Jump to content

IDS World Markets Thurs 9th October 08


Recommended Posts

  • Replies 441
  • Created
  • Last Reply

t?s=%5EAORD

 

 

Still in the downward spiral. All Ords -2.2%, REITs out in front, -4.6%, Energy next -4.4% followed by Financials -3.3%. There's a couple of greens, Healthcare +1.6% and IT +1.5%.

 

The big miners going in opposite directions: BHP +0.8% and RIO -1.3%. Massive rises in the golds: Newcrest +14.8%, Newmont +20% and Lihir +14%.

 

Oils continue to head south: Woodside -2.5%, Santos +4.1% and Caltex -2.7%.

Link to comment
Share on other sites

Australia's Unemployment Rate Climbs to 4.3% as Economy Weakens

 

Oct. 9 (Bloomberg) -- Australian unemployment rate rose as employers hired fewer workers in September, adding to signs a 17-year economic expansion is slowing amid a drop in consumer spending and turmoil on financial markets.

 

The jobless rate rose to 4.3 percent from 4.1 percent in August, the statistics bureau said in Sydney today.

 

Job-vacancy advertisements dropped by the most in more than seven years in August, a sign employers have already started paring hiring as the economy slows, according to a Sept. 8 report by ANZ Bank.

Link to comment
Share on other sites

China Steel Mills Slow Ore Demand

 

Chinese mills have slowed production, sending cash iron ore prices down 17 percent in the last week of September.

 

``The spot price is now down at the benchmark price and this is the first sign of good quality iron ore being affected,'' UBS' Lawcock said. He expects contract prices to fall 15 percent next year, the first decline in seven years.

 

The weaker demand for iron ore has cut the cost of shipping and led to a surplus of vessels for hire. The Baltic Dry Index, a measure of shipping costs for commodities, fell to its lowest since June 2006 yesterday.

Link to comment
Share on other sites

South Korea, Taiwan, Hong Kong Cut Rates

 

Oct. 9 (Bloomberg) -- Central banks in South Korea, Taiwan and Hong Kong cut interest rates a day after their colleagues in the U.S. and Europe coordinated monetary easing to stem the damage of the global financial crisis.

 

The Bank of Korea lowered the seven-day repurchase rate for the first time in four years, trimming it by 25 basis points to 5 percent. The Central Bank of the Republic of China (Taiwan) cut the discount rate on 10-day loans to banks by 25 basis points to 3.25 percent. Hong Kong lowered its base rate to 2 percent. China reduced its one-year lending rate to 6.93 percent last night.

 

``The rate cuts by Asian central banks aren't going to have any effect,'' said Hiromichi Shirakawa, chief Japan economist at Credit Suisse Group in Tokyo. ``The U.S. and Europe should start thinking about a zero-rate policy.''

Link to comment
Share on other sites

Japan Machine Orders Fall

 

Oct. 9 (Bloomberg) -- Orders for Japanese machinery fell for a third month in August, marking the longest losing streak since the country's last recession in 2001.

 

Equipment orders, an indicator of capital spending in the next three to six months, declined 14.5 percent from July, the steepest drop in two years, the Cabinet Office said today in Tokyo. Economists surveyed predicted a 2.8 percent decrease.

 

Orders from manufacturers slid 13.9 percent and those from service companies fell 14.9 percent. Bookings from manufacturers fell across the board, led by equipment used to make semiconductors and cars. Among service firms, orders for computers and train cars were the biggest contributors to the slump.

Link to comment
Share on other sites

w?s=%5EAORD

 

 

Hmmm, looks like there might be a few buyers on the scene. All Ords closed -1.8% but only sellers in REITS, -7.1%. Energy also took another beating, -4.4% and Financials came in -3.1%. There were some greens: Healthcare +2.7%, IT +1.1%, Utilities +1% and Materials +0.5%.

 

BHP wasn't too badly off, -0.2% but RIO didn't revive, -3.8%. Golds held onto gains: Newcrest +15.1%, Newmont +15.6% and Lihir +11.9%.

 

Oils producers dumped: Woodside -5.2%, Santos -8% while Caltex came in flat.

 

Asia looking less bearish: China +0.1%, Honkers +2.7% and Nikkers -0.3%. India taking a holiday.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=%5EFCHI

 

 

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

Link to comment
Share on other sites

Brown Bank Stakes Take U.K. Beyond Paulson Debt Plan

 

Oct. 9 (Bloomberg) -- Confronting the worst financial crisis since the Great Depression, Gordon Brown and Henry Paulson went in different directions.

 

Brown, who opted to spend 50 billion pounds ($87 billion) to partly nationalize at least eight British banks, took the most direct route to shore up the system. The U.K. prime minister's approach contrasts with the one taken by U.S. Treasury Secretary Paulson, who crafted a more complicated $700 billion plan to buy financial firms' bad debts. Yesterday, Paulson signaled he may follow and invest directly in banks.

 

Brown's plan returns his Labour Party to its roots, reflecting post-World War II policies of taking ownership of industries ranging from airlines to mining. Margaret Thatcher's Conservative government reversed those policies in the 1980s, and they were rejected as Labour doctrine when Tony Blair was prime minister.

 

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

 

London Banks to Slash Bonuses By 60 Percent in 2008, CEBR Says

 

Oct. 9 (Bloomberg) -- Bonuses at London's banks may slump by almost 60 percent in 2008, with no return to the record payouts of the past four years likely for the ``foreseeable future,'' the Centre for Economics and Business Research said.

 

Bonuses in the City of London, the U.K.'s main financial district, may plummet to 3.6 billion pounds ($6.2 billion) this year, from 8.5 billion pounds in 2007, the CEBR said in a report today. Cash-strapped firms may be reluctant to or legally barred from paying bonuses after the U.K. government led a 50 billion- pound bailout of the banking industry yesterday, the CEBR added.

 

Prime Minister Gordon Brown is threatening to clamp down on banker's bonuses that some lawmakers say helped cause the credit crunch. The Financial Services Authority plans to draft a code covering executive pay at Britain's banks. U.K. bankers shared in more than 31 billion pounds of bonuses over the past four years, fueling demand for London real estate, cars and luxury goods.

Link to comment
Share on other sites

London Banks to Slash Bonuses By 60 Percent in 2008, CEBR Says

 

Oct. 9 (Bloomberg) -- Bonuses at London's banks may slump by almost 60 percent in 2008, with no return to the record payouts of the past four years likely for the ``foreseeable future,'' the Centre for Economics and Business Research said.

 

The Financial Services Authority plans to draft a code covering executive pay at Britain's banks. U.K. bankers shared in more than 31 billion pounds of bonuses over the past four years, fueling demand for London real estate, cars and luxury goods.

697744[/snapback]

 

Oh man! yellow maserati sales gonna plummet.

 

Speaking of which any word from Jim Rodgers lately?

 

JamesRogers.jpg

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...