Germany

Daily Highlights: 8.20.09

  • Appliance makers counting on "cash for clunkers"-type rebate program to revive sales.
  • Asian stock markets were mixed on Thursday. Shanghai's index rebounds 2.1%.
  • China's first-half current-account surplus reported down 32%.
  • Crude oil futures hit 2-month high as US inventories fell unexpectedly by 8.4M barrels.
  • Democrats prepare to go it alone on health care overhaul without GOP support.
  • GDP in OECD countries stabilized in Q2, with support from exporters Germany, Japan.
  • Obama administration to cut 2009 budget-deficit estimate to $1.58 trillion.
  • Obama administration developing plans to wind down clunker rebates program.

Daily Highlights: 8.13.09

  • Asian Stocks rise as Fed says recession easing; MSCI Asia Pac Index posts its biggest gain this month.
  • Chinese stocks rebound after sharp decline, led by banks and metals.
  • China wants more say over iron prices, plans moratorium on new steel projects.
  • Euro rises against dollar in morning European trade on positive economic news.
  • Euro area contracted only 0.1% in Q2 after unexpected growth in Germany, France.
  • Euro zone industrial production fell in euro zone in June, reversing May's gain.

Daily Highlights: 8.12.09

  • Asian stocks fall as weaker profits fuel valuation concern
  • China's money market rates drop on signs Central Bank to delay tightening
  • Fed may acknowledge faster growth, pledge to keep rate 'exceptionally' low.
  • Europe industrial production unexpectedly drops, suggesting slow recovery
  • French inflation rate remains negative for third month on energy and energy retail

Daily Highlights: 8.04.09

  • Asian share markets were higher Tuesday with commodity-related stocks up.
  • Construction spending unexpectedly rises on revival in home sales.
  • Germany to champion Magna's Opel bid in Berlin talks.
  • Dubai real estate prices down 50%from peak: Property Index.
  • Anadarko Petroleum swung to a Q2 loss of $216M on lower prices, output up 12%.

Daily Highlights: 7.16.09

  • China’s foreign exchange reserves balloon at a record pace in Q2, crosses $2 trillion.
  • China's GDP expands by 7.9% in Q2, beating estimates for a 7.7% growth.
  • Asian stocks climb on China growth, US manufacturing reports.
  • Consumer prices rose 0.7% in June, boosted by energy and autos.
  • Fed projected that US unemployment rate may surpass 10 percent by year's end.
  • Sergio Posts Bond As Toxic Code Percolates In Cyberspace And Allows "Market Manipulation"

    The
    bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,
    ” Facciponti said. “The copy in Germany is still out there, and we at this time do not know who else has access to it.

    The prosecutor added, “Once it is out there, anybody will be able to use this, and their market share will be adversely affected.

    The proprietary code lets the firm do “sophisticated,
    high-speed and high-volume trades on various stock and commodities
    markets,” prosecutors said in court papers. The trades generate “many
    millions of dollars” each year
    .

    Is A Case Of Quant Trading Sabotage About To Destroy Goldman Sachs?

    Matt Goldstein over at Reuters may have just broken a story that could spell doom for if not the entire Goldman Sachs program trading group, then at least those who deal with "low latency (microseconds) event-driven market data processing, strategy, and order submissions." Visions of swirling, gray storm clouds over Goldman's SLP and hi-fi traders begin to form.

    Lenders Set To Scuttle Continental - Shaeffler Merger; Lawsuits Will Follow

    The second most favorite German soap opera on Zero Hedge (just after the Volkswagen - Porsche melodrama) looks set for a second season. Bloomberg reporting that lenders who hold half of Conti's humongous €11 billion debt load will do all they can to prevent the merger. It's funny it took lenders only about a year to get their case of buyer's remorse sufficiently well crystallized.

    Second Budget Hotel Bankruptcy In One Week, CRE Getting Monkeyhammered

    First it was Extended Stay, which filed for bankruptcy last week (and whose unexpected filing may make life for CMBS participants very complicated as the law of unintended consequences strikes again). Today, it is budget hotel chain Red Roof Inn. The company, which owns 210 hotels, defaulted on $367 million of mortgage debt, has a total of $1.2 billion in total debt, including mezz loans and other notes. The company was purchased a mere 2 years ago by Citigroup (yep, the same phenomenal deal makers who wouldn't know how to find their gluteus maximum with a magnifying glass, bought a 79% stake in yet another toxic piece of garbage) from Accor SA for $1.3 billion.

    Lenders Set To Scuttle Continental - Shaeffler Merger; Lawsuits Will Follow

    The second most favorite German soap opera on Zero Hedge (just after the Volkswagen - Porsche melodrama) looks set for a second season. Bloomberg reporting that lenders who hold half of Conti's humongous €11 billion debt load will do all they can to prevent the merger. It's funny it took lenders only about a year to get their case of buyer's remorse sufficiently well crystallized.