[aussiebear]

Sign found in Kansai Japan.

[aussiebear]

http://finance.yahoo...lindices?e=asia

[aussiebear]

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










http://www.kitco.com



http://www.kitconet....ase_metals.html

Energy futures

[aussiebear]

A quiet one so far. All Ords +0.4% with only the mining sector seeing reasonable buying: Gold +1.2% and Miners and Materials +1%. Other sectors have minor gains apart from Utilities -0.4%.

[cwd]

cwd, on Nov 11 2009, 11:03 PM, said:

Marc Faber on BNN, brought over from IDS explains why it is backward. As economic conditions worsen the Fed creats more money which flows into equities.

BNN part !

[aussiebear]

Distinctly bearish today especially looking at the action around close. All Ords finished -0.2% with Utilities leading the downers, -1.9% followed by Energy -1.1%. IT had a gain of +1.3%, Miners +0.9% and Materials +0.8%.

Mixed in Asia: China +0.5%, Honkers -0.5%, India -0.3% and Nikkers -0.7%.


On to UK/Europe:

Footsie




DAX




CAC 40

[Drano]

aussiebear, on Nov 11 2009, 06:28 PM, said:

Sign found in Kansai Japan.

um... well, okay, if you insist....

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[swordfish]

“We will not see less than the $1,000 level again,” Faber said at a conference yesterday. “Central banks are all the same. They are printers. Gold is maybe cheaper today than in 2001, given the interest rates. You have to own physical gold.”
http://www.bloomberg...6...soVxQ&pos=7

[aussiebear]

Australian Employment Surges 24,500

Nov. 12 (Bloomberg) -- Australian employers unexpectedly added workers in October, pushing the nation’s currency to its highest level this year on speculation the central bank will raise interest rates for a record third straight month.

The number of people employed rose 24,500 from September, the statistics bureau said in Sydney today. The median estimate of 20 economists surveyed by Bloomberg was for a decline of 10,000. The jobless rate rose to 5.8 percent from 5.7 percent.

“Quarter-point increases are on for every meeting until they get to 5 percent,” said John Honan, chief economist at Ausbil Dexia Ltd. in Sydney, who forecast today’s gain in employment.

“The retail sector is employing, as is the services sector and labor-intensive areas of housing activity, plus the obvious resources-based investment,” Honan added.

------------------

New Zealand Manufacturing Expands at a Slower Pace

Nov. 12 (Bloomberg) -- New Zealand’s manufacturing industry expanded for a second month in October as production and orders rose, adding to signs the economy is gradually recovery from the worst recession in three decades.

The manufacturing index was 50.6 compared with 51.5 in September, Bank of New Zealand Ltd. and Business New Zealand, a Wellington-based employer group, said on the group’s web site. An index above 50 indicates that manufacturing is expanding. September’s gain was the first since April 2008.

New Zealand’s economy grew for the first time in six quarters in the three months through June, and expansion in manufacturing adds to signs of improving growth in the second half. The pace of recovery may be curbed by a rising jobless rate and a reluctance of both consumers and businesses to spend.

[aussiebear]

Ireland’s EU54 Billion Gamble on Banks, Property Nears Approval

Nov. 12 (Bloomberg) -- The biggest financial gamble in modern Irish history is about to exit the realms of theory and enter the real world.

Lawmakers will today pass a bill creating a so-called bad bank that will pay the country’s biggest banks 54 billion euros ($81 billion), or about a third of gross domestic product, for property loans to free up lending. The agency plans to start buying loans by the end of the year, according to a plan published last month.

Finance Minister Brian Lenihan is seeking to end a crisis that’s wiped 70 percent from the country’s benchmark stock index, sent bond spreads soaring to the highest in at least a decade and destroyed Ireland’s status as Europe’s most dynamic economy. Real-estate prices have on average dropped 50 percent since peaking in 2007, and bad debts at lenders led by Bank of Ireland Plc and Allied Irish Banks Plc are surging.

[Lemur]

Woke this morning to see Audusd took out the stops above the high (yet again) last night before turning down. Luckily I suspected this and took profits before turning in. Meanwhile, reshorted it again here. Looking for it to break the 900 on the 5 min.

Still long Usdchf.

Usdjpy strangely quiet for days now.

[Lemur]

aussiebear, on Nov 12 2009, 08:36 AM, said:

Ireland’s EU54 Billion Gamble on Banks, Property Nears Approval

Nov. 12 (Bloomberg) -- The biggest financial gamble in modern Irish history is about to exit the realms of theory and enter the real world.

Lawmakers will today pass a bill creating a so-called bad bank that will pay the country’s biggest banks 54 billion euros ($81 billion), or about a third of gross domestic product, for property loans to free up lending. The agency plans to start buying loans by the end of the year, according to a plan published last month.

Finance Minister Brian Lenihan is seeking to end a crisis that’s wiped 70 percent from the country’s benchmark stock index, sent bond spreads soaring to the highest in at least a decade and destroyed Ireland’s status as Europe’s most dynamic economy. Real-estate prices have on average dropped 50 percent since peaking in 2007, and bad debts at lenders led by Bank of Ireland Plc and Allied Irish Banks Plc are surging.

True for commercial real estate. Residential is down 25-30% but thats only because people have not made the emotional adjustment yet as to what their house is worth. Plus banks are are v slow to foreclose and you get help from the state if you are in mortgage trouble that keeps people above the waterline for quite a long time. But there are a lot of landlords in trouble who have empty property with no tenants. The price declines will pick up speed when these guys start to liquidate.

[Lemur]

Terrible weather here last couple of days. Never a shortage of water in this part of the world.

I cannot even get out for my morning walk.

I have to sit here and trade.

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[swordfish]

3Com Option Trades May Have Been More Than ‘Luck’ Before Buyout
Nov. 12 (Bloomberg) -- Analysts say good timing alone doesn’t account for trading in bullish 3Com Corp. options yesterday.

Volume in contracts to buy shares of the Marlborough, Massachusetts-based company surged to the highest level since September 2007 before Hewlett-Packard Co. said it would buy the maker of computer-networking equipment for $2.7 billion.

“I don’t believe in that much luck,” said Steve Claussen, chief investment strategist at OptionsHouse LLC, the Chicago- based online brokerage unit of options trading firm PEAK6 Investments LP, and a former market maker at the Chicago Board Options Exchange. “If you’re on the other side of someone buying calls and a takeover is announced, it’s like someone held you up at gunpoint. It’s like you’ve been robbed and you feel violated.”
http://www.bloomberg...6...ZDDTE&pos=6

[swordfish]

U.S. State Revenue Decline Will Go On, Governor�€™s Report Says

Quote

Nov. 12 (Bloomberg) -- U.S. states, which are closing $250 billion of budget deficits, will be forced to grapple with diminished revenue until at least 2012, a survey of fiscal officials found.

The only thing that kept states from “draconian” spending cuts has been $135 billion of funding under President Barack Obama’s economic stimulus package, according to a report from the National Governors Associations and the National Association of State Budget Officers. Revenue fell 7.5 percent in fiscal 2009, forcing states to close budget gaps of $72.7 billion.

“These are the worst numbers we’ve ever seen,” said Scott Pattison, executive director of the budget directors group, in a news release. “States have been forced to lay off and furlough employees, raise taxes, drain rainy day funds and sharply cut state spending.”

As the U.S. economy emerged from the worst recession since the Great Depression of the 1930s, local revenue will trail an economic rebound and continue its decline in 2010 before slowly returning to pre-recession levels by 2012, the report said.

Municipal yields are near a 42-year low even as some states including California and Illinois fund operations with debt. Local officials are banking on rebounding revenue to pay off debt and fund deferred expenses.

http://www.bloomberg...6...wmNu4&pos=7