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IDS World Markets Fri 3rd August 07


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t?s=%5EAORD

 

 

A mild amount of green around today but punters are cautious. All Ords +0.5% with sectors mixed. Energy is taking a turn in the lead, +0.9% followed by Financials and Materials, +0.8%. IT is taking a hammering for the ?3rd day, -1%.

 

Smallish gains on the miners: BHP +1.2%, RIO +0.6%, Zinifex +0.3% and in the golds, Newcrest +2.2% and Newmont +0.6%.

 

In the oils, Woodside +0.8%, Santos +0.2% and Caltex +0.4%.

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U.S. Housing Is one of History's `Biggest Bubbles,' Rogers Says

 

Aug. 3 (Bloomberg) -- The U.S. subprime-market rout that wiped out $2.1 trillion from global share values last week has ``got a long way to go,'' Jim Rogers said.

 

Concern that defaults among subprime mortgages may be spilling over to other credit markets and hurting earnings and takeovers last week sent the Morgan Stanley Capital International World Index to its worst weekly drop in five years. Further losses may be in store even as shares rebounded this week, said Rogers, chairman of New York-based Beeland Interests Inc.

 

``This is only time in world history when people were able to buy houses with no money down and in fact, in some cases, the builders gave them money for a down payment,'' Rogers said. ``So this bubble is the worst we've had in housing and it's going to be the worst we've had cleaning it out.''

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Bank of England Leaves Interest Rate at Six-Year High

 

Aug. 2 (Bloomberg) -- The Bank of England left its benchmark interest rate at a six-year high today as policy makers assess whether five quarter-point increases in the past year are enough to quell inflation.

 

The Monetary Policy Committee, led by Governor Mervyn King, left the Bank Rate at 5.75 percent, the highest since April 2001, the central bank said today in London.

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w?s=%5EAORD

 

 

A pretty pathetic day overall. All Ords squeezed out +0.1% with most sectors in disarray. Materials ended up top dog, +0.9% followed by Energy +0.3%. Consumer Discretionary finished down the most, -0.8%.

 

In the miners, golds did pretty well with Newcrest +2.6% and Newmont +2.5%. The two major heavyweights didn't do a lot, BHP +1.2% and RIO +0.1%.

 

Oils varied: Woodside +0.9%, Santos +1.8% and Caltex -1.3%.

 

Asia mostly up ranging from China +3.5% to Singers -0.1%.

 

UK/Europe heading south:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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If I understand it correctly this german bank got in trouble reported 30 july

 

IKB DEUTSCHE INDUSTRIEBANK AG

 

KfW is 38% owner and helping out

 

http://www.ikb.de/content/de/presse/presse...staerkt_IKB.jsp

 

KfW is from a group of Government banks

 

http://www.ftd.de/unternehmen/finanzdienst...ion/232764.html

 

They are paying 8.1 billion euro

German country owns 80% of KfW the other 20% is the different states

Decision was made Sunday afternoon with finance minister

Bundesfinanzminister Peer Steinbr?ck

 

http://www.spiegel.de/wirtschaft/0,1518,497540,00.html

 

2 august

shares of IKB in free fall

all the billions of help cannot restore confidence

 

http://boerse.ard.de/content.jsp?key=dokument_243042

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If I understand it correctly this german bank got in trouble reported 30 july

 

IKB DEUTSCHE INDUSTRIEBANK AG

 

KfW is 38% owner and helping out

 

http://www.ikb.de/content/de/presse/presse...staerkt_IKB.jsp

 

KfW is from a group of Government banks

 

http://www.ftd.de/unternehmen/finanzdienst...ion/232764.html

 

They are paying 8.1 billion euro

German country owns 80% of KfW the other 20% is the different states

Decision was made Sunday afternoon with finance minister

Bundesfinanzminister Peer Steinbr?ck

 

http://www.spiegel.de/wirtschaft/0,1518,497540,00.html

 

2 august

shares of IKB in free fall

all the billions of help cannot restore confidence

 

http://boerse.ard.de/content.jsp?key=dokument_243042

595952[/snapback]

 

German tax contributors paying for US flippers indulgence and on top of that they get to keep the Beemers and Audis, now that's something I didn't expect.

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China - food price inflation

 

Food prices in June were up 7.6 percent from the same month last year, driven by a 74.6 percent jump in prices for pork, China's staple meat.

 

increases of up to 40 percent in the price of instant noodles

 

http://english.sina.com/business/1/2007/0803/120695.html

 

in one week...

 

The average price of vegetables jumped 3.3 percent from July 23 to July 29 from the previous week thanks to short supplies and higher transport and storage costs in bad weather.

 

http://english.sina.com/business/1/2007/0802/120592.html

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America's Economic Mood: Gloomy

Broad Public Pessimism Spurs Democratic Candidates To Target Business Interests

By JOHN HARWOOD - August 2, 2007; Page A4

 

More than two-thirds of Americans believe the U.S. economy is either in recession now or will be in the next year, a new Wall Street Journal/NBC News poll shows. That assessment comes despite the fact the economy has experienced sustained growth with low inflation and unemployment and generally rising stock values ever since the recession that ended early in President Bush's tenure.

 

http://online.wsj.com/article/SB1186005727...p_us_whats_news

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The New York Times

By KEITH BRADSHER - Published: August 3, 2007

 

Since Blackstone went public on June 22, the company?s shares have fallen steeply, pushing down the value of the Chinese government?s investment by more than $425 million in just six weeks.

 

Chinese bloggers, and even some financial media, have not taken the hammering lying down. They are assiduously tracking the dwindling value of the government stake, and some bloggers and postings in Internet chat rooms are bitterly questioning Beijing?s stock judgment ? often in particularly Chinese terms.

 

http://www.nytimes.com/2007/08/03/business...=th&oref=slogin

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