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IDS World Markets Wed 12th December 07


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t?s=%5EAORD

 

 

Down today but with none of the drama of the US action. All Ords -1.2% led by Materials, -1.9% followed by Property Trusts -1.7%. There's actually a couple of green sectors, Healthcare +0.8% and IT +0.1%.

 

Big miners taking a hit: BHP -2.2% and RIO -2.5%. Golds also down although the volume is low: Newcrest -1.5%, Newmont -1.1% and Lihir -0.3%.

 

Oils not doing too badly: Woodside -0.4%, Santos +1.6% and Caltex +0.8%.

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German Investor Confidence Decline to 15-Year Low

 

Dec. 11 (Bloomberg) -- Investor confidence in Germany dropped more than economists forecast in December, reaching the lowest level in almost 15 years, as rising credit costs dimmed the outlook for economic growth.

 

The Mannheim-based ZEW Center for European Economic Research said its index of investor and anal cyst expectations fell to minus 37.2, the lowest since January 1993, from minus 32.5 last month. Economists expected a decline to minus 34.5, the median of 41 forecasts in a Bloomberg News survey showed.

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Australian Consumer Confidence Rose 1.8%

 

Dec. 12 (Bloomberg) -- Australian consumer confidence rose for the first month in three after the central bank left interest rates unchanged and voters elected a new government.

 

The sentiment index climbed 1.8 percent this month from November to a seasonally adjusted 112.5, according to a Westpac Banking Corp. and Melbourne Institute survey of 1,400 people released today in Sydney.

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w?s=%5EAORD

 

 

All Ords moved up off the lows but the result was still a fairly dismal -0.9%. Materials and Property Trusts were equal downside leaders, -1.7% and there were four green sectors of which Healthcare had the most gain, +0.5%.

 

The big miners went down and stayed there: BHP -2.3% and RIO -3.1%. Golds perked up: Newcrest flat, Newmont -0.9%, Lihir +2.4%.

 

Oils did a roller coaster: Woodside +0.3%, Santos +1.6% and Caltex +0.3%.

 

Asian bourses recovering after an initial drop: China and Honkers -2.3%, Nikkers -0.6%.

 

 

Over to UK/Europe:

 

t?s=%5EFTSE

 

t?s=^GDAXI

 

t?s=^FCHI

 

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

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Posted this on M2M... seems like it may bear repeating... not sure of the implications but it reeks of a potential stick-save attempt tomorrow.

 

Cha cha cha WHAAAAAAAT THE  :blink:  :unsure:

 

Fed set to revamp liquidity support

Fed to overhaul provision of market liquidity

 

The Federal Reserve is set to overhaul the way it provides liquidity support to financial markets, following a negative reaction to Tuesday?s interest rate cut.

 

US stocks fell sharply after the central bank cut rates by only 25 basis points to 4.25 per cent and failed to offer a clear signal of more to come.

 

The overhaul, which could be announced as early as Wednesday, is likely to take the shape of a new liquidity facility that will auction loans to banks. This would allow the Fed to provide liquidity directly to a large number of financial institutions against a wide range of collateral without the stigma of its existing discount window loans.

 

Edit: If this afternoon was yet another bear suck-in Fed BS blindside manoeuvre I'm gonna scream :mellow:

632009[/snapback]

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Posted this on M2M... seems like it may bear repeating... not sure of the implications but it reeks of a potential stick-save attempt tomorrow.

 

Cha cha cha WHAAAAAAAT THE? :blink:? :unsure:

 

Fed set to revamp liquidity support

Fed to overhaul provision of market liquidity

 

The Federal Reserve is set to overhaul the way it provides liquidity support to financial markets, following a negative reaction to Tuesday?s interest rate cut.

 

US stocks fell sharply after the central bank cut rates by only 25 basis points to 4.25 per cent and failed to offer a clear signal of more to come.

 

The overhaul, which could be announced as early as Wednesday, is likely to take the shape of a new liquidity facility that will auction loans to banks. This would allow the Fed to provide liquidity directly to a large number of financial institutions against a wide range of collateral without the stigma of its existing discount window loans.

 

Edit: If this afternoon was yet another bear suck-in Fed BS blindside manoeuvre I'm gonna scream :mellow:

632009[/snapback]

632010[/snapback]

 

 

:lol: :lol:

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Posted this on M2M... seems like it may bear repeating... not sure of the implications but it reeks of a potential stick-save attempt tomorrow.

 

Cha cha cha WHAAAAAAAT THE? :blink:? :unsure:

 

Fed set to revamp liquidity support

Fed to overhaul provision of market liquidity

 

The Federal Reserve is set to overhaul the way it provides liquidity support to financial markets, following a negative reaction to Tuesday’s interest rate cut.

 

US stocks fell sharply after the central bank cut rates by only 25 basis points to 4.25 per cent and failed to offer a clear signal of more to come.

 

The overhaul, which could be announced as early as Wednesday, is likely to take the shape of a new liquidity facility that will auction loans to banks. This would allow the Fed to provide liquidity directly to a large number of financial institutions against a wide range of collateral without the stigma of its existing discount window loans.

 

Edit: If this afternoon was yet another bear suck-in Fed BS blindside manoeuvre I'm gonna scream :mellow:

632009[/snapback]

632010[/snapback]

 

Well, I don't know what the implications are either, but did spend some time reading some about Central Bank Operations.

 

Bottom line, the big CB's, the FED, ECB, BOJ and BOE have different rules about which banks come to the Open Market Operations Party, what is acceptable collateral, which currencies they accept, how they settle accounts and on and on.

 

The market may panic/interpret this as desperation/etc by the Fed because it is "new" for the Fed.

 

But it's not "new" in the world of Central Banks.

 

Think might just be the Fed opening up "the system" beyond the limits of the Gang of 21. Other Central Banks are already more flexible about this type of thing than the Fed.

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The new plan is to extend, expand and bend over backwards to take crap on to the Fed's books.

 

 

Hey, it worked in 1999, so it should work fine now, right ? right ? Bueller ?

 

 

 

 

(just one little problem. In '99 it was just a year-end funding issue. This time it's more of a solvency issue)

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Time to review the Fed's Borker/Dealer list, now down to just 20

 

BNP Paribas Securities Corp.

Banc of America Securities LLC

Barclays Capital Inc.

Bear, Stearns & Co., Inc.

Cantor Fitzgerald & Co.

Citigroup Global Markets Inc.

Countrywide Securities Corporation

Credit Suisse Securities (USA) LLC

Daiwa Securities America Inc.

Deutsche Bank Securities Inc.

Dresdner Kleinwort Wasserstein Securities LLC.

Goldman, Sachs & Co.

Greenwich Capital Markets, Inc.

HSBC Securities (USA) Inc.

J. P. Morgan Securities Inc.

Lehman Brothers Inc.

Merrill Lynch Government Securities Inc.

Mizuho Securities USA Inc.

Morgan Stanley & Co. Incorporated

UBS Securities LLC.

 

By my quick count 8 of the 20 are subsidiaries of foreign banks.

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