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Daily Highlights: 9.1.09
- Asian shares were mixed Tuesday, with Shanghai's 0.3% gain supporting some markets.
- Australia's performance of manufacturing index rose 7.2% to 51.7 in August.
- Brazil’s top sugar region may miss output forecast: reports.
- China’s manufacturing expanded at the fastest pace in 16 months in Aug. with record lending.
- Consumer prices in the euro zone fell 0.2% in August from a year earlier.
- Eurpoean and US share prices are under pressure today.
- German retail sales rose 0.7% in July after tumbling in the preceding two months.
- South Korean exports drop 20.6%, tenth monthly drop.
- Areva H1 net down 79% to €161M on €550M charges related to a Finnish reactor.
- Bankruptcy judge backs Grupo Mexico bid for Asarco.
- Barneys New York is weighing a debt restructuring or bankruptcy filing.
- BofA seeks to repay A portion of bailout.
- Canada's Fairfax buys 15% stake in Alltrust Insurance Company of China for $66M.
- CF Industries' all-stock offer for Terra Industries expired, not to be extended.
- Citigroup sells $1.3B in credit card assets.
- Dell to sell a broader range of Brocade Comm's networking gear under its own name.
- Disney is buying Marvel in a $4B deal adding legion of superheroes to its family.
- Judge: Greenberg didn't improperly seize AIG stock; Co. to settle disputes in arbitration.
- Kinder Morgan to buy Crosstex Energy's gas-treatment business for $266M.
- PetroChina to make a $1.7B investment in the Canadian oil sands.
- Sina Corp.'s Q2 net dropped 41% as recession, effect from last year's Beijing Olympics.
- Sony sells LCD TV assets in Mexico to Taiwan's Hon Hai, agrees on alliance.
- Standard Chartered to sell its 14.85% stake in Korean card processing firm BC Card Company.
- Vivendi SA posted 6.6% rise in Q2 net, expects to post strong growth in 2009.
- Wal-Mart sets up an online mall to sell goods from other retailers.
- YRC Worldwide gets key $950M credit amendments in efforts to hold off bankruptcy.
Economic Calendar: Data on Construction Spending, ISM Index, Auto Sales to be released today.
Earnings Calendar: ADCT, CPY, CRMT, DCI, GMTN, PAY, SEAC, TTWO, TUTR.
Companies to watch: ADC, America's Car-Mart, CPI Corp, Donaldson, Gander Mountain Co.,
Take-Two Interactive Software.
Recent Egan-Jones Rating Actions:
ROCK-TENN CO (RKT)
RAYONIER INC (RYN)
MEADWESTVACO CORP (MWV)
BELO CORP (BLC)
WALT DISNEY CO/THE (DIS)
BJ SERVICES CO (BJS)
BAKER HUGHES INC (BHI)
AMERICAN TOWER CORP (AMT)
UNITED PARCEL SERVICE INC (UPS)
PNM RESOURCES INC (PNM)
OWENS-ILLINOIS INC (OI)
WHIRLPOOL CORP (WHR)
TRANSOCEAN LTD (RIG)
Data provided by Egan-Jones Ratings and Analytics
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PetroChina to make a $1.7B investment in the Canadian oil sands.
---^ Interesting.
indeed - while America debates where windmills will be located, the merits of electric cars and how much tax to put on carbon emitting energy sources, China is quietly securing its energy needs for the 21st century. Just wait for Copenhagen in November when the US leads the way on adopting draconian measures to curb carbon emissions and watch how China plays the US for fools.
...and no one asks the obvious questions about the dominant roles that the Sun and Water Vapor play in climate. e.g. Carbon gases (natural and human created) account for less than 4% of so called green-house gases.
far larger than $1.7B as PetroChina has also agreed to fund ongoing cap-x for the 2 projects (although the full extent of the commitment is still unclear).
Cue rhetoric and tripping-over-policy from the provincial government (wants immediate federal approval for the deal), from the federal government (has indicated in the past that they would protect Canadian national interests, but ended up being hypocritical with their treatment of Nortel versus their earlier treatment of MacDonald Dettwiler), and from American politicans (Unocal, anyone?).
CAD/JPY is officially through the roof today with a circa 7% gain on the back of slightly worse than expected m/m GDP figures released on Monday and better than expected Japanese news.
Oh, except Shirakawa opened his big fat trap and the lower House Elections which was won by the Democratic Party of Japan (DPJ) - which takes the LDP out of the ruling seat in almost 45 years !
http://news.xinhuanet.com/english/2009-08/31/content_11971204.htm
So here's the cake, enjoy!
Nice post today from Jesse
Hedge Funds Betting on a Deflationary Market CollapseJust shorted Benmosche October 2009!
"Australia's performance of manufacturing index rose 7.2% to 51.7 in August"
Complete garbage.