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IDS World Markets Wed 7th November 07


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t?s=%5EAORD

 

 

It's all about blue chips today with the smaller stocks staying relatively quiet. All Ords +1% with Energy, way out in front, +3% and Materials next, +1.9%. There's a couple of red sectors, IT -1% and Utilities -0.5%.

 

The big miners doing the leap: BHP +2.1%, RIO +2.4% and in golds, Newmont +3.2%, Newcrest +3.7% and Lihir +2.4%.

 

Oils way up: Woodside +2.9% and Santos +3.3%.

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Australia Raises Interest Rate to 6.75%

 

Nov. 7 (Bloomberg) -- Australia's central bank raised its interest rate to an 11-year high and sparked speculation of another increase after Governor Glenn Stevens said inflation will exceed his target.

 

Reserve Bank policy makers boosted the benchmark rate a quarter-point to 6.75 percent in Sydney today, the second adjustment in three months.

 

``The Reserve Bank's statement is very hawkish; they have put us on notice to see higher rates,'' said Matthew Johnson, senior economist at ICAP Australia Ltd. ``There will be two more rate increases by May next year.''

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King Says May Be Months Before Banks Reveal Losses

 

Nov. 6 (Bloomberg) -- Bank of England Governor Mervyn King said it may take months before commercial banks publish their full losses from the U.S. subprime mortgage slump.

 

``Most people expect that we have several more months to get through before the banks have revealed all the losses that have occurred and have taken measures to finance their obligations that result from that,'' King said in an interview with BBC Radio 4. ``But we are going in the right direction.'' He said ``things have improved significantly since August.''

 

King's assessment of banking conditions is correct, said Martin Weale, director of the National Institute of Economic and Social Research, a research group funded by the Bank of England and the U.K. Treasury.

 

``In October we saw people saying things were getting better but that's turned out to be a bit of a mirage,'' Weale said in an interview. ``The wholesale market is still very tight. Banks are now getting into a situation where they are short of capital.''

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w?s=%5EAORD

 

 

All Ords rose 1% today almost entirely on the back of Energy and Materials. Energy finished +3.2% and Materials +2%. IT continued to fall, -1.2% with Property Trusts and Utilities closing flat.

 

A big day for the miners: BHP +1.6% and RIO +3.4%. Golds headed into nosebleed territory, Newcrest +6.3%, Newmont +2.6% and Lihir +5%. A lot of interest in the juniors but the action was mainly shuffling and positioning which didn't translate into big gains.

 

Oils were enthusiastically embraced: Woodside +3.4%, Santos +2.8% and Caltex +1.5%.

 

The action is more sedate in Asia although Honkers is currently +2%. The others are pretty much flat.

 

 

On to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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China Reserves to Favor Strong Currencies, Cheng Says

 

Nov. 7 (Bloomberg) -- China will invest in stronger currencies when improving the structure of its $1.43 trillion in foreign-exchange reserves, Cheng Siwei, vice chairman of the National People's Congress, said.

 

``We will favor stronger currencies over weaker ones, and will readjust accordingly,'' Cheng said in an address to a conference in Beijing today. ``China will use our income to readjust but that doesn't necessarily mean we'll buy more euros,'' he told reporters later.

 

Chinese investors reduced holdings of U.S. Treasuries by 5 percent to $400 billion in the five months to the end of August. While the U.S. dollar fell 4.7 percent against the yuan this year, the euro advanced 5.7 percent against the Chinese currency.

 

``Cheng has a history of speaking out on a range of financial market and economic developments and his comments are not always accurate,'' said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong. Balancing U.S currency and euro holdings ``would represent a massive selling of the dollar,'' Maguire said.

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To add to troubling announcements by huge companies, MSFT has fired its chief information officer. Won't say why.

 

http://money.cnn.com/2007/11/06/technology...t_cio/index.htm

621543[/snapback]

 

Vista is the blunder Linux needed to get a chance. Although the biggest challenge is the dubious business practices by MSFT, like breaking software company's legs and stuff...

 

If all you need is surfing the net and e-mail I recommend Puppy Linux Live CD or USB Pen version. Won't affect your XP install but still saves all your preferences even on NTFS hard drive (XP/NT). If you got an old computer just lying around try it, you'll be amazed how fast heavy web pages load. I got wifi and LAN working with a couple of clicks in a setup wizard.

 

And you can even control a windows machine with rdesktop (just like windoz remote desktop connection).

 

Oh and it's free software as in for personal or commercial use... and you can easily install new programs with an internet connection, just pick'em from a list! and...

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I mentioned this last night, but I think we should be prepared for a massive intervention in the currency markets and a dollar short squeeze. This will effect gold and pm stocks and it will come without warning.

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Good Morning!

 

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I mentioned this last night, but I think we should be prepared for a massive intervention in the currency markets and a dollar short squeeze. This will effect gold and pm stocks and it will come without warning.

621548[/snapback]

 

Some guy on Crapvision just said the same thing. So my question to you is 'Who are you?' and 'What have you done with Doc?'

 

:lol:

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