at $3.4B last year and this year.

Recent Egan-Jones Rating Actions
AMDOCS LTD (DOX)
THOMSON REUTERS CORP (TRI)
FMC CORP (FMC)
DYNEGY INC (DYN)
MACY'S INC (M)
BRUNSWICK CORP/DE (BC)
APPLIED MATERIALS INC (AMAT)
FLUOR CORP (FLR)
DISH NETWORK CORP (DISH)
BORGWARNER INC (BWA)
BUNGE LTD (BG)
SYSCO CORP (SYY)
MCDERMOTT INTERNATIONAL INC (MDR)

Data provided by Egan-Jones Ratings and Analytics

Comments

[Anonymous]

Let's see - jobless claims up, retail sales down (even with a big boost from Cash for Clunkers), foreclosures at record high

I predict a huge rally with a focus in banks and real estate!

[ptoemmes]

If one were to read the CNBC headlines - not saying I did - but let's say you did - you could be excused if your head exploded.

Pete

[Anonymous]

Dipshit - a buyer in equity markets who buys the dips. "Jerome went dipshitting when retail sales and employment numbers simultaneously surprised to the downside."

[Chumly]

One day post FOMC things remain the same - dismal!

[Chumly]

I will repeaat this ad nauseum:  ROME IS BURNING!  This daily circus is a gas!  We are in a depression and world economists are calling for Bernake to pronounce the end of the recession.

[kaptainkrunch]

Any news explaining the chatter about exchange related problems?

[trevor]

being “more selective”=  being more broke

Risk as it pertains to ... ? Backstop behind the SLPz? So, conceivably, a "past ball" (not seen coming, i.e. flashed in a dark pool) thrown in the dirt could get by the catcher and roll how far (without a backstop)? There is no risk when Bernanke is the umpire behind the plate.
His message was being spread and gaining even more support...therefore he needed to be censored. hat tip: finance news & finance opinions

[PD Quig]

So, since USG/GS/JPM/MS decide market moves--and most of the cash going into the market is via the Fed Pumps through them, if the bulk of money remains on the sidelines in rational fear of being f**ked over again...is it only slower moving hedge- and mutual funds that are going to get scorched? I'm really struggling with how the boyz can continue pumping up this rally without owning much of it in their own prop accounts. It's not like they're going to be able to exit in a flash. Any elucidation from the mavens here would be greatly appreciated.