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 楼主| 发表于 2010-7-12 02:28 PM | 显示全部楼层


7/12/2010
[Bernanke wants more]

http://money.cnn.com/2010/07/12/ ... it_crunch/index.htm

In the last two years, $40 billion worth of loans to small businesses have evaporated, and correcting the problem should be "front and center among our current policy challenges," Ben Bernanke, chairman of the Federal Reserve, said in a speech Monday.

Loans to small businesses dropped from more than $710 billion in the second quarter of 2008 to less than $670 billion in the first quarter of 2010, according to bank financial reports submitted to the Federal Financial Institutions Examination Council.

Throughout the dozens of forums, a couple issues came up repeatedly. In particular, banks noted they are stuck between a rock and a hard place. On the one hand, banks are being told to increase their small businesses lending, while on the other hand bank regulators are telling banks to tighten lending standards.

"We take this issue very seriously," said Bernanke. "Our message is clear: Consistent with maintaining appropriately prudent standards, lenders should do all they can to meet the needs of creditworthy borrowers. Doing so is good for the borrower, good for the lender, and good for our economy."
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发表于 2010-7-12 12:32 AM | 显示全部楼层
本帖最后由 lite1067 于 2010-7-12 00:38 编辑

tnnd,刚刚发现这个ghost贴的秘密。怪不得只有楼主一个人在发帖
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 楼主| 发表于 2010-7-11 11:05 PM | 显示全部楼层
7/11 - 7/12 Midnight
[Stress test revives confidence]

http://noir.bloomberg.com/apps/n ... Hw2R_KWIs&pos=4

Bond investors are gaining confidence in the ability of banks to ride out Europe’s government deficit crisis, driving the cost of insuring financial debt from default to an eight-week low.

The Markit iTraxx Financial Index of credit-default swaps on 25 banks and insurers from Banco Santander SA in Spain to Germany’s Deutsche Bank AG dropped more than 25 basis points last week, the biggest decline in two months.

Investors are buying bank bonds at the fastest pace in six months on speculation the examination by the Committee of European Banking Supervisors will confirm lenders can withstand a shrinking economy and a drop in value of government bonds. Europe’s budget deficit crisis triggered concern banks would suffer crippling losses from sovereign debt holdings.

“There was a fear the financial system would collapse,” said Philip Gisdakis, a Munich-based strategist at UniCredit SpA. “There’s a high probability the stress tests will show the core of the financial system is healthy and sound in the sense it can weather the storm.”
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 楼主| 发表于 2010-7-10 03:03 PM | 显示全部楼层
本帖最后由 Diffusion 于 2010-7-10 17:36 编辑

7/10/2010
[Profit recovery will add more jobs]

http://online.barrons.com/articl ... s_panel_article%3D1 (May require subscription)

Paulsen's bet is that the former scenario will play out. "We've had greater economic growth and created jobs faster than in the two previous recoveries," says Paulsen. "The stuff that makes jobs is there: a profit recovery."

Company profits per private job have risen by 35% to 40% in the past year. That's the biggest increase in the past 60 years, notes Paulsen. When the value of labor is increasing so sharply, CEOs will decide to add to their payrolls as their desire to boost profits overcomes fears about the future.

[Luxury housing market revives]
http://online.barrons.com/articl ... 51041139524852.html (May require subscription)

THE FOG IS LIFTING OVER THE luxury real-estate market on Nantucket just as the high season begins. Island insiders say that one beach-front property went to contract last week for about $28 million, a Nantucket record.

The market has "gone bonkers," says Brian Sullivan of Maury People Sotheby's, especially in the $15 million-plus category. In fact, Nantucket's first-half sales volume more than doubled from a year earlier, to $246 million.

It's a welcome change for this storied haven off the coast of Massachusetts. America's housing crash hit Nantucket hard, and prices are still off 25% from their peak, says David Callahan, president of the Cape Cod and Islands Association of Realtors. Nantucket has seen some 20 foreclosure sales just this year.
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 楼主| 发表于 2010-7-9 09:16 AM | 显示全部楼层
7/9/2010
[Bearishness at highest since March, 2009]

http://www.bespokeinvest.com/thi ... evel-since-mar.html

Earlier in the week we noted that advisor sentiment was the most negative it has been in nearly a year.  Yesterday, we saw that individual investors are even more bearish.  According to the weekly survey by the American Association of Individual Investors (AAII), bearish sentiment has risen to 57.07%. This is the highest level since March 2009, surpassing the peaks of last November and July.
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 楼主| 发表于 2010-7-8 02:14 PM | 显示全部楼层
7/8/2010
[What happened to the PPIP]

http://money.cnn.com/2010/07/08/ ... ic_assets/index.htm

The Treasury Department's Public-Private Investment Program, or PPIP, for example, promised to buy as many as $1 trillion worth of troubled securities when it was first unveiled in March of 2009.

As of late June however, the program has purchased just a fraction of that amount, roughly $12 billion in assets. It hasn't helped either that the Federal Deposit Insurance Corporation was forced to shelve the legacy loans portion of the program last June.
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 楼主| 发表于 2010-7-7 01:57 PM | 显示全部楼层
7/7/2010
[Even Sam's Club looks to lend to small business]

http://money.cnn.com/2010/07/07/smallbusiness/sams_club/index.htm

Sam's Club, the members-only wholesaler owned by Wal-Mart, is testing out an online program to offer discounted loans to its small business customers.

The program is essentially a white-label arrangement with Superior Financial Group, the nation's most active Small Business Administration lender. Superior Financial, based in Walnut Creek, Calif., specializes in loans of $5,000 and $25,000, often made through the SBA's "express" program for smaller loans.

By applying for the loan through Sam's Club as a member, small businesses will get $100 off Superior Financial's loan packaging fee (typically $350 to $450, after the discount) and 0.25% off the market interest rate. Sam's Club gets a $50 referral fee for each loan funded.

The new Sam Club's venture launches amid a bleak credit landscape for small companies. Banks have slashed their lending portfolios and credit lines, leaving many companies scrambling to find the capital they need to operate. "Unable to find credit, many small businesses have had to shut their doors, and some of the survivors are still struggling to find adequate financing," a recent government study concluded.

That's one motive for Sam's Club to wade into the lending market: If customers are strapped for cash, they don't shop.

Small businesses "are a big portion of our business, so if we can help small business, that helps us," said Hiren Patel, director of financial services at Sam's Club.

Rival wholesaler Costco has tried three times to pair up with small business lenders. "The results have been underwhelming in each iteration," said Joel Benoliel, senior vice president at Costco (COST, Fortune 500). Costco linked up with Key Bank in 2000, American Express in 2003 and Capital One 2007.
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 楼主| 发表于 2010-7-7 01:23 AM | 显示全部楼层
本帖最后由 Diffusion 于 2010-7-7 05:59 编辑

7/6 - 7/7 Midnight
[Banks put money to work]

http://noir.bloomberg.com/apps/n ... HqxkvgZ5c&pos=2

The world’s biggest banks are offering loans to help them win places on companies’ bond deals as a 39 percent drop in sales this year, the most since at least 1998, shrinks fees.

Citigroup Inc. offered a loan with Credit Suisse Group AG and 12 other lenders to join a bond sale by Virgin Media Inc., the U.K.’s second-largest pay-television company, said Treasurer Richard Martin. Citigroup also gave Spanish builder Obrascon Huarte Lain SA 50 million euros ($63 million) of loans to join a 700 million-euro bond issue, said four people familiar with the matter, who declined to be identified as the talks were private.

Borrowers are obtaining credit from banks competing for a pool of bond deals that dropped to $1.18 trillion in the first half from $1.92 trillion a year earlier as Europe’s sovereign debt crisis pared sales, according to data compiled by Bloomberg. The number of banks on each high-yield deal has almost tripled since 2000, cutting fees by an average of 57 percent per firm.

“We’ve been very clear with our banking business partners that we’ll take care of those who are good to us,” said Martin of London-based Virgin, which enlisted a record 14 banks to sell debt in January. “If you want to be in the bond, we need you to give us your balance sheet as well.”

Martin included Credit Suisse, Citigroup, Barclays Capital and HSBC Holdings Plc in Virgin Media’s bond offering, along with 10 other managers, after they agreed to join a 1.925 billion-pound ($2.9 billion) credit facility. The four banks, whose spokesmen declined to comment, ultimately weren’t needed on the loan.

[Merkel's $103B budget cut]
http://noir.bloomberg.com/apps/n ... ocPGrHC8g&pos=9

German Chancellor Angela Merkel’s Cabinet approved a four-year package of budget cuts, stepping up pressure on fellow European governments to reduce debt that risks tearing apart the euro area.

Merkel met with ministers in Berlin today to discuss spending cuts and revenue-raising measures worth 81.6 billion euros ($103 billion) from 2011 through 2014. Snubbing President Barack Obama’s calls to focus on economic growth, Merkel says the cuts, equivalent to about 2.7 percent of gross domestic product last year in Europe’s biggest economy, aren’t deep enough to threaten the recovery.

“Germany feels the responsibility to signal that it will continue to push strongly for fiscal discipline within the euro area,” Marco Annunziata, chief European economist at UniCredit Group in London, said in a telephone interview. “The only way to do it is to exercise leadership.”

European countries including Italy, Spain and Portugal are slashing budget deficits to thwart a sovereign-debt crisis spreading from Greece that weakened the euro, raised borrowing costs for the most indebted nations and prompted European Union governments to craft a 750 billion-euro aid package in May. The U.K., which is outside the euro area, last month announced tax raises and the biggest public spending cuts since World War II.

Germany’s plan includes a financial-transaction tax on banks of about 2 billion euros per year and a 2.3 billion-euro annual levy on nuclear-power plants as part of what Merkel calls an “unprecedented” round of budget cuts. The package also calls for welfare reductions, cuts in defense spending and a delay in the rebuilding of Berlin’s royal palace.
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 楼主| 发表于 2010-7-6 02:06 PM | 显示全部楼层
7/6/2010
[U.S. sues Arizona on immigration]

http://noir.bloomberg.com/apps/n ... nX03Dc_iE&pos=9

The U.S. government sued the state of Arizona, challenging the constitutionality of an immigration law set to take effect on July 29.

The lawsuit, filed today in federal court in Phoenix, claims the law encroaches on the federal government’s responsibilities. The Justice Department is seeking an injunction to block Arizona from enforcing the law.

“A state may not establish its own immigration policy or enforce state laws in a manner that interferes with the federal immigration laws,” the U.S. wrote in the complaint.

The law makes it a state crime to be in the U.S. illegally. It requires local police officers, after having a law enforcement reason to stop someone, to determine their immigration status if they suspect the person lacks proper documentation.

Today’s lawsuit follows several other challenges, including ones by the American Civil Liberties Union and by an Arizona police officer who doesn’t want to enforce the statute.

A legal challenge steps up the battle between the Obama administration and Arizona officials. U.S. Secretary of State Hillary Clinton earlier said the administration planned to challenge the law.

Paul Senseman, a spokesman for Arizona Governor Jan Brewer, didn’t have an immediate comment on the lawsuit.
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 楼主| 发表于 2010-7-3 02:49 PM | 显示全部楼层
7/3/2010
[Don't expect much from ER season]

http://online.barrons.com/articl ... 35130623293088.html (May require subscription)

As noted, some legitimate concerns afflict the group. For starters, the overall stock market has been under intense selling pressure from revived concern about the economic recovery's health. Tech stocks, in general, tend to have high exposure to the euro, and that currency's rapid deterioration against the dollar is pressuring reported earnings; the effect showed up in the recent results from Oracle and Accenture, and it will be a common theme in the next earnings season, which is fast approaching.

Meanwhile, there are signs of softness in consumer demand. In mid-June, Best Buy (BBY) reported weaker-than-expected results for its fiscal first quarter ended May 29. As I noted last week, Research In Motion (RIMM) had disappointing May-quarter results, and Dell posted uninspiring margins for its fiscal first quarter, ended in April. Auto makers last week reported June sales that fell short of Street expectations, and the Conference Board noted a big drop in consumer confidence in June.

To make matters worse, DRAM maker Micron Technology (MU) last week offered August-quarter guidance that disappointed the Street. And there has been a flurry of estimate cuts for the disk-drive companies, where demand seems to have at least temporarily softened, resulting in a round of price reductions. Add in growing concern that netbook sales could be hurt by the crazed demand for the Apple (AAPL) iPad tablet, and you have had a perfect storm of bad news for PC stocks, which acted accordingly.

[Higher saving rate]
http://online.barrons.com/articl ... 35123154657124.html (May require subscription)

"We've been deliberately provocative," says John Garvey, head of PWC's financial-services practice. "If you take $1 trillion a year of consumption out of the economy," financial-services firms will have to gear their business model more to wealth management. A firm survey, which polled 1,000 adults online in December 2009, found 36% plan to save 7% or more of their income within five to 10 years, compared with 13% who save at that rate now.

The silver lining for the market? Says Garvey: "There will be all this money looking for a place to earn returns."
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 楼主| 发表于 2010-7-2 11:38 AM | 显示全部楼层
7/2/2010
[Loan to small business drys up]

http://money.cnn.com/2010/07/02/ ... sba_loans/index.htm

Stimulus money helped revive the government's small business lending program after the recession threw it into a near freeze. But this quarter, as the bonus funds ran out, the program's growth again began to stall.

The SBA's flagship 7(a) lending program backed 12,123 loans totaling just shy of $3 billion in the three-month period that ended Wednesday. That's a 7% increase from the number of loans made in the same quarter last year, and a 21% jump in the total dollars lent out.

But compared to the first three months of 2010, lending pulled back quite a bit. The number of loans backed by the program fell 27% from the prior quarter, when the SBA processed 16,558 loans totaling $3.7 billion.

Volume through the quarter was noticeably choppy, and dried up in June after money for additional lending incentives ran out.

[Bankruptcy filing on the rise]
http://money.cnn.com/2010/07/02/ ... y_filings/index.htm

Bankruptcy filings surged 14% during the first half of 2010, according to the American Bankruptcy Institute. Filings totaled 770,117 through June, compared to 675,351 during the same period last year.

n 2005 Congress amended the Bankruptcy Code, making it harder for Americans to file and sparking a rush to file by October of 2005, when the amendments kicked in. In 2005, bankruptcy filings totaled more than 2 million.

By comparison, Gerdano expects there will be more than 1.6 million new bankruptcy filings by the end of 2010.

The institute also said that bankruptcies totaled 126,270 in June, a jump of 8.5% from the same month in 2009, when they totaled 116,365.
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 楼主| 发表于 2010-7-1 08:51 AM | 显示全部楼层
7/1/2010
[Gross to buy junk]

http://noir.bloomberg.com/apps/n ... 5X0F5C5j8&pos=7

Gross’s Pacific Investment Management Co. and Cruz’s Voras Capital Management LP were among at least eight firms telling regulators in June they are starting funds that may buy junk bonds and distressed securities. High-yield debt returned 1.32 percent last month, trailing the 1.81 percent gain for Treasuries, Bank of America Merrill Lynch indexes show.

“In the high-yield sector, you don’t really need an economic recovery,” said David Breazzano, who co-founded DDJ Capital Management LLC after co-managing distressed and high- yield assets for Boston-based Fidelity Investments. “You just need the economy to stay where it is, and you can get double- digit returns and you have less interest-rate sensitivity” than with Treasuries.
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 楼主| 发表于 2010-6-30 11:50 PM | 显示全部楼层
6/30 - 7/1 Midnight
[Thirsty for yield and safety]

http://noir.bloomberg.com/apps/n ... qJjW_lczs&pos=5

Sales of securities backed by car and truck loans are rising even as corporate debt issuance declines in a show of faith in consumers by fixed-income investors.

Automakers and their finance subsidiaries sold $30 billion of the debt this year, a 45 percent increase from $20.7 billion in the same period of 2009, Barclays Capital data show. U.S. corporate bond sales fell 30 percent to $500.3 billion from $716.1 billion, according to data compiled by Bloomberg.

Chrysler Group LLC, Ford Motor Co. and Volkswagen AG issued asset-backed debt as vehicle sales climbed 17.2 percent this year through May, according to Autodata Corp. Industry sales are recovering from a 27-year low in 2009 when Chrysler and the predecessor of General Motors Co. went into bankruptcy. Delinquencies on auto loans have declined and Ford’s credit rating was raised in May.

“I am optimistic about the consumer in the near-term,” said Dave Goodson, who helps oversee $15 billion in fixed-income securities at ING Investment Management in Atlanta, including $3 billion of asset-backed debt linked to consumers. “This doesn’t mean they are going to be big spenders, but the normal set of factors that would drive somebody to buy a new car is slowly returning.”

The extra yield investors demand to own top-rated securities backed by auto loans rather than government debt fell to 74 basis points, or 0.74 percentage point, from 173 basis points a year ago, according to Bank of America Merrill Lynch index data. The debt has returned 1.68 percent this year.

[IPO under-perform]
http://noir.bloomberg.com/apps/n ... qsUparOX8&pos=6

HCA Inc., Zipcar Inc. and 89 other companies filed with the Securities and Exchange Commission last quarter to sell $23.6 billion of shares, data compiled by Bloomberg show. The last time more companies announced such plans was in 2007. In the past three months, 50 IPOs globally were shelved, the most in six quarters.

Investors in U.S. IPOs lost 7.2 percent so far this year as the Standard & Poor’s 500 Index fell to an almost nine-month low. Leveraged-buyout firms, which spent $2 trillion on takeovers during the credit-market bubble, announced the biggest stock sales and accounted for at least 50 percent of the deals filed with the SEC in April through June.

“Beggars can’t be choosers to a certain extent,” said Scott Billeadeau, who helps oversee $19 billion at Fifth Third Asset Management in Minneapolis. LBO firms are “going through their portfolios going, ‘What is something I can go monetize to get some equity out?’” he said.

[Still uncertain]
http://noir.bloomberg.com/apps/n ... 66uoHV.wo&pos=8

he U.S. financial-regulatory bill, approved by the House of Representatives yesterday, may still be compromised in the Senate, which postponed its vote until after the week-long July 4 recess.

The delay may give opponents of the legislation time to persuade undecided lawmakers to vote against the measure. Republican Senators Scott Brown of Massachusetts, Chuck Grassley of Iowa, and Olympia Snowe and Susan Collins of Maine voted for a previous version of the bill and are being courted by Democratic leaders to support its final passage.

“While the odds are that a week doesn’t change anything, certainly Snowe, Collins and Brown are going to get lots of visits over that week from their local community bankers and anyone else who has an interest in this,” said Mark Calabria, a former Senate Banking Committee staffer who is now a director of financial-regulation studies at the Cato Institute.
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 楼主| 发表于 2010-6-30 11:12 AM | 显示全部楼层
6/30/2010
[Bearish sentiment at highest levels since July 2009]

http://www.bespokeinvest.com/thi ... ince-july-2009.html

Given the recent market weakness, it's not surprising that bearish sentiment among newsletter writers is near a 52-week high.  According to the weekly survey from Investors Intelligence, bearish sentiment rose to 33.3% in the latest week which is the highest level since July 2009.  Although bearish sentiment is on the increase, a plurality of advisors still consider themselves bullish (41.1%).
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 楼主| 发表于 2010-6-30 03:44 AM | 显示全部楼层
6/29 - 6/30 Midnight
[ECB lends 132B for 3 months]

http://noir.bloomberg.com/apps/n ... 4Sxm.rB_g&pos=1

The European Central Bank said it will lend banks 131.9 billion euros ($161.5 billion) for three months as a landmark year-long loan expires.

Banks tomorrow need to repay 442 billion euros in 12-month funds, the biggest amount ever awarded by the ECB and a key plank in its efforts to fight the financial crisis last year. Demand for the three-month cash awarded today is a litmus test for the health of Europe’s banking system, economists said.

“It’s a sign of how much stress there is in the system,” said Juergen Michels, chief euro-area economist at Citigroup Inc. in London. “Even if healthier banks bid for the money just to secure it, it means they are not overly confident that they can get it in the market and they are prepared to pay a premium for it.”

The Frankfurt-based ECB said 171 banks asked for the three- month funds at its benchmark interest rate of 1 percent. It fills all bids against eligible collateral. Banks can currently borrow three-month money from each other in the market at about 0.76 percent.
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 楼主| 发表于 2010-6-29 10:54 AM | 显示全部楼层
本帖最后由 Diffusion 于 2010-6-29 21:12 编辑

6/29/2010
[Watch ECB's 3-month loan]

http://noir.bloomberg.com/apps/n ... 9yrNagRi4&pos=2

The health of Europe’s banks may be revealed tomorrow when the European Central Bank offers them three-month loans before a landmark 12-month facility has to be paid back.

Banks on July 1 need to repay 442 billion euros ($540 billion), the biggest amount ever awarded by the ECB and a key plank in its efforts to fight the financial crisis last year. Demand for three-month cash tomorrow will expose how much banks still rely on the ECB for funding, investors and economists said. The ECB will announce how much money banks have asked for at about 11:15 a.m. in Frankfurt.

“The amount that will be rolled over will have powerful information content regarding the health of European banks,” said Luca Cazzulani, senior fixed-income strategist at UniCredit SpA in Milan, Italy’s biggest bank. “As market rates are much lower” than the 1 percent charged by the ECB, “only banks with very limited access to liquidity will bid,” he said. Banks can currently borrow three-month money from each other in the market at about 0.76 percent.

Financial institutions are wary of lending to each other after Europe’s sovereign debt crisis fueled concern that some governments may struggle to refinance their debts, prompting investors to shun bonds sold by nations including Greece, Portugal and Spain. Investors may face a renewed bout of risk aversion should demand for the three-month ECB loans exceed 300 billion euros, signaling banks are still finding it difficult to fund themselves, according to Laurent Fransolet, head of European fixed-income strategy at Barclays Capital.

[Until the mid of July]
http://noir.bloomberg.com/apps/n ... .kRQOml_c&pos=9

U.S. House and Senate negotiators today agreed to eliminate $19 billion in bank fees in the financial-overhaul bill and instead offset the legislation’s costs with an early end to the Troubled Asset Relief Program.

The language negotiators inserted into the bill would also raise the minimum level of a fund managed by the Federal Deposit Insurance Corp., used to insure bank deposits and supported through fees on the banking industry.

The action by the lawmakers may clear the way for the House and Senate to pass the biggest rewrite of Wall Street rules since the 1930s. Republicans who had supported an earlier version of the bill had said they would vote no if the bank fee was included.

House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, said the House may vote as early as tomorrow on the final bill. Dodd said it was doubtful the Senate will vote this week, meaning that final passage and President Barack Obama’s signature may not come until the middle of July.
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 楼主| 发表于 2010-6-28 01:45 PM | 显示全部楼层
6/28/2010
[Uncertainty rolls on]

http://money.cnn.com/2010/06/28/ ... orm_votes/index.htm

The smooth passage of the final Wall Street reform bill later this week just got tougher.

Senate Democrats on Monday were scrambling to secure the 60 votes they need to overcome a GOP filibuster following the death of Sen. Robert Byrd, D-W.Va., and critical comments by Massachusetts Sen. Scott Brown, a moderate Republican who had been supportive of the legislation.

The hang up for Brown: A provision that would charge banks and hedge funds a new tax to pay the $19 billion ten-year tab for implementing the new reforms. A Brown spokeswoman on Monday reiterated that Brown "cannot support any bill that raises taxes."
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 楼主| 发表于 2010-6-27 10:30 PM | 显示全部楼层
6/27 - 6/28 Midnight
[Bond market may under-perform]

http://noir.bloomberg.com/apps/n ... yZ5QUVCE8&pos=2

Global bond returns may have nowhere to go but down after the best first half since 2005.

Investors who piled into Treasuries, bunds, gilts, and Japanese bonds on concern that Europe’s sovereign-debt crisis would derail global growth are finding the securities less appealing with yields at about the lowest on record. The emerging bearishness may be most apparent in the $4.3 trillion- a-day market for U.S. Treasury repurchase agreements, where no maturity commands a premium.

That’s a switch from a year earlier, when investors resorted to paying interest to borrowers while lending cash just to obtain Treasuries after the worst finance crisis since the Great Depression. None of the securities are what traders call on “special” in a sign that investors don’t expect Europe’s sovereign debt crisis will curb the global economic recovery, according to data from GovPX Inc., a unit of ICAP Plc, the world’s largest inter-dealer broker.

“No one’s freaking out,” said Jason Brady, a managing director at Thornburg Investment Management in Santa Fe, New Mexico, which oversees $59 billion. “It’s definitely a much more situation normal indicator than what we saw a couple years ago when it was a horror show. As we’ve gotten to lower yields in Treasuries, they’ve gotten less interesting.”
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 楼主| 发表于 2010-6-27 02:17 PM | 显示全部楼层
6/27/2010
[G20 united again]

http://noir.bloomberg.com/apps/n ... PG.cqdehg&pos=1

Advanced economies would aim to at least halve deficits by 2013 and stabilize their debt-to-output ratios by 2016. The G-20 said banks need to raise capital “significantly” and countries will be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012.

“Honestly, this is more than I expected, because it is quite specific,” German Chancellor Angela Merkel said, referring to the fiscal targets. “It’s a success that industrialized countries as a group accepted this.”

The G-20 also pledged to maintain existing stimulus plans and take “concerted actions” to sustain the recovery. Recent events highlight the need to establish “properly phased” plans to rein in deficits. Emerging market economies pledged to take measures to strengthen social safety nets, raise infrastructure spending and enhance exchange rate flexibility.
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 楼主| 发表于 2010-6-26 11:12 PM | 显示全部楼层
6/26 - 6/27 Midnight
[Stocks that might be nudged higher by stronger yuan]

http://online.barrons.com/articl ... 20881724761418.html (May require subscription)

Some of the investments that could gain from the switch: CurrencyShares Australian Dollar Trust (FXA) and WisdomTree Dreyfus Chinese Yuan Fund (CYB). Among the commodities plays are Oil-Service Holdrs (OIH), iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) and the Market Vectors Coal (KOL) fund, as well as the iPath DJ-UBS Copper TR SubIndex ETN (JJCIV), Power Shares DB Base Metals (DBB) and First Trust ISE Global Copper Index (CU) funds.

Among the multinationals expected to benefit are Yum! Brands (YUM), which gets nearly a third of revenue from the mainland. Likewise, Caterpillar (CAT), Komatsu (KMTUY), BHP Billiton (BHP) and Rio Tinto (RTP) stand to gain.
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