Daily Highlights: 9.15.2010 - Japan, Singapore Interventions, CNY At Record As China Now Sells USDJPY

• API sees 3.3-million-barrel increase in oil inventory.
• China's steel output cut to continue through 2010: Industry Ministry.
• China Mobile and Vodafone to cooperate on high-speed wireless
• Fed differ on question of how weak the economic outlook should get before they move to take major steps to boost growth.
• Japanese shares rise as currency intervention drives down Yen; Gold climbs.
• OPEC sees no change to production quota at meeting in October.
• Retail Sales in US increase more than estimated in second monthly rise.
• Singapore authority to intervene second time in a month to bring down the S'pore dollar.
• Yen tumbles as Japan FM Noda confirms currency intervention- first time since 2004.
• Yuan climbs to record as gains quicken ahead of US Committee meetings.
• Adobe, Symantec sued by Uniloc over patent rights.
• AIG is considering spinning off its Taiwan life insurance unit for a local listing.
• BP cited for safety lapses in North Sea; Ability to manage disaster questioned.
• Casey's General Stores rejected Alimentation Couche's buyout offer of $38.50/sh.
• Cisco to initiate dividend that may have yield of 1% to 2%: Chambers.
• Delta Air leads U.S. carrier index after forecasts
• Deutsche Telekom says CEO Obermann is suspect in German corruption probe
• Google to challenge Facebook with new social features this year.
• Hologic does not expect FDA to approve its Tomosynthesis system next week.
• MasterCard's Board approves $1B share buyback following stock drop.
• Morgan Stanley sued by China Development Industrial Bank over CDO losses
• National Australia Bank walked away from its $12.2B bid for AXA.
• NextEra Energy plans to sell $350M of equity unit at $50 each.
• Office Depot expects Q3 operating profit to be lower than expected.
• RealNetworks buys Canadian social-games co., Backstage Tech. Terms not disclosed.
• Sonic Corp. said same-store sales in the fourth quarter fell 6.4% for the system.
• Steel Dynamics f'casts Q3 EPS of $0.05-0.10 on lower margins.
• WTO to rule Boeing got improper aid.

Economic Calendar: Data on Export & Import Prices, Industrial Prodn, Capacity Utilization & Crude Inventories to be released.

Earnings Calendar: AIR, APOG, CLC, DBRN, GRO, MTRX, PDEX.

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Data provided by Egan Jones

Comments

[gookempucky]

Jap intervention matters not as the Big Red Machine begins the endgame for the west. Its now just a matter of time.

http://www.asianinvestor.net/News/231969,euroclear-bank-to-settle-transactions-in-renminbi.aspx

[Larry Darrell]

Good morning all.  I'm curious..........does the decision by Japan to intervene force another flip-flop on whether or not we move to QE2.0 soon in the currency race to the bottom?  Any feedback appreciated.

[MarketTruth]

Yes, race to the bottom as they all need to devalue relatively evenly. Of course there will be blips where one currency is higher than another during a certain period of time, yet overall devaluation is key for them.

Imagine how impossible it would be to pay off the US national debt in 1930 dollars... versus the 95% devalued 2010 dollars.

"In the absence of a gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights." -- Alan Greenspan, 'Gold and Economic Freedom' in 1966.

[papaswamp]

deleted as vision cleared...

[tom]

Sorry, off topic, but this is just so choice. Where's Leo?

Greece May Miss Revenue Goal, Sell Diaspora Bond, Minister Says

By Andrea Catherwood and Andrew Davis

Sept. 15 (Bloomberg) -- Greece will likely miss its target for increasing government revenue this year and plans to sell debt to Greeks living outside the country, as it tries to cut the European Union’s second-biggest budget deficit, Finance Minister George Papaconstantinou said.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=a3brQp2ZBtYo&pos=7

[Herry12]

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