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Daily Highlights: 8.27.09
- Asian markets fall on Chinese plans to curb capacity in steel, cement industries.
- China said it may curb overcapacity in the steel and cement industries.
- 'Clunkers' lifts foreign cars; Toyota comes out on top as consumers trade in vehicles.
- FDIC cuts required capital ratio to 10% for buyers of failed US lenders.
- FDIC may need to draw cash from banks or government.
- New-Home Sales in US jump 9.6% in sign economy recovering from recession.
- UK August house prices rise most since 2006: reports.
- Wall Street economists expect first-time claims for jobless benefits dipped last week.
- World trade volume climbs 2.5% in June indicating bottoming out of recession.
- Yen advances for third day as China policy concern spurs demand for safety.
- Accor SA posts H1 loss of $214M, says it may spin off services unit.
- China Telecom Corp's H1 net falls 28% to $1.23B on increased marketing spending.
- CNOOC to boost reserves; 1H net falls 55% to $1.8B, but beats estimates.
- Credit Agricole Q2 profit more than doubles to $286M, beating estimates.
- Dollar Tree's Q2 net earnings rises 51% to $56.9M, ups Y09 EPS view.
- Fortis posts H1 profit of €886M on proceeds from divestment.
- GE said to seek sale of its security unit, may fetch $2B.
- GPT Group posts H1 net loss of A$1.2B, amid steep slide in property valuations.
- Guess Inc. Q2 net rises 11% to $59.6M on strong sales in Europe, beating estimates.
- India's TCS, Wipro, Infosys sign $1.5B multiyear outsourcing contracts with BP Plc.
- J&J warns of deadly skin reactions, liver failure with HIV drug, Intelence.
- Jo-Ann Stores beats by $0.26, posts Q2 loss of $0.13/sh. Revs up 4.1% at $419.4M.
- Julius Baer, DBS, ANZ said to bid for ING Groep private banking operations.
- Lloyds may sell part of fund management unit, weighs Scottish Widows IPO.
- Opel unit isn't in imminent danger of running out of cash: GM.
- SAIC Motor Corp.'s H1 net falls 26% to $212.3M; revs up 7%.
- TiVo Inc. sues Verizon, AT&T on alleged used of its patented TV "time-warping" tech.
- Toyota recalls about 95,700 vehicles in US because of possible brake problems.
- Tribune bondholders ask judge to allow investigation of 'fraudulent' 2007 sale to Sam Zell.
- Williams-Sonoma posts surprise Q2 profit on cost cutting measures, ups Y9 EPS view.
- Woolworths' 2H profit rises 16% to $705M as government handouts boost sales.
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FDIC report ain't out yet unfortch
Where the hell is it? FDIC website says approximately 55 days from the end of the quarter. Is it an after the close on Friday kind of report?
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Apparently so. It's been 55 days -- I think we are on day 57 now. Someone mentioned to me the report was going to be released today. Perhaps they plan on doing it after the close? I'm not sure.
Oh also there were ~26 bank failures during Q2 -- I'm not sure if this depleted their $13bn in DIF fail money. I don't think it got depleted in Q2, but its definitely depleted now. FDIC probably tapped Treasury credit line , but we might not find out about that for another few months depending on what's in today's report.
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Ah okay. Thanks
We will soon need a FDIIC...
Should have bought some CDS's on the FDIC, which would then be backed by the Fed.
Webcast today at 10:00 a.m. EDT per fdic website http://www.fdic.gov/
They must be having hard time trying to make the report look better than expected, but I'm sure they'll find a way. It's looking like everything will be better than expected until the next election.
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U.S. Initial Jobless Claims Drop to 570,000 in Sign Recession Is Abating
phew...and i thought it was still bad out there.
It can't possibly be bad if AIG is up over 50% in the last few weeks. It's up another 10% in pre-market!
Is moving on rumors.
wasn't prior week at 576k? So 576k revised to 580k with little mention in the media, and then we get a 570k initial read on this weeks claims...I'll wait for the revision.
I disagree with the notion that the recession is abating.
Speaking of the FDIC report. Is it possible the Fed is backdoor supporting bank purchases? It seems to me that it has to be either a)the Fed is involved in these buyouts b)the FDIC is broke but is covering that with continued magical accounting and valuations c) accessed their line to the Treasury on the down low? I mean what the .... is going on here?
F-ing liars!!!!
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAOhgVw78e3U
"Aug. 27 (Bloomberg) -- The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot...."
the report should be out today
THE MARKET WOULD APPEAR VERY RELAXED CONSIDERING THE CHINESE OFFICIAL TALK OF OVER CAPACITY ???
AUD NEAR IT'S HIGHS
It measures US imports relative to earlier and in this case only 3 years earlier. The shift of production has happened over decades.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions