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USD down as American data improve

2009-04-28T23:33:00.000-07:00

FXstreet.com (Buenos Aires) - Dollar close the American mostly lower, against European rivals, particularly against Euro and Swiss Franc that extended earlier gains Tuesday, on encouraging U.S. data that boosted risk appetite. However, Wall Street slipped and close barely red, after a choppy session. Richmond Fed's regional manufacturing index improved in April to -9 from a previous reading of -20, while US consumers' confidence of the economy rose to its highest point of the year, 39.2 from a previous also revised to the upside, 26.9.

Earlier today in Europe, executive ECB board member Bini Smaghi cautioned against further aggressive interest-rate cuts in the euro zone,(next meeting is programmed for May 7th), despite other members previous comments, while in the U.S., the FOMC is expected to leave its funds rate unchanged near the zero mark on Wednesday.

Asian session activity could be limited by Japan’s bank holiday.

UPDATE: Asian Shares Rise Amid Japan Holiday, But ANZ Drops

2009-04-28T23:32:00.001-07:00

UPDATE: Asian Shares Rise Amid Japan Holiday, But ANZ Drops

(Adds information, quotes, updates/adds market levels)

SINGAPORE (Dow Jones)--Asian share markets were broadly higher Wednesday as investors started to look past the swine flu headlines. Trade was subdued amid a Japanese holiday, and Australia and New Zealand Banking Group fell after its first half net profit dropped 28%.

Australia's S&P/ASX 200 was up 0.3% with South Korea's Kospi Composite up 1.6% and Hong Kong's Hang Seng Index 1.6% higher. U.S. stock futures were up a tad.

Better-than-expected U.S. consumer data helped support Wall Street late Tuesday, with indexes ending only mildly lower.

But "despite this late flurry, markets remain jittery and with the (swine) flu outbreak set to worsen, it is going to be developments here that will result in shares being kept under pressure," said David Jones, Chief Market Strategist at IG Index.

The New Zealand health ministry confirmed that students who recently returned from Mexico had been infected with swine flu. Australia was testing 91 people for the flu and had introduced new powers to isolate and detain suspected sufferers.

"The market seems a bit lost at the moment," said Macquarie Private Wealth associate director David Halliday. "It's been a bit schizophrenic lately on the swine flu and stress test news." But he said the markets would rise in the absence of significantly worse news. "A lot of bears might get exhausted by the fact the market's not having a pullback."

Other analysts noted Wall Street had shown some resilience to bad news of late. Southern Cross Equities Director Charlie Aitken said "markets need to (move) to the upside to suck in all the non-believers and shorters."

Taiwan's main stock index was 0.3% higher, New Zealand's NZX-50 flat, Singapore's Straits Times index up 0.7%, Malaysia's benchmark index down 0.1%, the Philippines' main index 0.2% higher and Indonesian shares up 0.7%. The Shanghai Composite index had gained 0.3%.

In Australia, ANZ slumped 6.3% after its first half report, hit by escalating charges for bad loans. It added the outlook for bad loans remained difficult going into the second half and extending into 2010, forcing it to scrap its previous guidance on provisions.

Other bank stocks were weak in Sydney, with National Australia Bank down 4.1% and Bank of Queensland falling 4.3%.

Miners were lower in Australia on falls in base metal prices, with Newcrest off 1.9% and Rio Tinto slipping 1.4%. Fortescue was down 3.7% after the iron ore miner cut its annual production guidance by 15%.

Patersons head of Sydney retail trading, Chris Blair, said traders in Sydney were awaiting results from other big Australian banks, and the commentary from the Federal Open Market Committee after its meeting Wednesday. "We're not going to do anything unless Wall Street rallies."

Hong Kong stocks were staging a rebound after a two-day selloff. Sinopec was 2.9% higher and Bank of Communications was up 3.1%, after both posted strong first quarter results, while carrier Cathay Pacific rebounded 1.4% after heavy selling earlier this week.

Bank and technology stocks were higher in Korea after falls on Tuesday, with Shinhan Financial up 2.3% and Samsung Electronics up 0.7%. Korean Air bounced from its weaker open and was up 1.5%.

In China, car makers were boosted by talk Beijing may further cut taxes on auto purchases, in a bid to lift demand. SAIC Motor was up 5.7% and Chongqing Changan Automobile added 3.8%.

Currency markets were quiet with Japan closed, though the yen slipped after its recent gains. The U.S. dollar was at Y96.78, from Y96.40 late in New York, and the euro at Y127.38, vs Y126.70, while the single currency was hovering near $1.3146.

Sue Trinh, a strategist at RBC Capital Markets, said the dollar's gains against the yen were linked to short-covering. She noted that attempts to drive the dollar-yen pair lower had lost steam with "zero follow through," forcing positions to be squared.

Spot gold was down $2.90 from New York, at $890.40 a troy ounce, in a choppy market.

LME three-month copper was at $4,192 a metric ton, up $7 from London levels after falling 3.6% there. "The base metals rally in the last few weeks was based on a lessening of pessimism, and that has run out of steam. There's now a more considered view," said Commonwealth Bank of Australia analyst David Moore.

June Nymex crude oil futures were 64 cents lower at $49.28 a barrel on Globex, after falling 22 cents in New York.

-Rosalind Mathieson and Colin Ng, Dow Jones Newswires; +65-6415-4140; rosalind.mathieson@dowjones.com

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(END) Dow Jones Newswires

April 28, 2009 23:07 ET (03:07 GMT)

GLOBAL MARKETS: European Stocks Seen Just Up, Eyes On Banks

2009-04-28T23:30:00.000-07:00

GLOBAL MARKETS: European Stocks Seen Just Up, Eyes On Banks


  By Kimberly Vlach
  Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--European stocks are expected to open modestly higher, supported by an almost flat close on Wall Street, even though traders remain cautious ahead of details of the capital requirements of the U.S. banks and the impact on the global economy should further injections be required.

"Financial stocks are going to remain squarely in focus after yesterday's reports of more capital being required at Citigroup and Bank of America," said Matt Buckland, a trader at CMC Markets. "The outlook for the sector as a whole remains far from encouraging."

Nonetheless, he expects London's FTSE 100 index to open 15 points higher at 4111, with Frankfurt's DAX index up 17 points at 4624. He sees Paris's CAC-40 index rising 17 points to 3068.

On Wall Street Wednesday, stocks fell heading into the close, erasing the session's gains, as traders succumbed to fears that several banks, even those too big to fail, will be required to raise capital as a result of the stress tests.

The Dow Jones Industrial Average closed 0.1% lower at 8016.95 and the Standard & Poor's 500 index finished down 0.3% at 855.16.

Both Bank of America and Citigroup fell more than 5% after The Wall Street Journal reported that the two banks were told by the government that they may need to raise more capital. Results of the banks' stress tests, being conducted by federal regulators, are expected to reveal the haves and have-nots of the banking sector.

In Europe too, the banking crisis continues to take its toll, with Societe Generale chairman Daniel Bouton saying in a statement early Wednesday that he has quit his position at the French bank.

In the statement, Bouton said he has "decided to put an end to (his) mandate as chairman of the board of directors of Societe Generale as of May 6," and that a new chairman will be elected at a board meeting on the same day.

On Monday, the bank denied a report that it could lose up to EUR10 billion at its asset management unit.

Nonetheless, investor concerns surrounding the entire global banking sector remain high.

Earlier in Asia, stock indexes were mostly higher as worries about swine flu receded. Hong Kong's Hang Seng index was 2.0% higher and China's Shanghai SEE 180 index was 2.3% up. Japan was closed for a public holiday.

Elsewhere, in the currency markets, the dollar and the yen eased back after their recent gains. The euro climbed to $1.3195 at 0620 GMT from $1.3149 in late New York business Tuesday. But the dollar rose to Y96.87 from Y96.45.

Spot gold was down $1.62 from New York, at $895.00 per troy ounce, in a choppy market, while June Nymex crude oil futures were barely changed from New York at $49.90 per barrel.

-By Kimberly Vlach, Dow Jones Newswires; +44-20-7842-9352; kimberly.vlach@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=vV6ro2ZV050qOZbQiXWzFA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

April 29, 2009 02:24 ET (06:24 GMT)

Copyright 2009 Dow Jones & Company, Inc.

ECB Outlook: It’s Time to Cut Interest Rates

2009-04-26T01:42:00.001-07:00

In the days leading up to the European Central Bank’s rate decision on July 3rd, 2008, many political leaders around Europe publically pleaded for the ECB to leave interest rates unchanged. Among others, French President Sarkozy voiced the opinion that the recent rise in inflation was due primarily to the spike in commodity prices.¹ As such, Sarkozy suggested that though hiking interest rates would not really help in lowering inflation, it would adversely impact growth. The ECB went ahead and hiked interest rates anyway, and looking back now, a month and a half later, we can begin to asses two issues: whether the rate hike was the right choice, and what the ECB should do now.

Looking at the statistics over the past few months here, there are several main points to take away. The first is that President Sarkozy’s nightmare seems to have become reality; growth has suffered. In the Euro-Zone, as well as in its three largest economies, Gross Domestic Product (GDP) fell in the second quarter. However, the second chart (showing Consumer Price Index) indicates that inflation has either slowed or halted its rise in these same economies.

Given that the ECB is bound to target inflation first and foremost, the above statistics would imply that the recent rate hike was the correct move – though clearly not without consequences. Inflation has slowed in its rise, and while next months’ numbers will bring about more clarity to the situation, it seems that the rate hike had its desired impact. Now, the more prudent question is if the long-term repercussions of the hike will outweigh the benefits. Will the rate hike facilitate Europe’s slide into recession? It is certainly possible. Italy is already on the brink of recession, and France’s large decline in growth indicates that it is also in trouble.

One important note about the CPI numbers is regarding the source of the recent slowdown in the rise of inflation. As the price of oil started to fall around the same time as the rate hike, it is unclear which – or both – influenced inflation. As it is probable that both events have had an impact, it is unknown just how useful the rate hike has been thus far in thwarting inflation’s rise. However, considering the magnitude of oil’s fall in recent weeks, it is safe to assume that it has had a sizeable impact on the slowing of the rise of inflation. The fall in oil price will help alleviate inflationary pressures anyway; hence the ECB should switch focus to the other problem of falling growth.

At this point, the best move for the ECB would now be to cut rates. While the ECB was founded with an inflation-targeting mentality, it is too dangerous to ignore growth at this time. The US (seemingly) has recently skirted around a recession by aggressively slashing rates and supporting wounded members of the banking system. By admitting the problem early on, the US avoided significant damage to the financial sector, with only one of the largest banks going under. Europe, however, has taken a different path, and now finds itself on the precipice of recession. This proposition to focus on spurring growth comes from the belief that the inflation problem can largely solve itself as long as energy costs continue to fall. With oil prices down over 20% from their all-time high, it seems apparent that this fall in price will eventually be filtered down to consumers.

Proponents of the ECB’s generally “hawkish” nature would certainly throw out economic theories such as the J-Curve to support their position. This theory suggests that through a devaluation, a country can actually increase their trade balance (and hence GDP) via increased exports and decreased imports. There is potential for this to occur, but that would involve a devaluation of the Euro that many Europeans would certainly love to avoid. Furthermore, this process of GDP rising on its own could take an unacceptable length of time. Just recently, the ECB finally admitted the problems that the Euro-Zone now faces.² It is time that the ECB make a bold move and cut rates, sending a signal to the markets that they will not stand by and watch Europe sink into recession.

1. http://www.reuters.com/article/gc04/idUSL3045627720080630
2. http://news.bbc.co.uk/1/hi/business/1388781.stm

2009-04-24T22:27:00.001-07:00

U.S. Economy Reports Push Down the Australian and NZ Dollar

The Aussie and the kiwi lost ground against major currencies as producer prices and retail sales fell in the United States, changing the speculations about the global crisis that «the worst is behind us».

2009-04-24T22:26:00.005-07:00

New Zealand Dollar Falls on Growing Recession Concerns

The kiwi had its worst week in a two-month period against the yen as slumping growth in China indicates that the recession is far from its ending.

2009-04-24T22:26:00.003-07:00

Euro Falls as ECB President Fails to Improve Economic Confidence

The euro fell this Friday against major currencies and hit a one-month low against the dollar after ECB President Jean Paul Trichet failed attempt to unite the bank’s policy makers towards a common direction.

2009-04-24T22:26:00.001-07:00

Unexpected Drop in Inflation Rate Pushes Canadian Dollar Down

The Canadian dollar had the second day of losses against the greenback after a report indicating that the inflation slowed during the last month.

2009-04-24T22:24:00.004-07:00

Pounds Weakens on Pessimism Regarding British Economy

The Confederation of British Industry is expecting the economy to contract even further than previous forecasts, such pessimism brought the pound to a one-week low against the greenback.

2009-04-24T22:24:00.003-07:00

Euro Continues to Fall on ECB Policy Disagreement

The euro weakened against the yen and slid to a one-month low against the U.S. dollar as the ECB policy makers are failing to reach a consensus to fight the growing recession in the bloc.

2009-04-24T22:24:00.001-07:00

Yen Falls On Trade Report Speculations

After 3 days of gains, the Japanese currency weakened against the dollar and the euro before an eventual trade deficit that may be reported by the government for the last month period

2009-04-24T22:23:00.003-07:00

Australian Dollar Hits 3-Week Low on American Financial Concerns

Speculations that U.S. banks losses may increase moved the Australian dollar to a level very close to the lowest in 3 weeks

2009-04-24T22:23:00.001-07:00

Korean Won Rises On Optimistic Declarations

After 3 days of sequential losses, the South Korean won had its first session of gains as the American Treasury Secretary Timothy Geithner affirmed that most banks in the U.S. have «enough capital», causing a rally in assets from emerging countr

2009-04-24T22:22:00.002-07:00

Yen Rises on Deepening Crisis Speculations

The yen had a significant rise today against major currencies, rumors that losses in the U.S. banks will go further brought investors to buy Japanese assets, considered a «safe harbor» from the global crisis.

2009-04-24T22:22:00.001-07:00

New Zealand Dollar Rises On Credit Improvement Speculations

The New Zealand and the Australian dollar went up as rumors about a credit market recover spread amid investors this Th

2009-04-24T22:21:00.002-07:00

Euro Strengthens on Positive Economic Reports

The dollar and the yen lost ground against the euro, as an index of services and industrial production in Europe showed better than estimate numbers, creating speculations of an economic recovery in the Eurozone.

2009-04-24T22:21:00.001-07:00

Pound Falls on Pessimist Moody’s Declaration

The Moody’s Investors Service declarations that finances would be deteriorating in Britain brought the pound further down against the

Malaysian Economic Stimulus Pushes Ringgit Up

2009-04-24T22:20:00.001-07:00

April 24th, 2009

The Malaysian ringgit is topping the gains’ list among Asian currencies, followed by the Singaporean dollar, thanks to the government stimulus and interest rate cuts.

Is The U.S. Dollar At A Crucial Level?

2009-04-22T12:47:00.001-07:00

The state of the economy is still critical in the U.S., but few signs of hope are beginning the shine here and there. The housing market, as an example, is meeting various levels of support, despite inventories staying at plethoric level. An important week has started for the U.S. dollar. The short term trend is on the downside against major currencies, but key support lines must now be overcome.

U.S.: housing leading the way?

The U.S. trade deficit declined again in February and it is now at USD 25.97 billion from USD 36.2 billion in January. It was the smallest level since 1999 with exports increasing 1.6% (-16.9% compared to one year ago) and imports declining 5.1% (-28.8% compared to one year ago). The state of the U.S. economy stays extremely critical, albeit few gimps of hope are beginning to shine here and there. In the FOMC minutes of last week, Fed officials narrowed growth expectations this year, as the weak labor market is undermining consumes, and forecasted that a rebound will only take place in 2010. In effect, the number of people unemployed declined only marginally to 654,000 from 674,000 in the week ending April 4. As a result, the Fed might keep interest rates low for this year, and maybe for part of 2010 as well, but a different approach could be needed when the economy will start to move again.

Sentiment Improves into London Fix (Midday Snapshot)

2009-04-22T12:45:00.001-07:00

MIDDAY SNAPSHOT & ANALYSIS OF SELECTED RATES

The weaker than expected earnings out from Morgan Stanley this morning have not helped to bolster investor sentiment with negative carry benefiting on the elevated risk aversion. Aussie, Kiwi and Sterling have been the weakest performers on the day with the latest IMF forecasts for the respective economies seen adding to the offered tone in these currencies. The IMF has aggressively slashed growth projections in the respective economies, while also calling for additional rate cuts out from the antipodeans. Despite the commitment from Chancellor Darling to UK job growth going forward, and despite the fact that the budget cuts were in line with expectation, comments that the lower Sterling rate would help exporters to regain competitiveness could not be ignored by traders, with the Sterling the weakest performer on the day as a result. Elsewhere, Treasury Secretary Geithner was in front of the Economic Club of Washington to provide a review of the current economic conditions. Meanwhile, on the data front, US mortgage applications showed an improvement while the house price index also came in well above consensus. In Canada, leading indicators were released and were much weaker than expected, showing a pickup in contraction in the manufacturing sector. US equities have responded quite well to any negative earnings with the market trading higher into the London fix.

Forex reserves drop by $1.5 b

2009-04-22T12:42:00.000-07:00

Mumbai: The country’s foreign exchange reserves fell by $1.5 billion to $252.326 billion for the week ended March 27, according to data released in the Reserve Bank of India’s weekly statistical supplement.

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For the week ended March 20, reserves increased by $5.102 billion to $253.826 billion.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies.

Foreign currency assets decreased by $1.641 billion to $241.597 billion, on account of revaluation of the reserves.

Australian Banks Weathered Global Financial Turmoil - IMF

2009-04-22T12:39:00.001-07:00

Australian Banks Weathered Global Financial Turmoil - IMF

Wednesday, the Australian banks weathered the global financial turmoil reasonably, the International Monetary Fund, or IMF said in a latest report. The direct impact of global financial crisis on Australian banks was limited despite a fall in the share prices of financial companies during late 2007 and early 2008.

As Australian banks had minimal exposure to U.S. subprime related assets, they suffered only limited direct losses compared to their counterparts in North America and Europe, the international lender said.

However, the IMF added that the banks' funding cost increased due to the global turmoil, highlighting two potential vulnerabilities. The lending agency said the first is the rollover risk, related to banks' reliance on wholesale funding, a large fraction of which is short term. And the second is banks' exposure to the housing market.

In its report, the IMF said rise in private demand adds pressure on inflation, prompting a tightening in monetary policy. The Executive Directors viewed that the currency appreciation in recent years had slowed inflation pressures and the recent weakness in the Australian dollar is in-line with its medium-term fundamentals.

The IMF Executive Directors commended the Australian authorities on their "impressive economic management" in the fiscal, monetary, and structural areas. Looking forward, they assessed that the sound macroeconomic framework would allow Australia to weather the global downturn and control inflationary pressures.

The IMF projects the Australian economy to grow 2.7% in 2008, slower than the estimated 4.3% in 2007. At the same time, inflation is seen at 4.4% this year compared with a 2.3% rise in the prior year. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar falls from 11-month high against Czech Koruna

2009-04-22T12:37:00.000-07:00

The US dollar that closed Thursday's North American session at 18.2670 against the Czech Koruna climbed to an 11-month high of 18.5795 at 2:30 am Eastern Time Friday. Thereafter, the pair reversed its direction and is currently trading at 18.32.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Gold Fields Revises Down Q1 Operational Guidance - Update

2009-04-22T12:36:00.000-07:00

Gold Fields Revises Down Q1 Operational Guidance - Update

Friday, Gold Fields Ltd. (GFI), an unhedged producer of gold, revised down its production guidance by 2.7% for its first-quarter 2009, reflecting a slower than expected build-up of production at Cerro Corona.

For the first quarter, the company cut down the attributable production to be approximately 798 thousands ounces, from its previous guidance of 820 thousands ounces. However, it expects the cash costs to be in line with its earlier guidance of approximately R154,000/kg or US$618/oz. Notional Cash Expenditure or NCE, which includes all operating costs as well as sustaining and project capital, is expected to be approximately 6% better than previous guidance, at R227,000 /kg or US$910/oz. The first-quarter, gold production in South Africa operation is expected to be up by 2% with approximately 492 thousand ounces. The cash cost is expected to be R154,000/kg or US$618/oz, compared to a previous guidance of R157,000/kg or US$610/oz. The NCE for the South Africa operation is down to R213,000/kg or US$857/oz, from a previous guidance of R221,000/kg or US$860/oz. For the international operations, the company expects the first-quarter gold production to be approximately 306 thousand equivalent ounces. The cash costs and NCE for the international operations are expected to be approximately US$616/oz and US$983/oz respectively, compared with the previous guidance of US$570/oz and US$1,060/oz. CEO, Nick Holland said that despite the rehabilitation work in South Africa and international growth projects scheduled for completion, the company is in line to achieve the short term target of a run rate of approximately 1 million attributable equivalent ounces of gold, during the third quarter next year, at an NCE of approximately US$725/oz at R/US$8.00. Thursday, the stock closed at $8.31 on the New York Stock Exchange. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Insurers launch legal action against Scottish government

2009-04-21T08:01:00.001-07:00

Judicial review to be used in battle against Asbestos Bill

The group of insurers fighting Scotland's Asbestos Bill have officially launched a judicial review via Brodies legal firm against the Scottish government.

The insurers bringing the action – Norwich Union (soon to be Aviva), Axa, RSA and Zurich – represent over half the employers’ liability insurance market. They say the Asbestos Bill, which received royal assent on Friday and makes pleural plaques compensable, is ill-founded because plaques are symptomless, do not impact on health, and do not lead to asbestos-related diseases.

ICICI Bank cuts lending and deposit rates by up to 50 bps

2009-04-21T07:57:00.000-07:00

MUMBAI: Soon after the RBI reduced policy rates by 25 basis points, the country's largest private sector lender, ICICI Bank, on Tuesday slashed
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the benchmark lending rate by 50 basis points, a move that would benefit millions of home, consumer and corporate loan borrowers.

The benchmark advance rate will be reduced by 50 basis points to 16.25 per cent with effect from tomorrow, ICICI Bank said in a statement.

At the same time, the bank also decided to reduce deposit rates by 25-50 basis points across various tenors.

The new fixed deposit rates would be effective from April 24, it said.

Meanwhile, the RBI today reduced the short-term lending (repo) and borrowing (reverse repo) rate by 25 basis points each to 4.75 per cent 3.25 per cent, respectively, with immediate effect.

The bank has also reduced the floating reference rate by half a percentage point to 13.25 per cent.

All the existing floating rate customers will benefit from the cut, the statement added.

Get Accurate Term Life Insurance Quotes Instantly!

2009-04-20T11:56:00.000-07:00

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2009-04-20T11:55:00.001-07:00

There are many types of home insurance policies to choose from. In order to ensure you are fully covered, it is important to know all of your options and what is available to you. This site attempts to cover the most important aspects of home insurance in order for you to make a more educated decision when applying for home insurance. As each policies differs, please be sure to read in full any home insurance application you consider.

What type of home Insurance should I get?
The two main types of home insurance coverage's are building insurance and contents insurance.

Building Insurance
This type of insurance is purchased for the protection of the structure of your home. The amount of coverage you should purchase is the amount it would cost to rebuild your home. This is not necessarily the market value of your property, or the purchase price. In order to know this value, you will need a professional property evaluation.

Building Insurance will also cover the cost of your outside accommodations, should you need to rebuild. This will be extended until your home is ready for you to move back into.

Contents Insurance
This type of insurance covers the possessions inside and around your home. In the event of occurrences such as: theft, damage due to broken water pipes, and natural disaster damage (including but not limited to: fallen branches, fires, smoke damage, floods, and lightning). Your possession property will also include areas such as porches and patios, so make sure to consider these property sections when detailing your valuables. Contents insurance should also include possessions damaged in your car.
In order to be eligible for contents insurance, you will need documentation of your valuables. Take the time to survey each room separately, creating a list of anything of value. For extra assurance, make a video recording of your house, and the things you include on your list. Keep these documents in a safe place. Since disasters in the home do occur, the safest

place would be a safety deposit box in your local bank. Wherever you keep your documentation, it is also a good idea to include the receipts of your valuables as well. Please note that items of extreme value, such as antiques and expensive jewelry, may need to be covered with an extended home insurance.

Payless on home insurance
With many home insurance policies, you will also be eligible for valuable discounts. Savings on things such as burglar alarms for your home and vehicle, as well as other types of insurance such as auto or life. If you are insuring a new home, or have never made an insurance claim in the past, you should also be eligible for a home insurance discount. After you decide which policy suits you best, consult your local insurance agent for more information regarding the various discounts available.

Big Blue Prepares For Big Green With Earnings?

2009-04-20T11:51:00.000-07:00

Tech Earnings
For the past few weeks IBM investors have been distracted by a potential, multi-billion dollar deal for Sun Microsystems. But with that deal now out of the way thanks the vultures at Oracle, investors can focus instead on IBM earnings out after the bell tonight.

Analysts are looking for $1.66 a share on $22.55 billion. Most analysts I'm talking to say if IBM merely reiterates the anticipated $9.20 a share in full-2009 earnings, that could be taken as a bullish sign not just for the company, but indeed broader tech, particularly Hewlett-Packard and Microsoft (which reports its earnings on Thursday.)

Investors are feeling increasingly optimistic about enterprise spending, especially after Oracle's far more rosier than expected earnings last month. The good news about IBM though is that even if IT spending continues to slow, or stay stable, the company's services division is still its bread-and-butter, and those contract fees don't go away.

Techs In The News

Current DateTime: 11:17:57 20 Apr 2009
LinksList Documentid: 30310959

* 25 Years of Tech Blunders
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* Behind The Scenes With Oracle On Sun
* Tech Check with Jim Goldman

At the same time, IBM is clearly in the hunt to bolster its server business, whether the Sun deal is there or not. A higher bid is still possible, but highly unlikely since both Oracle and Sun's boards have approved their proposal. IBM will likely have to do something to answer the deal, and some believe the company can make a play for NetApp or Red Hat, or even both. The server industry will generate $100 billion in revenue this year, even amid an IT spending decline, and IBM is doing what it can to gain ground against HP.

There's no question that losing the deal with Sun hurts IBM, and its shares have performed competitively against the broader markets since those March 9 lows, up around 20 percent. Further, shares have been getting killed over the past year, along with everybody else.

In fact, noted anti-trust expert Gary Reback, the author of a new book called "Free the Market," tells me that the regulatory issues facing IBM's interest in Sun don't exist for Oracle, and it gets to eliminate the competitive threat from MySQL, even if it Oracle is forced to spin off the division. It's a brand new approach to vertical integration, something IBM might have hoped to achieve, but blew the opportunity.

This will all come down to guidance, and for investors it's all about who you believe: Is Oracle's outlook more accurate than say Intel's when it comes to what to expect from IBM? Are hardware sales finally at a bottom and can software sales and services offset sluggishness there?

IBM's cost-cutting has been effective, and operationally it compares with the strict bottom-line and margin attention at HP. If this company can beat and meet, these shares might be on the verge of break-out, along with the rest of the sector. More likely, however, is a slight beat and cautious optimism about the rest of 2009. That should keep shares in a narrow range.

Anything more or less could mean some big volatility when these numbers hit the tape.

Deals Drive Isolated Gains on Down Day for Market

2009-04-20T11:49:00.000-07:00

The Dow was down more than 200 points in afternoon trading Monday, but news on the M&A front led to some huge isolated gains.

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{"s" : "cch,coke,hpq,ibm,java","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Investors are fleeing from the financial industry, sending major indexes sliding. There is still money to be made, however, as buyouts have stimulated major some jumps in value.

Oracle (NASDAQ: ORCL - News) is down by -2% today after announcing its agreement to buy Sun Microsystems (NASDAQ: JAVA - News) for $7.4 billion in cash. Sun Microsystems is up 36% on the news. The company was formerly targeted by International Business Machines (NYSE: IBM - News). Oracle stepped in as a buyer after the IBM deal soured. Oracle is expected to benefit from the acquisition to the tune of $1.5 billion in operating profit in the first year.

The broad General Business, Business Intelligence, and Supply Chain Software Stocks Index -- home to Sun, Oracle, and IBM -- is down by -3.4%.

The Sun news isn't driving much interest in the sector, with many major industry players down on the day. Microsoft (NASDAQ: MSFT - News), Hewlett-Packard (NYSE: HPQ - News), and VMware (NYSE: VMW - News) are all off by more than -2%.

As of this writing the General Business, Business Intelligence, and Supply Chain Software Stocks Index is among the worst 100 performing tickerspy Indexes this month, up by 10.9%.

News from PepsiCo (NYSE: PEP - News), meanwhile, is driving the Beverage Stocks Index higher by 1.4% today. The Index is benefiting from huge spikes in bottlers PepsiAmericas (NYSE: PAS - News) and Pepsi Bottling Group (NYSE: PBG - News). Pepsico offered to buy these companies, its two largest bottlers, for $23.27 and $29.50 per share respectively. The company will shell out approximately $6 billion for the acquisitions, which it believes will add $200 million in annual profits. Pepsi is down by close to -5% today, while PepsiAmericas and Pepsi Bottling Group are both up by more than 21%.

Coca-Cola (NYSE: KO - News) is down by -2% today. In the past the company has been known to buy distressed bottlers, revamp operations, and spin off the businesses as more profitable entities. Bottlers, which mix and package ingredients from their parent companies, are capital intensive businesses, so it is often a better strategic move to keep them off the balance sheet. Coke bottlers are mixed today. Coca-Cola Bottling (NASDAQ: COKE - News) is up by 1% while international bottlers Coca-Cola Hellenic Bottling (NYSE: CCH - News) and Coca-Cola Femsa (NYSE: KOF - News) are both down by more than -3.5%.

As of this writing the Beverage Stocks Index is among the top-100 performing tickerspy Indexes this month, up by 16%.

Investors can follow the above indexes and view related performance charts and metrics at tickerspy.com.

Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios and compare against 250 proprietary Indexes tracking themes from nanotech to agriculture to precious metals. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett!

U.S. recession seen likely to go through summer

2009-04-20T11:48:00.000-07:00

WASHINGTON (Reuters) - A key gauge of future economic activity fell for the third month in a row in March, showing the recession may persist through the summer, a nonprofit research group said on Monday.

The Conference Board's Leading Economic Index declined 0.3 percent last month, steeper than the 0.2 percent analysts polled by Reuters were expecting. It also fell 0.2 percent in February, which was originally reported as a 0.4 percent drop.

"The recession may continue through the summer, but the intensity will ease," said Ken Goldstein, an economist at the Conference Board, in a statement.

The index has not risen in the last nine months. In September and December it was unchanged and it experienced the largest drop during that period in October, when it fell 1 percent.

Real money supply and the yield spread both showed strength in March, but not enough to counterbalance the drag of building permits, stock prices and supplier deliveries.

Over the last six months, the index has fallen 2.5 percent, compared to the smaller 1.4 percent drop for the previous six months.

The Coincident Index, a measure of current conditions, fell for the third month in a row, by 0.4 percent, primarily due to declines in employment and industrial production.

The Lagging Index, which provides a glimpse backward, has been on a downward trend since July 2007, the Conference Board said. Its 0.4 percent decline in March was caused by weakness across all of its components, which include duration of unemployment, inventory levels, and outstanding loans.

"There have been some intermittent signs of improvement in the economy in April, but the leading economic index and most of its components are still pointing down," Goldstein said.

Factor Inflation into Retirement Planning

2009-04-20T11:46:00.000-07:00

NEWARK, N.J.--(BUSINESS WIRE)--A dollar today won’t be a dollar tomorrow, it may be more like 50 cents. “No retirement income planning strategy would be complete without considering inflation risk,” said Robert Fishbein, vice president and corporate counsel in Prudential Financial’s Tax Department. “Assuming an annual inflation rate of 3 percent, $25,000 of savings today will have to grow to more than $50,000 over the next 25 years to purchase the equivalent amount of goods. Of course, if inflation turns out to be higher than 3 percent, you’ll suffer a further reduction in real purchasing power.”

Symbol	Price	Change
PRU	24.06	-3.46

Today’s challenging economic environment has forced many Americans to review their retirement planning goals with a more critical eye. To help navigate through these turbulent times, Fishbein offers the second installment of his biweekly series of tips on planning for retirement.

For many, Social Security will be a good source of inflation-protected income. So the question is, what can be done to offset the risk of inflation for non-Social Security retirement assets? Fishbein suggests considering the following:

TIPS, Treasury Inflation Protection Securities, which adjust the principal value of the investment to reflect inflation or deflation twice a year based on the Consumer Price Index. It’s a solution that shifts the inflation risk to the U.S. government.
Immediate annuities, which can provide a lifetime stream of payments that increase each year by the rate of inflation. Here, the risk is assumed by the insurance company issuing the product. There’s also a variable version of the product, which guarantees the contractholder will always receive a minimum periodic payment adjusted for inflation—and possibly even a higher income amount if the underlying equity investment performs well.

Deferred annuities with an optional lifetime withdrawal benefit, available for an additional fee, which guarantee a floor for lifetime withdrawals with the potential to increase payments based on positive market performance. However, these are not guaranteed to increase with inflation. On the other hand, if the underlying equity investment performs well over time, the withdrawal amount may increase as well.

Factoring in inflation is critical to any retirement plan, because, as Fishbein points out, “simply assuming a static retirement income without accounting for inflation could very well result in a diminished standard of living.”

Fishbein’s next tip, which focuses on longevity, runs the week of April 27.

Prudential Financial, Inc. (NYSE: PRU - News), a financial services leader with approximately $558 billion of assets under management as of December 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

Variable annuities are appropriate for long-term investing and designed for retirement purposes. Investment return and principal value of an investment will fluctuate so that an investor's unit values, when redeemed, may be worth more or less than their original cost. Withdrawals or surrenders may be subject to contingent deferred sales charges (CDSC). Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59 ½, may be subject to an additional 10% federal income tax penalty. Withdrawals, for tax purposes, are deemed to be gains out first. Withdrawals can reduce the living benefit, death benefit and account value.

Variable annuities offered by Prudential Financial Companies are available at an annual cost of 0.65% to 1.65% for mortality expense & administration fees, with an additional fee related to the professional investment options. The fees will vary depending on the underlying annuity and investment options selected.

Optional benefits have certain investment, holding period, liquidity and withdrawal limitations and restrictions. See the prospectus for more detailed information.

Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your licensed financial professional can provide you with complete details.

Investors should consider the contract and the underlying portfolios' investment objectives, risks, and charges and expenses carefully before investing. This and other important information are in the prospectuses, which can be obtained from your financial professional. You should read the prospectuses carefully before investing.

All guarantees are based on the claims paying ability of the issuing company.

Variable annuities are issued by Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), Newark, NJ, or by Prudential Annuities Life Assurance Corporation, Shelton, CT. All are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. All are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations

Collecting a Life Insurance Claim

2009-04-20T11:45:00.000-07:00

The Claims Process

One of the most common issues with collecting a life insurance benefit is that the beneficiaries have no idea how to start the process. With expensive funeral expenses and lost income, most people want to make sure they can receive their proceeds as quickly as possible. Unfortunately, the claims process does not always go quickly for everyone. Although, insurance companies have made filing and collecting a claim much easier over the years, it can still take several weeks or even months to finally collect on a policy.

Filing Your Claim

The first step to collecting the proceeds of a life insurance policy is initiating the process by getting in contact with the insurance provider. All it takes is a simple phone call, and some companies may even provide online support. After you’ve notified them of the death, the company will typically send you claim forms and other important documents to fill out. Yes, be prepared for a significant amount of paperwork here, but it’s all necessary to complete the process. Once all of the paperwork has been submitted, the insurance provider can get started in processing the claim. At this point, the insurance company is simply making sure the claim checks out and that the policy is still in good standing. Depending on the circumstances of the insured individual’s death, some life insurance providers may choose to investigate the claim, especially if it’s still during the contestability period.

Contestability Period

The contestability period refers to an approximately two year time frame after the life insurance policy is purchased. If a claim is made while the policy is still in its contestability period, life insurance companies will typically launch an investigation into the claim, checking for any fraud or deception. Insurance providers realized that some individuals were buying life insurance policies in poor health and misrepresenting themselves during the application process. While their insured’s family was probably happy to collect the benefit, these fraudulent claims were costing insurance companies money, which of course caused life insurance rates to increase as well. The investigations of claims in the contestability period can often take many months, as they may be waiting on important medical or police records from the insured individual’s death. Should the company find anything fraudulent in their investigation, they may withhold the policy’s proceeds from the beneficiaries. Don’t worry, as long as you’re completely honest on your life insurance applications, you’re loved ones will have no trouble collecting their benefit, even if it’s during the contestability period. Just keep in mind that the claims process simply cannot be completed overnight and your beneficiaries may have to wait several months to collect on the policy.

,

2009-04-20T11:32:00.001-07:00

Why Is Depression a Life Insurance Risk?

You may be surprised to know that your insurance provider scrutinizes your mental health history as much as your physical health condition. This article will highlight the reasons for their careful examination and what you need

Collecting a Life Insurance Claim

2009-04-20T11:31:00.000-07:00

This article will walk you through the claims process and what steps you should take to ensure quick, reliable results from your life insurance provider. Learn what can speed up the process and the things you should know about the contestability period granted the insurer to review the claim.

Life Insurance Rates

2009-04-20T11:30:00.000-07:00

Get life insurance rates on a policy that fits your needs without breaking your budget.

The Importance of Life Insurance

If you have people who depend on you, having term life insurance is critical. No one is comfortable at the thought of his or her own death, but it's something that you have to plan for if you have loved ones who depend on you. If you were to die, would you be 100% certain your family's financial security would be preserved? Would your children be able to go to college? Could your spouse retire in comfort? The right life insurance policy can help you answer all of these questions confidently and with peace of mind. On our site, you can find the policy that's best for you by getting life insurance rates from some of the best insurers in the business.

Term Life Insurance or Whole?

2009-04-20T08:19:00.000-07:00

Term life insurance, also called temporary insurance, covers a person against death for a limited time, the term. For example, the term might be until children are grown, or until college is paid for, or until retirement. You pay for the policy period and at the end of the term, the contract or policy expires. If no claims are made against the policy during the term, you don't receive any benefits after the policy expires, just like auto or homeowners insurance.

Whole life insurance, also called permanent insurance, is permanent and does not expire (assuming you continue to pay the premiums). It provides coverage similar to term life insurance, but it also provides an investment vehicle. A portion of the premium goes for life insurance, while the rest goes into an investment account. This account can be an interest bearing account or a variable (stocks and bonds) investment account.

Hot News

2009-04-14T13:48:00.001-07:00

The Bank of England has left its key interest rates on hold at 0.5%. UK PPI figures came out above consensus across the board: core output PPI rose 0.2% over the month of March and was up 3.3% from the same period last year; input price inflation increased by 1.0% on a month-to-month basis in March (down 0.4% y/y), while output producer price inflation rose 0.1% m/m and 2.0% y/y.

Industrial production in Germany slipped by 2.9% in February from January. The figure fares better than the -3.1% expected and January's figure of -6.1%.

The US trade balance fell to -25.97 bn in February after having already shrunk to -36.20 bn in January. The number of first-time claims for US state unemployment benefits fell to 654,000 from 674,000 the previous week.

CURRENCIES: Dollar Falls Vs. Yen, But Rallies Vs. Euro After Economic Data

2009-04-14T13:44:00.000-07:00

CURRENCIES: Dollar Falls Vs. Yen, But Rallies Vs. Euro After Economic Data

By Polya Lesova

The U.S. dollar fell against the Japanese yen but rose against the euro on Tuesday after data showed retail sales and producer prices declined in March.

The dollar index (DXY), a measure of the greenback against a trade-weighted basket of currencies, rose to 84.73 from 84.526 in late North American trading Monday.

The greenback fell 1% to 99.02 Japanese yen. The Japanese unit also gained against the euro and the British pound.

The euro dropped 0.7% against the dollar to $1.3275, while the British pound was up 0.3% to $1.4887.

"It appears the dollar and the yen are benefiting from the uptick in risk aversion," said analysts at Action Economics.

The Labor Department reported Tuesday that inflation at the wholesale level fell more sharply than expected in March amid energy-price declines.

Following two consecutive months of gains in the producer-price index, the PPI fell 1.2% in March, driven by a 5.5% decline in energy prices.

Separately, U.S. retail sales dropped a seasonally adjusted 1.1% in March, the Commerce Department said Tuesday, after two months of gains had boosted hopes that consumer spending had rebounded.

On Wall Street, U.S. stocks posted losses, as the decline in retail sales offset positive sentiment in the financial sector after Goldman Sachs Group (GS) blasted past earnings estimates.

Strategists said risk perceptions continue to call the tune in the currency markets.

The dollar and the yen have tended to benefit from rising economic fears and financial-sector turmoil as investors flee equities and other assets perceived to carry more risk.

Conversely, the euro and other non-haven currencies have tended to outperform during periods of increased investor optimism.

"Global investor sentiment is still the main driver for currency markets, and yesterday the non-safe-haven currencies like the euro, but even more the [Australian dollar and New Zealand dollar], took a strong start of the new trading week," wrote strategists at KBC Bank in Brussels.

They noted, however, that trading volumes remained thin, with European financial markets closed for the Easter holiday.

"So, one shouldn't draw any firm conclusions for the price action over the previous two trading sessions," they said.

Profit reports from the biggest financial institutions -- including Citigroup Inc. (C), J.P. Morgan Chase & Co. (JPM) and Morgan Stanley (MS) -- are expected to determine whether U.S. stocks can hang on to five weeks of gains.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=tttPu7foH6mxFOSPPy0mpw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

April 14, 2009 11:39 ET (15:39 GMT)

Copyright 2009 Dow Jones & Company, Inc.

Forex: EUR/USD rise to test the 1.3280 level

2009-04-14T13:24:00.000-07:00

FXstreet.com (Barcelona) - After trading in a small range between 1.3230/85, along the European and American sessión, the EUR/USD is testing the 1.3280 support again.

Currently, the pair is trading around 1.3270/80 after falling 0.72% from the opening price at 1.3374.

According to Valeria Bednarik, FXstreet.com collaborator, The pair has turned bearish in the hourly, after U.S. data publication: "Pair is still range bound in bigger time frames, with the upside contained by the daily 200 EMA. The pair is moving inside a symmetrical triangle (continuation figure) but closer to the base than to e roof. Daily candle opening above the 1.3500 needs to be seen to consider the figure valid; under 1.3080, figure should be discarded, as the pair could quickly gain bearish momentum once that zone is cleared. 20 SMA in daily charts is containing the upside around 1.3340 and losing bullish inclination. In 4 hours charts the pair turned bearish, and after U.S. negative Retail Sales reading, Euro spike to a new intraday low of 1.3225. A tough congestion zone lies between 1.3210/30 that should hold the downside followed by the mentioned 1.3180 zone and then 1.3145. Above 1.3260 the pair could regain bullish momentum, although seems unlikely at the moment, with next resistances at 1.3260 and 1.3297."

USD/JPY Daily Commentary for 4.9.09

2009-04-14T13:15:00.002-07:00

The USD/JPY is still stuck around 100 as the highly-psychological level is proving to be as difficult to overcome as investors could have anticipated. Core Machinery Orders came in far above analyst expectations today, showing capital expenditure is improving in Japan due to dwindling inventories.

Core Machinery Orders are forward looking, so the positive release gives investors hope that the Japanese economy could be finding a bottom. Aso is expected to announce a $150+ Billion stimulus package by the end of the week aimed at reviving the downtrodden economy.

Indian Currency Gains 0.66% During The Week

2009-04-14T13:15:00.001-07:00

The Indian currency gained 0.66% against the US dollar for the week ended Friday, April 10 to stand at 50 as compared to 50.33 during the last week’s closure on April 3 mainly because of the strong rally in local equities and firm US unit.

Rupee, on Monday, went up on the back of sharp gains in the local equities that lifted up the hopes of the foreign fund inflows, but reduced its gains as refiners bought US units.

The partially convertible Indian currency marked its closure 0.6% stronger at 50.04/05 against USD than Thursday`s close of 50.33/35.

Forex Update

2009-04-14T13:12:00.000-07:00

EURO USD Forex Trading Tips and Analysis for Day Traders

Rate has liquidation break into close-in stops over thin weekend but large names show up on dips traders say taking advantage of conditions. Traders note good sellers above the market but they may be late as traders note protective stops from model accounts around 1.3260 area.

Traders report sovereign interest on the dip. Offers likely waiting back at 1.3330 area but stops are said to be building in size above the 1.3340 area. Rate is firm and possibly set to reverse. Rate appears solid above the 100 day MA. Foothold over the 1.3500 handle needed to extend to the upside.

Gold Falls, Stocks Jump as G20 Meets

2009-04-09T13:36:00.001-07:00

THE PRICE OF physical gold fell against all major currencies early Thursday, dropping 2% versus the Dollar as global stock markets jumped and Treasury bonds were sold lower.

Crude oil bounced hard, back above $50 per barrel, as base metals and foodstuffs crept higher.

Ahead of today’s G20 communiqué on global stimulus spending and finance regulation from the world leaders meeting in London, the US Dollar fell together with Gold Bullion, spiking to a one-week low vs. the Euro after Eurozone interest rates were cut by less than analysts forecast.

ECB staff had hinted there was “more leeway” to reduce the cost of money – now at 1.25% – after this week’s raft of poor data from the 16-nation currency zone was capped by an early “flash” estimate of annual inflation at just 0.6% in March.

“Good physical selling of gold sets in whenever the price breaches $930,” says a note from Walter de Wet at Standard Bank in Johannesburg today.

“Although Gold ETF holdings continue to increase, it’s not enough for gold to break above $950. For this, we would need to see more investment demand, as we do not expect jewelry demand to support the price.”

New York’s giant SPDR Gold ETF maintained its record gold backing of 1,147 tonnes once again on Wednesday for the fourth time running, but only the 28th day of no growth in 62 sessions so far this year.

Gold Bullion held by the Zurich Cantonal Bank’s Gold ETF in Switzerland meantime swelled by 37.5% between Jan. and end-March, a press release said this morning.

Across in India – formerly the world’s No.1 consumer market for physical gold – a new Gold ETF was offered to investors by SBI Bank on Wednesday, despite the disappointing uptake of the four existing schemes.

“If there is one asset class that has clearly benefited from the fall in the equity markets, it’s undoubtedly gold,” says the Economic Times today, noting that the Sensex index of Indian stocks has dropped 23% since Oct., while the Gold Price in Indian Rupees has risen 15%.

“Gold ETFs have seen an influx of nearly 14% in their asset base since end-Sept. ‘08,” says the paper.

Today world stock markets leapt – adding 7% in Hong Kong and 4% in Frankfurt – on what the newswires called evidence that the US economy “is on the mend”.

Here in London, world leaders attending the G20 summit near the Canary Wharf financial district were said to be “close” to agreeing a plan for co-ordinated stimulus and financial rules despite a clear division between Anglo-American and Franco-German delegates.

“I’ve seen more people turn out to oppose a Tesco supermarket’s planning application,” says one BBC reporter just beyond the “ring of steel” keeping anti-capitalist and climate change protesters away from the meeting in East London.

“Never has bad looked so good,” says USA Today after Wednesday’s new that US auto sales leapt 25% month-on-month in March – the first rise in 17 months – but remained well over a third below March 2008, itself down by 8% from a year earlier.

Pending home sales also jumped in Feb., while manufacturing activity shrank less quickly than forecast.

Construction spending fell for the fifth month running.

Here in the United Kingdom, meantime, house prices in March recorded their first month-on-month rise since Oct. 2007, creeping 0.9% higher from Feb. but remaining almost one-fifth below their peak, according to the Nationwide mortgage lender.

UK construction output shrank yet again, meantime, but the pace of decline slowed.

The British Pound rose sharply this morning on the currency markets, breaking four-week highs against the single currency in volatile trade ahead of the European Central Bank’s decision.

That squashed the Gold Price in Sterling to a 7-week low beneath £620 an ounce, up by more than one-third from this time last year but an 11% discount to late-Feb.’s new record highs.

French, German and Italian investors now Ready to Buy Gold saw the price drop 3.3% early Thursday, touching a 6-session low on the ECB’s rate-cut beneath €680 an ounce.

“Gold’s [now] a very attractive asset class,” said Rob Krcmarov, head of exploration at Barrick Mining – the world’s No.1 gold miner – at a conference in Santiago, Chile, this week.

“In terms of prices, obviously mine supply is going down. The industry in general is not replacing supply. The rate of discovery is decreasing,” Krcmarov told Reuters, noting a 14% drop in global gold output between 2001 and 2009.

Driven by metal ores and mineral sales, Australia’s trade balance turned sharply higher in Feb. new data said overnight.

Commodity prices in neighboring New Zealand then bounced in March, according to ANZ Bank, after plunging nearly 5% the month before.

Today in Bern, central-bank chief Philipp Hildebrand confirmed the Swiss National Bank is actively working to devalue its currency, the previously safe-haven “hard money” Franc.

“A renewed appreciation of the Franc contains the risk of a sustained deflationary dynamic in Switzerland,” Hildebrand told an asset management forum.

“It’s about preventing deflation by all means.”

Adrian Ash
BullionVault

Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – where you can Buy Gold Today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Midday Market Recap: Stocks Touch Two-Month High

2009-04-09T13:12:00.001-07:00

CEP News) * S&P 500 up 2.6% * Euro Down 1.3 Cents * Canadian Dollar Rises Half Cent * Treasury Yields up 1-4 Basis Points

Stocks Rally After Wells Fargo Guides Higher

U.S. stocks are nearly 3% higher after Wells Fargo said it expects to earn a record $3 billion in the first quarter, more than double what the street was expecting.

Wells Fargo is seen as the healthiest of the large U.S. banks and shares of the company are up more than 20%. S&P 500 futures jumped 10 points immediately after the announcement and the index is up 22 points, or 2.7%, to 847. Earlier, the S&P 500 hit a two-month high of 850.

In a press release, the company said it expects to report net income of approximately $0.55 per share. Analysts were expecting earnings of $0.23 per share.

"Business momentum in the quarter reflected strength in our traditional banking businesses, strong capital markets activities, and exceptionally strong mortgage banking results," said Chief Financial Officer Howard Atkins in a statement.

Unexpectedly strong results from Wachovia contributed to about 40% of combined revenue.

"Wachovia's outstanding franchise has proven to be everything we thought it would be when we announced this acquisition, and the financial contribution from Wachovia exceeded our expectations in the first quarter," said Chief Executive Officer John Stumpf.

The Dow Jones industrial average is up 186 points to 8023, and the Nasdaq up 48 points to 1639. In Canada, the S&P/TSX composite index is up 142 points to 9111,

European stock markets closed with the Stoxx 50 up 41 points to 1918, the UK FTSE 100 up 58 points to 3984 and the German DAX up 133 points to 4491.

Euro Weaker Against U.S. Dollar Despite Strong Equity Open

The euro remains under pressure after European Central Bank President Jean-Claude Trichet said the central bank will start to look at non-conventional measures to bolster the euro zone economy.

Among G10 currencies, the euro is one of the worst performers against the U.S. dollar, but there has been a lot of volatility in the cross in overnight trading. During the Asia session, EUR/USD hit session lows at 1.3232 USD. However, the cross managed to recover during the European session, hitting session highs at 1.3336 USD.

Following a positive North American open, the euro is trading near the bottom the day's range, down 0.0123 to 1.3158.

With no major data released in Europe, currency strategists are expecting the euro to take its direction from market sentiment through the rest of the session.

The euro is not benefiting from the stronger equity prices. Geoffrey Yu, currency strategist from UBS, said he is not surprised that the euro is weaker despite the positive sentiment.

He pointed out that a lot of traders are taking their profits after the strong recovery in the European session. Heading into the first quarter earnings season, there is still a lot of uncertainty in currency markets that will limit any major rallies in the euro, he added.

Currency strategists from Brown Brothers Harriman are expecting to see the euro test resistance at 1.33 USD in the short term.

"The euro is already overextended on the downside and the very short term momentum indicators are pointing up," they said.

Canadian Dollar Taking Little Direction from Weak Employment Report

Weaker-than-expected Canadian employment numbers are not having much impact on the Canadian dollar on Thursday.

Positive market sentiment appears to be driving currency markets, which is benefiting not only the Canadian dollar but most of the commodity and high-yield currencies. Among the G10 currencies, the Canadian dollar is one of the top performers against the greenback.

USD/CAD has been on a modest downtrend through most of the session. The selloff picked up steam following the Canadian employment report. In March, the Canadian economy shed more than 61,000 jobs and the unemployment rate rose to 8.0%, according to Statistics Canada. Economists were expecting a decline of 50,000 jobs.

Most recently, the Canadian dollar is up 0.0056 to 0.8145 against the U.S. dollar (1.2277 USD/CAD) and up 1.07 to 81.77 against the yen.

Positive Canadian trade balance data is also having negligent impact on the cross. Against most expectations, Canada recorded a small surplus of C$0.1 billion. Economists had forecast the deficit to hold steady at -C$1.2 billion following a -C$1.2 billion deficit in January. The previous months' deficit was initially reported as -C$1.0 billion.

However, Matthew Strauss, senior currency strategist from RBC Capital Markets, said the report was relatively in line with the market consensus.

Strauss said the most important data contributing to positive market sentiment this morning is news from Wells Fargo.

With USD/CAD trading near the bottom of its range, Strauss said there could be limited gains later in the afternoon. He said traders could be reluctant to put on short U.S. dollar positions ahead of the Easter long weekend.

"I think 1.2225 (CAD) is going to be an important support level today. I think if we can't break below that by the European close then I think there is a risk the cross moves higher."

Boris Schlossberg, director of currency research at GFT, said he is expecting the cross to continue to bounce within its range. He said the fundamental data on both sides of the board remain extremely weak and won't provide much direction.

He said he will be watching oil prices to determine future direction for the Canadian dollar.

"I think if oil trades over $55 a barrel, then we will see USD/CAD trade around 1.20 (CAD) and if oil falls below $40 a barrel then I think we head back up to 1.25 (CAD)."

WTI crude oil is up $1.75 to $51.13. The front month gold contract at the Chicago Board of Trade is down $3.30 to $882.50 per ounce.

Elsewhere in foreign exchange, the pound sterling is down 0.0089 to 1.4628 against the U.S. dollar and down 0.0236 to 1.7959 against the Canadian dollar.

The U.S. dollar is up 0.62 to 100.38 against the yen and the Dollar Index is up 0.434 to 85.795.

U.S. 10-Year Auction Sells With Weak Bid

Impending supply and a holiday-thinned market led to a weaker-than-expected 10-year U.S. auction on Thursday.

Demand in an $18 billion reopening of 9-year, 10-month notes was weaker than market participants were anticipating, and the notes sold with a yield of 2.950%.

The yield was slightly lower than the 2.931% 'when issued' bid, which represents the expected yield.

The 2.950% yield was tendered to 33.44% of bidders and the bid-to-cover ratio was 2.49. At the previous five-year auction on Mar. 11, the yield was 3.04% and the bid-to-cover ratio was 2.14. The average bid-to-cover ratio in the past eight auctions has been 2.38.

The median discount rate was 2.879% and the low yield was 2.55%. Non-competitives took $20,452,900. Primary dealers took $12,873,024,000, with direct bidders receiving $770,000,000 of competitives and indirect bidders taking $4,236,580,800.

The indirect allotment of 23.7% was relatively in line with the 20.2% average in recent auctions.

On the spot market, benchmark U.S. 10-year yields initially rose two basis points after the auction. On the session, they are higher by 4.6 basis points to 2.91%.

Most recently, U.S. two-year yields are up 0.8 bps to 0.93%, with five-year yields up 2.3 bps to 1.85% and 30-year yields up 4.4 bps to 3.71%.

Yields on two-year Canadian government notes are up 2.9 bps to 1.12%, with five-year yields up 2.8 bps to 1.86%, 10-year yields up 2.1 bps to 2.92% and 30-year yields flat at 3.63%. The September 09 BAX contract is down 1.0 tick to 99.48.

In Germany, returns on two-year German notes are down 5.8 bps to 1.37%, with five-year yields down 2.4 bps to 2.41%, 10-year yields up 1.5 bps to 3.23% and 30-year yields down 1.2 bps to 4.05%.

Yields on UK two-year notes are down 4.0 bps to 1.35%, with five-year yields down 5.6 bps to 2.46%, 10-year yields down 6.5 bps to 3.29% and 30-year yields down 2.7 bps to 4.31%.

All data taken at 12:42 p.m. EDT.

By Adam Button, abutton@economicnews.ca, edited by Megan Ainscow, mainscow@economicnews.ca

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AIG signs accord with Federal Reserve for $85 Bln bridge loan - Update

2009-04-09T13:02:00.001-07:00

AIG signs accord with Federal Reserve for $85 Bln bridge loan - Update

Troubled insurer American International Group Inc. (AIG) said Tuesday evening that it has signed a definitive agreement with the Federal Reserve Bank of New York for a two-year, $85 billion revolving credit facility.

The loan, in return for a 79.9% stake by the federal government, will provide the much needed liquidity to AIG and is expected to facilitate the sale of certain of the company's businesses in an orderly manner. Reports had indicated that a large investor group was working to prevent the takeover of the company by the Federal Reserve as the investor group feared that their stake in the company would be diluted following a government takeover. In an earlier filing with the SEC, AIG had earlier said that the federal government would receive warrants for the 79.9% stake. This would have given the government the right, though not the obligation, to actually acquire the shares. However, in an amended filing with SEC, AIG dropped any reference to any warrants. AIG's deal with the Federal Reserve will now give the government convertible preferred stock instead of the warrants that the company originally proposed. AIG avoided a possible bankruptcy filing last week by accepting a rescue plan that provides an $85 billion loan from the federal government in return for a 79.9% stake. The U.S. reversed its opposition to a bailout after the Federal Reserve concluded that "a disorderly failure of AIG could add to already significant level of financial market fragility." Last Tuesday, the U.S. Federal Reserve said that it approved an $85 billion loan to AIG as part of the federal government's intervention to control the spread of the ongoing financial crisis. The announcement followed a tense day for AIG, with many analysts and policymakers predicting that a loan would have to be secured by the end of the day or the company would face a possible bankruptcy filing. The loan to AIG is the latest in a string of bailouts the government has sponsored this year, beginning with the brokered sale of Wall Street firm Bear Stearns in March and continuing with the government takeover of mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) earlier this month. The Fed stated last week that it would provide a secured loan collateralized by all the assets of AIG as well as its primary non-regulated subsidiaries. The central bank noted that the action came with the full support of the Treasury Department. As a result of the loan, the government will receive a 79.9% equity interest in AIG. The Fed reported that the government will have the right to veto the payment of dividends to common and preferred shareholders. AIG said at that time that the loan would enable it to meet its liquidity needs. The facility will be secured by a pledge of the capital stock and assets of certain of AIG's subsidiaries, subject to exclusions for certain property for which the pledge is not permitted by AIG debt instruments. In addition, assets of regulated subsidiaries, foreign subsidiaries and special purpose vehicles have been excluded. The company noted that interest will accrue at a rate based on three-month Libor plus 8.50%. Interest and the commitment fees are generally payable through an increase in the outstanding balance under the facility. AIG is required to repay the facility from the proceeds of certain asset sales and issuances of debt or equity securities, among others. The mandatory repayments would permanently reduce the amount available to be borrowed under the facility. AIG said that under the deal, it will issue a new series of Convertible Participating Serial Preferred Stock to a trust that will hold the stock for the benefit of the U.S. Treasury. The preferred stock will be entitled to participate in any dividends paid on the common stock, with the payments attributable to the preferred stock being about, but not more than 79.9% of the aggregate dividends paid. The preferred stock will vote with the common stock on all matters and will hold about, but not exceeding 79.9% of the aggregate voting power. The stock will be convertible into common stock following a special meeting of shareholders to amend the company's restated certificate of incorporation. AIG noted that borrowings under the facility are conditioned on the Federal Reserve Bank of New York being reasonably satisfied with AIG's corporate governance, among other things. The facility includes affirmative and negative covenants, including a requirement to maintain a minimum amount of liquidity and a requirement to use reasonable efforts to cause the composition of AIG's board of directors to be satisfactory to the trust holding the preferred stock within ten days after the establishment of the trust. AIG Chairman and Chief Executive Officer Edward Liddy said, "AIG made an exhaustive effort to address its liquidity needs through private sector financing, but was unable to do so in the current environment. This facility was the company's best alternative." Liddy added, "We are pleased to have finalized the terms of the facility, and are already developing a plan to sell assets, repay the facility and emerge as a smaller but profitable company. Importantly, AIG's insurance subsidiaries remain strong, liquid and well-capitalized." Earlier on Tuesday, AIG said that its board of directors has decided to suspend the declaration of dividends on the company's common stock. The move is expected to enable the company to conserve capital. Meanwhile, reports said that AIG is among the 26 companies that are being investigated by the Federal Bureau of Investigation as part of a probe into the collapse of the sub-prime mortgage market. The FBI is under pressure to hold companies responsible for the loan crisis that led to the biggest housing slump in the U.S. since the Depression. The collapse of some of these banks helped trigger a $700 billion bailout plan by the U.S. government. Last week, AIG had been moved out of the Dow Jones Industrial Average by Dow Jones, effective September 22. The company will be replaced by packaged foods processor Kraft Foods Inc. (KFT) on the index. AIG's government bailout after it plunged into one of the worst liquidity crunches in the financial markets led to a substantial drop in its share prices, also contributed to its removal from the index. AIG closed Tuesday's regular trading session at $5.00, up $0.28 or 5.93% on a volume of 246.79 million shares. The stock has been trading in a range of $1.25-$70.13 in the past 52 weeks. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Global Recession Likely, Wachovia Says

2009-04-09T13:01:00.002-07:00

Global Recession Likely, Wachovia Says

Global real GDP growth averaged nearly 5 percent per annum between 2004 and 2007, the strongest four-year period of growth in decades.

However, real GDP growth rates have slowed in most countries this year, and we look for further deceleration in 2009, say the analysts at Wachovia. Indeed, we project that global GDP will grow only 2 percent in 2009, the slowest year for global growth since 1993. If credit markets remain frozen for a prolonged period of time, global growth next year could be even slower than our official projection. Indeed, it is very difficult to forecast with any reasonable degree of certainty during the middle of a global financial crisis. Underlying all of our projections is our assumption that policymakers will take the necessary steps to prevent the global financial system from completely imploding. We project that every G-7 economy will contract somewhat over the next few quarters. Growth in the developing world should slow further next year as well. However, economic fundamentals in many developing countries are generally much stronger today than in the past, making those countries more resilient to downturns in the developed world than in previous cycles. That said, most developing countries will probably experience the slowest year of growth since 2002. The U.S. economy has been struggling for the past few quarters as it works through the fallout from the housing bust and credit market dislocations. Although the economy continued to expand in the first half of the year, due largely to record contributions from net exports, it now appears that the United States has slipped into recession as credit markets have essentially shut down. We project that the U.S. economy will contract for three consecutive quarters. Although growth should return in the middle of 2009, the upturn likely will be sluggish as consumers continue to repair their balance sheets. The Fed has cut the fed funds rate by 375 basis points since last September, and we look for some more easing in the months ahead as the economy contracts further. Recession appears to be taking hold in other major economies as well. For example, it appears that the United Kingdom has slipped into recession, and we look for U.K. economic activity to contract for a few more quarters. Japanese growth turned negative recently, and the Euro-zone economy will probably contract modestly over the next few quarters. The Bank of Canada, the Bank of England, the European Central Bank, and Swedish Riksbank, and the Swiss National Bank joined the Federal Reserve on October 8 in a coordinated easing of monetary policy. Looking forward, we expect most foreign central banks will cut rates further as growth slows and as inflation recedes. Why has growth slowed abroad? First, exports to the United States from many countries have weakened. Second, dislocations in credit markets since last summer have weakened growth in countries that are extensively financed via capital markets and/or experienced significant run-ups in house prices. Third, the sharp rise in the price of oil earlier this year has eaten into real income in many countries, leading to slower growth in consumer spending. Finally, central banks in many countries tightened monetary policy in response to rising inflation rates that have been engendered by the sharp rise in the price of oil. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Gold Fields Revises Down Q1 Operational Guidance - Update

2009-04-09T13:01:00.001-07:00

For the first quarter, the company cut down the attributable production to be approximately 798 thousands ounces, from its previous guidance of 820 thousands ounces. However, it expects the cash costs to be in line with its earlier guidance of approximately R154,000/kg or US$618/oz. Notional Cash Expenditure or NCE, which includes all operating costs as well as sustaining and project capital, is expected to be approximately 6% better than previous guidance, at R227,000 /kg or US$910/oz. The first-quarter, gold production in South Africa operation is expected to be up by 2% with approximately 492 thousand ounces. The cash cost is expected to be R154,000/kg or US$618/oz, compared to a previous guidance of R157,000/kg or US$610/oz. The NCE for the South Africa operation is down to R213,000/kg or US$857/oz, from a previous guidance of R221,000/kg or US$860/oz. For the international operations, the company expects the first-quarter gold production to be approximately 306 thousand equivalent ounces. The cash costs and NCE for the international operations are expected to be approximately US$616/oz and US$983/oz respectively, compared with the previous guidance of US$570/oz and US$1,060/oz. CEO, Nick Holland said that despite the rehabilitation work in South Africa and international growth projects scheduled for completion, the company is in line to achieve the short term target of a run rate of approximately 1 million attributable equivalent ounces of gold, during the third quarter next year, at an NCE of approximately US$725/oz at R/US$8.00. Thursday, the stock closed at $8.31 on the New York Stock Exchange. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar climbs to new multi-month high against Israeli shekel

2009-04-09T12:58:00.001-07:00

US dollar climbs to new multi-month high against Israeli shekel

The US dollar edged higher to 3.6556 against the Israeli shekel at 2:35 am ET Friday. This set the highest point for the pair since March 3,2008. If the dollar-shekel pair gains further, 3.69 is seen as the next target level. The dollar-shekel pair that closed Thursday's North American session at 3.60 is currently trading at 3.6447.

Euro bounces back against US dollar

2009-04-09T12:56:00.001-07:00

Euro bounces back against US dollar

The European currency that declined to a 3-day low of 1.3508 against the US dollar at 2:20 am ET Friday strengthened thereafter. The euro-dollar pair is currently trading at 1.3633, compared to 1.3606 hit late New York Thursday.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

British Pound Tumbles To Fresh Multi-year Lows Against Most Majors [RSS Feed]

2009-04-09T12:55:00.001-07:00

British Pound Tumbles To Fresh Multi-year Lows Against Most Majors

During early trading on Friday, the British pound slumped to fresh multi-year lows against its most major counterparts, as investors grew fearful about the global financial crisis despite concerted efforts by central banks around the world to unfreeze the credit markets and prevent a global slowdown. The pound slipped to a 5-year low against the dollar, 12-year low against the franc and a more than 7-year low against the yen. The pound also weakened against the euro and touched a 1-month low.

The pound dropped on concern a dispute between the U.K. and Iceland over financial assets in each other's countries will escalate. The British Prime Minister Gordon Brown said yesterday that the U.K. might freeze the assets of Icelandic companies. The two nations are tussling over who should compensate British savers with money locked in accounts at Kaupthing Bank hf and Landsbanki Islands hf after Iceland's banking system collapsed.

Brown said Iceland is failing to honor its guarantee to cover overseas savers on accounts that it usually backs up to 20,887 euros, leaving Britain to pick up the tab. Iceland's Prime Minister Geir Haarde said the U.K. government is to blame for triggering the crisis when it used anti-terrorism laws to seize the assets of Icelandic banks in the U.K.

Yesterday, the UK government had announced a rescue package for the banking sector worth about GBP50 billion. The government plans to provide extra capital to eight major UK banks and the largest building society and buy preference shares of those institutions.

Disappointing economic reports released from UK yesterday added further selling pressure on the pound.

UK house prices showed the biggest decline since 1983, a report from the Halifax showed yesterday. According to Halifax, the annual rate of house price inflation, measured by the average price over the three latest months compared with the same period a year earlier, declined 12.4% in September. This was the largest fall in 25 years. Economists had predicted house prices to decrease 12.5%.

Martin Ellis, Chief Economist said, "The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance, however, mean that market conditions will remain challenging."

A report from the Bank of England showed that mortgage approvals in the UK reached a new series low of 32,000 in August from 33,000 in July. The increase in net lending secured on dwellings was GBP0.1 billion in August compared with GBP3 billion in July.

In addition, the Office for National Statistics revealed that UK's deficit on trade in goods and services narrowed to GBP4.7 billion in August from a revised deficit of GBP4.8 billion in July. However, the trade deficit stood above the expected shortfall of GBP4.5 billion. The ONS has revised the deficit for July from GBP4.6 billion.

In early trading on Friday, the pound fell below the 1.70 level against the dollar for the first time in almost 5-years. The pound-dollar pair dropped to 1.6794 by about 12:50 am ET compared to Thursday's close of 1.7076. If the pair weakens further, it may likely target the 1.65 level.

A further retreat in oil prices has supported the US dollar. Oil prices fell 5% to $82 a barrel today, a one-year low, as fears that market turmoil will send demand for fuel slumping outweighed news that OPEC will hold an emergency meeting in November.

U.S. light crude for November delivery fell $4.16, or 4.8 percent, to $82.43 a barrel by 1:03 am ET, just above its earlier low of $82.00, in its biggest two-week decline since the start of the Iraq war in 2003. London Brent crude shed $3.71 to $78.95 a barrel, the first time it has been below $80 in a year.

Investors, who earlier this year piled into oil and other commodities as a hedge against inflation and the weak dollar, are putting cash into safer havens and have sent oil plummeting by more than $60 from its record high above $147 in July.

The pound-dollar pair that rose to a 26 1/2-year high of 2.1163 in November 2007 lost ground thereafter. However, the pound attempted to reverse direction in late January 2008 but weakened again in March and showed choppy trading until breaking the long-term support level of 1.937 on August 8, 2008. The pair dropped below the 1.90 level on August 12 and crossed the 1.80 level in early September. Since November 2007, the pound-dollar pair has slumped 21%.

The pound slipped to a 12-year low of 1.8892 against the Swiss franc during early deals on Friday. This may be compared to yesterday's New York session close of 1.9314. If the pound-franc pair falls further, 1.786 is seen as the next target level.

In economic news, Switzerland's jobless rate stood at 2.4% in September, unchanged from August. The rate matched economists' expectations. The seasonally adjusted jobless rate edged up to 2.6% in September from 2.5% in August. Economists had expected the rate to remain unchanged at 2.5%.

The pound has depreciated 14% against the franc earlier this year to touch an 11 1/2 -year low of 1.9389 on March 17. Thereafter, the UK currency recovered and bounced between 2.0973 and 2.0021 in the succeeding months. But the pound started its downward journey in late August and it has plunged around 5% thus far since early September.

The pound that closed yesterday's trading at 170.42 against the yen dropped to 166.05 in early trading on Friday. This set the lowest point for the British currency since June 2001. The next downside target for the pound-yen pair is seen around the 160 level.

The Japanese and the Swiss currencies soared today as a global stock market sell-off triggered large scale unwinding of carry trade positions.

Japan's 0.5% interest rate is the lowest in the industrialized world, helping speculators get funds with low borrowing costs and invest where returns are higher. Speculators profit due to the spread between both rates. Nevertheless, currency fluctuations can erase profits between the two rates. Switzerland's main lending rate is currently at 2.25%.

A massive sell-off on Wall Street overnight and escalating fears of a global recession sent Asian stocks plunging today, with Japan's benchmark index plunging more than 9 percent.

Tokyo stocks took another dive today, sending the key Nikkei average down more than 9 percent from Thursday to its lowest level in about five years and five months, as investors grew fearful about the global financial crisis following an overnight slump on Wall Street and the dollar's plunge against the yen.

The 225-issue Nikkei Stock Average lost 881.06 points, or 9.62 percent, from Thursday to 8,276.43, marking its lowest close since May 28, 2003. At one point, the Nikkei looked poised to mark its second-largest one-day loss since October 1987 as it shed over 1,040 points, or over 11 percent, to 8,115.41 in mid-morning. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 64.25 points, or 7.10 percent, to 840.86.

The sluggishness in the credit markets that triggered much of the heavy selling in markets around the world since mid-September appeared little changed even after a string of interest rate cuts by central banks in the U.S., Europe and Asia this week in an attempt to resuscitate lending.

On Wednesday, six of the world's most influential central banks came together to announce a significant reduction in interest rates. The largest coordinated central bank action in history involved the central banks in the U.S., Canada, the Euro-zone, the UK, Switzerland and Sweden, each of which lowered its benchmark interest rate by half a percentage point. The Bank of Japan did not participate in the rate action, but expressed its strong support for the policy actions.

The Monetary Policy Committee of Bank of England reduced the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 4.5% at a special meeting on Wednesday. The MPC judged at its October meeting that an immediate reduction in Bank Rate is necessary to meet the 2% target for CPI inflation in the medium term.

The BoE noted that the credit supply to households and businesses was tightening further as banks seek to adjust their balance sheets. The Committee welcomed the Government programme to recapitalize the major UK banks. The minutes of the meeting will be published on October 22.

Three of Asia's major economies also announced rate cut bandwagon yesterday morning. South Korea and Taiwan reduced their respective interest rates by 25 basis points, while the Hong Kong slashed the base rate by 50 basis points.

Today, the Reserve Bank of India reduced the Cash Reserve Ratio or CRR by 150 basis points to 7.5%, with effect from the fortnight beginning October 11 instead of the 50 basis points reduction announced on October 6, which was the first reduction in CRR in at least five years.

The British currency has depreciated 23% against the Japanese yen to reach a 2 1/2- low of 192.66 on March 17, 2008 from a 15-year peak of 251.15 hit in July 2007. The pound-yen pair then advanced but pulled back again after hitting a 6 1/2 -month high of 215.92 on July 23, 2008. Since then, the pound has lost another 23% against the yen.

The BoJ released minutes from the September 17-18 policy board meeting today. At the meeting, the board voted unanimously to keep its benchmark interest rate at 0.5 percent. Members of the Bank of Japan's policy board felt last month that the nation's economic recovery could be delayed by slumping exports stemming from the growing trouble in global financial markets. While members expressed confidence that the economy was likely to return to a "growth path," some felt "the possibility that it might do so later than expected should be borne in mind."

During early deals on Friday, the pound weakened to a 1-month low of 0.8064 against the European currency. On the downside, the pound is likely to target a record low of 0.819. The euro-pound pair was worth 0.7958 at Thursday's North American session close.

After hitting a record low of 0.8189 against the euro on September 3, the pound has gained 6% to reach a 6-1/2 -month high of 0.7704 on October 6. Since then, the pound has been in a downward channel and has dropped 4% thus far.

Looking ahead, the Italian August industrial production report is due out in the upcoming hours. Industrial production is predicted to fall 4% annually in August compared with a 3.2% fall in July.

Across the Atlantic, the US August trade balance and the import price index for September are expected to influence trading in the North American session.

With financial policy makers from the Group of Seven major industrial nations due to meet in Washington later today, bank bailouts, liquidity injections and interest rate cuts across the world have failed to quell investor anxiety. In the latest attempt to instil confidence in the financial system, the U.S. and Dutch governments readied on Thursday public funds to shore up the capital of banks, matching a similar move this week by Britain.

The International Monetary Fund said yesterday it was ready to lend to countries hit by the global credit crunch and had activated an emergency financing mechanism first used in the 1990s Asian crisis. The Fund already sent a mission to Iceland, where the government has seized control of its largest bank, and has warned that the worst financial crisis since the 1930s Great Depression could inflict lasting economic harm on the world.

The IMF's emergency facility was created in 1995 as a way of speeding up the approval of loans to countries in peril. It was first used in 1997 to help the Philippines, Thailand, Indonesia and South Korea end crushing runs on their currencies during the Asian financial crisis. Emerging markets are under pressure again after strains in the United States and Europe spread. Investors are fleeing their securities for safer assets, foreign banks are cutting lending and the countries' exporters are braced for weaker demand from Western consumers. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Indian Rupee falls To Record Low Against Dollar

2009-04-09T12:53:00.001-07:00

Indian Rupee falls To Record Low Against Dollar

Friday, the Indian Rupee fell to a record low against the US dollar as the ongoing global financial crisis dented investor sentiment, leading to large outflow of foreign funds from the country.

The rupee slipped to 49.4050 per dollar today, breaching its previous record of 49.2250 hit in May 2002. The dollar-rupee pair closed yesterday's New York session at 47.8250. The Reserve Bank of India's CRR rate cut added further selling pressure on the rupee. The Reserve Bank of India cut the cash reserve ratio by 100 basis points, even before its previous cut of 50 basis points came into operation. On October 06, the RBI had announced a reduction of CRR for scheduled banks by 50 basis points with effect from the fortnight beginning October 11. Cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with RBI. If the RBI decides to reduce the CRR, the available amount with the banks continues to rise. In its press release, the apex bank said that as a result of this reduction an amount of about Rs 60,000 crore would be released into the system instead of the injection of Rs 20, 000 crore announced earlier. The RBI statement said "The Reserve Bank is monitoring developments closely and continuously and would respond swiftly and even preemptively to any adverse external developments impinging on domestic financial stability, price stability and inflation expectations and the continuation of the growth momentum of the Indian economy". Further, the RBI said it is committed to maintaining financial stability and active and flexible liquidity management using all policy instruments is an integral part of this objective. From its recent cut in the CRR, it is clear that the RBI is focusing more on liquidity problem. A cut in the Repo rate will not help in the current scenario as the inflation is hovering around 12%, double the central bank's target rate. Repo rate is the rate at which the scheduled banks borrow rupees from RBI. A reduction in the repo rate will help banks to get money at a cheaper rate. When the repo rate increases borrowing from RBI becomes more expensive. The Indian currency has been weakening against the dollar after it reached a new multi-day high of 45.1600 on September 22. Since then, the rupee has lost around 8.5%. The Indian rupee, Asia's second worst performing currency, has plunged around 20.55% against the dollar since the beginning of this year. The first position is being occupied by South Korean won that has dropped around 23% against the dollar. Though many other competing Asian currencies like the Malaysian ringgit and Thai baht have also depreciated against the dollar, they have fared better than the rupee while the Chinese yuan has actually strengthened against the dollar. The Stock markets across the Asia pacific traded sharply lower today gripped by mounting concerns that a global recession is imminent. Tokyo stocks took another dive today, sending the key Nikkei average down more than 9 percent from Thursday to its lowest level in about five years and five months, as investors grew fearful about the global financial crisis following an overnight slump on Wall Street and the dollar's plunge against the yen. The 225-issue Nikkei Stock Average lost 881.06 points, or 9.62 percent, from Thursday to 8,276.43, marking its lowest close since May 28, 2003. At one point, the Nikkei looked poised to mark its second-largest one-day loss since October 1987 as it shed over 1,040 points, or over 11 percent, to 8,115.41 in mid-morning. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 64.25 points, or 7.10 percent, to 840.86. The Australian, New Zealand and South Korean markets were also trading down. The stock markets in Taiwan and Thailand are closed for public holidays. The Indonesian stock market will re-open for business on Friday afternoon after shutting down early in Wednesday's trade when the market plummeted more than 10 percent in early trade. Following the weak global market clues, the Indian stock market also opened lower. Bombay Stock Exchange's Sensex was down 943.27 points or 8.33 per cent at 10,385.09. The index touched an intra-day low of 10,239.76. National Stock Exchange's Nifty was at 3259.70, down 7.23 per cent or 254 points. It touched an intra-day low of 3,198.95. BSE Midcap Index was down 7.75 per cent and BSE Smallcap Index fell 6.36 per cent. Dismal August industrial production report released from India earlier today, indicated towards an industrial recession. The index of industrial production for August has tumbled to 1.3% compared to analysts' forecast between 6% and 6.5% and 10.9% growth in August last year. Meanwhile, the government has revised growth in industrial output for July to 7.4% from 7.1% announced earlier. In the meanwhile, a government report showed that India's inflation for the week ended September 27 rose 11.80%, below the previous week's annual rise of 11.99 percent. The rupee that has gained around 12% last year has almost tumbled 14.49% since the beginning of this month, increasing the cost of importing raw materials. A weakening rupee is also shaving the gains on the oil price reduction as India imports nearly 70 percent of its oil needs and refiners are the largest buyers of dollars in the local currency market. While the other countries are cutting the rates to weather the global recession, the cut in the CRR by the Indian central Bank is essentially aimed at liquidity management. Wednesday, the Federal Reserve and the European Central Bank cut rates 50 basis points, bringing their rates to 1.50% and 3.75% respectively. The Bank of Canada also cut rates 50 basis points to 2.50%. The Bank of England, Swiss National Bank and Sveriges Riksbank also participated in the rate reductions, reducing their key overnight lending rates by 50bps. Yesterday, the central Banks in the Eastern Asia reduced their key interest rates. The Bank of Korea and the Central Bank of the Republic of China (Taiwan) reduced interest rate by 25 basis points, while the Hong Kong Monetary Authority or HKMA slashed the base rate by 50 basis points. Foreign fund outflows from local stocks have been a key factor behind the rupee's 20% percent decline this year. A weaker currency will make the exports cheaper and thus protect the economy from rising commodity prices. The September 08 quarter results of the Business consulting and outsourcing services provider Infosys Technologies Ltd are marginally above analyst estimates. A weaker rupee boosted the 11.6% sequential growth in revenue, while the net profit rose by 10%. A depreciating rupee boost export-oriented sectors such as IT and textiles, but it has pushed up the foreign exchange liabilities of Indian companies. When the rupee depreciates, the value of foreign currency liability denominated in rupee terms increases and vice versa. The falling rupee will severely affect the small companies, whereas the big ones will be impacted only moderately. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar Rises Further against Canadian Dollar

2009-04-09T12:49:00.001-07:00

10/10/2008 04:54

US dollar Rises Further against Canadian Dollar

Friday, the US dollar has been climbing against its Canadian counterpart. At about 12:55 am ET, the dollar reached a new multi-month high of 1.1651 against the loonie, compared to Thursday's closing value of 1.1503. As of now, the pair is trading at 1.1633. On the upside, the dollar may likely target the 1.179 level against the Canadian currency.

2009-03-27T09:46:00.001-07:00

US stocks fall on concern about central bank's action

New York - US stocks fell for the first time in three days on Thursday as investors had second thoughts about Federal Reserve actions to shore up the US financial sector.

The Fed said Wednesday it would buy 300 billion dollars in long- term government bonds, an unprecedented effort to help drive investors back into the private sector, and will purchase another 750 billion dollars in troubled mortgage-backed securi

2009-03-27T09:45:00.003-07:00

Children's futures: Keeping kids - and your money - healthy

Geneva - Government bonds are generally attractive to the layman investor as they are relatively safe. The saver can profit while not fretting over the markets.

An initiative which has been getting off the ground in the past two years is trying to help those investors sleep even easier, knowing their money will go to the developing world to immunize children.

2009-03-27T09:45:00.001-07:00

Philippine shares rise 3 per cent

Manila - Philippine shares rose 3.01 per cent Friday as investors hunted for bargains after days of lackluster trading.

The Philippine Stock Exchange's 30-share composite index rose 53.64 points to close at 1,833.90.

A total of 1.02 billion shares valued at 2.99 billion pesos (61.77 million dollars) were traded.

Gainers outpaced losers 64 to 19 with 41 issues unchanged.

On Monday, the market fell 4.65 per cent as investors stayed away from the local market amid persistent concerns over the global

2009-03-27T09:44:00.004-07:00

Sensex Opens On A Bleak Note; Banks, Realty Down

With a bleak opening, the BSE Sensex is likely to halt a two-day rise in today’s session.

Overnight losses in the US and mixed signals from the Asian markets hit the Indian equities at the opening time.

Realty stocks were hammered badly followed by banking and consumer goods.

BSE Midcap was also down by 0.24%, while Smallcap index lost 0.05%.

The 30-share index, BSE Sensex, today (Friday Mar 20) opened at 8,951.34, down 50.41 points.

2009-03-27T09:44:00.003-07:00

US stocks slide as investors pull back

Washington - US stocks seesawed through most of Friday, with markets closing at their lowest in two weeks after analysts slashed earnings estimates for General Electric Co.

While GE dropped 5.8 per cent, financial shares tumbled Friday, with Bank of America, Citigroup, Wells Fargo, Morgan Stanley and JPMorgan Chase among the losers.

Troubled insurer American International Group Inc dropped 22 per cent as several states began probing its bonuses.

2009-03-27T09:44:00.001-07:00

Good day for Australian stocks

Australia

Sydney - Australian stocks advanced strongly Monday as optimistic investors ignored a slide in the last trading session on Wall Street.

The ASX 200 put on 84 points, or 2.4 per cent, to 3,550 in a broad based rally.

The Australian dollar also won favour, rising to its highest level against the US dollar in three months. (dpa)

2009-03-27T09:43:00.004-07:00

Shares surge 2.4 per cent in Seoul

Seoul - Shares climbed 2.4 per cent Monday on the Seoul stock exchange on eased concerns over the economy. South Korea's currency surged to a one month-high against the dollar.

The benchmark Kospi index advanced 28.56 points to close at 1,199.50, up 2.44 per cent. Advancing stocks outpaced losers 656 to 168.

The main index of the technology-heavy Kosdaq market increased 8.52 points, or 2.13 per cent, to 409.23.

On currency markets, the US dollar was quoted at 1,391.60 Korean won, after 1,412.50 won last Friday. (dpa)

2009-03-27T09:43:00.003-07:00

Taiwan stocks rise 3.28 per cent on tech rally

Taipei - Taiwan stocks rose 3.28 per cent Monday to a five-month closing high, bolstered by the technology sector, dealers said.

The main TAIEX share index opened higher and continued its upward trend to close at 5,124.18 points, up 162.56 points, or 3.28 per cent from Friday's trade, a closing level not seen since October 15.

Fuelled by expectation of more export orders for Taiwan Semiconductor Manufacturing Corp and United Microelectronics Corp, two of the world's leading contract chip makers, the technology sub-index rose sharply higher, dealers said.

2009-03-27T09:43:00.001-07:00

US stocks surge on plan for toxic assets

New York - US stocks staged the biggest rally since November after the US government unveiled the details of a long-awaited plan to take toxic mortgage assets off the balance sheets of US banks.

Treasury Secretary Timothy Geithner put forward a 1-trillion- dollar public-private partnership that the administration hopes will go a long way to stabilize the crumbling US financial system.

The Dow Jones Industrial Average posted its fifth-largest points gain in history, and US financial firms gained 18 per cent on the announcement.

2009-03-27T09:42:00.004-07:00

Tokyo markets up on US Treasury plan

Tokyo - Tokyo stocks on Tuesday continued their upwards trend from the beginning of the week, pushed up by plans of the US Treasury to remove toxic assets from banks.

The benchmark Nikkei 225 Stock Average climbed by 2.07 per cent, or 170.35 points to 8,385.88 by mid-trading.

The broader Topix index of all first-section issues added 14.74 points, or 1.86 per cent, to 806.3.

On currency markets at midday (0000 GMT), the dollar was stronger at 97.10-15 yen, after trading at 95.97-96.00 yen late Monday in New York.

2009-03-27T09:42:00.003-07:00

Philippine shares up for second straight day on US plan

Manila - Philippine share prices rose 2.05 per cent for the second straight day Tuesday on hopes that a US plan to rid banks of toxic assets would put financial markets on the road to recovery.

The Philippine Stock Exchange's 30-share composite index gained 38.60 points to close at 1,917.69, from Monday's finish of 1,879.09.

A total of 2.633 billion shares worth 3.636 billion pesos (75 million dollars) were traded.

Gainers swamped losers 76 to 16, while 47 issues were unchanged.

2009-03-27T09:42:00.001-07:00

Roller-coaster ride for Australian stocks

Sydney - Australian stocks took their cue from Wall Street in early trading Tuesday with a 2-per-cent surge at the opening bell.

But the rally was not maintained and the ASX 200 ended the day 28 points, or 0.8 per cent, higher at 3,579.

The Australian dollar also added value, punching above 70 US cents.

Wall Street rocketed 7 per cent on Monday in response to the US government's plan to help banks remove bad assets from their books and a report showing a surprising increase in home sales. (dpa)

2009-03-27T04:20:00.001-07:00

US stocks climb on gains in durable goods, home sales

New York - US stock indices made gains Wednesday after government figures showed demand is rising for long-lasting goods and housing.

Durable goods orders increased 3.4 per cent in February, and purchases of new homes jumped 4.7 per cent, adding to a spate of slightly more positive economic news coming out of the United States in the last week.

The blue-chip Dow Jones Industrial Average rose 89.84 points, or 1.17 per cent, to 7,749.81, rallying during the final hour from a more than 100-point drop earlier in the after

2009-03-27T04:19:00.002-07:00

Philippine shares rise 2.5 per cent

Philippines

Manila - Philippine shares rose 2.51 per cent on Thursday as investors snapped up bargain stocks, buoyed by strong performances in Wall Street and other Asian markets.

The Philippine Stock Exchange's 30-share composite index gained 48.26 points to close at 1,988.28 from Wednesday's finish of 1,939.69.

A total of 1.18 million shares valued at 2.73 billion pesos (56.28 million dollars) were traded.

Gainers outpaced losers 84 to 21, with 34 issues unchanged.

2009-03-27T04:19:00.001-07:00

Australian stocks extend rally

Australia

Sydney - Australian stocks continued their strong run Thursday on the back of better news from the United States.

The ASX 200 put on 37 points, or 1 per cent, to close at 3,646.

The market is now up 17 per cent from the benchmark index's low of 3,120 on March 10.

"It's very much been focused on the top 50 stocks," said Martin Laycoss of brokerage Macquarie Private Wealth. "You would certainly expect the market to take a bit of a breather at some stage from this very strong rally."

Resources stocks and the banks have been the best performers. (dpa)

2009-03-27T04:18:00.004-07:00

Hong Kong shares surge 3.6 per cent
Kong

Hong Kong - Hong Kong stocks recovered the bullish sentiment seen earlier week after the benchmark Hang Seng index climbed 3.6 per cent on Thursday.

The Hang Seng broke the 14,000-point mark to close up 486.87 points at 14,108.98, an 11-week high.

Turnover was 64.05 billion Hong Kong dollars (8.2 billion dollars).

Analysts said investor confidence reflected wider upbeat sentiment in Asia about the US economy.

2009-03-27T04:18:00.003-07:00

Sensex Up 154.42 Pts; BHEL, L&T, ITC Surge

Better than expected inflationary figures and continued buying action across bluechip stocks assisted Sensex to stay in the positive terrain.

Yesterday’s major performer realty hammered badly today while consumer goods, power, metal and auto stocks topped the gainers list.

BSE Midcap and Smallcap index surged 0.94% and 0.96% respectively.

For the week ended March 14, 2009, the country’s benchmark wholesale price index (WPI), inflation declined further to 0.27% as against 0.44% during the last week.

2009-03-27T04:18:00.001-07:00

US stocks extend monthly gains amid signs of economic progress

United States

New York - US stock indices continued their strong monthly showing on Thursday on some positive company earnings reports, the latest in a string of better-than-expected economic news in the midst of the US recession.

US electronics chain Best Buy Co, food producer ConAgra Foods Inc and drinks maker Dr Pepper Snapple Group Inc led a 4-per-cent rally in consumer shares.

General Motors Corp surged 14 per cent after about 7,500 workers accepted the company's buyout offer, helping the US carmaking giant reduce labour costs.

2009-03-27T04:17:00.002-07:00

Tokyo stocks extend winning streak after Wall Street rise

Tokyo - Tokyo stocks extended its winning streak to end Friday morning trading higher after Wall Street advanced overnight on continued hopes of an improved economic outlook in the United States.

The benchmark Nikkei 225 Stock Average inched up 83.22 points, or 0.96 per cent, to 8,719.55, as US companies posted better-than-expected earnings figures.

The broader Topix index of all first-section issues was also up 7.67 points, or 0.93 per cent, to 834.48.

Stock Markets

2009-03-27T04:17:00.001-07:00

Philippine shares rises 2.61 per cent

Philippines

Manila - Philippine shares rose for the fifth straight day on Friday, soaring 2.61 per cent amid brightening prospects for a recovery of the global economy.

The Philippine Stock Exchange's 30-share composite index gained 51.99 points to close at 2,040.25, from Thursday's finish of 1,988.26.

A total of 2.5 billion shares valued at 2.82 billion pesos (58.44 million dollars) were traded.

Gainers swamped losers 78 to 30, with 34 issues unchanged.

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