September 2011
1 September 2011
1. Global equity markets lost $4 trillion for the month of August after rebound
2. Gold reached an all time high of $1913 during August
3. UN`s $100 billion climate change initiative seen to need private funding
4. BRICS no cure for global economy- chance of decoupling emerging economies
5. Brazil drops interest rate to 12%
6. Australian manufacturing index falls to the lowest in 2 years
7. Vietnam`s banking outlook remains negative on economy- Moody’s
8. China wants a binding ‘code of conduct’ in the south China Seas
9. U.K house prices fall .06% in August. Sluggish demand for houses.
10. Europe drags property price increases to the lowest in 2 years
11. NZ terms of trade reaches the highest in 37 years on wool, oil, & milk
12. Charter International receives M&A; from Melrose and opens books on ‘sweet’ $2.3 billion offer
13. Pernod-Ricard lifts dividend 7.5%
14. Thai inflation accelerates fastest since 2008 with higher food prices
15. Corporate bond sale plunges set a new stage for September
16. Japan may sell Yen on sharp appreciation
17. Deutsche Telekom unprepared if AT&T; deal falls apart
18. British America of Kenya delays listing by six days
19. Glencor e makes a $1.2 billion offer for SA coal producer OPTIMUM
20. Euro debt crisis means East-West gap
21. GM – no share buy backs, dividends or pension pay outs as cash is frozen
22. Hermes market value 55% greater than SOCGEN. Hermes market value up 85% from October 2010 to July 2011. Upmarket demand insatiable from China & India and Hermes unable to keep up with demand.. Demand for shares greater than the Banks.”The Rich just get Richer”.
23. Emerging market index lost 9.87 % & Global lost 7.97% for the month of August
24. British firebreaks are to be imposed by 2015 at the earliest
25. Profit warnings :Lagardere drops 41%
26. German 10 bond 2.15%
2 September 2011 (Friday)
1. Feldstein- Europe`s problems are political rather than economic. Sees Euro unravelling and the 440 billion emergency fund set aside by ECB is inadequate. The problems are extending to France and the German Government will not bail out those in default with a EURO BOND by picking up the tab.
2. Japan capital spending unexpectedly drops fanning speculation about recovery
3. PIMCO: El-Erian- 33-50% of U.S. Recession
4. CommerzBank cuts Euro GDP
5. Facebook vulnerable with only 12 patents in intellectual property rights
6. BOFA shares drop with a report of a lawsuit by a U.S. Finance Agency
7. Gold $1849.30- expected to gain much higher
8. Peter Hambro - gold has had a small correction and back on track for $2000-2500. It`s not gold going up , its currencies getting weaker. The indebtedness of nations are so great and do not see a solution for job growth and more money is being printed. All looking dismal towards a potential economic crash
9. Swiss currency strength has resulted in stock valuations to lowest levels since 2007
10. ENI of Italy says Libya New Regime will honour contracts
11. JACOB FRENKEL, JP MORGAN CHASE Interview: The single must NB priority in EURO region is to make sure that the Euro zone integrity is installed and growth is maintained. The short run vs. the long run. Worries over pace of global growth. The divergence of EU Economies means the sustainability has to fix those on an unsustainable path. Some debts are too large and ECB has been strained. The Gov`s have to play there role with austerity measures. The leadership of the ECB is both responsible and professional. There is no doubt that democratically elected Governments must work in tandem to solve the problems. The US unemployed require new skills, & training. The entire world is growing at a slower pace than before, and the emerging markets are carrying the train. Uncertainty is the enemy of growth, both politically & economically. Clarity is of prime importance.
12. Zuma overspends his budget on support of his 3 wives
13. Spain unemployment 21%, austerity measures deepen. Parliament debates budget cap reform. Moody`s has warned of a debt downgrade. Labour reform, more disciplines for Government reform, fiscal austerity measures effecting society as a hole with taxes ECT>
14. France exceeds Italy as the most traded credit default swaps-Euro credit
15. DOWN today at 10.41 am.: FTSE 1.83% Paris CAC 2.65 %, DAX 2.41%, London Stock Exchange 2.9%
16. ENERGONI to spend $1.1 billion on Wind & Solar parks- Chairman DIMOV says
17. ‘Hot Money’ risk rises as interest rates rise to highest levels since 08
18. Qadaffi : We will turn Libya into a hell
19. France: Debt pressure weighs on businesses
20. France Telekom selling European assets and taking the company into a new direction. Striking deals into bigger markets, Buying stakes in Africa, Middle East, Congo, North Africa ( Egypt) and Libya on hold.
21. Martin Feldstein: Economic outlook in Europe is bleak
22. Roubini: There is a strong possibility for recession & double dip recession in Europe/ US. ADVANCED ECONOMIES ARE TO SUFFER
23. El Erian says Europe is going to be pushed in another direction. The debt load is too big and likelihood of recession is 50%
24. SA- Stocks retreat for the first day in 6 led by BHP Billiton
25. U.S Jobs 1 million + and self employed out of work
26. LCH Clearnet: London stock exchange bids NB
27. GREEK economy set to sink 5% this year
28. Peter Hambro: The disconnect between Equities (Gold Mining Co.`s) and physical gold is many investors switched into physical. The NEW GOLD is IRON ORE. Hambro predicts a global meltdown, and therefore GOLD will rule. If China continues to keep the world afloat, the building block is iron ore (steel). Hambro is spreading risk with the listing of his (60%) new Russian Company- Petropavlovsk for mining iron ore. June 2010. “Peter Hambros mining company is planning a $1 billion listing of its iron ore division in Hong Kong. An announcement is expected within weeks as the company, renamed Petropavlovsk last year, concentrates on its core gold operations in Russia.It brought in new investors yesterday when it raised $60 million in a private share placing in Hong Kong. The business, which has its main listing in London and is chaired by Mr Hambro, is understood to have favoured Hong Kong because its iron ore mines are close to the Chinese border and will feed Chinese steel smelters. Asia Resources Fund and CEF Holdings bought stakes in the iron ore division, valuing it at about $800 million.Petropavlovsk’s Kuranakh iron ore mine is expected to begin production soon and will produce about 900,000 tonnes of ore this year. The $60 million raised in the placing yesterday will help to finance expansion up to about ten million tonnes a year by the end of 2013. The Hong Kong listing would raise further funds for expansion up to 20 million tonnes by 2015.Petropavlovsk, formerly Peter Hambro Mining, is the third-largest gold producer in Russia. Valued at £2.2 billion, it is a candidate to join the FTSE 100 when the index is reconstituted after tonight’s close.”
29. Dollar Bonds plunge most in 15 months as markets continue in turmoil
30. Cernobbio Italy Conference of global leaders with Euro zone debt concerns
31. Equity VIX may be a false dawn for
32. Italy exceeds France with the most traded credit defaults
33. Naspers Greyling bets on $7 pay-TV package to work magic throughout Africa NB
34. US to sue over mortgage securities
35. ECB needs o reverse rate increases or face recession
36. SA- Stocks retreat for the first day in 6 led by BHP
37. Metorex vote in favour for a takeover by China`s Jinchuan
38. Japan insurance cost is $235 billion for natural disaster this year
39. BOFA shares down 6.9% with NYSE opening on pending law suit from
40. Gross says cutting DEBT is suicide, rather focus on GROWTH
41. M. El Erian Interview: Job market report, its grim & scary. The composition & duration is worrisome. US unemployment crisis. , which requires crisis management. We need holistic approaches. 3 Things required, rather than a tactical approach. (1)Coordinated approach from US agencies. (2)Coordination from around the world. (3)Coordination from politicians. Jobless rate remains at 9.1%. The framework for a policy creation is critical. Washington needs to understand that if it does not move comprehensive, housing, labour, credit markets, lower interest rates ect as it will get worse and Europe is far from any resolution and equally bad. If the FED is willing in able, which it has, has it the right policy arrangements. The Fed is a bridge only. The Fed can delay repayment time frames. The Fed is only a bridge, not a policy maker. Housing is critical!. Washington cannot focus on one thing, just like policy makers in Europe. It has to be comprehensive. There is time when you worry about your capital and another on the interest on capital. The downside risk is escalating, and my new normal is 30-50% on US & Europe recession. We have to realize, that whatever Obama comes up with, it has to pass congress. A critical speech for the President to get confidence back into the markets.
42. Gene Spurling on UNEMPLOYMENT Status- Obama calls for an urgent speech to Congress where he intends to create a significant impact on job creation over the next 18 months. Tax cuts to help workers & small businesses. A larger vision to get America working and investing in the future. When you consider Obama inherited the financial recession that something has to be done for job growth. Obama prevented a worse situation since 2008 where millions more jobs would have evolved had he not implemented the austerity packages.
43. AIG to sell more than 20% of its plane leasing business ILFC
44. London Stock Exchange joins bidding for LCH clearing House
45. Harvey Golub: American Express-pessimistic!
46. Sovereign Debt Default advance to a NEW record in Europe as U.S. stagnates
47. Citigroup sees market swings drying up liquidity
48. Euro declines to a 5 month low against the YEN
49. Neither Google or Microsoft can convince clients the’ The Cloud ‘is safe –Tech
50. Banks in the USA overwhelmed by mortgage refinancing loans
51. Gross favours longer maturity debt in the US
52. Gold heading for the biggest gain in 4 weeks as the US stagnates
53. Fitch affirms Russian credit rating at BBB on exceptionally strong balance sheet
54. Egypt- beyond political reform , Egypt will need economic reform
55. Stocks sink in Europe as job growth stagnates
56. EURO: The cost of default insurance reaches record levels.
2 SEPTEMBER 2011 (Friday Evening News break)
Follow latest developments with lawsuits by Federal Housing Agency against BOFA & 12 leading Banks following 2008 housing crash. Applications avoid prescription by days.
_ 7 September 2011 9 (Wednesday)_
1. “ Tuesday afternoon massacre’ at BOFA- Shares down 50% this year.
2. China sells 3 year notes at the highest yield since 2008 with a shortage of cash
3. Singapore`s economy may expand 5,3% this year-Central bank survey
4. Asian stocks at the lowest since 2008
5. Carlyle tracks Blackstone as private equity firms race LBO`s
6. Italian debt risk overtakes Spain on austerity concerns
7. Obama said to spend $300 billion for job creation, tax cuts & aid for States
8. King`s ‘most important’ bank data shows Lehman levels
9. Macquarie cuts earnings forecast for units on market turmoil
10. 10.US- 10 year bond 2.04
11. National Australia bank shares rise on plans to sell most UK branches
12. Dodd-Frank
13. SAAB seeks court order protection as cash runs out
14. SA foreign reserves increase 2.7% in August as gold rises
15. Swiss open new round in currency wars ignited with global economic slowdown
16. Berlusconi to call for cabinet approval on austerity plan
17. Bank ROSSI becomes lender of first resort as yields soar- Russian credit
18. US bank loans defy slowdown with biggest loans since 2008
19. Richmont 5 month sales rise 29%
20. BOJ keeps overnight rates at 1% to 0.01% as Yen retreats from record
21. BOFA $15.25 > $6.30 the worst write down of banking stocks in 1 year with a stock loss of $30 billion
22. Euro rescue suits rejected by court
23. Valleres acquires Iraqi oil fields for $2.1 billion in an all share merger with Genel
24. German 10 year bond 1.19%
25. JP Morgan lures foreign bond investors that Brazil turns away
26. Asian stocks at a 3 year low
27. Finland`s Katainen says collateral issue to be solved in days ( Greek loan debt)
28. Paul Robinson, Barclays capital. Norway, Sweden Krone benefited with Suisse action yesterday. Sees the price Gold rising and the ultimate haven. Norway in a good shape, with current account surplus. Exposure to oil, may be a problem , as the Norway Krone a particularly liquid asset.
29. Zimbabwe says Rio complies with law , while Impala does not
30. Portugal sells 850 billion Euros for 105 day bills at 4.59%
31. Turkish clash with Israel warrants a whole new assessment by U.S.
8 September 2011 (Thursday)
1. Deutsche bank 85% of funding plan completed by 31 August. 22 b of 26 B. Expect investment banking division to have 25% annual return
2. SA confidence falls to a 15 month low as recovery stalls
3. BOE maintains bench market interest rate 0,5%
4. Libya’s leaders plan to review $150 billion in international contracts
5. KAZAHK`S DA, has enough liquidity to avoid default
6. So far so god for luxury retailers
7. Bank of England resists calls to rekindle stimulus of the economy
8. Trichet may resist interest rate calls, as debt crisis cuts as money supply dries up
9. Desperate safe havens may drive Krone to a rally – deutsche Bank.
10. Biggest Ruble swings this year boost Fitch rating outlook. Credit markets
11. Hillary Clinton deserves the credit for the positive U.S view on Libya
12. Brian Belski. We are in for a bull run on equities. Openheimer Investment fund Manager
13. Sa manufacturing output drops 6% after strikes
14. Ireland bank bonds screaming BUY as Trichet trumps Noonan
15. Mario Gabelli interview:
16. Hayward Kurdistan deal
17. HSBC to cut 200 consumer staff in 6 countries in the Middle East
18. ECB cuts euro growth targets for 2011/12. Trichet says, ”Downside risks” to Euro have intensified.
12 September 2011 ( Monday)
1. DAX at lowest levels ever. EU banking stocks in free fall.
2. Most AAA European bonds reach record lows
3. French banks exposure to pending Greece default may affect sovereign debt ratings for most EU nations
4. Impala Zimbabwe to sell majority stake by Mid- November
5. Stocks in EURO decline to levels last seen in 2001, with Greek default. Yen strengthens
6. SOCGEN has limited exposure to Spain & Italy
7. Default swaps rise to a two year high
8. Greek default close. Germany readies with a plan B to aid banks and give up on Greece
9. Greek 2 year note exceeds 60% interest
10. Pippa Malmgren (UBS & former adviser to George bush): Germany will quit Euro zone. They will not write out a check for Greece or anyone other than domestic spending ( CEO & Founder Prince Palace (?) asset management)
11. French banks slide with exposure to Greece in the face of downgrades from moody`s
12. China hard landing may be a ‘distant’ scenario as data shows increased demand
13. SOCGEN plans to sell $5.4 billion in assets to beef up capital
14. Banks in UK have to ring fence consumer units with $11 billion Vickers plan
15. Jamie Dimon Interview: Blasts international bank rules. US must leave the Basle Rules and new austerity measures not American. There are better markets for Banks than Europe and the Basle 3 rules are prejudicial. JP Morgan can get cheaper money in the U.S
16. U. S Stock index futures fall amid speculation of Greek default
17. Egypt default risk rises to highest levels since January 2011 riots
18. Sasol profits rise 25% with cost cuts , Dividend yields miss targets
19. Hungary is the riskiest debt in EURO
20. Richard Fisher Fed Dallas chairman: US has severe unemployment problem with an oversupply of housing. Does not approve of current stimulus plans. People aren’t borrowing because the rates are too high.Runs the FOMC and a former Hedge Fund Manager from 1974-1997 and understands market volatility. Money is free, and the gas tank is full. We want people to step on the peddle. We al want the same thing, but I won’t push on a string. We need employment; I don’t accept that inflation is the issue. NB see interview
21. Dragi may fail to provide ECB stimulus while Stark resigns over bonds
22. SA consumer confidence falls to a 2 year low as growth eases
23. Hungary foreign loan repayment scheme may backfire on economy
24. Spanish home transactions decline most in two years
25. Europe on the brink where 13 of 17 nations on the critical list. Bring on the euro Bonds (??) which Chancellor Merkel ( Germany) has flatly resisted
26. Ending AIDs price rag of $6 billion as donors cancel funds
27. Colefax / Charter reach a deal for $2.4 billion in cash for shares
28. Danny Blancheflower; “Tide has come in” on Europe, panic has already set in. It feels very bad and some are saying the reverberations of 2008 are ever present with shades of 1931.
29. Reduced forecasts show that the Fed cant take a break
30. London`s financial job openings drop 20%
31. Israel deficit rises over 2 months as exports weaken
32. Explosion rocks nuclear power plant in France
33. Ergodan`s punishing of Israel may prove that Turkey is the regional power
34. Europe’s banks valued at post Lehman lows shows that sovereign default is looming
35. Europe’s stress is seen French commercial paper rates
36. Marcoule power Plant in the South of France explodes. No radiation detected as yet
37. Hungary vulnerable as the regions highest debt risk
38. Insurance against sovereign bank default rises to the highest levels in Europe
39. Gold glittering less as the US taxes takes its share
40. Greece is the US largest trading partner. Therefore, the impact will be effect in the banking sector
41. Rand weakens to a month low as Greece debt concern drives away appetite for emerging markets
42. Dimon:”International rules anti American”
43. Richard Al Broadus: Fed Res 1975-1995 Richmont. It very important that the market understands the Fed policy. Times are different when I was at the fed. It would better if the fed can avoid another QE. There will be kind of move towards easing by extending bond repayment terms. Fed ‘Twist program” is to supplement monetary easing.
44. Anthony Malkin real estate tycoon: Malkin Securities. Raising new finance. Empires State building, Commercial, retail, domestic. Investors are looking at CMBS for a higher yield.
45. Weschler joins tom Combs as Berkshire Hathaway Investment manager . Weschler paid Warren $2,5 million for lunch auction 2 years in a row. Formerly ,,made a lot of money from his own Hedge Fund , $5m dollars got Ted Weschler employed as Warrens Fund Manager
46. SOCGEN exposure to Greek debt is EU900 million
47. Larry Bossidy former Honeywell CEO & Chairman- current regulations are choking the system
48. Foster rejects SAB ‘inadequate’ offer
49. Broadcom to acquire Netlogix at $50 per share for $3.7 billion
50. Gross raised credit risk while dumping treasuries for the worst trade in a decade.
51. Hungary florint slides for a third day as Hungary OTP bank is suspended
52. ‘The McGraw-Hill’ to split into 2 companies. One to focus on S&P; (financial markets) and the other education
53. Dubai Sukok drops on markets and lower oil prices
54. Wheat rallying as great plans drought overcomes surge in Russian exports
55. ‘DIMON blasts new international bank rules’- See NY times article
56. Citibank lowers Q3 profit for all banks because of what is happening in Europe. There is a move to have the consumer banking business separated from Investment Banking Division and’ ring fenced’.
57. BOFA does not care about being the biggest, but profitable and smaller as investors seek dividends. Shares $7.05
58. Fisher; Investors still turn to the U.S.
59. Obama – Rose Garden speech: $450 billion stimulus package under ‘ TO Create Jobs Act” and help Federal States. Still has to go to Congress which may again have to be cut. Items: 4 sections and states assistance, state & federal employees, construction, social security & healthcare. Congress must pass jobs bill ‘immediately’. Construction –millions can get back to work. Schools need renovating and children cant do there best . Plan to modernize 32 000 schools. Taxes cut for small business. American Jobs Act. A credit of $4000 for every new salaried employee.
60. Brace for a long recovery from credit glut.
61. Fisher- Commitment to low interest rates will inhibit borrowing.
62. UK Banks (consumer) to be ringfenced . The most radical action taken yet.
63. Confidence, Contagion , Capital- the three topics that dominate the markets
13 September 2011
1. 1. 1. More job cuts loom for European banks and those with fixed higher salaries.
2. Mansell: bank cuts are a PR disaster. Release means NEW contracts at a lower wage.
3. Ted Weschler formerly with Peninsula capital advisors , WR Grace-
3. ECB leaders are dithering on debt crisis 4. Merkel said she would act to prevent an ‘uncontrolled Greek default’.
5. Azumi says Europe must decide if it needs Japan`s help
6. Few millionaires’ heed Buffet`s call for higher taxes
7. Russia- sees economy stalling, Ruble falling and oil price at $60
8. Russia- largest Bond sale ever
9. Italy seeks $10 billion in Bond sales as contagion slams demand (Euro Credit).
10. Italy calls on China for assistance as lender of last resort
11. Kenyan rate rises to 31% as Central Bank fights with lenders on credit
12. Kenyan shilling falls to 95.47 as Dollar rises
13. ETO`O embarks on a crazy adventure with billionaire Kerimov`s Caspian team.
14. Bank investors called ‘unrealistic’ as investors warned the Vicker`s Plan returns banking to the 1950`s
15. SA current account deficit little changed at 3,3%
16. **Latin America biggest issuer is to go abroad. Mexico credit**
17. Scottish widows sell Italian bonds on credit concerns
18. Italy feels deepening crisis as china is asked to be lender of last resort
19. U.K inflation accelerates to 4,5%
20. VIX at biggest discount level since 2008 as default risk rises- euro credit
21. Russia-Record Ruble Bond sale reduced as borrowing costs rise
22. China may buy Italian Bonds
23. BNP can no longer borrow Dollars –WSJ
24. Greek 2 year bond 74,5%
25. Euro falls to June 2001 levels against the YEN on Greece concerns
26. RUSAL says its senseless to invest in Guinea Projects, current accords safe
27. Hungary inflation accelerates for the first time in 3 months on base effect.
28. WESTFIELD (largest Mall shopping centre in Europe) opens next to 2012 Olympic Park. ( Do BF Research)
29. Italy seeks $10 billion as bond contagion slams demand. Bond yields fall before sale as demand wanes
30. French inflation climbs to the highest levels in 3 years on energy costs
31. First Rand will pay special dividend on sale of businesses
32. BNP denies WSJ article and says it can borrow DOLLARS
33. Italy sells 5 year bonds at 5.63% versus 4.9% at sale in July
34. ECB said to be purchasing Italian bonds today
35. Rolls Royce says order books full for 2011. All EU markets are bullish particularly Germany. Economy has had no impact on Rolls Royce. Plant extension on the way. Parent Company is BMW. U. S. Isthe biggest market, not necessarily India or china.
36. Dubai shares rise most this month on bets that drop overdone
37. Nigeria may pay the highest auction rate yet since June on costs of credit
38. BNP Paribas default swaps rise 15 BPS to record 320, CMA says. BNP denies WSP report
39. Kenya Central Bank offers to sell DOLLARS; Shilling rises 1,6%
40. Australian seen shipping bumper wheat crop as rains spur harvest
41. French Bank shares fall as BNP denies WSJ article that they can’t get funding in Dollars. GET WSJ ARTICLE. Which referrers to an unnamed source
42. Euro/ Dollar 1.359
43. BNP Paribas (12%) Society Generale ( 8%) Credit Agricole 0,54 % down this AM. The 3 banks down over 50% this year
44. UBS selects stocks to watch over the next 19 months –GET LIST
45. Italy sells $5.3 billion in Bonds as borrowing costs climb
46. Gold’s ‘perfect storm scenario’ continues as haven is seen with demand increase- Morgan Stanley
47. Banks abandon bond auctions as deposits surge
48. Italian debt of $1,9 Trillion , must sell $70 billion to service this year
49. Goldman Q3 estimates slashed by 97%. Below $100 a share as of yesterday
50. Italy to hold talks on strategic investments. China acquisition of some of Italy key state assets. China holds approx. 4% of Italian debt
51. China has both Euro & US dollar reserves amounting to some $3 trillion. It’s in there interests to stabilize partners-Interim measures are not sustainable. The long term solution is for Chinese currency to be convertible , appreciate and become a Reserve Currency-Shen Jianguang- Capital Trading partners
52. Europe stocks extend a 2 year low led by French Banks
53. Deutsche Bourse & NYSE merger will lead to greater stability
54. 10 year bond rates: Greece 25%, Ireland 11 %, portugal10 %, Spain & Italy <6%
55. BOFA to cut 30 000 jobs
56. Israel surrounded as Arab spring darkens
57. European Banks reluctant to lend to another in a two year high
58. Europe is nearing ‘a full banking crisis’ – El Erian (Pimco) – Tom Keene
59. **Greece should default BIG says ‘Man’ who managed Argentinean crisis 2001**
60. Confidence by U.S. small businesses at a 13 month low on outlook
61. BNP , SOCGEN & Credit Lyonnais shares rebound after rebuking US $ funding credit 14 September 2011 ( Wednesday)
1. 1. 1. Deposit flight from European banks means collateral risk piling up at ECB
2. Impala says threat of cancellation of licence no longer applicable
3. S&P; cuts Japan`s growth to zero as Tsunami stalls economic growth
4. Societe Generale & Credit Agricole downgraded- Moody’s
5. Wen: World must get ‘their own houses in order’, don’t expect China to bail you out. Asian markets go into a tail spin
6. Wen says world must cut debt, stem European crisis as pressure grows on China
7. William Rhodes Citigroup: China is very prudent on how they invest & cannot expect china to bail them out
8. Gold equities to push market, and push to records
9. MAERSK lured to $1,2 trillion in trade by 2020 between Africa & Asia- Freight markets
10. BRIC nations to discuss Euro region support 22 September 2011- India Gopolan says
11. Berlusconi $74 billion austerity vote awaits final approval from parliament
12. World oil demand cut by IEA as global economic recovery falters
13. Russia , unexpectedly raises deposit rate, cuts repro rate to gap
14. BNP Paribas borrowing costs rise with exposure on Greece
15. Swiss 1970 inflation
16. Releasing 70 000 psychiatric patients describes NODAS challenge
17. U.S. pessimisms’ surging to 72% with the lack of faith in the economy direction
18. Kenya shilling falls ahead of Central bank MPC meeting
19. Geithner heads back to Europe, at economic meeting in Poland. Urged European policy makers to head decisively as the impact is damaging an already fragile global economy
20. Swedish banks have no financing difficulties, Markets Minister Norman says
21. Nigeria’s annual inflation rate falls to 9.3 %
22. UK Unions threaten a ‘WINTER” of strikes as Cameron
23. REHN SOCIETY GENERALE: The Greek default relies on the patience of the IMF & ECB. Nobody knows how big the economic hole is. Still believes in kicking the can down the road. Time must be given to countries in the spotlight (Spain) and the haircuts can follow.
24. Klaas BAADER: Greece can’t meet debt . Wont default in the near term
25. Obama approval falls to a new low (45%) as Americans lack confidence in Obama Jobs plan
26. Papandreou in talks with Merkel & Sarkozy. Banks exposure to debt and the scope of the impact, as substantial ECB intervention will be required which will effect growth.
27. RAND & SA Bonds weaken with commodity cuts on concern of European economy
28. EU unknowns- The size of the Greek default is factored in , but the size of the contagion is not
29. NBA ‘Players Union’ make little or no progress in negotiations
30. Eskom says 321 renewable companies bid for energy supply
31. Blejer: Greece should default big. A small default is worse than a big default. A default is better than no default. Managed Argentinean Treasury 2001
32. European bond plan by Barrasso would continue European collision with Germany
33. Jeffrey Sonnefeld: Get Book
34. Ghana economy may grow 20 % on oil exports, gold & cocoa- World Bank says. Inflation at 8,4% with key rates to stay the same
35. NASA planning a rocket program to go beyond the moon for $35 billion
36. SOLYNDRA investigation linked to both Obama & GOP. Obama pressurised OMB to support Solyndra with cross guarantees of $500m
37. Joseph Berwind- Alternative Energy Investing NB
38. Oil price hover around $111/ barrel15 September 2011
1. 1. 1. SA futures falling to a 4 year low
2. UBS posts a Q3 loss asa suspicious trade loss of $ 2 billion is investigated
3. UBS $2 billion loss in unauthorized trading by a single trader at Investment bank-shares drop.
4. UBS Gruebel says loss distressing and will do all to investigate. Suspected FX trading losses
5. China willing to buy Bonds from Sovereign debt risk nations-Zhang says
6. Spain plans to sell $4 billion as the ECB credit card runs out
7. Kenya may sell as much as 500 million in Euro bonds this fiscal year
8. REHN: Financial market conditions in Europe have deteriorated sharply.
9. REHN: Euro growth to come to a complete standstill by year end.
10. Spanish borrowing cost 5,19% for $3.95 bond sale
11. Gold backed puts at $10 000 an OZ at fair value
12. SA futures trading fall to a 4 year low with on- screen market
13. Poker players made a Costa Rica a welcome place for refugees to reconnect.
14. ‘Swaptions’ signal Lehman level risk from debt crisis (Europe)
15. Hungary- Franc borrowers stoke pain with higher interest hikes
16. Joe Barroso: Euro bond proposal out soon. The ECB has been working in the same for some time.
17. Republicans get most votes in poll for ineffective governance this year
18. ICELAND won’t ever bring back free floating Krona-minister says
19. POLKOMTEL plans to sell $2.26 billion
20. Sarkozy, Cameron visit Libya as government seeks to consolidate position
21. Germany joins France in support of Greece as Spain sells bonds
22. ARAB Investors may help Greece economy recover as trade ties strengthen
23. U.S. Bank values of home loan equity said to face scrutiny by regulators
24. Europe needs its own TARP as debt crisis worsens- Marathon says
25. David Tepper`s WAMU woes in court.
26. **Bank Failures. 797 saving & loan banks collapsed between 1995-2008.** Total 871 since 2008-2011 with no more than 5% having profitable turnaround. Banks unable to make profits with current regulations. Banks intimidated by the Regulators. The Dodd Frank is going to put the small guy out of business. Bernie Marcus- home depot co Founder
27. Lehman collapse 3 years ago
28. Bruce Ratner Interview– Major property player NY- Financing has been available.
29. Hungary may sell $4 billion of Euro bonds in 2012
30. Gold backed Dollar puts fair value at $10 000/ oz
31. London bank vacancies fall by 18% as only scrap hiring
32. Mortgage default jumps 30%
33. ECB coordinates with fed Reserve for the sale of $ to Euro Banks
34. Record Texas drought has farmers with burning cotton ‘white gold’.
35. European stocks rally as EU leaders support Greece
36. U.K will take ECB to court over restrictions on clearing houses
37. CITIBANK only hiring critical positions amid economic slump
38. Morgan Stanley appoints Gorman to added role of Chairman as Mack to retire16 September 2011 ( Friday)
1. 1. 1. Goldman Sachs closes down Global Alpha Fund as investors withdraw capital
2. Moody`s may downgrade UBS
3. EU leaders divided on Greek collateral
4. Rand plunge sees biggest bond exit since 2008 as rate cut abandoned- R7.39-$1
5. EERSTE BANK ,may need to boost ROMANIA Unit ‘capital’ soon’ on debts
6. Manchester United get approval for a $1 billion share sale in Singapore
7. Research In motion shares tumble as results disappoint investors
8. Volkswagen says it will invest $86 billion in the next 5 years
9. Merkel says Germany has to play a role to ensure the future of the euro
10. Billionaire Cisneros to buy cheap Spanish assets amid debt crisis
11. Bond revival falters as investors shun Euro debt
12. Gold may decline as central bankers make available Dollars in EU
13. Stocks rise in Europe as debt Insurance declines
14. Gold spot $1784 – 1,15Pm
15. De Beers to switch it diamond trading activities from London to Botswana
16. Ministers spar on collateral from Greece while Geithner calls for urgent / decisive action
17. Adoboli said to have discussed losses with UBS executives
18. Niel Dwane ( RCM Chief Investment officer): I`m not seeing a crisis in Europe. Likes the big exporters like BASF, Siemens....
19. Gillard sees no media change in Australia
20. Adoboli retains law firm Kingsley, Napley that advised leeson
21. Gold may decline as Central banks coordinate Dollar financing
22. The hidden meaning behind Buffet`s hiring – comment by Alice Schroeder
23. Geithner says Europe must solve its problems without leaving its fate up to others
24. KKR raises $1 billion for new lending fund ( William Sonneborn CEO )
25. Muddy Waters Research: (Carson Block CEO & founder 35). One of the 50 most influential people in the world. More people have reached out to him with the Sino-Forest Report. Today Asia has changed their opinion of US Investors who were previously thought to be gullible. Doing research and shorting stock. Raised Silvercorp stock as he is legally obliged to disclose interest.
26. Ray Dalio (founder of Bridgewater Associates): There are 2 paths to fix Europe.1.
27. Spanish Regional debt climbs to Q2 record. – Central Bank says18 September 2011 ( Monday)
1. UBS loses $2.3 billion in rogue trading- Gruebel says he will stay. Raises the question of UBS ability to manage risk.
2. Uncertainty, in markets sees a move away from equities into gold
3. European, U.S futures drop with global uncertainty.
4. Greece has 1 week away from default unless there is another bailout. Over 100 000 civil servants retrenched, pensions reduced, and taxes increased on ‘property’, salaries cut. Austerity measures result with an escalation in riots
5. Euro / $ 1.36 ( continues downward)
6. Fund withdrawals at record highs as investors withdraw $75 billion from stocks in 4 months- Bloomberg survey since April which exceeds the same post Lehman collapse 08
7. IMF / EU continue Greek review
8. Iran`s China trade surges amid U.S sanctions
9. Gold gains amid debt speculation
10. Hedge Fund heavyweight Boxer sees Gold gains at $2200- commodities
11. Euro bulls capitulating after Trichet turnaround leaves Redeker to $1.25
12. Spain riskier than Bulgaria, signals AA2 rating is badly wrong- Euro Credit
13. Hedge Funds increase wagers with a bullish oil price
14. Bank Rossi avoids 2008 scenario with increased loans to banks – Russia credit
15. Norway property bubble risk raises need for tougher bank rules
16. Bond dealers add $70 billion in bonds in the fastest expansion since 2007
17. Stocks in SA fall for the first time in 5 days led by BHP Billiton
18. HSBC falls to a 2 year low $62-90, falls 5,16% today
19. ESPRIT plummets by 20 % today as Europe officials fail to halt debt crisis
20. Bernanke joins King tolerating higher inflation as economies fail to revive
21. China coal energy plunges most in 3 years
22. Gold $1818
23. Euro/ $ 1.36
24. Speculators bet against the Euro- exposure to Greece
25. Society Generale, RBS 7 Lloyds –down today+ 5%
26. U.S 2 year note o.17%
27. Italy remains on downgrade watch
28. ”Affluent team’ to probe U.K rich on tax
29. NAKHEEL Bond price falls as trade creditors rush to sell-
30. Rand falls to the weakest in a year against DOLLAR as commodities tumble
31. Russia plans to reinstate a 34% social tax by 2014- Kommersant reports
32. Asia`s worst share slump
33. Bond dealers add $90 billion of treasuries at the fastest pace since 2007
34. M& A activity; Down Europe 26% & U.K 44%
35. LVMH: No slowdown for luxury goods
36. Challenges facing the aviation industry: Interview James Halstead- The first time
37. Stoxx 600 down 34% this year. Deutsche bank cuts forecast by 20%. Currently 225. Only 25 stocks are up today
38. Asia`s worst share slump spoils deficit goals
39. Morgan Stanley say euro could fall to 1.25 to the Dollar by March next year
40. Sovereign default risk surges in Europe today
41. Obama to call for $1,5 trillion in taxes over a decade. Republicans-“ tax on the rich is warfare”
42. US 2 year yield 0.149%
43. Bond dealers add $90 billion of treasuries, the highest since 2007
44. Brian Wesbury: 2 yr yields so low because FED pledged low yields through to June 2013. We are back to 1970`s, u can’t just print money, you have to come up with something new. If printing money created wealth, then counterfeiting should be made legal,. Inflation is picking up. The real mortgage cost is dirt cheap right now. Why would a bank enter into a 3-4% mortgage now over 20 years with inflation?
45. Ex U S Treasury Millstown establishes advisory
46. Chris Krueger MF Global = Tom Keene interview NB :$800 billion of Obama planned tax cuts ( $1,5 trillion over 10 years) don’t comply with the CBO tax line. The Bush tax cuts expire Dec 2012, therefore they cannot be factored in the %1,5 trillion plan. Super Committee has until 23 Nov to find $1,2 trillion. “Its going to be a wild path through to November 2012 “ –Tom Keene
47. Transatlantic rejects Berkshires $3,25 billion offer as time expires
48. TYCO INTERNATIONAL 3 way split creates takeover targets
19 September 2011 ( Tuesday)
1. World`s first Yuan Sukuk sale to withstand market turmoil- Islamic finance
2. Schultz says it’s time to ‘clean house’
3. Italy`s rating cut to an A by S& P as growth falters with rising debt
4. Italy bond yields rising . 2 year4.27%, 10 year 5,67%, 30 year 6,60%. Moody`s has a NEGATIVE outlook for Italy
5. Japanese stocks decline with fears contagion is moving to Italy
6. South Korea WON slides to 2011 low with fears of Europe
7. Brevan Howard Fund said to be returning $2 billion to clients
8. Japan may cushion companies by cushioning the YEN
9. RBA well placed to respond to new global growth risks
10. Credit Default insurance for Thailand 157 (rating BB+ with 3.79% interest- 10 year yield). The current disparity of credit default insurance for France 164 AA+( 2.69 % interest 10 year). Investors prefer Thailand.
11. Bond woes to worsen as austerity smothers outlook for growth
12. Eight offshore banks under investigation by Grand Jury over taxes- says U.S FOLLOW!!
13. Kangaroo bond sales slip to a 16 month low amid turmoil- Australian Credit
14. Deutsche Bank losses share of Korea overseas Bond sale on ban, indictment
15. Vietnam needs to improve on WTO commitments – US Commerce official says
16. Spanish strike may prove of strikes to come in 2012 after election
17. Burberry hits No 2 on twitter. Customer on line watched fashion launch on Facebook live. Phillip green has 1,5 million Facebook clients and is followed on Twitter.( See Planet Retail- Isabel Caval)
18. Debenhams sees profit beating forecasts. In certain HIGH STREET brands , they are doing exceptionally well with Asian customers
19. Richard CORBETT Interview. (European) Presidential council) The Italian downgrade – people should not over react. This is a warning to Italy, but this does not signal a downward spiral for the Euro zone. The size of the Economy & way its structured, there is room for Italy to manoeuvre. We need to implement the significant packages agreed over the summer, which if implemented can turn around the situation. The EURO has to stay together. THE EU has lower levels of debt than the U.S. The fundamentals remain solid.
20. US Airways PUTS the highest since 2007 with grow outlook negative
21. Kenya Shilling at record lows with EU credit crisis
22. SIEMENS is said to have withdrawn funds from Society General in July
23. OPEC $1 trillion cash boon quiets poor on the longest ever $100 oil price streak.
24. ITALY DEBT SWAPS HIT RECORD
25. GERMAN confidence sinks to a 2.5 year low with debt crisis
26. SUSUKI says he want to see an end to the VW Alliance
27. AMERICAN savers squeezed by low rates.
28. Hungary may leave rates unchanged as Franc loan hurts Forint
29. Reaction to Obama tax plan-“why should the top wealthiest pay less tax than the majority of low income earners. It doesn’t make sense?”- Tim Geithner Sec of Treasury
30. Gold increases as European debt crisis stimulates demand
31. EL- Badri says OPEC no longer targets $75 a barrel for oil
32. Israel urges Palestine to abandon their recognition efforts on U.N Membership- in favour of talks
33. Bond woes to worsen as
34. TED TURNER ( Clinton Global Initiative kicks off today ) Interview:
35. Ireland recovers as Greece enters the same debt demise
36. AT& T sued again over T-Mobile takeover by 7 states over antitrust issues
37. Harvey miller Weil Gotshall & Manges) (LEHMAN responsible for bankruptcy)) Interview NB: Countrywide woes. Its easy for BOFA to put Countrywide into bankruptcy. There is no similar precedent where a bank will take a large organization like CW as subsidiary and put it into bankruptcy. There has been a situation where an overseas Bank put its U.S subsidiary into liquidation. Bankruptcy is the last option for financial companies. They do not do well under bankruptcy. Fear is an important thing in the financial community, which can cause a rush on the bank. All the relationships between the Bank & subsidiaries introduces counterparties and sensitive issues.(Harvey miller Weil Gotshall & Manges)
38. Italy CDS hit an inter-day record of 509.5. Berlusconi shrugs off S&P; downgrade as driven by media & political and status not reality. Italy requires $68 billion in bond sales by year end
39. Ron Susskind: New Book (Confidence ?) Get Book. Geithner says he has read book and void of reality that he lives with. Disputes the author Susskind
40. Credit default swaps on German & Italian Bonds hit record amid deficits
41. Russ Koesterich- Black rock Investors MD- The Italain down grade is not relevant, they are not insolvent and status is different to Greece
42. Turner on NEWSCORP TAPPING INVESTIGATION: Murdock must take responsibility and so must the company as they broke the law. We may know soon how serious this is. NOTE. Truner lost 90% of his fortune with the AOL merger. Turner & Murdock are rivals with a bad history
43. Ireland recovers as Greece sinks into debt markets affirming Kenny comeback
44. RON SLOAN- INVESCO SNR. Portfolio in manager- we are close to lows in market’ Volatility in stocks makes us hold stocks for a shorter time. Charter fund made 95% over 5 years.
45. Grindrod $800 million terminal expansion in Mozambique begins 2012. (Follow GRINDROD acquisitions like REMGRO for $245 million. Where is this going with GRINDROD???)
46. SA stocks on the rise led by BHP, GRINDROD, Harmony , SASOL,
47. NETANAYU anti-trust vow sends CELLCOM stock plunging
48. IMF predicts slower U.S growth in the U.S 2011 & 2012 on debt concerns and confidence!!
49. IMF cuts GLOBAL GROWTH outlook on Europe`s debt woes will worsen outlook
50. IMF cuts Russia growth outlook on lower oil
51. IMF reduces Eastern European growth on Europe`s debt woes
52. IMF cuts EURO area growth 2011/12 from 1, 6% to 1,1 %
53. IMF warns of severe repercussions from the European crisis
54. IMF- SUB SAHARAN growth forecast cut on European concerns.
55. Ralph Lauren Corp ($157) & Apple hit new highs. Commentary suggests Apple will go to $500.(See previous notes above where $600 was predicted by Bloomberg analyst.)
56. What to watch; China/ Europe bank trading freeze
57. Interview: Doug Mack CEO & founder –‘One Kings Lane’ raises $40 million for online shopping (Based in San Francisco) They were the first to introduce the ‘flash sale customer’ to the market, and customers stay. With 200 % growth, they find taht although customers are increasing, they find costs going down. It does not cost more to get new customers with good service. Home decor market items that clients will keep that are innovative & new, eclectic, ect. ( NOTE trend on online sales, particularly exclusive brands & quality)
58. Robert Zoelich- World Bank president-The part we have to watch most now is confidence in the developing world.”Ripple’ effects from Europe to other countries. Watch out for all sorts of protectionism, e.g. TRADE, CURRENCY. ( FOLLOW WB latest )
59. YEMEN- death toll climbs since Sunday 60 dead & 600 wounded. The Gov launched a rocket attack & firing on protesters. SEE: “MIDDLE EAST REVIEW March 2011
60. YEMEN- hundreds of thousands protest for President to resign and leave peacefully. Escalation of clashes & violence continue as tribes & protestors feel the process is being deliberately stalled. THE SPRING REVOLUTION continues and so does a high oil price. NB
61. RUSAL Chairman to weigh $18 billion plan to sell back NORLISK stock ( NB. BF- lion ORE Botswan externalized with an in house share transaction worth $7 billion, management is now restructured. It all a predetermined play!! )
62. RAND, SA BONDS gain with higher interest rates
63. FED may extend duration of TREASURIES with OPERATION TWIST
64. ITALY-Berlusconi in court for trial hearing
65. GREEK Finance Ministers Venizelos says EURO membership irreversible
66. OLVIER Blanchard- IMF Research says EU leadership agreed in July on resolutions and they must be implemented and makes a ‘call to arms’.
67. SIEMENS deposits 500 million EUROS with ECB after withdrawing from Societe Generale
68. Blackrock buys junk debt as spreads
69. FRANCE AAA Bonds riskier than THAI or MALASIA debt- CHART of the Day
70. US AIRWAYS PPUTS the highest since 2007 show most pessimism in carriers
71. Spanish teachers strike with salary cuts
72. ITALIAN CD`s trade at record
73. Daniel Blanco- INITEC ENERGIA: solar Energy in Africa–opportunities & challenges. Innovative funding models. One option is for a Mining company to invest in a SOLAR ENERGY for say 25% of its needs and exports finished units, versus importing the product which you ultimately buy back from China.. SA Gov says they have invested in CO-GENERATION AGREEMENTS. The growth in renewable energy depends NOT on what Government funds you can get , because they are depleted around the World. Yet Renewable Energy, is the most urgent need, and therefore local employment of resources is preferable, and the cost modelling needs to be innovative.
74. Bottom Line, Return on PROFIT (% of sales) ,ASSETS, and CASH FLOW. ( Profits reinvested in cash flow)
75. Prof Willy Peterson CNBC Interview: SYGMOID CURVE- The Curse of success Nothing lasts the same under its own momentum. THE ORGANIZATION MUST CHANGE WHILE ITS SUCCESSFUL
76. UBS Executives meet in Singapore as K.... promises to review controls
See ->
[PRIOR RESEARCH FOR IMF WARNINGS TODAY](<brain://local/4xEXcruqoTA6jqWNdKu-7w/xDo2Wi_xXVKyjiOCZnZcIg/PriorResearchForImfWarningsToday>)
[THE WORLD BANK GLOBAL WARNING](<brain://local/4xEXcruqoTA6jqWNdKu-7w/VEA2obT8iVW_nPutoeXDCQ/TheWorldBankGlobalWarning>)
[WORLD BANK CHIEF WARNS OF NEW DANGER ZONE FOR MARKETS](<brain://local/4xEXcruqoTA6jqWNdKu-7w/GVlGcncX21W9xlOgB-U0MQ/WorldBankChiefWarnsOfNewDangerZoneForMarkets>)
20 September 2011
1. Bahrain default swaps climb to a 6 month high before elections- Arab Credit
2. Bullion vaults are running out of space as GOLD accelerates. Banks like Barclays are building additional vaults. Commodities
3. No demand seen at Ruble debt sale as yields hit record levels
4. China faces a surge in ‘Hot Money’ inflows in market turmoil- PBOC data shows
5. The TWIST & SHOUT should be the FEDS remedy to save the economy- chart of the day
6. Singapore holds the biggest stake in UBS
7. Norway make keep rates unchanged to ensure safe haven status continues
8. SA inflation rate continues at 5,3% with no need to change existing rates
9. IPO fees drop to a record low as bankers via for a shrinking market
10. US influence in the Middle East reaches a new low under OBAMA Administration
11. Bernanke battling a housing collapse
12. ABU DHABI Bonds reach a demand high as investors seek safe havens- Arab Finance
13. Egypt boosts T Bill offerings as Bonds cancelled with no demand this week
14. INDITEX- ( ZARA Brand clothing for 30 & 40) another example of apparel profits in up market clothing when others are collapsing
15. SINO-FOREST burns investors from Paulson to retirees
16. LLOYD`s of London pulls deposits from European banks as confidence in the EU withers
17. BNP Paribas South Africa entry plans hampered by European debt woes
18. No demand for RUBLE DEBT, as auction is cancelled
19. Israel may hold Palestinian Tax Income on UN Statehood bid- Steinitz says
20. SAB Miller agrees to acquire Fosters after boosting bid for $10,2 billion
21. BOE policy makers see greater stimulus increasing likely
22. ECB lends 500 million Euros to one bank
23. ABU DAHBI shares decline in the longest slump since 2001 on European debt risk
24. Heineken Rwandan unit show a 60% profit in the first half
25. Jose Barroso pushes for Euro Bonds. France & Germany have shot down the idea. Fiscal consolidation is critical. “We have mechanisms to fix any bank should we have to, but policies cannot move as fast as the market.” Bonds should remain an option in debt battle- Barroso
26. Debt crisis infects companies via surging cost of bank loans
27. Microsoft raises quarterly dividend 25%.
28. SA RAND drops to a 15 month low, Bonds rise on rate reduction
29. Barclays sees EURO trading at 1.25
30. SHEKEL 4,3% tumble seen as sufficient for economy
31. Greek lawmakers urged to make deeper cuts with emergency aid
32. Most emerging market stocks rise on China optimism
33. Stocks in SA rise for a 2nd day led by AngloGold & Gold Fields
34. SEMMENS ‘Operation TWIST may have little effect”. Can’t lower rates anymore. Fed must focus on growth.
35. FINNISH Parliament is likely to pass extended reforms
36. No demand for RUBLE debt, as auction cancelled
37. Republican urges Bernanke to refrain from further stimulus to the economy
38. ANGLO faces hundreds of millions of pounds in court claims- lawyer says
39. 61% of economists believe FED new Policy of “TWIST” is inflationary
40. RUSIA MICEX slides on EURO debt concern
41. Barclays Capital is having to build a new vault as funds are withdrawn from Europe and placed into GOLD
42. Finland lawmakers likely to increase expanded rescue fund
43. SLOVENIAN PRESIDENT urges action as Government ouster president it effects EU LOAN
44. Fiat downgraded by Moody`s on Chrysler considerations
45. Oil slides in NY on speculation demand is going to drop
46. Autonomy bought by HP for $10.3 billion- Ellison ( Oracle) says price absurdly high
47. HP –Ellison enemy
48. Reserves for debt tab $5.7 billion to bolster PESO- Argentinean Credit
49. BHP says global imbalances Europe/ U.S debt creating uncertainty
50. The .US has the World`s greatest gold reserves -8100 tons. The Kentucky vault opened in 1937 , has no visitors, and holds 4500 tons
51. REMGRO to take a 28% stake in GRINDROD
52. Goldman ups APPLE price to $520
53. IMF WARNS TODAY THAT THE INTERNATIONA:L ECONOMIC SYSTEM IS WEAKER TODAY THAN 2008
21 September 2011
1. Qatar reclaims richest nation status with double U.S wealth- Chart of the Day
2. Banks unable to sell Senior Bonds as funding crisis deepens
3. Japanese stocks decline on
4. NZ economy almost stalls in Q2 weakening currency
5. Asian stocks tumble towards lowest in a year on mounting financial system risk
6. Philippines seeking best place for Debt exchange
7. World Bank upgrades economic growth for Middle East on higher oil
8. Sarkozy told Obama that China currency YUAN should be in a special drawing rights basket
9. European crisis wont slow record Chinese IPOs in Germany
10. Tunisia aid is not enough to stimulate economy – Central Bank minister says
11. BANKS DENIED BOND FINANCING
12. MOODYS Downgrades BOFA, Wells Fargo & Citibank
13. RUBLE exodus has Bank ROSSI facing $500 million a day exit
14. Managers prefer GOLD to BONDs in ASIA
15. China manufacturing may shrink for a 3rd month on exports
16. FED warning triggers stock slump. Fed says significant downside to the economy
17. Billionaires pay most for Hong Kong homes as prices rise 10%
18. European stocks & Banks slide as Fed warns that there are ‘significant’ risks to the downside
19. Namibia gets investment grade rating from Moody`s
20. Rand heading for the biggest 5 day fall since 2008 on World economy
21. US again on track for Government shutdown
22. BOFA credit rating drops below CITI
23. Germany questions role as saviour of Greek crisis.
24. Sovereign debt risk levels surge to new highs
25. European stocks plunge 5%+ -a blood bath!
26. Hartford to double equity Hedge Fund
27. Banks unable to sell senior bonds as funds dry up
28. BNP Paribas says they are not necessarily seeking a Middle Eastern Investor
29. FEDEX warns of slower growth. Rival UPS also moving slower. They both carry a lot with the DOW transports which are down 20%BIOTECH post big gains since August ( UP 14% Since August VS S&P; 4%)
30. SUDAN Stock exchange may double by 2012 with new listings
31. Republicans vote against Bill for debt ceiling increase necessary to carry Obama Administration through to November 2011. Markets tumble, with potential for government shutdown by end of September 2011. (Payback for Application against 13 largest banks 3 weeks ago?)
22 September 2011 (IMF )
1. Global stocks drop 20% into BEAR markets. ( Expect a further 30% NB)
2. Default risk soars to highest level as RUBLE tumbles- Russia credit
3. Lea sees Russia`s gas pipeline via NORTH KOREA as a win win for cheaper energy.
4. Italy financial woes likely to continue post Berlusconi Government.
5. EUROPE funding gap may be as much as $4 trillion. CHART OF The DAY
6. Kenya shilling drops for 6 consecutive days to a 17 year low of 95.5 against the DOLLAR
7. IMF, Lagarde says , ‘ that all 197 members MUST stand together, with limited time to mitigate another financial crisis.”
8. CHINA, JAPAN say “EUROPE must fix their own problems- NO BLANK CHEQUE!”
9. G-20 vows to tackle global problems as stocks slide on recession risks
10. GOLD PREMIUM over Platinum with financial crisis
11. FRENCH Bank holdings of Greece debt was $672 billion by the end of March. European banks haunted by debt Exposure may result in a further downgrade of 70%
12. Down in 1 year: BNP PARIBAS (56%), SOCIETE GENERAL (65%), CREDIT AGRICOLE (58%). (NOTE: Expect a further downgrade of 70%)
13. Moody`s has downgraded 8 Greek Banks
14. STOXX 600 heading for the biggest fall since August
15. BOFA case may be followed
16. SNB says Swiss Growth will ‘come to a halt’ in second half, with some negative quarters of growth trend
17. SLOVENIA downgraded by one level by Moody`s, with another possible
18. TURKEY-ISRAEL
19. Texas war against water pitches
20. Copper falls to a 1 year low, followed by nickel & tin with recession threats. The principal gauge of economic growth is the copper price!!
21. European stocks fluctuate near a 2 year low
22. DANSKE says Irish Property market will continue to retreat into 2012
23. MEG WITMAN , new HP CEO, as market share is lost with growing competition. Note, previous chairman criticized by shareholders for purchasing “Autonomy” for $10.2 billion. WITMAN established EBAY to what`s its now and & with Procter & Gamble
24. BOFA case may be followed by more ‘mortgage cases’ by cash strapped counties. NB
25. Resource companies suffering their biggest losses since December 2008 as outlook for recession see stocks falling 25%
26. $10 trillion written off and counting. Back to October 2008
27. European stocks at a 2 year low
28. TWIST proves no QE2 for Corporates as spreads widen
29. Greek banks slashed by 2 notches this week
30. Commodity sell off continues
31. ARAB banks may buy Egyptian bonds to stem highest yields since 2008
32. Harvard Endowment increases 21% on gains from Hedge fund
33. CZECH stocks plunge to the lowest levels in 29 months
34. BIS says the funding gap for banks is $4 trillion
35. Morgan Stanley risks to France is less than $2 billion
36. Franc demand pushes Swiss to the brink of deflation
37. LAGARDE says there is hope for the global economy
38. Default risk goes to the highest levels since 2009 as bonds tumble
39. Euro Dollar 1.35
40. Ship-owner mothballs super tanker without ever delivering one load
41. Buy BOFA and bet against APPLE , ARNNOT says. Chart of the Day
42. Copper is down more than 20% since its April high
43. PIMCO KIESEL favours’ cash over junk bonds with Europe recession on the cards
44. Goldman Sachs O’Neil says Global system risks a repeat of 2008
45. TERRENCE KEELEY- BLACKROCK CEO
46. $3,4 trillion wiped out this week & $10 trillion from May. A total of $37 Trillion since October 2008
47. Greece on the verge of the largest default in history, 24 centuries, since the first city default.
48. BOFA filing case
49. EFSF $1 trillion (?) after ECB first line of defence ?
50. Russian stocks head for the worst week since 2008 on oil
51. U.S.Senate has votes to defeat House spending plan; Vote continues
52. Autonomy CEO Mike Lynch to stay on for 2 years, HP says review in place
53. LME receives several expressions of interest. Record trading today 102 000+ volatility on sell off amid concerns of growth speculation
54. HP down 45% this year from $49 to $21
55. News Hacking victims intend to file suit against directors
56. ZLOTY currency rises as Polish Central Bank said it sold currencies
26 September 2011 (Monday)
1. World finance chiefs running out of patience as PIMCO sees recession in Europe
2. Euro slides to the lowest since 2001 (1.34 to $)
3. ASIAN stocks drop to a 16 month low amid Europe debt concerns sparks growth concerns
4. THAI stocks tumble most since 2008
5. JAPANESE stocks drop a 2 year low
6. Bank of Israel Fischer will keep lending rate at 3,25%
7. Merkel says a ‘barrier’ is needed to stave off GREEK default
8. GULF bonds beat emerging market debt
9. SA Rand strengthens with bids at 8.17
10. Mortgage bonds show FED has limits to “TWIST”
11. Luxury homes in London increase as investors seek less riskier assets
12. Commodities drop to a 10 month low as silver plummets on debt, growth risk
13. Gold had the worst slump last week since 1983 and down 4% today to $1578
14. UBS in disarray as Gruebel resigns. ERMOTTI named interim CEO
15. Shells ARROW UNIT wins SWING ENERGY after sweetening deal to $524 million
16. ECB`s NOWOTNY says measurers too late, too little
17. Tumbling markets make quarterly sales harder for Italy, Spain amid debt crisis
18. SA stocks drop for a fourth day led by Anglo, BHP Billiton
19. Hungary September economic sentiment index drops to a 19 month low on outlook
20. ASIA Central Banks say increased rates off the table as EURO crisis deepens
21. Phone, WEB clampdowns in crisis intolerable
22. EURO falls to a decade low against YEN amid debt concern; KIWI drops
23. TOTAL says KENYA deal part of a bold plan for oil discovery in Africa
24. OIL drops for a fourth days amid speculation Europe to cut demand
25. AngloGold Ashanti says production could rise to 7,16 million ounces’ by 2020
26. IFO September German business confidence index falls to 107.5
27. $3.5 trillion was wiped off world markets last week
28. Geithner warns: Cascading default, bank runs & catastrophic risk
29. Option show RUBLE will go through the biggest devaluation in 2 decades. India Credit
30. MERKEL wants an expanded EFSF Fund to create a firewall around Greece to avoid contagion
31. HEDGE FUNDS increase bearish bets against GAS
32. Chinese billionaire HUANG plans NORDIC expansion after Finland development.
33. German 1-0 year bond 1,7%
34. IFO`s SINN says no recession for Germany & 57% probability for U.S
35. Bernanke operation ‘Twist’ may be undermined by Geithner`s long term bond sales
36. DUBAI stocks head for a 6 month low on Europe Debt concerns
37. Record cash crunch forecast
38. PUTIN may wean Russia off oil dependence or risk Brezhnev era stagnation
39. Rand heads for the worst quarter in a decade as commodities tumble
40. SOLYNDRA meltdown may ‘sting’ Goldman Sachs. Comment by William D Cohan
41. Kenya`s Shilling falls to a record low against DOLLAR 100.10
42. MIDDLE EAST process no closer as Netanyahu, ABBAS emerge unscathed from the U.N
43. KEVIN GARDINER (Barclays Global Wealth Management & Investment Strategist)): EURO area will muddle through. It will take years & months .policy makers unable to meet market time frames. Look for long term value . Be very careful about emerging market investments, currencies, & Bonds. Favoured safe haven is cash with a long term view on stocks. Energy & Technology favoured segments.
44. South Sudan government will build Hydro Power Dam in the NW of the country
45. PESO bonds slump in split from Treasuries
46. GEITHNER urges Europe to act or face catastrophic consequences, bank runs and withdrawals
47. King Abdullah gives women the vote in Saudi Arabia for the first time
48. President Putin seeks return as oil dependence sinks bonds- Russia credit
49. Larry Summers say ‘this is the most threatening time he has ever seen’.
50. Obama seeking richer tax targets , targets investments
51. ZLOTY goes to worst from first as growth seen eluding TUSK after election
52. Putin to run for President in 2012. Finance Minister Kudrin would quit over Putin plan.G-20 promises coordinated action by 3 Nov 2011
53. Karl Weinberg (High Frequency Economics)-European leaders don’t ‘get’ urgency of debt crisis. Greece may run out of funds in a few weeks. If Greece does default, what is the ‘Technical fallout? Then there is the political fallout.
54. Apple cuts I-Pad supply chain orders by a record 25% ( 4 million units)- JP Morgan
55. S&P; 500 down 9,5% YTD
56. Larry Lindsay- Lindsay Group CEO- Clearing up the European crisis is far more complicated. The individual countries are backed by ECB , which in turn is backed by the EFSF where the funds are insufficient. To sell EURO bonds to the ASIANS ir CHINA the EFSF has no additional guarantee but from the ECB. So who underwrites who? Clearly the debt is too high for the funds available. ( Follow Larry Lindsay)
57. ECB said to consider covered bonds
58. HOWARD WARD- GAMCO Portfolio Manager of $35 billion in equities. SAYS THIS IS THE TIME TO BUY. NB
59. DUBAI`s residential properties may bottom out soon
60. Dead Sea scrolls go online to help scholars
61. ECB said to consider covered bond purchases to inject liquidity into the market
62. Ralph Schlosstein Evercore Partners-CEO- Europe needs a shock & awe solution that is large enough, and they will end using less and saving more. This versus an extended solution , which will end up costing more with less. The same applies to the U.S
63. Thomas Brown-Big banks cant figure out New Basle liquidity standards. Large banks are down twice as much as market since August 2011.
64. VTB: EU recue fund 2-3 trillion Euros
65. Buffets Berkshire, to spend $40 billion on share buy backs from cash hoard
66. US Treasury 30 Year Bond 2.93%
67. Gloomy sentiment dominates IMF Summit: Fundamentals poor in Europe & US. Putting a sufficient firewall in place that is so big, that the market must see a war chest, even if it is not used. The sum of 2-3 trillion has been bandied around, but outside of Greece, the ‘wall’ must be strong enough to cover all EU countries-Gerard Lyons ( standard Chartered)
68. ECB considers “covered bond” purchases to introduce liquidity in the markets
69. U.K Osborne will proceed with extended tax cuts for TECK start-ups in U.K
70. IMF rejects Ukraine’s efforts to raise energy prices
71. U.S New home sales decline as prices at a 6 month low fail to lure investors
72. Traders focus on European TARP. Recapitalization of the banks vs a bailout
73. A day of extreme volatility: The low to the high today in Europe is 6% . UBS & other Bank stocks 15%. The markets continued in a downward spiral AM and suddenly turned around in hours
74. Trader pay may face restrictions on Volcker- Dodd bill
75. Czeck shares rise the most in the World with Mobius comments on Eerste
76. NEWSCORP faces another round of accusations from 2008
77. Jacob Schmidt- SFP International: (Schmidt Research Partners). See 2 Euros- A northern & Southern Euro
78. MEVEDEV signs KUDRINS resignation , President spokeswoman says
79. FTSE 100 set for the biggest rally since the Dot Com bubble- Technical Analysis
80. The mood is set for an orderly BIG default ( Greece). The market wants clarity, with the write off and the 2-3 trillion re capitalization of banks & firewall created optimism today.
27 September 2011 (Tuesday)
1. KUDRIN may become Russian central bank Chairman-VTB`S Chief KOSTIN says
2. KUDRIN exit exuberates slump in Bonds. Kudrin refuses to comply with Medvedev fiscal policies, will become PUTIN CENTRAL Banker
3. MEDVEDEV fires KUDRIN for insubordination. Kudrin has been indispensable in getting Russia out of the ‘ashes’ from the 1990`s
4. Shearing; Russia is vulnerable to oil prices & needs economic reform
5. SUKUK sales decline 55% as yields rise to a 6 month high
6. Kenyan Shilling, the world’s worst performing currency sinks to a record low
7. China developers face severe credit outlook
8. U.S senate approves budget to avoid Government shutdown
9. Sweet spot for JP Morgan found in high rated junk bonds
10. European stocks advance for a third day amid efforts to stem debt crisis
11. Novartis SEEBRI improves lung function for smokers with a cough
12. Rand leads world currency gains to the Dollar as commodities rise
13. Equities climb for he first day in 5 lead by BHP Billiton
14. China banks shunned by investors anticipating 2003 slump
15. Fukushima desolation worse since Nagasaki as population flees from fallout
16. Geithner tells Europe “ to get on with it” after global chiding of crisis
17. World’s worst property bonds plunge most since 2008- China Credit
18. UBS will shrink investment banking unit. Ermotti ( CEO) will have a tough task to stay brain-drain
19. UBS bankers facing dwindling options as investment banking unit set to shrink
20. SA cancels CENTRAL RAND GOLD MINING RIGHT; Operations suspended
21. Berkshire trades below 1.1 x hence buy back buy Buffet
22. ITALY 5,56% 10 year bond ; SPAIN 5,09%; GREEK 23,76%
23. Egyptian pipeline carrying gas to Israel; Jordan explosion
24. Bill Blain NEWAGE GROUP says that the proposed EFSF Fund may appear large enough to mitigate all, but could easily be snapped up by speculators. NB
25. ASIAN stocks rebound led by Banks as European solution seems forthcoming
26. Blackstone takes top spot among private equity busiest deal making firms
27. Danish Krone showing investors low debt prize
28. Christian Schultz Berenberg Bank ( Former economist ECB)- Debt crisis to peak in 3-4 months. ECB is trying to appear hard on one side , but deal with the problem on the other. Do not expect rates to be cut, but rather rates on bonds. 40% chance of U.S recession, but has lessened
29. GOLD $1660. (fell $130 on Monday). Expect higher highs & higher lows , but a major correction is in place ($1300 ?)
30. Walter De Wet Standard Bank- Crude oil will struggle.
31. Montenegrin Finance Minister sees tourism fuelling growth in the years to come
32. France`s pre Louis X1V Government system caps debt cost
33. Spain sells 3,22 billion Euros of Bills against 3, 5 billion euro maximum target
34. California gets $135million road aid plan from Obama
28 September 2011 (Wednesday)
1. Papandreou wins austerity vote on Greek property tax necessary to receive the next tranche of bailout funds
2. Deflation worries stalk policy makers of ECB going forward
3. Barclays makes MELLANOX “top pick” for cloud computing- Israel overnight
4. Finland votes on EFSF
5. New Zealand may have to withdraw from future world cups over money
6. Emerging nation bond rout has been reduced by 72% since June- Credit Markets
7. Worst quarter since 2008 as Queensland leads sales surge-Australia credit
8. Corporate bond risk in Europe show in credit default swaps
9. Europe leveraging Libyan assets to raise/ create $1 trillion- CAGLAYAN says
10. Norilsk Nickel to accept bids for $4,5 billion share buyback beginning tomorrow
11. German Government split over Greece
12. Basel regulators said to raise capital surcharge for banks
13. Stocks in Europe slide as MAN tumbles; U.S index futures fluctuate
14. ESPRIT 68% sale makes for the cheapest apparel in the world: LBO, M&A;
15. European recession may have a limited impact on Lebanon, SALAMEH says
16. Gold climbs for a second day as investors seek a safe haven for assets
17. Euro crisis makes FED the only lender of last resort as banks chase DOLLAR funding
18. Corporate yield gap jumps the most
19. Deflation worries stalk ECB policy outlook. EURO CREDIT
20. Debt sale scraped as yields rise with KUDRIN departs
21. Euro/ Dollar 1:36
22. Credit default swaps increase in Europe
23. Bahrain gets positive feedback on $1 billion bond sale- Maraj says
24. SA retail sales increased 8,5% in July
25. MEDVEDEV talks tough on military spending to sideline rivals for Premier
26. Road map to be repackaged with Greece default
27. VIX traders see orders evaporating 50%
28. MELROSE International rises 8% after withdrawing Charter offer
29. Israeli investors bet on more rate cuts
30. CENTRAL RAND GOLD falls to the lowest in 4 years after losing mineral rights
31. Russia spending $574 million in Port terminals to regain wheat export rank. FREIGHT
32. Mortgage survivors get bargain homes as Bernanke
33. PORTS expand under pressure to make room for super tankers extending global trade routes. That means extra costs for importers & exporters. ( Invest in the freight business)
34. TOYOTA output rises the first time since March Tsunami
35. U.S stocks beat Europe most in a decade
36. European stocks resume decline
37. KENYA may invoke monetary policy law on Central Bank- DAMINA says
38. Asian market volatility continues on ASIA banking crisis ( Banks drop 5% on average)
39. FINLAND votes on rescue fund expansion
40. GREEK police join protesters on property tax austerity measures
41. German Finance Minister Schaeuble & Merkel clash on Greece. Boosting fund may hit ratings. Germany gears up to vote for rescue fund
42. Russian Finance Minister SILUANOV sees picking up where Kudrin left. Goal to pass Russian budget.!
43. ASIA stocks swing between gains & losses on economic outlook
44. American FUNDS’ flagship loses top rank as investors
45. BARROSO urges faster start up of $678 billion (euro) bailout fund
46. CHINA sovereign bond risk jumps to the highest since March 2009
47. Russia expands PORTS to become the 2nd biggest exporter of wheat
48. EUROPE interbank lending has virtually stopped. –See FLOWERS INTERVIEW BLOOMBERG
49. STEPHEN PATTISON (International Chamber of Commerce: PROTECTIONISM FEAR ‘HUGE’. Sees signs of subtle protectionism continuing which is not good for U>K exports
50. NORTH KOREA smuggling weapons components, exporting arms abroad – COHEN says
51. ISRAEL-Stanley Fischer (Central bank Governor)- Political isolation is the worry versus Economic. Loss of TURKEY trade (3%) is of concern as are bi-lateral relations. The high cost of living, food, housing and other that are non-economic are of concern as 300 000 protesters go to the streets
52. Garry Parry- LAZARD- Euro banks need a cash injection and current status of grave concern
53. MAN slumps most since 2008 on market concern
54. KKR said to be considering making an offer for AXA`s private equity unit
55. PERSIAN GULF BONDS reach record 2008 lows
56. ALIBABA said to be laying $200 million IPO of website building
57. STERN: ISSING says Greek exit from EURO inevitable
58. Transaction tax may hurt Europe
59. Government, Company Bond risk on the rise based on growth & energy
60. Dow Jones. Triple digit swings over the past month
61. MARCUS says Global economy is at the same place to a LEHMAN type crisis
62. MERKEL signals German backing for Greece
63. FLOEWERS (Manages $250 billion) says the Greece issue is history.
64. Bulgarian solar parks open this year
65. MAN GROUP- $6 billion wiped off since June
66. Investing in turmoil Andrew Milligan Head of global strategy Standard life investments- Default most likely scenario.
67. TODD MARTIN – Societe Generale- a big battle in the next few weeks and its going to get ugly! “The banks can’t take any more losses”!!
68. DUBAI shares head for a 7 month low on Europe debt woes led by EMAAR
69. Interview: Michael Purvis CGC Derivatives- ‘keeping safe in volatile times:’ multiyear volatility is common after a recession. You have to be a very disciplined trader and choose carefully. You can`t simply hold on.
70. European markets snap 3 day rally and freefall
71. Barroso- Euro bond will require a treaty change
72. MAN GROP PLC- down 19% ( $7 billion) as investors withdraw funds
73. RAND snaps 3 day rally on EURO woes, global growth concerns
74. SLOVENIA has ‘done its job’ on EURO rescue facility- Minister says
75. Dow up 300 points am and closed below by 100 points. The market is experienced extreme volatility with swings n division of bailout fund required in Europe.
76. Morgan Stanley says sells the EURO from here and can go to 1;25
77. Flowers- get ready for the worst
78. Current Market- The Cliffs of Insanity- Triple digit swings over 20 days. Not typical of a bull market.
79. LME takeover bids means the most at stake for Goldman
80. SAB Miller a good rand hedge. Closed at R270 and Australian competition tribunal approved Fosters bid.NB
81. BIDVEST R147 , NASPERS R364
82. Martin Armstrong (fans ; Jim Rogers). Predicted Russian & Euro collapse. Government says he ran the biggest ponzi scheme and is a fraudster. Was released from jail in April However, his website has over 200 000 view per month (Check it out?)
83. Basel regulators to implement capital surcharge for big banks
84. IMF asks CONGO for an explanation for sale of STATE ASSETS NB
85. DOMINIC KONSTAN (Deutsche bank)- TWIST is about not expanding balance sheet. The safest place is going in the 10 year curve. The foreign exchange betw Euro & $ is an ugly contest. We need a strong monetary policy. The talk of leveraging EFSF to $2-3 trillion is not realizable in the short term. If they can do it, it will take a long time for the Germany to vote in favour. QE2 , when they expanded the balance sheet , kept the money supply stable. Nothing responded positively to expanding the FEDs balance sheet. One way is to ram the interest rate to such a low point, so that you can get credit creation going again.
86. Christopher Flowers- Get ready for the worst. The most dangerous time for a sovereign debt crisis- a cute appreciation. If something goes wrong in Europe, it’s going to be a big mess. A banking system in Europe is a combination of sovereign states, which is different to the U>S. The loan to deposit ratio is above 100% in Europe where as US, UK & Japan below 100. IF Spain & Italy don’t default- that`s success!
87. EU proposes a $78 billion a year transaction tax beginning 2014
88. Finland approves increased rescue fund
29 September 2011(Thursday)
1. Billionaire PONTANIN may tighten grip on Norlisk after $4,5 billion share buy back
2. Hong Kong closed due to typhoon
3. SA risks deficit goal with health insurance to 42 million people
4. AUSIE banks become a favourite with default swaps
5. Buffets “Put” gives a hint at whats to come
6. Spain leaving Italy behind in crisis as yields drop
7. NOKIA to cut 3500 jobs
8. Standard Bank may consider buying Guaranty Trust , Nigeria
9. IPOS shelved at record pace globally as pipeline balloons
10. Italy sells 2014 bonds, yield 4,68% vs. 3.87%.
11. Italy Sells EU 7, 9 billion in bonds as borrowing costs rise in auction
12. China economic growth slowing to 5% by 2016-investors poll
13. Egypt debt sales reach record high in 3 years with record sales
14. Zambia Central Bank Governor Caleb Fudanga has been removed from his post
15. Romania to leave rates unchanged with threats to economy
16. Emerging market hedging jumps amid Euro debt concerns
17. Germany votes on new powers for EFSF
18. Rand weakens, set for the worst quarter in 3 years
19. Bloomberg poll; 88% say the EU is deteriorating, and 53% say the EU is the least attractive investment destination; U.S 24%. EU crisis to lead to a meltdown
20. Swiss Franc ceiling is very credible
21. CITI CEO Pandit: euro not the cause of the crisis and they will get through this period
22. HP calls Goldman Sachs for help
23. LME says ‘ letters of expression exceeds 10’ as trading expands to record
24. Ethiopia sells bonds to finance Africa`s biggest power plant
25. Rare earth prices decline as GE & TOYOTA find alternatives
26. GAO XIGING President China Investment Bank ( $400 B) investment holdings in Goldman Sachs & Blackstone ( Interview Charlie rose) NB
27. One in five modified homeowner loans defaults again- Comptroller says
28. Mortgage home rates fall to the lowest in 30 years to 4, 1% (US)
29. Basle 3 to hurt European corporate borrowers more than the US