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aussiebear

IDS World Markets Mon 15th September 08

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t?s=%5EAORD

 

 

Initially a selloff which took us down around 1.6% but buyers stepped up to the plate. All Ords is currently -0.8%, Financials and Utilities are down the most, -2.3% with IT and REITS next, -2.1%. The only greens are Miners +1.6% and Materials +1.4%.

 

The big miners modestly up: BHP +1.1% and RIO +1.5%. Golds way up: Newcrest +6.7%, Newmont +4.3% and Lihir +9.4%.

 

Oils mixed: Woodside +0.7%, Santos -5.1% and Caltex +4%.

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Lehman says filing Chapter 11 bankruptcy

 

NEW YORK (AP) -- Storied Wall Street firm Lehman Brothers Holdings Inc. says it intends to file for Chapter 11 bankruptcy.

 

The 158-year-old Lehman was crippled by $60 billion in soured real-estate holdings and unable to find an investment partner to throw it a lifeline.

 

Lehman said in a statement early Monday that none of its broker-dealer subsidiaries or other units would be included in the Chapter 11 filing in U.S. bankruptcy court in New York.

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w?s=%5EAORD

 

 

Back to support today but we're really hanging in here by the skin of our teeth.

 

All Ords closed -1.7% with Financials heading the downside list, -3.5% followed by REITS -3.4% and Utilities -3%. The only greens were Miners +0.6% and Materials +0.5%.

 

The big miners tailed off: BHP +0.1% and RIO +0.2%. Golds continued strongly up: Newcrest +8.2%, Newmont +6.7% and Lihir +13%.

 

Oil producers faded away: Woodside -1.2% and Santos -3%. Caltex +2.7%.

 

Many bourses in Asia are closed and there are heavy losses on those open: India -6%, Singers -3.1% and Taiwan -4.1%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=%5EFCHI

 

 

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

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N.Z. Consumer Confidence Rose to Five-Year High

 

Sept. 15 (Bloomberg) -- New Zealand consumer confidence rose to a five-year high after the central bank began cutting interest rates, buoying expectations the economy will pull out of a recession late this year.

 

Fifty percent of 1,000 people polled last week said the economy will improve in the next 12 months, according to a Colmar Brunton poll for Television New Zealand. Optimism rose from 44 percent in August and 28 percent in July, and was the highest since July 2002.

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well, i hope the bears get some mileage out of all this narstiness. 'twould be a shame if the indices bottomed on monday and headed in a bovine direction for weeks or months.

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Less confused than USandA's Fed

 

Europe Shuns U.S.-Style `Active Role' on Economy, Bank Bailouts

 

Spending taxpayers' funds on fiscal programs to spark growth would be ``like burning money,'' German Finance Minister Peer Steinbrueck said. Luxembourg Finance Minister Jean-Claude Juncker questioned the success of the U.S. approach, and said declines in the euro and oil price would help Europe.

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For a minute there I thought the headline ticker said BASF buys CUBA. Maybe Cuba is for sale after Ike! Would the Monroe Doctrine prohibit a foreign corporation from buying Cuba?

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Check out the names.

By contrast, hedge funds that continue to short financials (betting their prices will fall) are still performing well. Goshen Investments, a $200 million fund seeded by Tiger Management, is up 35 percent through the end of August, according to one investor. The fund has large short positions in American brokerage firms, European banks and American exchanges. Christopher Burn, founder of the fund, declined to comment.
"land o' goshen" has some biblical significance, but it sounds like a swear phrase to me.

 

edit: and on that note, my 666th post cometh into the world. that won't happen again until. . . the odometer rolls over, or the chimpmen go nuts before the monolith, or we travel the edge of the universe and find ourselves going in circles, or sumptin. :lol: :ph34r: :blink:

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Money-Market Rates May Climb as Lehman Files Biggest Bankruptcy

 

Sept. 15 (Bloomberg) -- The cost of borrowing on money markets may jump after Lehman Brothers Holdings Inc. filed for bankruptcy, deepening the freeze in lending between banks.

 

``The market is underestimating the awfulness of this news so I would look for a gradual rise in money-market rates,'' said Ciaran O'Hagan, a fixed-income strategist for Societe Generale SA in Paris. ``I still hear a lot of talk that this is rock-bottom and it can't get any worse. That kind of bravado will only ensure things will worsen.''

 

The difference between the three-month London interbank offered rate, or Libor, for dollars at the end of last week and what traders bet the U.S. central bank's daily effective federal funds rate will average over the next three months, the so-called OIS spread, widened to 105 basis points today, the most since Dec. 6, from 87 basis points at the end of last week.

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