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aussiebear

IDS World Markets Mon 6th October 08

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t?s=%5EAORD

 

 

Daylight saving is upon us so the Yahoo charts will probably take a while to catch up.

 

All Ords doing the slide thing again, -2.4% with Healthcare taking a turn at the downside lead, -4.8% followed by REITS -4.1% and Energy -3.1%. IT is down the least, -1%.

 

Miners are mostly in the red: BHP -1.1%, RIO -2.8% and in the golds, Lihir -4.2%, Newcrest -2.9% and Newmont +0.9%.

 

Oils following the rest: Woodside -2.3%, Santos -0.1% and Caltex -3.9%.

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New Zealand Sees Wider Deficits as Economy Contracts

 

Oct. 6 (Bloomberg) -- New Zealand's government said its budget deficit will be almost twice as large as earlier forecast amid the economy's first recession in 10 years and a deepening global financial crisis.

 

The cash deficit will be NZ$5.9 billion ($3.9 billion) in the year ending June 30, 2009, more than the NZ$3.48 billion shortfall predicted in May, the government said in its pre- election economic and fiscal update released today. The shortfall will widen to NZ$7.3 billion by the 2013 fiscal year.

 

``The government has had to take a reality check,'' said Craig Ebert, senior markets economist at Bank of New Zealand Ltd. in Wellington. ``If this is the rainy day, we have a long winter ahead of us. The risks are that the outcomes will disappoint further.''

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Japan Stocks Fall on Credit Concern; Topix Drops Below 1,000

 

Oct. 6 (Bloomberg) -- Japan's stocks dropped, driving the Topix index below 1,000 points for the first time since December 2003, as the global credit crisis deepened in Europe and UBS AG said turmoil in Japan's real estate market will worsen.

 

``This is probably the worst market I've ever seen,'' said Hideo Arimura, who oversees the equivalent of $1.9 billion at Mizuho Asset Management Co. ``It's totally dark and there's nothing that prompts investors to buy stocks.''

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Asian Money Rates Stay at Nine-Month Highs

 

Oct. 6 (Bloomberg) -- Asian money-market rates stayed at the highest in more than nine months after European governments were forced to arrange rescues of financial companies and a $700 billion U.S. bank bailout plan failed to revive confidence.

 

Hong Kong's three-month interbank offered rate, or Hibor, rose 4 basis points to 3.85 percent at the 11:15 a.m. fixing today, the highest since Dec. 10. The Tokyo interbank offered rate for such loans was unchanged, holding at a nine-month high of 0.868 percent for a second day.

 

``Money market conditions will continue to be very tight and this will not improve in the short term,'' said Dwyfor Evans, a foreign-exchange strategist at State Street Global Markets in Hong Kong. ``There's an absence of trust.''

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w?s=%5EAORD

 

 

Seems like the punters are getting really depressed about this market. All Ords closed -3.4%, well below recent support and at a 3-year low according to the media. There were substantial drops across the board with REITS leading the mob, -5.3% followed by Healthcare and Energy, both -5% and Miners/Materials, both -3.6%. IT sustained the least damage, -1%.

 

Miners remained in the red: BHP -2.1%, RIO -5% and in the golds, Lihir -4.6%, Newcrest -4.2% and Newmont flat.

 

In the oils, Caltex dropped a hefty -8.2%, Woodside -2% and Santos -2.5%.

 

Asian bourses in GMTFO mode: China -3.5%, Honkers -3.4%, India -3.2%, Nikkers -4.7%, Singers -3.3%, Sth Korea -4.2% and Taiwan -3.7%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=%5EFCHI

 

 

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

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Bloomberg television crawl shows dow futures off 214, nasdaq futures off 44, and S&P off 35.

 

Nikkei off 465

Hang Seng off 785

 

Get right with your creditors, and then, get right with your Maker....

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Running to HSBC Makes Shares European Bank Winner

 

It's not that London-based HSBC, Europe's largest bank by market value, is immune to the credit crisis. It became the world's No. 1 subprime lender after purchasing Household International in the U.S. in 2003, and has set aside about $38 billion for bad loans since the start of 2006. What separates HSBC from the pack is its ability to hoard cash. It is one of the only European banks that takes in more in customer deposits than it loans out. With one of the highest capital ratios in Europe, HSBC probably will outperform peers as long as the crisis continues.

 

HSBC is up 10 percent this year in London trading, the only gainer among Europe's 69 biggest banks, which are down an average 35 percent this year. Throw in an annual dividend yield of 5.1 percent, and it has done better than U.S. Treasuries, even gold.

 

The bank has a loan-to-deposit ratio of 90 percent, lending 90 cents for every dollar of deposits it receives. That compares with 129 percent for Royal Bank of Scotland Group Plc, the U.K.'s second-largest bank, and 124 percent for Barclays Plc. HSBC's Tier 1 capital ratio, a measure of financial strength, is 8.8 percent, compared with 8.6 percent at RBS and 7.9 percent at Barclays.

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Denmark Guarantees Deposits in $6.4 Billion Pact

 

Oct. 6 (Bloomberg) -- Denmark became the latest European nation to guarantee all bank deposits, in an agreement funded by the country's commercial lenders, to bolster financial stability.

 

Commercial banks will provide as much as 35 billion kroner ($6.4 billion) over the next two years to a fund to insure depositors against losses, the Copenhagen-based Economy Ministry said in a statement on its Web site today. The sum is equivalent to 2 percent of gross domestic product and the government sought an accord that didn't burden taxpayers, the ministry said.

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Literally days away from total meltdown. :ph34r:? :ph34r:

Germany takes hot seat as Europe falls into the abyss

 

We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.

 

The European Central Bank ? which raised rates into the teeth of the crisis in July ? has played a shockingly destructive role in this enveloping slump. Its growth predictions this year have been, and still are, delusional. Neglecting its global role, it has vastly complicated the fire-fighting efforts of Washington.

 

http://www.telegraph.co.uk/finance/comment...-the-abyss.html

696330[/snapback]

 

Bris you have to read anything coming from a UK newspaper with a pinch of salt when it's related to the EU and Euro zone. They've been bashing the Euro since day 1 and now with the World Wide Recession they'll have a chance at actually being right for the wrong reasons.

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China able to push domestic growth: S&P

 

In recent separate reports on the three countries, S&P said China will steer its economic policy toward supporting growth, despite some anticipated hurdles, while Japan and South Korea both face political stalemates, high oil and food prices, decelerating growth, among other issues. ....

 

Impact of global financial chaos on China limited

 

"We feel China's financial system and its banks are, to the chaos developed in the US and other parts of the world, relatively shielded from those problems," said senior economist Louis Kuijs at the World Bank Beijing Office.

696294[/snapback]

 

New Bear Market Closing lows in the Hanger. Keep in mind that S&P were the same gentleman slapping triple A ratings on crappy leveraged structures.

 

I wonder if Rodgers is still holding on to Chinese equities, commods and other anti-dollah memorabilia.

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Euro Shlocks caught on a wrong footing from Friday's turn around in US markits are having a major case of diarrhea.

 

350px-Bristol_Stool_Chart.png

 

Smells like a panic IT bottom coming... eventually. For now they're only playing catch up with the US markit, some indexes still haven't made new bear market lows.

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Euro Shlocks caught on a wrong footing from Friday's turn around in US markits are having a major case of diarrhea.

 

350px-Bristol_Stool_Chart.png

 

Smells like a panic IT bottom coming... eventually. For now they're only playing catch up with the US markit, some indexes still haven't made new bear market lows.

696335[/snapback]

 

 

Wednesday. Gut feeling.

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