aussiebear Posted October 5, 2007 Report Share Posted October 5, 2007 Closed http://finance.yahoo.com/intlindices Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 http://money.cnn.com/markets/morning_call/ http://www.kitco.com Energy futures Currencies/Au/Ag Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 Up today but not getting carried away. All Ords +0.4% with only one red sector, Telecomms, -0.2%. IT has gained the most, +2.1% with Energy next in line, +1.4%. In the miners, BHP +0.4% and RIO +1%. Goldwise, Newcrest +1.4%, Lihir +1.5% and Newmont -1.2%. Oils: Woodside +1.5%, Santos +0.7% and Caltex +1.3%. Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 Spanish worries mount as bank hoards cash A major Spanish savings bank has drastically increased its cash reserves in preparation for a sharp increase in loan defaults, it emerged yesterday, adding to increasing worries that the Spanish economy is set for a fall after a decade and a half of growth. The cash-hoarding move by Caja Mediterraneo (CAM), one of the nation's biggest savings banks, came to light just two days after Llanera, a Valencia property developer, became the country's first major victim of the global credit crunch. The latter declared insolvency because it could not make payments on ?748m (?518m) in debt it owed to Lehman Brothers and other international banks. The move, which nearly tripled CAM's cash reserves, will increase worries about Spain's economic prospects after 15 years as the eurozone's star economic performer. More than 800,000 homes were built in Spain last year, more than four times the 160,000 constructed in the UK. More than a third of those remain on the market, as increases to the Euribor interest rate have made it harder for Spanish buyers to get on the property ladder. Standard & Poor's, the credit rating agency, said that Spain was among the most vulnerable to the turbulence in the financial markets and that higher borrowing costs put its "overall growth prospects... at greater risk" than other European countries. Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 Ruing CDOs Down Under SYDNEY, Australia -- At a recent meeting of the Manly Council, which governs a beachfront Sydney suburb, topics included Meals on Wheels, an antismoking policy for outdoor areas and U.S. subprime mortgages. Earlier this year, the council handed 5.5 million Australian dollars (US$4.9 million) to Grange Securities, a small Australian investment bank. Council staffers were taken with the idea of slightly higher returns that Grange representatives proffered. They also were put at ease by Grange's client list, which includes dozens of Australian councils. Now, Manly is ruing its investment decision, as are many councils across Australia. Manly officials say A$3 million of the money the council gave Grange was invested in collateralized debt obligations -- bonds underpinned by large pools of debt, including, in one case, U.S. subprime mortgages. As of Aug. 31, Manly was facing a paper loss of A$588,767 on the money it gave to Grange, funds that were collected from residential and business taxes, and charges for sporting facilities and parking, among other things. Another gripe was that some of its CDOs, which contained U.S. and European assets, had Australian names, such as Kalgoorlie (a western Australian mining town famous for gold, nickel and brothels). These labels disguised the true nature of the investments, some say. "I will make the conclusion that they were trying to mislead us, by giving Australian names to U.S. assets; you can draw your own conclusion," said Councillor Andrew Petrie in Woollahra, which owned Kalgoorlie. "If they'd been called 'Detroit,' you'd have said, 'What's this?' " Hey, Kalgoorlie gets a mention in WSJ! Link to comment Share on other sites More sharing options...
Drano Posted October 5, 2007 Report Share Posted October 5, 2007 Kalgoorlie (a western Australian mining town famous for gold, nickel and brothels). I'm shocked.... SHOCKED.... to think that our little Aussiebear lives in a town that allows that. Everyone knows that gold is worthless ! ! ! Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 Kalgoorlie (a western Australian mining town famous for gold, nickel and brothels). I'm shocked.... SHOCKED.... to think that our little Aussiebear lives in a town that allows that. Everyone knows that gold is worthless ! ! ! 612822[/snapback] Oh well, gotta generate some trading $$ you know... Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 A reasonable bounce today which leaves next week's action a bit of an each way bet. All Ords closed +0.6% with IT taking the bit between its teeth, +3.1% followed by Energy +2.1%. Property Trusts was the only decliner, -0.4%. Miners didn't go anywhere: BHP +0.8%, RIO +1.3%, Newcrest +0.7%, Lihir +0.8% and Newmont -0.8%. Most the oils steamed up: Woodside +2.2%, Santos +3.4% and Caltex +0.4%. A mix in Asia: Honkers +2.4%, Singers +0.7% and Nikkers -0.2%. On to UK/Europe: http://finance.yahoo.com/intlindices?e=europe Link to comment Share on other sites More sharing options...
aussiebear Posted October 5, 2007 Author Report Share Posted October 5, 2007 Japan's Leading Index Falls on Stocks, Housing Starts Oct. 5 (Bloomberg) -- Japan's broadest indicator of the outlook for economic growth fell in August as housing starts slumped and the stock market tumbled. The leading index dropped to 30 percent, the Cabinet Office said today in Tokyo, after being higher than 50 in the previous two months. The result matched economists' estimates. A reading below 50 signals the economy may slow in three to six months. Japan's housing starts plunged 43 percent to the lowest level in 40 years in August after the construction law changed. Housing starts surged two months earlier to the highest in a decade as companies rushed to apply for building permits before the new law, which stipulates a longer approval process, took effect on June 20. Link to comment Share on other sites More sharing options...
Drano Posted October 5, 2007 Report Share Posted October 5, 2007 gaSSahol runs about 10 cent higher in Fruit'N'Nut country even in Midwest it's hard to believe prices would drop another half from current level that'd put 'er at about 78 cent a gallon I think it's bottom talk time ta dong ethanol futures right here 612803[/snapback] Shorty While I understand your fading the shorts there is a real danger of the collapse of ethanol as an industry....the reason is that the corn input is rapidly approaching prices that make it more worthwhile to treat it as a food product rather than as a petroleum substitute.... holy crap! my good sir Beardrech, I don't know where to begin you guys are makin' me laugh! the ethanol industry in the U.S. is just getting started and it will grow for decades the propaganda put out by vested interests opposed to it is inane, especially the transparently bogus uses-more-energy-than-it-produces pseudo-arithmetic that any (non-public school) 6-year-old could easily see through in essence cornahol is merely stored solar energy and is therefore free, renewable, and virtually limitless more corn, unlike crude oil, can quickly be grown over and over and over again, until the Sun burns out how many gallons of crude oil based gasoline is required to be burned to produce a hundred thousand billion trillion gallons of ethanol? zero because I can plant and harvest the first acre of corn by hand with no gasoline, and distill enough ethanol from that corn to fuel my tractor to produce another ten acres, and on and on and on....I don't need no stinkin' crude oil - NONE. furthermore your postulation regarding the current relative prices of corn for food versus petroleum substitute is arse backwardated, the current ratio of corn price to crude price is approximately 3.20/81=.039 versus approximately 2.20/20=.110 eight years ago, corn is up about 50% but crude is up over 300%, so on a relative basis it is much cheaper now to produce cornahol DO THE MATH! and the oft-spouted argument that "there's not enough acreage to meet the total demand for car fuel" is similarly comical, as it could be restated as "no matter how much you produce, there will be an eager consumer market for it" sounds like a good bidness to be in! 612829[/snapback] Cornahol isn't the answer. Weedahol is. There's a prairie grass that grows well even in very difficult situations, and doesn't require the kind of irrigation and pesticides, etc. that corn does. Mow it down, ferment it, and it actually yields more ethanol per acre than corn. But, big agriculture companies have an interest in keeping that technology suppressed, as corn seed and chemicals are lucrative businesses. University professors who have done the research and are trying to get industry to pay attention, are finding that they are just being ignored. Some people are already buying third-party conversion kits to get their Toyota Priuses to run entirely off rechargeable batteries. Car companies say it's impractical -- people who drive these converted cars say they work just fine, and not just for short distances either. Wind power to create electricity is already a practical technology. 12 years after Sputnik was launched, Americans walked on the moon. (or a soundstage, if you're a true conspiracy theorist.) Anyone really think it would take so much longer and be so much harder to implement the technologies THAT ALREADY EXIST to free the world from oil dependencce, if there were a true national will to do so? Link to comment Share on other sites More sharing options...
Drano Posted October 5, 2007 Report Share Posted October 5, 2007 PAWLEYS ISLAND, S.C. - Republican John McCain said Thursday that as president he would appoint Alan Greenspan to lead a review of the nation's tax code - even if the former Federal Reserve chairman was dead. "If he's alive or dead it doesn't matter. If he's dead, just prop him up and put some dark glasses on him like, like 'Weekend at Bernie's,'" McCain joked. "Let's get the best minds in America together and fix this tax code." Now THAT'S a great idea Link to comment Share on other sites More sharing options...
patents Posted October 5, 2007 Report Share Posted October 5, 2007 And who wanted to be short ahead of these numbers? Now with the revisions to the past two months, it is clear that Helo Ben is just the puppet of people like Jimbo Cramer. Link to comment Share on other sites More sharing options...
patents Posted October 5, 2007 Report Share Posted October 5, 2007 Where is everyone on a day with important numbers released pre-open? Bears, dinosaurs - are they both extinct now? Is this a sign of total capitulation? Link to comment Share on other sites More sharing options...
patents Posted October 5, 2007 Report Share Posted October 5, 2007 Anyone going to fade this sure opening gap up today on the SPU? Do you fell lucky? Link to comment Share on other sites More sharing options...
DrStool Posted October 5, 2007 Report Share Posted October 5, 2007 Wow, the bond market "loved" that. Up 7 basis points in one shot. Course the stocks rallied just as hard, but at least they're moving in opposite directions now. Link to comment Share on other sites More sharing options...
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