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IDS World Markets Thurs 20th September 07


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t?s=%5EAORD

 

 

All Ords started off strongly but is now having second thoughts. The index currently +0.6% with Materials being the only strong sector, +1.2% and Energy next, +0.9%. There's several red sectors of which IT is down the most, -0.5%.

 

The big miners are fiddling around: BHP +1.4% and RIO +0.6%. Golds up but not getting carried away, Newcrest +1.6% and Newmont +1.1%.

 

Oils are bouncing along nicely: Woodside +1.6% and Santos +1.8%. Caltex is doing a dip, -0.9%.

 

Over in Asia, Taiwan is the only bourse with a large gain, +1.5%. Nikkers opened high and then dived, currently +0.3% and Singers -0.4%.

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BOE Reverses Policy, Lends Three-Month Emergency Cash

 

Sept. 19 (Bloomberg) -- The Bank of England abandoned its opposition to emergency three-month money auctions and loosened lending standards, a week after Governor Mervyn King said such steps would encourage ``risky behavior.''

 

``This measure is being taken to alleviate the strains in longer-maturity money markets,'' the central bank said in a statement today. The bank said it will accept ``mortgage collateral'' at the auction of 10 billion pounds ($20 billion) in loans next week, which will have a penalty rate of 6.75 percent.

 

The Bank of England said three further loans will be made at ``weekly intervals'' and their size will be decided in ``due course.''

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Absolute Capital Halts Redemptions After Homm Quits

 

Sept. 19 (Bloomberg) -- Absolute Capital Management Holdings Ltd., whose co-founder Florian Homm quit abruptly yesterday, stopped investors from withdrawing money from eight hedge funds that manage $2.1 billion.

 

Absolute Capital clients tried to remove more than $100 million after Homm quit yesterday, the company said in a statement today. The firm told investors they shouldn't expect to withdraw money for a year while it restructures the funds.

 

Seven of the pools hold over-the-counter U.S. stocks that can't be sold at the prices the firm has on its books, affecting as much as $530 million of assets. Homm, 47, managed three of the funds affected, and oversaw the others as co-chief investment officer. Shares of Absolute Capital, which has its main offices in Majorca, Spain, slumped 84 percent in the past two days.

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w?s=%5EAORD

 

 

Yeah well, All Ords put on +0.6% but with the momentum indicators making bearish divergences I think we're pretty well at the end of the run. The all time highs are within striking distance now so there may well be a last ditch attempt to break thru tomorrow.

 

In the sectors, Energy was clear leader, +1.8% followed by Materials +1.2%. The other sectors were ho-hum. IT closed down the most, -1.3%.

 

Not too much change in the miners: BHP +1.4%, RIO +0.9%, Newcrest +2.6% and Newmont +0.9%.

 

Strong moves by the oils: Woodside +2.2%, Santos +3.4%. Refiner Caltex closed flat.

 

Mostly up in Asia: China +1.4%, Taiwan +0.6% and Singers -0.2%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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Gold

 

weekly

 

one has to say technically it is very bullsih. Since its bull run started 5 years ago it never ever tested its EMA 200 weekly, we had only tests of the EMA 50 weekly (which is more or less the same as the EMA 200 daily). Thats bullish.

 

Right now Gold is only a point away from its may 2006 high.

 

image.aspx?f=1&id=2337966

Chart ?ffnen

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Fears of dollar collapse as Saudis take fright

 

Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.

 

The Saudi central bank said today that it would take "appropriate measures" to halt huge capital inflows into the country, but anal cysts say this policy is unsustainable and will inevitably lead to the collapse of the dollar peg.

 

There is now a growing danger that global investors will start to shun the US bond markets. The latest US government data on foreign holdings released this week show a collapse in purchases of US bonds from $97bn to just $19bn in July, with outright net sales of US Treasuries.

 

The danger is that this could now accelerate as the yield gap between the United States and the rest of the world narrows rapidly, leaving America starved of foreign capital flows needed to cover its current account deficit - expected to reach $850bn this year, or 6.5pc of GDP.

 

Jim Rogers, the commodity king and former partner of George Soros, said the Federal Reserve was playing with fire by cutting rates so aggressively at a time when the dollar was already under pressure.

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Fears of dollar collapse as Saudis take fright

 

Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.

 

The Saudi central bank said today that it would take "appropriate measures" to halt huge capital inflows into the country, but anal cysts say this policy is unsustainable and will inevitably lead to the collapse of the dollar peg.

 

There is now a growing danger that global investors will start to shun the US bond markets. The latest US government data on foreign holdings released this week show a collapse in purchases of US bonds from $97bn to just $19bn in July, with outright net sales of US Treasuries.

 

The danger is that this could now accelerate as the yield gap between the United States and the rest of the world narrows rapidly, leaving America starved of foreign capital flows needed to cover its current account deficit - expected to reach $850bn this year, or 6.5pc of GDP.

 

Jim Rogers, the commodity king and former partner of George Soros, said the Federal Reserve was playing with fire by cutting rates so aggressively at a time when the dollar was already under pressure.

609148[/snapback]

Sad but true on all counts.

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