Daily Highlights: 9.7.2010
- Asian stocks fall for first time in five days; Japanese automakers decline.
- Australia extends interest rate pause on concern global growth is slowing.
- Australian Labor Party gains enough seats to form a minority government.
- China's 4 biggest banks lent $32.2B in new yuan loans in August, in line with govt ruling.
- China passenger car sales increased 18% in August.
- China rejects currency pressure.
- China's slowdown in industrial output growth will deepen, Government says.
- Copper declines in London.
- Asian steelmakers rally on Obama's infra plan; Euro drops on bank funds concern.
- Germany's 10 largest banks may need as much as $135.4B in extra capital under new Basel III norms.
- India aviation ministry plans to invest $8.6B in 5 years in planes, infrastructure.
- Japan holds rates unchanged, signals outlook worry.
- Obama unveils infrastructure plan; $50bn project to jump-start job creation.
- UK same-store sales values rose 1% YoY in August: British Retail Consortium.
- AIG seeks HK approval to list AIA on Sept 21 - report
- Air Products raised its cash offer for rival Airgas Inc. to $65.50/sh or $5.48B.
- AK Steel implements $40 per ton price increase for carbon steel products.
- Alfa Laval AB made a $696M bid for Munters AB.
- Barclays appoints investment bank chief Diamond to succeed CEO John Varley.
- BP reportedly targeting $40B of disposals, plans to sell Alaska assets.
- Campbell Soup's Q4 profit jumped 64% to $113M on cost cuts; revs fell 1%.
- Macquarie expects H1 profit to fall about 25% as global mkt conditions remain weak.
- Mark Hurd named co-President by Oracle.
- Severstal swings to Q2 profit of $192M as sales jumps 72% to $4.25B.
Earnings Calendar: CASY, DITC, FLOW, GRO, MIND, PIKE, PVH.
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Data provided by Egan-Jones Ratings and Analytics