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Daily Highlights: 9.8.09
- Asian markets were mostly higher Tuesday; Taiwan up 1.2% on Cabinet reshuffle.
- China plans to offer 6B yuan ($879M) of government bonds in Hong Kong
- China showcases commercial jet at Asia air show
- China 2009 vehicle sales may rise 28% on stimulus, probably surpassing US.
- ECB says significant contraction in euro-zone economy has ended; rates unchanged.
- G-20 finance chiefs propose banks curb bonuses, increase capital holdings.
- Gold rises to $1,000 an ounce for first time in 6 months on Dollar drop.
- Group of 20 largest economies agree that the global economy is stabilizing.
- Jobless recovery in US may boost company profits as productivity surges.
- Oil rises above $69 before OPEC summit as weaker dollar boosts commodities
- Russia is surpassing Saudi Arabia in oil exports: Putin exploits OPEC production cuts
- UN calls for new global reserve currency to fix broken 'confidence game'.
- Yen gains versus Euro as trade figures, drop in stocks spur safety demand.
- Abu Dhabi's ATIC agreed to buy Chartered Semiconductor for $1.8B, in cash.
- AIG could move quickly to spin off 2 life insurance units, if market timing seems right.
- Air France plans to cut about 1,500 jobs through voluntary departures.
- Cadbury may fetch $21B if Nestle, Hershey top Kraft Food's $16.7B bid.
- Deutsche Telekom, France Telecom SA agreed to merge their U.K. units.
- Group of Microsoft rivals nears patent deal in bid to protect Linux.
- HSBC Holdings submits bid for ING Groep NV's private banking assets.
- Nestle expects sales growth in China to exceed 20% in 2009.
- Rio Tinto isn't negotiating with China over benchmark iron ore prices, prices on hold.
- Royal Dutch Shell plans to accelerate its restructuring plans, more job cuts ahead.
- Severstal recorded net loss of $289.53M in Q2; revs slip 55.1% to $2.85B.
- Telefonica SA to pay $1B to boost its stake in China Unicom to 8.06% from 5.38%.
- Toshiba plans to acquire power transmission and distribution arm of Areva for $5B.
- WTO ruled that Airbus received illegal subsidies from European governments.
Economic Calendar: Data on Consumer Credit to be released today.
Earnings Calendar: AVAV, CASY, CHP, FCEL, FLOW, PBY, SFD.
Recent Egan-Jones Rating Actions:
DEVON ENERGY CORP (DVN)
SWIFT ENERGY CO (SFY)
CONAGRA FOODS INC (CAG)
MANITOWOC CO INC/THE (MTW)
CHIQUITA BRANDS INTERNATIONAL INC (CQB)
DEL MONTE FOODS CO (DLM)
MASTEC INC (MTZ)
CIENA CORP (CIEN)
SPX CORP (SPW)
THOMAS & BETTS CORP (TNB)
THERMO FISHER SCIENTIFIC INC (TMO)
MANITOWOC CO INC/THE (MTW)
BEAZER HOMES USA INC (BZH)
Data provided by Egan-Jones Ratings And Analytics
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Bloomberg managing to see a sign of recovery in almost everything today.
Love how they conveniently dont mention the massive POMO in July after this headline, "Anything-But-Treasuries Credit Gaining After AIG Ruin", http://www.bloomberg.com/apps/news?pid=20601087&sid=aCZ5T8_MwuOA
or how about this one where analysts have been so tremendously correct and are totally unconflicted in every way, "Stocks Show Why Analysts Dismiss Economists on Growth", http://www.bloomberg.com/apps/news?pid=20601087&sid=aKcioT31yV_E
There was an awesome one titled, "Elkhart's RV Rebound May Show Recession Exit as Travel Trailer Sales Rise", which doesnt really give any actual proof of a rebound, just that it "should" rebound in '10. They seem to have takent that link down.
Or how about this, a drop in MoM industrial output, that fell well below analyst expecations, is viewed "as a sign the recovery may be more gradual". http://www.bloomberg.com/apps/news?pid=20601110&sid=aRGJ8we0TGDQ
most excellent. Rally on, dudes.
Ha! Anyone think RV sales may be up because people can't carry a mortgage payment? It would be nice to see stats on the size of the trailer/mobile home park populations.
For more hard-pressed Americans, a campsite is home
Look for GS to start securitizing the next housing boom, maybe a fancy name like "High Grade Mobile Unit Growth Strategies Fund".
Thank you. Very telling.