tag:blogger.com,1999:blog-90603558319613991162024-03-05T17:19:10.317-08:00Stock Market7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.comBlogger1868125tag:blogger.com,1999:blog-9060355831961399116.post-55256677218592660802010-03-07T03:34:00.002-08:002010-03-07T03:35:05.657-08:00Dollar rises versus yenThe dollar soared against the yen on Friday after a government report showed US employers cut fewer jobs than expected last month, boosting hopes a US economic recovery was still on track. The renewed optimism also encouraged investors to buy stocks and higher-yielding currencies, such as the Australian and New Zealand dollars.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-33488395880322356002010-03-07T03:34:00.001-08:002010-03-07T03:34:51.094-08:00Forex outlook: dollar to rise in afterglow of US jobs reportThe dollar is expected to rise next week in the afterglow of a better-than-expected US employment report and as the euro struggles on ongoing concern about Greek fiscal problems. US employers cut a smaller-than-forecast 36,000 jobs in February, leaving the unemployment rate unchanged at 9.7 percent, according to a government report on Friday that said it was unclear how severe weather had impacted payrolls.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-89588128635428097312010-03-07T03:28:00.002-08:002010-03-07T03:34:10.559-08:00IMM speculators cut long US dollar bets sharplyCurrency speculators cut by more than half their long bets on the US dollar in the latest week, according to Commodity Futures Trading Commission data released on Friday. The value of the dollar's net long position fell to $5.58 billion in the week ended March 2, down from $12.77 billion in the prior week.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-35353066831134205732010-03-07T03:28:00.001-08:002010-03-07T03:33:51.595-08:00Days of 'special' yuan policy numbered: central bankChina flagged on Saturday it will let the yuan resume its rise at some point as it unwinds the super-loose policies it has been pursuing to prop up the world's third-largest economy. China is under intense pressure from the United States and Europe to abandon the exchange rate peg it instituted of around 6.83 yuan per dollar since mid-2008 to preserve the competitiveness of its exporters during the international financial crisis.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-37004268632155947862010-03-07T03:28:00.000-08:002010-03-07T03:33:39.223-08:00East African currencies largely rangebound next weekThe Kenyan and Tanzanian shillings are expected to trade in narrow ranges against the dollar in the week to Wednesday while the Ugandan shilling is likely to slip, traders said.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-68491473118922034212010-03-07T03:27:00.013-08:002010-03-07T03:33:20.586-08:00Canadian dollar hits six-week highThe Canadian dollar regained its upward track against the US dollar on Friday after US data showed employers cut fewer jobs than expected in February, offering more evidence of economic recovery and building market confidence in moving away from the safe-haven greenback.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-2049132818965311802010-03-07T03:27:00.012-08:002010-03-07T03:33:06.099-08:00Bangladesh banking talks commit to fighting povertyLeaders of a world group on sustainable banking said on Saturday they had committed to building a different and positive financial future for the banking industry across the globe. "Fighting poverty will remain the first priority for the banking sector in the foreseeable future," Fazle Hasan Abed, co-founder of the Global Alliance for Banking on Values (GABV), told reporters.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-67846991593642613042010-03-07T03:27:00.011-08:002010-03-07T03:32:52.407-08:00US regulators close banks in Illinois and MarylandUS bank regulators closed Bank of Illinois bank of Normal, Illinois and Waterfield Bank of Germantown, Maryland on Friday as deteriorating loans continued taking a toll on financial institutions. The Federal Deposit Insurance Corp (FDIC) said Bank of Illinois had $211.7 million in assets and $198.5 million in deposits.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-91942104296621345492010-03-07T03:27:00.010-08:002010-03-07T03:32:38.280-08:00US Treasury Outlook: retail spending data offer another viewUS Treasury investors will turn their focus on $74 billion in note supply and data on retail spending next week in the wake of a less gloomy report on the labour market. Data portending a return to job growth soon could curb appetite for longer-dated Treasuries, while February figures on retail sales could either reinforce or undermine the optimism stoked by the payroll report, analysts said on Friday.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-23264063710298044202010-03-07T03:27:00.009-08:002010-03-07T03:32:23.267-08:00Treasuries tumbleUS Treasuries fell sharply on Friday in their worst sell-off in nearly a month, after better-than-expected jobs data fuelled economic recovery hopes and worries over Federal Reserve rate hikes. Bonds hit the skids after the government said US employers shed 36,000 jobs in February, far fewer than the 50,000 analysts expected.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-78918809477846512572010-03-07T03:27:00.008-08:002010-03-07T03:31:57.536-08:00Wall Street soarsUS stocks jumped and the Nasdaq hit an 18-month closing high on Friday as US employers cut fewer jobs than expected last month and consumers showed signs of shedding their penny-pinching ways. Apple Inc surged to an all-time high after the company said its much hyped iPad computer would arrive in US stores in April, easing concerns about delays.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-32402355089311685792010-03-07T03:27:00.007-08:002010-03-07T03:31:42.099-08:00Brazilian stocks upBrazilian stocks jumped and the currency rose for the first time in three days on Friday after better-than-forecast US jobs data and expectations Greece can contain its debt crisis stoked investor optimism. February's non-farm employment numbers in the world's largest economy showed a cut of 36,000 jobs for February against expectations in a Reuters survey for a loss of 50,000. The unemployment rate remained unchanged at 9.7 percent.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-342066463262797222010-03-07T03:27:00.006-08:002010-03-07T03:31:22.440-08:00Turkish stocks jump 2.3 percentTurkish stocks staged a late rally on Friday as investors took better-than-expected US jobs data as a good sign for global equities, while bond yields hovered close to a 2010 high on fears of domestic inflation. The Istanbul share index jumped 2.3 percent, closing at 52,625.63 points after trading flat most of the day. It outperformed the MSCI index of emerging market stocks.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-47951793605044751282010-03-07T03:27:00.005-08:002010-03-07T03:31:10.180-08:00Canadian main stocks index higherToronto's main stock index shot to its highest level in more than seven weeks on Friday after data showed the US economy shed fewer jobs than expected in February, offering more evidence of economic recovery. US employers cut 36,000 jobs, the Labour Department said, leaving the unemployment rate unchanged at 9.7 percent.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-87373666993409571272010-03-07T03:27:00.004-08:002010-03-07T03:30:46.151-08:00Emerging Markets: LatAm stocks at six week highsInvestors bought Latin American stocks, bonds and currencies on Friday, encouraged to put more cash at risk after better-than-expected US jobs data and growing confidence in Europe Greece's debt problems can be contained.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-86161175900949836972010-03-07T03:27:00.003-08:002010-03-07T03:30:27.518-08:00Korean bond ends mixedSouth Korean government bond prices ended mixed on Friday on increased selling in the afternoon on perceptions a recent rally driven by abundant cash liquidity may have been overdone. The yield on benchmark 5-year treasury bonds ended unchanged at 4.56 percent, wiping out an early 6-point drop, while the liquid 3-year treasury yield ended 2 basis points higher at 4.10 percent.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-92100471158975188532010-03-07T03:27:00.002-08:002010-03-07T03:30:17.179-08:00Canadian bonds lowerCanadian bonds fell across the curve on Friday, mimicking moves in US Treasuries, after the US jobs data firmed expectations of recovery. Guatieri said it was clear that the US labour market was healing and he expects Canadian jobs figures for February, due next Friday, would show a similar trend. That would put the Bank of Canada on track to raise interest rates in the second half of the year.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-81744209353885499142010-03-07T03:27:00.001-08:002010-03-07T03:29:53.470-08:00US corporate bonds spreads tightenUS corporate bond yield spreads tightened on Friday, in step with rising stocks and falling US Treasury debt prices after data showed US employers cut fewer jobs than expected last month. February's nonfarm employment numbers showed a loss of 36,000 jobs in February, less than the 50,000 projected by analysts polled by Reuters and bolstering views the economy was on the brink of creating jobs.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-55668292507568905042010-03-07T03:27:00.000-08:002010-03-07T03:29:24.907-08:00Argentine bonds upArgentine sovereign debt prices rose on Friday on growing expectations that the government will launch soon a planned swap of about $20 billion in defaulted bonds, traders said. Government bonds traded over the counter in Buenos Aires were up 0.9 percent on average in midday trade, led by the dollar-denominated Boden 14 paper, which was trading 1.9 percent higher to an ask price of 29.15.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-84041991800662796692010-03-06T00:31:00.007-08:002010-03-06T00:41:21.477-08:00BRIEF: Takeover speculation sends Dean Foods shares up [The Dallas Morning News]Shares of Dallas-based Dean Foods Co. were up more than 6 percent Friday on speculation that the nation's largest dairy processor could be a takeover target.<br /><br />One rumored suitor was Paris-based Groupe Danone SA, although it was unclear where the speculation originated. But Danone has been focused more on high-margin, scientifically formulated products such as its Activia probiotic yogurt, said Eric Scher, an analyst at Sanford C. Bernstein & Co. in New York.<br /><br />"It doesn't make very much sense for Danone," Scher said.<br /><br />With Dean's stock price down from highs of nearly $22 a share last summer, it might make an attractive target for someone willing to pay about $8 billion, said Sanford Bernstein analyst Alexia Howard. Shares closed Friday at $16, up 94 cents.<br /><br />Any Dean purchaser would have to contend with debt of at least $4 billion as of Dec. 31 and a federal anti-trust lawsuit.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-73501456346480951882010-03-06T00:31:00.006-08:002010-03-06T00:38:48.669-08:00China’s Wen May Struggle to Meet 3% Inflation Target (Update1)Premier Wen Jiabao may struggle to keep inflation at his 2010 target of about 3 percent, after banks flooded the Chinese financial system with money to drive the nation’s economic rebound.<br /><br />Inflation may peak at 4.4 percent during the year, according to the median forecast of 14 economists surveyed after Wen gave the goal in a speech to lawmakers in Beijing yesterday.<br /><br />“Three percent is a fairly aggressive target and it suggests that the government will need interest-rate increases and price controls to achieve it,” said Ma Jun, a Hong Kong- based chief China economist at Deutsche Bank AG.<br /><br />China will need to raise benchmark interest rates as early as this month to curb inflation expectations and prevent the interest on bank deposits being outstripped by price gains, according to Standard Chartered Bank. Wen pledged to counter property speculation and “keep price levels stable” as he affirmed a moderately loose monetary policy in his annual report to lawmakers yesterday.<br /><br />The full-year inflation rate may be 3.4 percent, the survey of economists showed. Price pressures include higher commodity costs, resource-price reforms, and the spillover from last year’s rapid credit growth, the National Development and Reform Commission said in a report to the National People’s Congress yesterday.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-38254462793554521072010-03-06T00:31:00.005-08:002010-03-06T00:38:27.077-08:00General Motors Plans to Reinstate 661 Dealers to Shore Up SalesMarch 6 (Bloomberg) -- General Motors Co. plans to reinstate 661 dealers and may enter arbitration with as many as 400 outlets as the biggest U.S. automaker attempts to stem declines in domestic market share.<br /><br />GM offered franchise agreement letters to the dealers, North America President Mark Reuss said yesterday in a conference call. The company has about 5,500 outlets.<br /><br />“We are eager to restore relationships with our dealers,” said Reuss. “The arbitration process creates uncertainty in the market. Issuing these letters of intent is good for our customers, our dealers and GM.”<br /><br />The Detroit-based automaker is trying to increase U.S. sales and market share while trimming four of its eight brands. Chief Executive Officer Ed Whitacre named Reuss, 46, to the post in December in a shuffle of top managers.<br /><br />GM accounted for 19.9 percent of U.S. sales of cars and light trucks last year, a drop from 22.3 percent in 2008, according to Autodata Corp. in Woodcliff Lake, New Jersey. Ford Motor Co. beat GM in monthly sales in February for the first time since 1998.<br /><br />The dealer reinstatement plan “is a good thing,” said Maryann Keller, president of Maryann Keller & Associates in Stamford, Connecticut. “There were false economics in terminating that many dealers. If they restore what they’ve lost and put back into business dealers that were financially viable, then they will gain sales.”7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-41894568293077057122010-03-06T00:31:00.004-08:002010-03-06T00:37:39.193-08:00Zhou Says China Should Be ‘Very Cautious’ in Crisis ExitChinese central bank governor Zhou Xiaochuan said the nation should be careful in exiting anti-crisis policies, suggesting that the yuan may not appreciate soon against the dollar.<br /><br />“We must be very cautious about the timing of normalizing the policies, and this includes the renminbi rate policy,” Zhou said at a press briefing in Beijing today, using another term for the Chinese currency. A global recovery “isn’t solid,” he said.<br /><br />Premier Wen Jiabao yesterday pledged a moderately loose monetary stance and a ‘basically stable” yuan even after the world’s third-biggest economy expanded 10.7 percent in the fourth quarter. The government is already winding back credit growth as it balances the threat from inflation against the risk that weak recoveries in the U.S. and Europe will cap export demand.<br /><br />“They’re afraid of applying the brakes too drastically,” said David Cohen, an economist with Action Economics in Singapore. “China needs higher growth than just about anywhere else to sustain employment and maintain social stability.”7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-27735348183441842552010-03-06T00:31:00.003-08:002010-03-06T00:37:15.599-08:00Australia Boards Anti-Whaling Ship at Japan Request (Update2)Australian federal police boarded the anti-whaling ship Steve Irwin, operated by the Sea Shepherd Conservation Society, and removed equipment today after a request from Japanese authorities.<br /><br />Police boarded the ship at 9 a.m. local time, copying files from a hard drive and taking samples of equipment used to disrupt whaling, Locky MacLean, the vessel’s first officer, said today by telephone. The officers searched the boat after a request from Japan, Agence France-Presse reported today, citing a federal police spokesman it didn’t name.<br /><br />Japanese whalers have clashed in recent years with activists from Sea Shepherd. Australian Prime Minister Kevin Rudd said last month he will take Japan to the International Court of Justice unless it agrees to stop killing whales in Antarctica. A powerboat skippered by New Zealander Peter Bethune sank after a collision with a Japanese harpoon vessel on Jan. 6.<br /><br />“The Japanese government has resolutely sought cooperation from Australia regarding the illegal and dangerous activities of Sea Shepherd,” said Yutaka Aoko, director of the fisheries division at Japan’s Ministry of Foreign Affairs.7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0tag:blogger.com,1999:blog-9060355831961399116.post-72924138175570226162010-03-06T00:31:00.002-08:002010-03-06T00:36:45.445-08:00U.S. Labor Market Poised for Gains as Jobless Rate StabilizesThe unemployment rate in the U.S. held at 9.7 percent in February and employers cut fewer jobs than anticipated, indicating improvement in the labor market even as East Coast blizzards forced temporary closings of some businesses.<br /><br />Payrolls dropped by 36,000 last month after a revised 26,000 decrease in January, a Labor Department report showed yesterday in Washington. The jobless rate, which has not increased since October, held at 9.7 percent, even as more people entered the workforce.<br /><br />Stocks and the dollar rallied while Treasuries fell as investors reckoned the economy would have added jobs were it not for seasonal snowfall records in cities including Baltimore and Philadelphia. The U.S. needs employment growth to sustain a recovery from a recession that has cost 8.4 million jobs since December 2007.<br /><br />“The weather effects were enough to transform what would’ve been a positive into a negative,” said David Resler, chief economist at Nomura Securities International Inc. in New York, referring to payrolls. “Job growth is happening as we speak. Companies are seeing a stabilization of demand.”7Starhttp://www.blogger.com/profile/16023373305085664001noreply@blogger.com0