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Overalottment: June 29
- Must see: Interactive bank loan performance (Wlmlab, h/t Robert)
- Guarantee Bank, 4th largest Texas bank, can only survive with aid from FDIC and private investors (Houston Biz Journal, h/t Steven)
- Deja Vu (January): AIG warns of "Material Adverse Effect" as a result of deteriorating CDS sold to European banks (Bloomberg)
- Deja Vu 2 (last summer): Nigerian militants to, with "unknown" financing sources, stop more oil production; unknown if they will also threaten all those Morgan Stanley tankers filled with crude (Bloomberg)
- California will start issuing IOUs this week (FT)
- Greenspan: Inflation - The real threat to sustained recovery, but not to pumping equities higher (FT, h/t Anderson)[Greenspan + Spin = Greenspin?]
- Young Japanese raise their voices over economy (NYT)
- Inflationary pressures are a legitimate concern (Technical Take)
- $19 million in missing gold in Royal Canadian mint (Globe and Mail, h/t Gilgamesh)
- China mega-trend stock stealth bull market (FSU)
- Ivy League endowments finally dumb (WSJ)
- Amazon drops another state's affiliates: now Rhode Island (WSJ)
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All we need now is another South American uprising and a few words from Chavez and we can party like it's 2006 in the oil market.
Oh wait.
A friend's firm has significant customer exposure to california state gov. Last week they told him to either take IOU's or take a hike.
As if rates weren't low enough, Cali gets to raise cash by issuing 0% IOU bonds with an infinite maturity. And they didn't even have to hire Goldman to underwrite! This is the wave of the future. Get on board!
Greenspan + Spin = Bernanke
Well bad news for Airbus. Another one of their airliners appears to have crashed into the Indian Ocean.
Anon, if you are the same no-name from the China site, I refer you to the reading list of which TD has included the China Market by Nadeem, that you said was for idiots.
You crack me up...also, if you are the same ANON...will you condemn the entire of FRANCE if this airbus is an engineering failure. IF you are not the same Anon poster, apologies to you.
TD & Co.,
Thank you Thank you for the above!!! Please keep it! Is it a trial or will we have to do our own HTML eventually?
Interesting article in today's Sydney Morning Herald "China signals end of stockpiling" I'm putting it down to rhetoric given the current iron ore negotiations have gone into a stalemate. On the other hand, there are some commentators saying that China will soon end stockpiling and given this statement, could be cause for concern.
http://business.smh.com.au/business/china-signals-end-of-stockpiling-200...
Glen, yes it is interesting, and this is off of AMCHAM...and HELLO SPOT prices...I am in OZ, are you?
"30 JUNE 2009 A service of AmCham-China and
SELECTED CHINA MEDIA REPORTS
5. Iron ore stockpiles expected to be gone by Aug.; CISA in no hurry to reach iron ore price deal
The China Iron and Steel Association (CISA), on behalf of Chinese steel enterprises, and the world's top three miners are in no hurry to reach a deal on this year's iron ore price. The traditional deadline of June 30 approaches. In the first five months of this year, China imported 241.89m tons of iron ore, up 25.9% over the same period last year. The current iron ore stockpiles are expected to disappear by Aug. Chinese steel enterprises do not worry that they will not be able to buy iron ore. As for mining enterprises, they are also not in a hurry to sign iron ore price agreements with China. Roger Agnelli, CEO of Vale, predicts Chinese steel enterprises are unlikely to buy iron ore on the spot market. [Sina, 2009.06.30]
2,128 words - PReSEARCH it now"
http://www.amchamchina.org/article/4503#C5
THis is from the American Chamber of Commerce in China/ china wire
Glen, I don't know if you can read the whole article, I subscribe to SCMP, but if you can read this article via the link you will find the Chinese perspective interesting:
China is not buying the world, so don't block it
MONITOR
Tom Holland
Jun 29, 2009
|
If you've been reading the headlines recently, you might easily have got the impression that Chinese state companies have embarked on a massive global buying spree; that they are taking advantage of cheap funding from state-owned banks to gobble up the world's resources at an unprecedented rate in obedience to instructions from the highest levels of government in Beijing.
On the other hand, you might have come away with the idea that legitimate outward investments by well-meaning Chinese corporations are getting blocked by hypocritical foreign regulators that are following a covert nationalist, or even racist, agenda aimed at frustrating Chinese economic development....
http://www.scmp.com/portal/site/SCMP/menuitem.2af62ecb329d3d7733492d9253...
Shaza, thanks for the links and perspectives, will have a read. I put the statement down to posturing for advantage; not unlike the almost weekly call for a new reserve currency. I'm split on China; yes I believe that the "loan" growth is the result of policy execution and reaching targets rather than any prudent lending policies and really have to read between the lines of anything statically that comes out of China or any country for that matter. At the same time, if China wants to invest in Australia; go for it. We need it - they have it surely to Christ a happy medium can be reach. It's political more than anything.
TD, what happened to the format thingy!!! That was so useful...can you bring it back?
That bank loan performance site is unbelievable. Wow.
I've always thought that this Nigerian oil drama that props up every now and then is actually some investment bank based out of New York fomenting trouble there via its tentacles.
Everytime oil tries to correct, there is some trouble brewing in Nigeria conveniently.
Except when the investment banks are net short Oil. Then the talk is all about demand and how the demand is less than production. Wall Street is a scam. One will see more money at retirement if they avoided wall street altogether.
Nigerian oil infrastructure is attacked by Nigerians that are financed / trained / guided by Eastern European thugs. They also steal crude oil, up to 500,000 barrels a week. Think about this: Where are the refineries where the crude re-enters the system? HOw are the thieves paid?