IDS World Markets Thurs 2nd October 08

[aussiebear]

 

 

 

 

 

 

Closed

 

 

Closed

 

http://finance.yahoo.com/intlindices

[aussiebear]

 

 

http://money.cnn.com/markets/morning_call/

 

 

 

 

 

 

 

http://www.kitco.com

 

 

 

http://www.kitconet.com/webcharts/base_metals.html

 

Energy futures

[aussiebear]

 

 

A fairly directionless day so far. All Ords +0.2%, Financials in no. 1 spot, +1.5% followed by REITS and Telecomms, both +1.3%. There's a number of red sectors including Energy -1% and Mining/Materials -0.8%.

 

A slight drop on the big miners: BHP -0.4% and RIO -0.7%. Golds mostly down: Newcrest -0.4%, Newmont -1.4% and Lihir flat.

 

Oils heading south: Woodside -1.1%, Santos -1.2% and Caltex -0.4%.

[Yaryman]

Yes, when the SEC suspending short selling they also decided to suspend parts of the constitution for thirty days.

It was all in the fine print.    

694566[/snapback]

re: short selling suspension;

 

can you please highlight which part of the constitution was suspended with a link?

 

thanks

694569[/snapback]

SEC extends short selling ban - No Surprise there

 

I did see at the end of the story some new voting rule about only land owners voting in the coming election. ----

Again, that's just my wicked sense of humor.

[DrStool]

Precious Metals update - http://wallstreetexaminer.com/?p=3212

[aussiebear]

 

 

A listless wander in the wilderness today. All Ords ended near the lows of the day, -0.8% with Miners sagging, -3.3% followed by Materials -3.1% and Energy -1.7%. REITS and Telecomms were the greenest sectors, both +2.5%.

 

The big miners continued to drop: BHP 3.3% and RIO -4%. Golds cheered up a touch: Newcrest +1.6%, Lihir +0.7% and Newmont flat.

 

Oils producers despondent: Woodside -1.4% and Santos -2.5%. Caltex +1.2%.

 

Asia down in the dumps: Honkers -1.5%, Nikkers -1.9%, Singers -1.2%, Sth Korea -1.4% and Taiwan -1.1%. China and India are on hols.

 

 

On to UK/Europe:

 

 

 

 

 

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

[aussiebear]

Australia's Trade Turns to Second-Biggest Surplus on Record

 

Oct. 2 (Bloomberg) -- Soaring coal and iron ore exports have turned Australia's trade balance from a deficit to the second-biggest surplus on record.

 

The trade surplus in August was A$1.36 billion ($1.1 billion) compared with a revised deficit of A$697 million in July, the Bureau of Statistics said in Sydney today. The gap was almost seven times the $200 million median estimate of 22 economists surveyed by Bloomberg News.

 

Imports declined 2 percent to A$23.2 billion, led by a 23 percent slump in electrical goods shipments, a sign ``consumers are reining in discretionary spending,'' JPMorgan's Kevans said.

[aussiebear]

Hong Kong, Singapore Money Rates Climb on Bank Failure Concern

 

Oct. 2 (Bloomberg) -- Three-month interbank lending rates rose the most in a week in Singapore and Hong Kong, reflecting concern a global credit crisis will cause more banks to fail.

 

Banks in Singapore are charging an extra 26 basis points, or 0.26 percentage point, for U.S. dollar loans at 4.16 percent, the highest since Jan. 11. The interbank offered rate in Hong Kong, known as Hibor, climbed 13 basis points to 3.79 percent after Hang Seng Bank Ltd. said it holds debt issued by Washington Mutual Inc., the biggest U.S. bank to fail.

 

Interbank loans of three months or more remained scarce even after the U.S. Senate voted 74 to 25 to approve an amended bank rescue plan that would give the U.S. Treasury as much as $700 billion to buy distressed debt from financial companies. Lehman Brothers Holdings Inc. and Washington Mutual, known as WaMu, both collapsed last month, while five European lenders have so far this week received state-backed bailouts.

[aussiebear]

Japan's Bonds Decline as U.S. Plan Lowers Demand at Debt Sale

 

Oct. 2 (Bloomberg) -- Japan's 10-year bonds fell, pushing yields to the highest in almost two weeks, after a government sale of 1.9 trillion yen ($17.9 billion) of the securities drew less demand than the previous auction in September.

 

The sale attracted bids worth 2.58 times the amount offered, compared to a so-called bid-to-cover ratio of 2.66 times at the Sept. 2 sale. Bonds also declined as the U.S. Senate approved a $700 billion bill that would allow the government to buy troubled assets from banks.

 

The auction ``wasn't good because market participants wanted to be cautious before the vote,'' said Takashi Nishimura, an anal cyst at Mitsubishi UFJ Securities Co., a unit of Japan's largest bank by assets, in Tokyo. ``In theory, the rescue plan is a negative factor for the bond market.''

 

Benchmark bonds handed investors a return of 1 percent in the three months ended Sept. 30, the least among Group of Seven nations, according to indexes compiled by Merrill Lynch & Co.

[Jetlag]

Nikkers down 2%? apparently they dislike the competition in the business of issuing gubermint IOU.

[aussiebear]

U.K. House Prices Fall Most on Year Since 1991, Nationwide Says

 

Oct. 2 (Bloomberg) -- U.K. house prices had the biggest annual drop since at least 1991 in September as the financial crisis intensified, Nationwide Building Society said.

 

The average cost of a home plunged 12.4 percent from a year earlier to 161,797 pounds ($287,658), the largest decline since the survey started 17 years ago, the Swindon, England-based mortgage lender said in an e-mailed statement today. Prices fell 1.7 percent from August, the 11th

 

In the third quarter, prices fell 10.3 percent from the same period a year earlier as values in all 13 regions tracked by the survey showed declines, Nationwide said. Northern Ireland was the worst performer, dropping 29.8 percent on the year. London prices fell 9.4 percent.

[aussiebear]

Marks & Spencer Scales Back Spending Plans as Sales Decline

 

Oct. 2 (Bloomberg) -- Marks & Spencer Group Plc, the U.K.'s largest clothing retailer, scaled back spending plans for the next two years, aiming to save cash and maintain its dividend after posting the steepest sales drop in nine years.

 

The retailer cut capital spending this fiscal year to about 700 million pounds ($1.2 billion), down from the previous 800- 900 million pound range. Sales fell 6.1 percent at stores open at least a year in the quarter ended Sept. 27, a smaller drop than the 6.9 percent median estimate in a Bloomberg survey.

[FauxCaster]

Congratulations to CNN for showing a video declared "symbolic" of the credit crunch by interviewing a builder who had his financing cut off for 12 unfinished homes (now in foreclosure). Turns out this "symbol" of our crisis lost funding IN MARCH! Great job CNN, perhaps you could look at a calendar. But don't worry, I'm sure you helped Wall Street sheer the sheep yesterday.

[Jetlag]

Congratulations to CNN for showing a video declared "symbolic" of the credit crunch by interviewing a builder who had his financing cut off for 12 unfinished homes (now in foreclosure). Turns out this "symbol" of our crisis lost funding IN MARCH! Great job CNN, perhaps you could look at a calendar. But don't worry, I'm sure you helped Wall Street sheer the sheep yesterday.

694963[/snapback]

 

A homebuilder losing funding after the housing bubble was pricked is similar to a dotcom losing funding after 2000. Wring out the excess, that's what markets do.

[Jetlag]

Euro getting spanked, where's FxFox?

 

Can J.C. Trashett cut rates even if he wanted to?

 

 

http://www.bloomberg.com/apps/news?pid=206...Mnos&refer=home

 

"With the euro-region sliding toward its first recession, Trichet's ECB is finding it increasingly difficult to fight inflation and at the same time protect its 15-nation economy from the global credit crunch. "

 

"``The bank has to be able to point to substantial improvement in price stability before cutting, and that's still extraordinarily hard to do,'' said Baader, who predicts the ECB's key rate will stay at 4.25 percent through 2009. "

 

 

New all time lifetime highs in Euros rates.

 

http://www.bloomberg.com/apps/news?pid=206...K6Cs&refer=home

 

"The cost of borrowing in euros for three months rose to a record for a fifth day, signaling that banks haven't started to lend after the U.S. Senate approved a $700 billion plan to rescue beleaguered financial institutions. "

 

"The euro interbank offered rate, or Euribor, that banks charge each other for such loans climbed 4 basis points to 5.33 percent today, the European Banking Federation said. The one- month rate increased 3 basis points to 5.12 percent, also an all-time high. The Libor-OIS spread, a gauge of cash scarcity among banks, widened for an eighth day."