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IDS World Markets Mon 19th November 07


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t?s=%5EAORD

 

 

Gold up, oil up...looks like it's back to the normal pattern of events. All Ords doing the big bounce, +1.1% with all sectors green. IT is leading, +2.4% followed by Materials +1.8% and Healthcare +1.6%. Utilities is up the least, +0.3%.

 

Sizeable gains in the miners: BHP +1.8%, RIO +2.8% and in the golds, Newcrest +2%, Newmont +1.1% and Lihir +1.8%. Juniors doing the wait-and-see.

 

Oils up: Woodside +2.3%, Santos +0.6% and Caltex +2.4%.

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OPEC Interested in Non-Dollar Currency

 

RIYADH, Saudi Arabia (AP) -- Iranian President Mahmoud Ahmadinejad said Sunday that OPEC's members have expressed interest in converting their cash reserves into a currency other than the depreciating U.S. dollar, which he called a "worthless piece of paper."

 

Iran and Venezuela have proposed trading oil in a basket of currencies to replace the historic link to the dollar, but they had not been able to generate support from enough fellow OPEC members -- many of whom, including Saudi Arabia, are staunch U.S. allies.

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w?s=%5EAORD

 

 

All Ords closed +1.1%, unchanged from the morning post. In the sectors, IT rapidly reversed from top gun to worst performer, -0.5% with the only other red, Telecomms, finishing -0.2%. At the green end, Energy, Materials and Property Trusts all closed +1.6%.

 

A bullish day for the miners: BHP +1.1%, RIO +3.7% and in the golds, Newcrest +3.4%, Newmont +1.3% and Lihir +1%. Juniors edged up.

 

Oils remained up: Woodside +3.5%, Santos +1.5% and Caltex +1.6%.

 

Asia mostly down: Honkers -0.9%, China and Sth Korea -1.2%, Nikkers -0.4%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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Singapore Raises GDP Forecasts

 

Nov. 19 (Bloomberg) -- Singapore raised its economic growth and inflation forecasts as financial services expanded the most in a decade, boosting property prices and bank lending.

 

Financial services including wealth management and stock broking jumped 19.9 percent in the third quarter from a year ago, withstanding a slump in global credit markets that has triggered about $45 billion in writedowns among the world's largest banks. The Singapore dollar rose after the government increased its forecast and said inflation may accelerate to as much as 4.5 percent next year.

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20071118_i09.jpg

 

 

Flushed with success

 

A chain of 12 restaurants with a toilet theme has opened in Taiwan. Seats in the Modern Toilet restaurants are toilet-shaped and napkins are dispensed from toilet rolls on tables. Food containers are also toilet or wash-basin shaped, and much of the food is made to look like human waste, reports China Photo Base. The owner claims the edgy nature of the restaurants is attracting younger diners.

 

“Every detail tells you it’s a bathroom, not a restaurant. But it’s fun to eat here,” said one diner at a Taipei city outlet.

 

 

Ananova

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Northern Rock Won't Get Extended Aid

 

Nov. 19 (Bloomberg) -- Northern Rock Plc's 25 billion-pound ($51 billion) loan from the Bank of England won't be extended indefinitely, the government said, limiting the value of potential bids for the U.K. bank that was bailed out in September.

 

Interested parties ``should not assume at this stage that the current Bank of England loan facilities will be available'' beyond February, the Treasury said in a statement. All offers for the Newcastle, England-based mortgage lender are ``materially below the market price at the close of business'' on Nov. 16, Northern Rock said in a separate statement today.

 

The bank's shares dropped as much as 24 percent in London on concern about the size of bids from companies including J.C. Flowers & Co. and Richard Branson's Virgin Group Ltd.

 

w?s=NRK.L

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U.K. Home Prices Fall

 

Nov. 19 (Bloomberg) -- U.K. home values dropped this month in every part of the country except London and sellers shouldn't hesitate to reduce prices further because a more protracted slowdown is on the way, Rightmove Plc said.

 

The average asking price dropped 0.7 percent to 239,986 pounds ($491,000) from October, Britain's most-used property Web site said in a statement today.

 

Values in London have risen by about 20 percent over the past year as bankers poured bonus money into property and wealthy foreigners invested in luxury homes. Prices in the capital will probably only gain about 5 percent in 2008, Shipside predicted.

 

London bankers face bonus cuts of as much as 60 percent and job losses, employment lawyers said Nov. 14. Workers in the City, London's financial district, will invest only 2 billion pounds in homes next year, compared with 5.5 billion pounds in 2007, as they seek assets that offer higher returns, real estate agents Savills Plc said Nov. 5.

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Zimbabwe Wants `Free' 25% Stake in Precious Metal, Gem Mines

 

Nov. 19 (Bloomberg) -- Zimbabwe's government wants a ``free'' 25 percent stake in all precious-metal and diamond mines, the country's Chamber of Mines said.

 

``It appears government wants a 25 percent freebie in the mines,'' chamber Chief Executive Officer Doug Verden said in a telephone interview from Harare today. ``It appears to be in precious metal mines and diamond mines, so it'll affect platinum and gold producers.''

 

The government in May said it planned to pass a law stipulating that 51 percent of all businesses must be owned by Zimbabweans. Foreign companies with assets in the country include Anglo Platinum Ltd. and Impala Platinum Holdings Ltd., the world's largest producers of the metal.

 

``We aren't yet completely sure yet whether the law will require mines to surrender 51 percent of their holdings, with 25 percent going to government,'' Verden said. ``The bill needs to be studied further.''

 

Got platinum? ;)

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qqqq, spy, and dia have been on 3 day cycle sell signals since the gap down in the premarket. 5 day cycle indications are mixed and uncertain. 5 hr cycle downside projections have been hit. qqqq is trading in a narrow band just above the flat 5 day cycle MA at 50.10 and below the 3 day also flat at 50.21. The direction of the breakout from this band should tell us where the next move will head. Resistance is at 50.50, support lines are around 49.80.

 

SPY is trading in a triangle between 144.79 and 145.83. DIA is in a downtrend channel with support at 130.15 and resistance at 131.50

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