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Daily Highlights: 9.29.2010
- Asian stocks rise to five-month high, Japanese bonds rally.
- Central banks of SKorea, S'pore, Thailand & Indonesia suspected of intervening in foreign exchange markets.
- China’s manufacturing activity accelerated in Sept - the second straight month.
- Gold for December delivery rose to a fresh record above $1,313.00 an ounce.
- Japan's Tankan Index rises least in 18 months as Yen gains, Economy slows.
- US Home prices rose for the 4th straight month in July, but at a slower pace.
- AOL acquires social software start-up Thing Labs; Terms were not disclosed.
- Autozone adds another $500M to stock buy-back.
- Boeing Co. received a contract for 124 F/A-18 fighter jets valued at $5.3B.
- British Airways signs revenue sharing agreement with AMR, Iberia over their transatlantic operations.
- Caterpillar Inc. to build a new assembly plant in China.
- Covance authorizes $250M stock buyback in addition to ~800,000 shares remaining.
- Green Plains Renewable Energy to acquire Global Ethanol for $169.2M.
- HP expects 2011 EPS (excl items) of $5.05-5.15 on sales of $131.5-133.5B.
- HSBC says it has no plan to move its headquarters to Hong Kong from London.
- India court orders closure of Vedanta copper smelter.
- J&J's quality control draws scrutiny over its handling of Tylenol recalls.
- Nintendo cuts full-year net income forecast to $1.08B on strong yen.
- Porsche SE full-year revenue increased 18% to €7.8B.
- Sanofi said to weigh raising its $18.5B takeover offer for Genzyme.
- SEC initiates inquiry into “revenue recognition practices” of Green Mountain Coffee.
- Standard Microsystems f'casts Q3 EPS of no more than $0.43 vs. cons est. of $0.45.
- Toys "R" Us will hire about 45,000 employees to help with the holiday season.
- Walgreen's Q4 net rose 7.8% to $470M on better pharmacy ops. Sales rose 7.4%.
Economic Calendar: Data on MBA Mortgage Applications, Crude Inventories to be released.
Earnings Calendar: AM, ATU, FDO, LBIX, STRZ, WOR, XRTX.
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Wonder if Toys'R us will fly in those 45000 from China?
And Cat manufacturing goes offshore. When will the job bleeding end?
The donkey in the China shop
By Antal E Fekete
"United States President Barack Obama has issued a blackmail to Prime Minister Wen Jiabao of China: "You immediately revalue the yuan or else ... " According to an article by David E Senger in The New York Times on September 23, the two leaders met at the United Nations in New York and spent most of their two-hour session in a spare conference room, usually used by members of the Security Council, to discuss the currency issue."
"Obama has grossly overplayed a very weak hand. The US has never been in a weaker bargaining position - all the trump cards are in the Chinese hand."
"The theory of Milton Friedman, that a weaker currency is duty bound to make for gains in the country's exports, has never worked - except in the reverse. Whatever dubious advantage a weaker currency may have initially evaporates as soon as stockpiled imports are drawn down and used up. Ever after, the weaker currency has to face higher bills for imports."
"The real reason for the unprecedented blackmail of Obama has nothing to do with these false charges. It has all the more to do with the unpaid and unpayable debt of the US The size of this debt beats all records in history and cries out for debt-abatement or default."
"It may force China to fix the value of the yuan, not in US dollars but in gold ounces. That will be the last nail in the coffin of the once mighty US dollar, to make it ready to join the Continental, the assignat, the Reichsmark and the Zimbabwe dollar in the cemetery of worthless fiat currencies.
Maybe in November the American people will send representatives to congress who will rally around congressman Ron Paul of Texas, the only American leader with a viable plan to save the American government from the ultimate humiliation of publicly recognized bankruptcy.
America can lose nothing and can gain everything by playing the gold card first. The prodigal son, repentant, could return to his father, symbolized by the American constitution, who is ready to forgive and embrace him. Not only will it open the US Mint to gold, as demanded by the constitution, restore the government to fiscal sanity and financial health; it will also bring confidence back to the international monetary system."
http://www.atimes.com/atimes/China_Business/LI28Cb01.html
Alex, I'll take "Currency War" for $200, please.
BRICs and their allies...
What is shit hitting the fan?
"Central banks of SKorea, S'pore, Thailand & Indonesia suspected of intervening in foreign exchange markets."
http://99ercharts.blogspot.com/2010/09/dx_29.html
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