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IDS World Markets Fri 7th March 08


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t?s=%5EAORD

 

 

A reasonable fall today but spread unevenly across the sectors. All Ords -2.4% with the big losers being Property Trusts (renamed A-REIT), -4% and Financials -3.9%. Healthcare is down the least, -0.3%.

 

The big miners are seeing some selling: BHP -1.7% and RIO -2.8%. Golds are holding up reasonably well: Newcrest -1%, Newmont -0.5% and Lihir -2.2%. Juniors flat to down.

 

Minor losses, if any, on the oils: Woodside -0.3%, Santos +1.3% and Caltex -1.5%.

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From here:

 

http://theroxylandr.wordpress.com/2008/03/.../#comment-28798

 

fredw Says:

March 7, 2008 at 1:07 am

 

Rumor posted at Across the Curve blog ( bond market site ) pertaining to an Emergency Fed Meeting Thursday. Fed allegedly will announce a significant increase in the TAF Friday and also a reduction in the haircut for collateral submitted to the facility. Anyone heard this in the rounds on Thursday ?

 

-----

 

Seamus?

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David Rosenberg from Merrill said that break-even for non-far payrolls is 350k weekly claims. That means we should see a negative number or zero at bes tomorrow.

 

Not that that's important. Employment is a lagging indicator and I'm paying no attention to it myself. ISM numbers and regional Fed surveys are much more informative to my taste.

 

The most important economic indicator would be MEW (mortgage equity withdrawal), but it comes with 2 months lag.

 

Just stick with charts, even though they are also a lagging indicator :-)

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w?s=%5EAORD

 

 

All Ords continued to slide and then went into sideways mode with much of Asia doing a similar move. The index closed -2.9% led by A-REIT sector, -6% followed Financials -4% and Consumer Discretionary -3.7%. Healthcare had the least loss, -0.7%.

 

The big miners saw steep losses: BHP -2.3% and RIO -3.5%. Golds remained fairly static: Newcrest -0.4%, Newmont -0.4% and Lihir -2.2%. Juniors flat to down.

 

Oils weren't too badly off: Woodside -0.6%, Santos -0.2% and Clatex -2.3%.

 

Heavy losses in Asia: India -3.6%, Nikkers -3.3%, Honkers -3.2%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

 

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

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BOJ Keeps Key Rate at 0.5% at Fukui's Last Meeting

 

March 7 (Bloomberg) -- The Bank of Japan kept interest rates on hold at Governor Toshihiko Fukui's final board meeting on concern that economic growth is slowing.

 

Fukui and his colleagues voted unanimously to leave the overnight lending rate at 0.5 percent, the central bank said in a statement today in Tokyo. The government nominated Deputy Governor Toshiro Muto, 64, to succeed Fukui, according to Takeo Nishioka, an opposition Democratic Party of Japan lawmaker. Fukui's term expires March 19.

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