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aussiebear

IDS World Markets Tues 13th November 07

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t?s=%5EAORD

 

 

Fairly directionless so far leaving All Ords flat. Minor gains in most sectors with Financials up the most, +0.7% and Materials at the other end, -1.2%.

 

In the miners, BHP -1.4% and RIO -0.3%. Steep losses in the golds: Newcrest -4.6%, Newmont -3.3% and Lihir -3.7%. Virtually no movement in the juniors.

 

Oils not doing too much: Woodside flat, Santos -1.5% and Caltex -2.1%.

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U.K. House-Price Index Falls to Lowest in Two Years

 

Nov. 13 (Bloomberg) -- An index of U.K. house prices dropped to the lowest in more than two years in October, adding to evidence that the property market is cooling, the Royal Institution of Chartered Surveyors said.

 

The number of real-estate agents and surveyors saying prices declined outnumbered those reporting increases by 22 percentage points, London-based RICS said today. That's the lowest reading since July 2005. In London, one of only two regions where values continued to rise, gains were the slowest in a year.

 

Consumers in Britain are shouldering a record 1.4 trillion pounds ($2.9 trillion) in debt and attempting to cope with interest rates at the highest since 2001.

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China's October Inflation Matches Decade High of 6.5%

 

Nov. 13 (Bloomberg) -- China's inflation accelerated in October as food prices jumped, adding pressure on the central bank to raise interest rates for a sixth time this year.

 

Consumer prices rose 6.5 percent from a year earlier, matching the decade high in August, the National Bureau of Statistics said today, after gaining 6.2 percent in September.

 

Pork prices jumped 55 percent, adding to the surge in vegetable and cooking-oil costs that's spurred government subsidies for farmers and crackdowns on price-fixing this year to avoid social unrest. October's record $27 billion trade surplus pumped cash into the economy, stoking inflation that's twice the 3 percent pace the central bank targets.

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Japan's Economic Growth Rebounds on Consumer Spending

 

Nov. 13 (Bloomberg) -- Japan's economy grew faster than economists forecast in the third quarter as an unexpected increase in consumer spending countered a drop in housing construction.

 

The world's second-largest economy expanded an annualized 2.6 percent in the three months ended Sept. 30 from a revised 1.6 percent contraction in the previous period, the Cabinet Office said in Tokyo today. The median forecast of 41 economists surveyed by Bloomberg News was for a 1.8 percent increase.

 

The Bank of Japan kept its benchmark interest rate at 0.5 percent today as the biggest drop in housing investment in a decade and slowing shipments overseas threaten the expansion. Bond yields fell to the lowest since February 2006 on concern that the economy is too dependent on exports for growth.

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w?s=%5EAORD

 

 

All Ords closed +0.7% and it is surprising it wasn't higher being as eight sectors had a 1%+ gain. Maybe it's because the heavily weighted Materials index finished -0.2%. Consumer Discretionary had the largest gain, +1.5% followed by Financials +1.2%.

 

Miners closed off their intraday lows: BHP +0.2% and RIO -0.5%. In the golds, Newcrest finished -4.6%, Newmont -2.6% and Lihir -1.5%.

 

Oils reversed: Woodside +0.7%, Santos +1.8% and Caltex +4%.

 

All over the place in Asia: Honkers -1.8%, China +1.9%, Singers -1.7% and Nikkers flat.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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Carry trade opex jam begins its possible weeklong ascent.

 

They had a hard time holding Japan together in the overnight. :ph34r:

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U.K. Inflation Rate Increases to a Four-Month High

 

Nov. 13 (Bloomberg) -- Britain's inflation rate unexpectedly rose above the Bank of England's 2 percent target to a four-month high in October, a sign higher interest rates have yet to wring price pressures out of the economy.

 

Consumer prices climbed an annual 2.1 percent, the most since June, compared with a 1.8 percent increase in September, the Office for National Statistics said today.

 

Bank of England Chief Economist Charles Bean damped speculation of an interest-rate cut this year after he said Oct. 31 that policy makers ``cannot afford to relax on the inflation front.'' Gains in consumer prices will accelerate next year, stoked by higher costs of energy and food, he said.

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German Investor Confidence Drops to 15-Year Low

 

Nov. 13 (Bloomberg) -- German investor confidence dropped to the lowest in almost 15 years in November after the euro reached a record and the price of oil neared $100 a barrel.

 

The ZEW Center for European Economic Research in Mannheim said its index of investor and anal cyst expectations fell to minus 32.5, the lowest since February 1993, from minus 18.1 in October. Economists expected a decline to minus 20, according to the median of 38 forecasts in a Bloomberg News survey.

 

Growth in Europe's biggest economy will probably slow, ZEW said. The euro has risen 8 percent against the dollar in the past three months and reached a record $1.4752 last week, eroding the competitiveness of German exports. At the same time, higher energy bills have sapped companies' and consumers' spending power.

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http://www.ft.com/cms/s/0/bdc07a86-91d9-11...00779fd2ac.html

 

Stricken mortgage lender Northern Rock may see the value of its equity wiped out and is expected to owe the Bank of England billions for years to come, according to documents seen by the Financial Times.

 

However bad it may get, Northern Rock will be propped up by the BOE as the Chancellor, Alistair Darling declared an interest - he has his mortgage with them. I wonder if it's one of their dodgy 125% of value, 6x earnings ones <_<

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Someone over on prubear noted that etrade's mortgage holdings are the loans that etrade made but couldn't sell. Best case is that they are worth 50 cents on the dollar, or are worthless. The loans are supposed to be $4 billion worth, but etrade only has a billion of cash.

 

I can see that if etrade goes under then it will take alot of time before I'll be able to sell shares of my company stock that I've vested in. I am thinking that I will take a tax hit and cash out my current shares. I'll make $8 per share before taxes and have some cash to sit on, rather than be at the mercy of etrade's future.

 

Here's the link to the discussion

623673[/snapback]

 

 

Good Luck on solving a difficult problem. :D

623674[/snapback]

 

What's worse is that we had a stock option investigation and couldn't sell for a whole year. Now we can sell but it doesn't look like the opportunity will last long. The underlings are getting hosed. Fat bonuses for CEOs.

623677[/snapback]

 

 

My suggestion would be, if you have the cash or collateral available, to open another account somewhere and either buy some puts to hedge or just go short the stock while you wait for the other position to sell.

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I warned over the weekend that we should start seeing headlines on this within the next few days. Well, here's the first one, from the NY Times, no less.

 

http://norris.blogs.nytimes.com/2007/11/11...ey-market-fund/

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