Daily Highlights: 9.13.2010
- Asian stocks, oil rise as China output, retail sales expand; Yen declines.
- Banks worldwide face stiffer capital requirements as Basel forges accord.
- British unions warn government that public spending cuts will spark wave of strikes.
- China set Yuan's reference rate at 6.7509 vs USD - lowest level since 1980s.
- China shares, led by tourism, rise amid stronger economic indicators for August.
- China's Industrial production rises 13.9% in August, betters 13.4% growth of July.
- Economy recovering faster than expected across the European Union, but remains fragile.
- Hong Kong housing risks may exceed 1997 on rising rates, HKMA's Chan says.
- Inventories at U.S. wholesalers rise 1.3% in July.
- MSCI emerging market stocks enter bull market after gaining 20% from low.
- Oil jumps above $77 in Asia amid US pipeline leak, strong Chinese manufacturing growth.
- Strengthening Chinese domestic demand undermines case to limit Yuan's gain.
- Anacor Pharma plans $86.3M IPO; proceeds to fund Ph 3 clinical trials, repay debt.
- AOL is preparing to introduce a larger, splashier ad format.
- BAE Systems to sell some aerospace assets; deal est. to fetch ~$2B.
- Carrefour cuts Tesco, Aeon out of the bidding for its stores in Southeast Asia.
- Deutsche Bank plans to raise at least $12.4B, bids to buy Postbank.
- Genzyme Corp. plans to cut about 1,000 jobs, or about 8% of its global workforce.
- Hertz increases Dollar Thrifty offer to $1.56B, topping Avis's bid.
- Hewlett-Packard said to be near $1.5B deal for ArcSight.
- Old Mutual in talks to buy an 80% stake in Italian insurer Fideuram Vita, for GBP300M.
- Paetec Holding Corp to buy regional rival Cavalier Telephone for $460M cash.
- Patriot Coal cuts Q3 sales volume est. by 10%; cites "sporadic downtime" at its mines.
- Roche suspended late-stage trials of experimental diabetes drug taspoglutide.
- Tullow Oil announces oil discovery offshore Ghana.
- VMG Partners to sell dog treats maker Waggin' Train to Nestle for $450M.
- Williams-Sonoma authorizes a new $65M stock repurchase program.
Economic Calendar: Data on Treasury Budget to be released.
Earnings Calendar: CHP, DFS, FUL, LCI, NOBH, PHC, SSL, TRR.
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Data provided by Egan-Jones