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IDS World Markets Tues 24th April 07


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w?s=%5EAORD

 

 

Jumping around today in a directionless fashion. All Ords currently +0.3% with sectors mixed. IT is taking its turn in the lead, +0.8% and Healthcare is doing the dip, -1.2%.

 

Miners are looking reasonably perky: BHP +0.9% and RIO +0.6%. Golds are a bit of a mix: Newcrest +0.9%, Newmont -0.4% and Lihir flat.

 

Oils doing their bipolar thing: Woodside +0.3% and Santos -0.8%.

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Australia's Consumer Prices Rise Less-Than-Expected

 

April 24 (Bloomberg) -- Australia's consumer prices rose less than expected in the first quarter, sending the currency sliding as investors reduced bets the central bank will increase interest rates next week.

 

The consumer price index climbed 0.1 percent in the three months ended March 31, the Bureau of Statistics said in Sydney today. That was less than the median estimate for a 0.6 percent increase in a Bloomberg News survey of 24 economists. Annual inflation slowed to 2.4 percent from 3.3 percent, returning to the central bank's target range for the first time in a year.

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w?s=%5EAORD

 

 

Sheesh talk about one of those days... First off my internet access was suspended (due to non payment of account I'm embarrassed to say) and it was a real drama getting reconnected with the provider making vague promises about THURSDAY because tomorrow is a national holiday in Oz, anyway after much grovelling etc I'm back online.

 

The other drama was getting rid of one of the women boarding here who overstepped the line on numerous occasions. Basically that came down to threatening to throw her belongings in the street and there was a number of veiled threats from her direction so if I don't turn up one day the house has probably burnt down with me in it (or I failed to pay my internet account again) :rolleyes:

 

Doesn't look like the arvo action was particularly interesting. All Ords closed -0.3% with most sectors in the red. Down the most was Healthcare, -1.4% followed by Telecomms -1.1%. At the green end Consumer Discretionary was up the most, +1.4% followed by IT +0.9%.

 

Miners, including golds, mostly drifted down with only BHP showing a measly +0.3% gain.

 

Oils went red: Woodside -0.3% and Santos -2.2%.

 

Not a lot of action in Asia with most bourses showing minor gains or losses.

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

http://finance.yahoo.com/intlindices?e=europe

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When trading on funnymentals don't forget the probability of an LBO.

 

"The Bloomberg Europe Retail 500 Index has risen 14 percent since the year began on speculation that private equity firms may bid for chains, attracted by real estate and free cash flow. That compares with a 6.2 percent increase in the Bloomberg European 500 Index."

 

European Retail is rising not because of funnymentals, just LBO conjecture.

 

"The interest in Sainsbury and Alliance Boots has prompted speculation that retailers including Carrefour SA, Kingfisher Plc and Kesa Electricals Plc may be bought. Buyout firms raised $212 billion last year for takeovers, according to London research firm Private Equity Intelligence Ltd."

 

None of these deals has gone through though.

 

http://www.bloomberg.com/apps/news?pid=206...qNqI&refer=home

 

In the "AI AI CARAMBA" news category:

 

"`The catalyst for this downfall movement has been Astroc,'' wrote ING Groep NV anal cyst Javier Ruiz-Capillas in a note to investors today. ``We believe that performance was completely unjustified, outrageous and explained by low liquidity and people building stakes. Now the turn down is here and people are translating the risk to all real-estate companies, afterwards to Spanish contractors, and finally to banks.'"

Sounds familiar?

 

(The low liquidity must be a typo.)

 

http://www.bloomberg.com/apps/news?pid=206...hss8&refer=home

 

"Astroc's shares dropped as much as 25 percent, after sliding 37 percent yesterday. Grupo Inmocaral SA, Spain's second-largest realtor, fell as much as 18 percent. Montebalito SA, another Spanish real estate company, declined as much as 18 percent."

 

Of course in developed markets like the US, this won't happen, JOE6 would just jump out the window, and Paulson, the FED and the PPT team (pardon the pleonasm) wouldn't want that... there's still lots of good homebuilder and realtor stock to distribute to the unsuspecting small investor and pension fun managers.

 

I should add that spain has one of the largest parallel economies in europe. All those latam drug lords probably binge and launder in Spain.

 

http://www.euronews.net/index.php?page=eco...le=416201&lng=1

 

"Viva the big bill, as it has emerged that 65% of all the money in circulation in Spain is in the form of 500 euro notes. "

 

Is that a lot?

 

"Of all the 500 euro notes in existence, 26.6% are in Spain; they are worth a total of 209.7 billion euros. "

 

http://news.bbc.co.uk/2/hi/europe/6208877.stm

 

"Traces of cocaine can be found on 94% of euro banknotes circulating in Spain, a study has suggested."

post-2204-1177412890_thumb.jpg

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Sorry to hear that our Aussie has turned into a drama queen! I'd be the last to even think of throwing stones about an unpaid bill, given my own problems with Bank of America's auto-billpay.

 

What idiomatic derogatory term would there be in Aussieland for a person like the one you got rid of, Aussie? (Not "got rid of" in the 2940's American gangster sense, I hope... :o )

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DJ Fed Accepts $4.5 Bln In 9-Day RPs

 

Type of transaction: 9-Day RPs

Total accepted: $4.5 Bln

Total submitted: $63.8 Bln

 

Agency Collateral Operation

Total accepted: $750 Mln

Total submitted: $19.7 Bln

Stop-Out Rate: 5.24%

Weighted Average: 5.24%

High-rate submitted: 5.24%

Low-rate submitted: 5.17%

 

Treasury Collateral Operation

Total accepted: $3.75 Bln

Total submitted: $24.1 Bln

Stop-Out Rate: 5.17%

Weighted Average: 5.18%

High-rate submitted: 5.19%

Low-rate submitted: 5.14%

 

Mortgage-Backed Collateral Operations

Total accepted: None

Total submitted: $20 Bln

Stop-Out Rate: N/A

Weighted Average: N/A

High-rate submitted: 5.24%

Low-rate submitted: 5.19%

 

(Data was provided by the New York Federal Reserve Bank).

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seeing the possibility of a lot of failing buy signals in WSE Pro chart pick list. not a good sign for the market. The size of the list has already been cut in half in recent days. Heading toward zero longs if the market doesn't rally today.

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