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IDS World Markets Mon 29th September 08


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t?s=%5EAORD

 

 

The market a touch moody today and it looks like the US bailout newsnoise is being sold. Technically speaking, it's merely a matter of failing to break through resistance on the daily chart.

 

All Ords +0.3%, IT and Telecomms both +1.8% with Consumer Staples next +1.2%. There's a sprinkling of reds, Materials -0.9%, Miners -0.7% and REITS -0.2%.

 

Miners doing a dip: BHP -0.9% and RIO -2%. In the golds, Newcrest -2.2%, Lihir flat and it looks like Newmont may be in a trading halt.

 

Oils mixed: Woodside +0.3%, Santos +1.6% and Caltex -3.5%.

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w?s=%5EAORD

 

 

Looks like a vote of no-confidence from the Asia-Pacific region. The last decent support line was breached today so things are looking verrrry bearish.

 

All Ords slid -1.9% headed by Materials -4.2%, Miners -4.1% and Utilities -1.8%. There was a sprinkling of greens, IT +2.7%, Telecomms +0.4% and Healthcare +0.1%.

 

Some nasty drops on the miners: BHP -4.5%, RIO -5.5% with golds not quite so badly affected: Newcrest -2.6%, Lihir -0.7% and Newmont -0.6%.

 

Not a great day for the oils: Woodside -2.2%, Santos -1.3% and Caltex -4.3%.

 

Over in Asia, Honkers -2.1%, India -2.6% and Nikkers -1.3%. China and Taiwan closed.

 

 

On to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=%5EFCHI

 

 

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

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Japan's Retail Sales Slows as Consumers Cut Spending

 

Sept. 29 (Bloomberg) -- Growth in Japan's retail sales slowed in August as higher prices of daily necessities discouraged consumers from spending.

 

Sales climbed 0.7 percent from a year earlier after rising a revised 2 percent in July, the Trade Ministry said in Tokyo today. The median estimate of 18 economists surveyed by Bloomberg was for a 0.2 percent gain.

 

The fastest inflation in a decade is forcing consumers to tighten their purse strings as costlier food and gasoline leave them less to spend amid sluggish wage growth. Some economists say the world's second-largest economy is already in a recession and the slowdown may deepen as consumers cut back.

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Bradford & Bingley Seized

 

Sept. 29 (Bloomberg) -- Bradford & Bingley Plc, the U.K.'s biggest lender to landlords, was seized by the government after the credit crisis shut off funding and competitors refused to buy mortgage loans that customers are struggling to repay.

 

Banco Santander SA, Spain's biggest lender, will pay 612 million pounds ($1.1 billion) for Bradford & Bingley's 197 branches and 20 billion pounds of deposits, the bank said today in a statement. Bradford & Bingley shares were cancelled before the market opened in London.

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Bureau Veritas Seeking Acquisitions in U.S., Japan, Chief Says

 

Sept. 29 (Bloomberg) -- Bureau Veritas SA, the world's second-largest goods-inspection company, is seeking acquisitions in the U.S. and Japan as the economic slowdown may force rivals out of business, Chief Executive Officer Frank Piedelievre said.

 

The 180-year old company, which tests toys for harmful chemicals and checks petroleum blends on tankers, plans to make ``more substantial'' purchases next year after ``smaller'' ones for the rest of 2008, the CEO said. Industries that Bureau Veritas is examining include the U.S. industrial and construction sectors and food and environment businesses in Japan, he added.

 

Bureau Veritas and rival SGS SA have been accelerating acquisitions to grow in emerging markets and to add clients in industries such oil and mining. Bureau Veritas, based in Courbevoie, outside of Paris, has acquired 12 businesses this year with annual sales of about 160 million euros ($229 million), expanding in Australia and Latin America.

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Dubai's DIFX to Allow Short Selling, Arabian Business Reports

 

Sept. 29 (Bloomberg) -- The Dubai International Financial Exchange, one of three bourses in the United Arab Emirates, plans to allow short selling, its Chief Executive Officer Jeffrey Singer was cited as saying by Arabian Business.

 

The DIFX will start a trial phase of short selling and derivatives trading before the end of November, the weekly magazine reported, citing an interview with Singer.

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The age of having a bunch of people who make or do nothing (except develop toxic derivatives or re-package it) is over.? I still remember reading the line:? "if you can fog a mirror, you can get (credit/loan)."

 

693477[/snapback]

 

 

The ENRON economy is over.

 

And it was the market who eventually discovered these had no value, not the politicks. The politicks seem to want to perpetuate the phantom value of these "assets" and they are telling the populace that is the way to make banks start to lend again. As we know that is pure B.S.

 

$700 Billion :blink: is one helluva chunk O' change

 

don't fade that sheet :mellow:

693497[/snapback]

 

I think 0% interest rate is even better than 700Bi:

 

_n225

 

Did it work?

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The market ain't stupid like Hank is suggesting.

 

"The same credit crunch gripping banks, brokers and insurers is providing industrial companies with the lowest short-term borrowing costs in almost four years.

 

Yields on commercial paper due in 30 days sold by manufacturers and retailers fell to an average 1.93 percent last week, while those for financial borrowers rose to 3.15 percent. The spread between the two widened as much as 1.45 percentage points, the most since the Federal Reserve began compiling the data in 1997. Banks historically issued short-term IOUs at yields about 0.02 percentage point less than industrials, Fed data show. "

 

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

 

It knows how to tell the difference between productive companies and pure leverage ponzi scheme B.S.

 

There is no lack of financing for brick and mortar business contradicting Hank and Ben's theory of Main Street collapse. That is not to say that these companies aren't overvalued and that the RE steroid enhanced american consumer isn't in a poor situation.

 

The 700Bi should go directly into infrastructure, also to support the creation of jobs and to help provide basic needs for the poor. Fornicate the banksters.

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The market ain't stupid like Hank is suggesting.

 

"The same credit crunch gripping banks, brokers and insurers is providing industrial companies with the lowest short-term borrowing costs in almost four years.

 

Yields on commercial paper due in 30 days sold by manufacturers and retailers fell to an average 1.93 percent last week, while those for financial borrowers rose to 3.15 percent. The spread between the two widened as much as 1.45 percentage points, the most since the Federal Reserve began compiling the data in 1997. Banks historically issued short-term IOUs at yields about 0.02 percentage point less than industrials, Fed data show. "

 

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

 

It knows how to tell the difference between productive companies and pure leverage ponzi scheme B.S.

 

There is no lack of financing for brick and mortar business contradicting Hank and Ben's theory of Main Street collapse. That is not to say that these companies aren't overvalued and that the RE steroid enhanced american consumer isn't in a poor situation.

 

The 700Bi should go directly into infrastructure, also to support the creation of jobs and to help provide basic needs for the poor. Fornicate the banksters.

693512[/snapback]

 

 

That's hugely misleading. I have been reporting on this in the daily Fed Report in the Wall Street Examiner Professional Edition. http://wallstreetexaminer.com/?cat=2

 

Only top tier companies can access the market at all, and even some of them are frozen out, such as Goodyear, which last week had to pull down bank credit lines when it couldn't access IT'S OWN cash in money market funds.

 

As for second tier companies, forget it. 30 day A2/P2 rated paper last week was up to 5.5%, and the volume of issuance was about half normal levels. There really is a crisis here.

 

Stay up to date with the daily machinations of the Fed, Treasury, and foreign central banks in the US market in the Daily Fed report in the Professional Edition, Money Liquidity, and Real Estate Package. Try it risk free for 30 days. Don't miss another day. Get the research and analysis you need to understand these critical forces and stay a step ahead of the markets. Be prepared. Stay ahead of the herd!

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