Ragged repetition...

[aussiebear]

A touch of red around today for both us and the Kiwis.

 

All Ords -0.3% with the mining sector taking the brunt: Gold -1.4%, Miners -0.7% and Materials -0.6%. There's a couple of minor green sectors, Utilities +0.3% and Energy +0.2%.

 

Asia will probably also dip initially although China may gain some traction after yesterday's lack of enthusiasm.

 

 

 

 

[aussiebear]

 

 

 

 

 

 

 

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

[aussiebear]

 

 

http://money.cnn.com/markets/morning_call/

 

 

 

 

 

 

 

http://www.kitco.com

 

 

 

http://www.kitconet.com/webcharts/base_metals.html

 

Energy futures

[aussiebear]

 

 

Found on a trek in China.

[aussiebear]

 

 

Hmmm, well we managed to crawl back off the lows to close flat. There was barely any movement in the sectors: REITS +1.1% and Financials/Utilities +0.3% and on the downside, Gold -0.6%, Consumer Discretionary/Consumer Staples and Telecomms all -0.5%.

 

A similar story in Asia with bourses climbing off lows in the arvo trading: China -1.4%, Honkers +1.2%, India +0.2% and Nikkers -0.5%.

 

 

On to UK/Europe:

 

Footsie

 

 

 

DAX

 

 

 

CAC 40

 

[aussiebear]

South Africa’s Economy Expands 3.2% as Recovery Strengthens

 

Feb. 23 (Bloomberg) -- South Africa’s economic recovery strengthened in the fourth quarter as an improvement in global demand and consumer spending boosted manufacturing.

 

Gross domestic product rose an annualized 3.2 percent, compared with 0.9 percent in the previous three months, Statistics South Africa said in a report released today in Pretoria, the capital. The median estimate of 22 economists surveyed by Bloomberg was for growth of 2.6 percent.

 

Consumer spending, which accounts for two-thirds of expenditure in the economy, is starting to recover after the first recession in 17 years ended in the third quarter and unemployment eased.

[aussiebear]

Dubai Shares Drop Most in Week After Moody’s Dubai World Report

 

Feb. 23 (Bloomberg) -- Dubai’s measure declined the most in more than a week after Moody’s Investors Service said United Arab Emirates banks are owed about 55 billion dirhams ($15 billion) by Dubai World.

 

The possibility that U.A.E. banks will be forced to accept less than they are owed will hurt their ability to borrow money at attractive rates, the Moody’s report yesterday said, adding that they “are in a position to weather sizeable haircuts.” Gulf region banks are poised for “another difficult year,” Standard & Poor’s said, as they grapple with bad loans and the fall-out from the credit crisis.

[Rationalize]

Small size paper dong here .. in the following configuration:

[fxfox]

The other day at the Winter Olympics:

 

http://www.youtube.com/watch?v=iMJcdN6YFFY

[Jetlag]

Well we already knew what happened, now with added detail:

 

"CDOs Identified

 

The document Issa made public cuts to the heart of the controversy over the September 2008 AIG rescue by identifying specific securities, known as collateralized-debt obligations, that had been insured with the company. The banks holding the credit-default swaps, a type of derivative, collected collateral as the insurer was downgraded and the CDOs tumbled in value.

 

The public can now see for the first time how poorly the securities performed, with losses exceeding 75 percent of their notional value in some cases. Compounding this, the document and Bloomberg data demonstrate that the banks that bought the swaps from AIG are mostly the same firms that underwrote the CDOs in the first place. "

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=ax3yON_uNe7I

 

A constant sales pitch from the CDO hacks was that the underwriter would hold one of the tranches (usually super senior or mezzanine) to show how strongly they believed in the product and how their interests were aligned with the bagholder's.

 

I always suspected they would hedge their stake, but bet against it? That's really devious and at least unlawful one would think.

[Rationalize]

Deals done "at arms length".

 

With pockets deep.

 

And arms short.

[Rationalize]

ES sitting on top of Friday morning's gap.

 

Could be a swift 5 point puke here to the 99s, or a boing to the 06s.

 

Bracket OCO in place.

[DrStool]

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[Jetlag]

German retail survey is showing a hiccup or the end of recovery?

 

[TenaciousG]

Good morning all! Lets hope we see more volatility today.

 

 

http://www.youtube.com/watch?v=NTWLNjxOdNc