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aussiebear

IDS World Markets Thurs 6th December 07

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t?s=%5EAORD

 

 

Looks like the only direction is up. All Ords +1.2% with all sectors green. It's back to the old faves leading, Energy +1.6% and Materials +1.5%. IT is up the least, +0.5%.

 

The big miners up of course: BHP +2.2% and RIO +0.6%. Golds looking uncertain, Newcrest -0.7%, Newmont flat and Lihir +0.8%.

 

Oils green: Woodside +1.3%, Santos +1.8% and Caltex +0.9%.

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South African Business Confidence Drops to Lowest in 3 Years

 

Dec. 5 (Bloomberg) -- South African business confidence fell to its lowest in more than three years last month as higher interest rates and gasoline prices boosted business costs, the South African Chamber of Commerce and Industry said.

 

The Business Confidence Index declined to 95.8 in November from 96.9 in the previous month, the Johannesburg-based chamber said in an e-mailed statement today. November's level is the lowest since February 2004.

 

South Africa's central bank has increased its benchmark interest rate three times this year to 10.5 percent to curb spending and inflation, which has exceeded its 3 percent to 6 percent target range since April. The bank will probably raise the rate by half a percentage point tomorrow, according to all 25 economists surveyed by Bloomberg.

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U.K. House Prices Decline, Worst Streak Since 1995

 

Dec. 5 (Bloomberg) -- U.K. house prices fell for a third month in November, the worst performance in more than a decade, and services growth slowed, increasing speculation the Bank of England will cut interest rates tomorrow.

 

The average cost of a home in Britain declined 1.1 percent to 194,895 pounds ($400,000) from a month earlier, a report by HBOS Plc showed today. Prices last fell for three months in a row in 1995. Services from banking to travel grew at the slowest pace in four years last month, according to an index by the Chartered Institute of Purchasing and Supply.

 

---------------

 

Pound Drops to 4-Year Low Against Euro

 

Dec. 5 (Bloomberg) -- The pound dropped to the lowest in more than four years against the euro after industry reports indicating slower U.K. economic growth prompted some banks to forecast a cut in interest rates tomorrow.

 

The pound also fell to a six-week low versus the dollar as data showed U.K. services growth slowed, house prices fell for a third month in November and consumer confidence slipped the most in at least three years.

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Tokyo Office Vacancy Rate Fell to Six-Year Low in November

 

Dec. 6 (Bloomberg) -- Tokyo office vacancies fell in November to the lowest in at least six years, real estate brokerage Miki Shoji Co. said.

 

The vacancy rate in Tokyo's five central districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya fell to 2.49 percent, from 2.55 percent in October. Miki Shoji's report was released today through the Ministry of Land, Infrastructure and Transportation.

 

Tokyo office vacancies may not have been this low since December 1991, when they fell to 1.79 percent, according to Miki Shoji, which started compiling monthly data in 2001.

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It's a done deal. now for the unintended consequences. <_<

 

Subprime Rate Five-Year Fix Agreed by U.S. Regulators (Update8)

 

By Alison Vekshin

 

Dec. 5 (Bloomberg) -- Federal regulators and U.S. lenders agreed to freeze interest rates on subprime mortgages for five years to stem rising foreclosures, said a person familiar with the measure

http://www.bloomberg.com/apps/news?pid=206...o&refer=economy

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w?s=%5EAORD

 

 

Quite a bounce today which looks bullish on the daily chart and merely a dead cat bounce on the weekly. All Ords closed +1.4% with Property Trusts taking over the lead, +3% followed by Healthcare +2.2%. IT continued to lag, +0.3%.

 

Miners failed to follow up on the morning lead: BHP +1.6%, RIO +0.6% and golds remained a bit this and that, Newcrest +1.6%, Newmont -0.5% and Lihir -0.8%. Juniors were flat to down.

 

Oils looked reasonable: Woodside +1.4%, Santos +1.8% and Caltex +1.4%.

 

Over in Asia, only China in the red, -0.5%, India and Singers +1.3%, Nikkers +1.2% and Honkers +0.9%.

 

 

On to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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It's a done deal. now for the unintended consequences.  <_<

 

Subprime Rate Five-Year Fix Agreed by U.S. Regulators (Update8)

 

By Alison Vekshin

 

Dec. 5 (Bloomberg) -- Federal regulators and U.S. lenders agreed to freeze interest rates on subprime mortgages for five years to stem rising foreclosures, said a person familiar with the measure

http://www.bloomberg.com/apps/news?pid=206...o&refer=economy

630500[/snapback]

 

The Administration may be able to muscle U.S. banks and U.S.-based investors holding CDO paper, but what control can they exert over foreign creditors holding same that don't agree to go along with the program?

 

Will foreign creditors claim exemption from U.S. law and declare that a default/acceleration event has occurred?

 

I doubt anyone entity can control the credit markets, domestic or global.

 

IMHO, a lack of clarity, and the inability to quantify risk will result in investors demanding much higher yields, and/or a substantial reduction of capital available to the credit markets.

 

In the name of political expediency, I believe a giant monkey-wrench has been thrown into the gearbox of the credit machinery.

 

Also, what about the political blow-back from outraged, responsible citizens (who struggle to meet their obligations in a timely manner) who are furious to see less responsible neighbors receive special privileged treatment?

 

Indeed, the Law of Unintended Consequences is now in play... :ph34r:

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The few who are outraged know that nothing they do, say, or write their congresspeople about will stop the juggernaut from going ahead, so they are shrugging their shoulders and burning inside. Just something else to complain to their friends about.

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The few who are outraged know that nothing they do, say, or write their congresspeople about will stop the juggernaut from going ahead, so they are shrugging their shoulders and burning inside. Just something else to complain to their friends about.

630503[/snapback]

 

;)

 

:lol:

 

post-67-1196934895.jpg

 

 

:ph34r:

 

:o

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This part from the bloomberg article caused 5 minutes of hysterical laugh:

 

"...Those with scores above 660 will be more closely scrutinized to determine whether they are eligible or must continue making payments under existing terms, said the person..."

 

Now everyone with adjustable arm and credit score above 660 just have to work HARD to lower their credit score and they will get the benefit too, problem solved in unconventional way ;)

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Al, who's your avatar?

630506[/snapback]

 

Da Bama Bear.

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Al, who's your avatar?

630506[/snapback]

 

Da Bama Bear.

630509[/snapback]

Oh.

 

Great. An utter bastard.

 

Appropriate for what's about to happen this morning.

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