Jeeson Augustine's View on Economy & Finance: Market Rumours

2010/09/07 17:10*DJ Japan Noda: Govt To Cooperate With BOJ On Currency Issues -Kyodo

2010/09/07 17:09*DJ Japan Noda: Japan To Take Decisive Action To Address Yen's Rise If Necessary -Kyodo

2010/09/07 17:08*DJ Japan Noda: Govt Paying Close Attention To Currency Market Moves -Kyodo

2010/09/07 17:06*DJ Japan Noda: Yen's Strength Negatively Affecting Corporate Earnings -Kyodo

2010/09/07 17:05*DJ Japan Fin Min Noda: Yen's Rise Evidently One-sided -Kyodo

2010/09/07 17:04DJ HK Dollar Steady Late; Faces Pressure From Growing Risk Aversion-2-
HONG KONG -The Hong Kong dollar was steady against the U.S. dollar Tuesday, but the Hong Kong unit faces downward pressure due to the U.S. dollar's recent gains against the euro amid renewed concerns about the financial health of European banks.Traders said weakening risk appetite could lend support to the safe-haven U.S. dollar in the near term, and they expect the U.S. dollar to trade between HK$7.7650 and HK$ 7.7730 Wednesday.In late Asian trade, the U.S. dollar was at HK$7.7685, down marginally from HK$7.7686 late Monday. The U.S. unit was fixed at HK$7.7675 earlier Tuesday.'The decline of the euro triggered risk aversion, which stopped investors selling the safe-haven U.S. dollar,' said a senior trader at a Singaporean bank.A Wall Street Journal analysis revealed that Europe's recent stress tests of major banks understated some lenders' holdings of potentially risky government debt.At 0816 GMT, the euro was at $1.2764, down from $1.2879 in late London trading on Monday. U.S. markets were closed for the Labor Day holiday Monday.'I expect the U.S. dollar to edge gradually higher. I noticed some U.K. and U.S. banks and a Japanese bank are eager to buy the U.S. dollar today, in deals of about US$5 million to US$10 million each, despite a local bank selling the U.S. dollar to square long positions,' a senior trader at a local bank said.The one-year U.S. dollar/Hong Kong dollar forward contract was quoted at a discount of 165 points to the spot rate, compared with a 180-point discount late Monday.

2010/09/07 17:02DJ JGBs Up As BOJ Shows Openness To More Easing Ahead, Yen Gains
TOKYO -Japanese government bond prices rallied Tuesday as the Bank of Japan signaled openness to further monetary easing ahead and as the yen remained strong, sustaining demand for safe-haven assets. At the conclusion of a regular two-day meeting, Japan's central bank said it would 'carefully examine the outlook for economic activity and prices, and, if judged necessary, take policy actions in a timely and appropriate manner.' As expected, the bank kept its monetary policy unchanged after introducing a new lending program at an emergency meeting just last week. But the language on policy actions was new, and fueled speculation that the BOJ would be willing to take more easing steps in the future, analysts said. 'The introduction of this new sentence makes it seem more likely that there could be some form of further easing ahead, and that has supported JGBs,' said Mari Iwashita, chief market economist at Nikko Cordial Securities. The yield on the benchmark 10-year JGB could fall to 1.100% later this week, Iwashita said. At 0600 GMT, the yield was up 5.0 basis points at 1.140%. Recently, investors have sold JGBs over political uncertainty, but such concerns took a back seat Tuesday. Ichiro Ozawa, power-broker and fiscal-spending advocate in the ruling Democratic Party of Japan, is seeking to oust Prime Minister Naoto Kan in a party president vote on Sept. 14. Because the DPJ controls the key Lower House of Parliament, if Ozawa is elected party leader he will almost certainly become prime minister. The vote is expected to be close. While Kan leads in public opinion polls, Ozawa enjoys the support of a large number of DPJ members, who are the only ones who can vote in the party election. But regardless of the outcome of the DPJ vote, in the longer-term the government will likely keep pressure on the Bank of Japan to take further easing steps, particularly if economic growth continues to slow, some analysts say. 'Regardless of who the leader of Japan is, if the economy does enter a plateau as expected, that will prompt the government to keep pressure on the Bank of Japan,' said Naomi Hasegawa, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities. Japan's real gross domestic product rose only 0.4% in annualized terms in April-June, slowing from a 4.4% increase in the previous quarter. But in the nearer-term analysts said the super-long JGB sector, which had borne the brunt of recent selling, could face renewed selling pressure if the Ministry of Finance's auction of Y600 billion worth of 30-year bonds Wednesday reveals weak demand, analysts said. 'We expect the auction to have relatively hard sailing' due to lingering concerns that an Ozawa win in the DPJ presidential vote could lead to increased fiscal spending, said RuiXue Xu, debt markets strategist at Royal Bank of Scotland in Japan. The tender could also be hurt by heavy supply in the super-long end in September, with a Y1.1 trillion sale of 20-year bonds next Tuesday, Xu said.

2010/09/07 16:53DJ EU Barroso: Proposes EU Bonds With EIB To Fund Major Projects
BRUSSELS -The European Union should issue European project bonds together with the European Investment Bank to finance major EU projects, European Commission President Jose Manuel Barroso said Tuesday.

2010/09/07 16:47PRESS RELEASE: HK End-August Forex Reserves Rise US$700 Mln
The following is a press release from the Hong Kong Monetary Authority: The Hong Kong Monetary Authority announced today (September 7) that the official foreign currency reserve assets of Hong Kong amounted to US$261.4 billion at the end of August 2010 (end-July 2010: US$260.7 billion). There were no unsettled forward contracts at end of August and end of July. Hong Kong is the world's seventh largest holder of foreign currency reserves based on the latest published figures, after Mainland China, Japan, Russia, Taiwan, Korea and India. The total foreign currency reserve assets of US$261.4 billion represent over nine times the currency in circulation or about 56% of Hong Kong dollar M3.

2010/09/07 16:40DJ HK Dollar Steady Late; Faces Pressure From Growing Risk Aversion
HONG KONG -The Hong Kong dollar was steady against the U.S. dollar Tuesday, but the Hong Kong unit faces downward pressure due to the U.S. dollar's recent gains against the euro amid renewed concerns about the financial health of European banks. Traders said weakening risk appetite could lend support to the safe-haven U.S. dollar in the near term, and they expect the U.S. dollar to trade between HK$7.7650 and HK$ 7.7730 Wednesday. In late Asian trade, the U.S. dollar was at HK$7.7685, down marginally from HK$7.7686 late Monday. The U.S. unit was fixed at HK$7.7675 earlier Tuesday. 'The decline of the euro triggered risk aversion, which stopped investors selling the safe-haven U.S. dollar,' said a senior trader at a Singaporean bank. A Wall Street Journal analysis revealed that Europe's recent stress tests of major banks understated some lenders' holdings of potentially risky government debt. At 0816 GMT, the euro was at $1.2764, down from $1.2879 in late London trading on Monday. U.S. markets were closed for the Labor Day holiday Monday. 'I expect the U.S. dollar to edge gradually higher. I noticed some U.K. and U.S. banks and a Japanese bank are eager to buy the U.S. dollar today, in deals of about US$5 million to US$10 million each, despite a local bank selling the U.S. dollar to square long positions,' a senior trader at a local bank said. The one-year U.S. dollar/Hong Kong dollar forward contract was quoted at a discount of 165 points to the spot rate, compared with a 180-point discount late Monday.

2010/09/07 16:36*DJ HK End-Aug Forex Reserves US$261.4B Vs US$260.7B End-Jul

2010/09/07 16:13*DJ ECB's Bini Smaghi: New Crisis Risked By Poor Co-ordination

2010/09/07 16:13*DJ ECB's Bini Smaghi: Must Do More To Keep Growth Sustainable

2010/09/07 16:12*DJ ECB's Bini Smaghi:World Policy Focus Is Too Short Term Again

2010/09/07 16:08DJ ECOFIN: EU Rehn: Euro Zone Not Yet Out Of The Woods
BRUSSELS -Threats remain to the stability of the euro zone, European Commissioner for Economic and Monetary Affairs Olli Rehn said Tuesday.Rehn was speaking to reporters ahead of a meeting of finance ministers from the 27 members of the European Union.Among the subjects they will discuss are proposals to impose a levy on banks in order to recoup some of the costs of supporting the financial system during the crisis, and building up funds for future bailouts.The ministers will also discuss progress in reassuring investors of the sustainability of government finances in the months since they put in place a number of mechanisms designed to help euro-zone members that face problems borrowing in the bond markets.Rehn said that "while we have stabilized" over the summer months, the currency area is "not out of the woods yet."He added that governments must therefore show "strong solidarity" and "strong commitments" to support the euro zone and the euro.Slovakia--the euro zone's newest member--has opted out of providing financial support to the Greek government.

2010/09/07 16:02DJ BOJ Governor: Aware That Japan's Exporters Are Suffering From Yen Rises
TOKYO -Bank of Japan Gov. Masaaki Shirakawa Tuesday expressed stronger concern over the yen's appreciation, stressing that the central bank will take policy action in a timely and appropriate manner. 'We are aware that Japanese exporters have been significantly affected by the yen's strength,' Shirakawa told a press conference. 'We are very carefully watching the impact of the stronger yen on the Japanese economy,' he added. Earlier in the day the BOJ's policy board voted to keep the central bank's super-easy monetary policy steady, but reaffirmed Shirakawa's pledge to take policy action if necessary. The unanimous decision to stand pat follows an emergency move last Monday to expand a special lending program, a token step that helped stall the yen's rise and calm the government, which has been pressing the central bank to do more to fight deflation and halt the yen's climb.

2010/09/07 15:52DJ Tokyo Shares Snap 4-Day Winning Streak On Yen Worries -2-

2010/09/07 15:30=DJ WORLD FOREX: Euro Falls On Concerns About European Banks -3-

2010/09/07 15:29DJ Tokyo Shares Snap 4-Day Winning Streak On Yen Worries

2010/09/07 15:28=DJ WORLD FOREX: Euro Falls On Concerns About European Banks -2-

2010/09/07 15:27*DJ Swedish Fin Min: Opposes Financial Transaction Tax

2010/09/07 15:22*DJ BOJ Shirakawa: Last Week's Easing Not Aimed At Changing FX, Stock Mkt Trends

2010/09/07 15:22*DJ BOJ Shirakawa: Fiscal Health Important To Stabilize Long-Term Yields

2010/09/07 15:21*DJ BOJ Shirakawa: Term Fund Rates Already Falling Thanks To BOJ's New Steps

2010/09/07 15:20*DJ BOJ Shirakawa: US Econ Outlook Weaker Than Expected

2010/09/07 15:20*DJ BOJ Shirakawa: To Take Steps Based On Econ Outlook, Not Short-Term Mkt Moves

2010/09/07 15:19*DJ Barclays: Diamond To Get GBP1.35M Salary From Jan

2010/09/07 15:19*DJ BOJ Shirakawa: To Take Policy Action In Appropriate Manner If Needed

2010/09/07 15:19*DJ BOJ Shirakawa: Aware That Japan's Exporters Suffer From Yen Rises

2010/09/07 15:18*DJ EU Rehn: Euro Zone "Not Out Of Woods" On Financial Stability

2010/09/07 15:18*DJ BOJ Shirakawa: Closely Watching Impact Of Yen's Rise On Japan Econ

2010/09/07 15:18*DJ BOJ Shirakawa: Improving Growth Potential Most Important For Japan Econ

2010/09/07 15:17*DJ EU Rehn: Need Solidarity To Ensure Euro Zone Stability

2010/09/07 15:14*DJ Barclays Chairman: No Change In Strategy For Bank

2010/09/07 15:06DJ PRECIOUS METALS: Gold Firm In Asia But $1,250 Resistance Holds
SINGAPORE -Gold was firm but stuck in its recent trading range for another Asian session Tuesday, with the $1,250 level proving strong resistance.'I've been feeling for a while that we may be getting a bit overextended, and there is talk of funds selling above $1,250,' said a Sydney-based trader.Gold has breached $1,250 on an intraday basis in the past four sessions but has thus far failed to sustain that level into the close.At 0545 GMT, spot gold was at $1249.70 a troy ounce, up $3.10 since Friday's New York close, with Tokyo Commodity Exchange, or Tocom, August 2011 gold down Y9 at Y3,388/gram.Gold was getting some support from weakness in the euro, which fell on a Wall Street Journal report that cast some doubt on the reliability of European bank stress test results.Gold was at EUR975/oz, up EUR4.70 from late Monday in London.Commonwealth Bank of Australia said that gold could benefit from a renewed focus on the risk of holding some European sovereign debt.'Should these fears persist or intensify--as they did in April-May this year--the gold price is likely to spike higher on renewed safe-haven demand,' the bank said.Other precious metals were mixed, reflecting very quiet trading conditions with U.S. markets yet to reopen after a long weekend following the Labor Day holiday Monday.Spot silver was flat at $19.85/oz, spot palladium was down $3 at $525/oz, and spot platinum was up $8 at $1,559/oz.

2010/09/07 15:04*DJ Stoxx Europe 600 Flat After The Open

2010/09/07 15:01*DJ FTSE 100 Dn 0.2% After The Open

2010/09/07 15:00DJ Forex Options: Dollar/Yen Options Up; Dealer Says Yen-Put Sought
TOKYO -Dollar/yen currency options edged up in Asia Tuesday as investors purchased short-term options contracts that allow them to hedge against the dollar's rise. Options dealers in Tokyo said the deals may suggest the investors think the underlying exchange rate will rise from current levels in a week or two. A dealer at a major Japanese bank said one player bought one-week dollar-call/yen-put contract with a strike price of 85.35 and implied volatilities of 12.25%. Such a contract benefits the buyer if the dollar is trading above Y85.35 at the contract's expiry. The greenback was trading against the yen at Y84.22 at 0255 GMT Tuesday. Benchmark one-month at-the-money volatilities increased slightly to 11.65%/12.35% from 11.55%/12.25% in Tokyo on Monday. The dealer said volatilities were supported by the yen-put buying, but noted he isn't certain how long that interest would last. The dealer said that if the exchange rate stays around its current levels, benchmark volatilities may decline 10-20 bps in the global day.

2010/09/07 15:00=DJ WORLD FOREX: Euro Falls On Concerns About European Banks

2010/09/07 14:53DJ BOJ Leaves Overnight Call Rate Unchanged At 0.1%

2010/09/07 14:23*DJ Dollar Falls Below Y84.00 On EBS; Lowest Since Sept 1

2010/09/07 14:14*DJ Barclays: Diamond To Become Deputy CEO Oct 1

2010/09/07 14:04*DJ Barclays: Diamond To Replace Varley From From Oct 1

2010/09/07 14:04*DJ Barclays: Varley To Step Down March 31

2010/09/07 14:02*DJ Barclays Names Bob Diamond CEO

2010/09/07 14:02*DJ Barclays: John Varley To Step Down

2010/09/07 14:02*DJ Nikkei Stock Average Closes Down 0.8% At 9226.00

2010/09/07 13:57DJ Bank Of America Names Michael Benz Asia Pacific Wealth Management Head
DJ Bank Of America Names Michael Benz Asia Pacific Wealth Management Head HONG KONG -Bank of America Corp. said Tuesday it appointed Michael Benz head of Merrill Lynch Wealth Management Asia Pacific. Benz was formerly head of Asia Pacific products and services at UBS AG . In his role at Bank of America, Benz will manage all aspects of wealth management and private banking in the Asia Pacific region and will strengthen the product, services and capabilities available to clients, the bank said. Asia is one of the top markets for private banking globally. The wealth of Asia Pacific high net worth individuals totaled US$9.7 trillion at the end of 2009, up 30.9% from the previous year and surpassing the $9.5 trillion held by Europe's high net worth individuals, according to the Merrill Lynch CapGemini 2010 World Wealth Report.

2010/09/07 13:52DJ Credit Suisse Names Osama Abbasi As CEO Asia Pacific

2010/09/07 13:45*DJ Swiss Aug Jobless Rate At 3.6% Vs 3.6% In Jul

2010/09/07 13:00*DJ Japan Jul Leading Indicators -0.8 Pts On Month

2010/09/07 13:00*DJ Japan Jul Coincident Indicators +0.5 Pts On Month

2010/09/07 12:38*DJ RBA: Effects Of Earlier Expansionary Policy Measures Diminishing

2010/09/07 12:37*DJ RBA: Interest Rates For Borrowers Around Average Levels Of Past Decade

2010/09/07 12:37*DJ RBA: Global Outlook Remains Somewhat Uncertain

2010/09/07 12:37*DJ RBA: Terms Of Trade Back At 2-Year Peaks

2010/09/07 12:35*DJ RBA: CPI Inflation Probably Just Above 3.0% For A Few Quarters

2010/09/07 12:16DJ BOJ Leaves Overnight Call Rate Unchanged At 0.1%
TOKYO -The Bank of Japan's policy board decided Tuesday to leave its super-easy monetary policy unchanged, as the central bank waits to gauge the effect of its recent policy steps on financial markets and the country's economy. But the central bank renewed its commitment to supporting the economy, saying in a statement that it will 'take policy action in a timely and appropriate manner' if necessary, suggesting the BOJ is concerned about downside risk to the Japanese economy. The board voted unanimously at the end of a two-day meeting to keep the bank's unsecured overnight call loan rate at 0.1%--the level it has been since December 2008. The BOJ also kept its assessment of the broad economy unchanged, saying Japan's economy 'shows further signs of a moderate recovery.' At the same time, it stressed its resolve to preventing price declines from dragging on economic activity by keeping extremely accommodative monetary conditions. Last week, the BOJ held an emergency policy board meeting and decided to offer domestic financial institutions Y10 trillion worth of six-month loans, in addition to the Y20 trillion in three-month loans it has been offering over the past few months. Market participants are now waiting to see whether BOJ Gov. Masaaki Shirakawa will indicate the possibility of further monetary easing at a press conference starting at 0630 GMT. Many analysts believe Japan's central bank may be forced to implement more aggressive easing measures should any downside risks--such as a slowing U.S. economic recovery, which could push up the yen to the detriment of Japan's key export sector--take an increased toll on the domestic economy.

2010/09/07 12:08DJ UN: Crisis Had Less Impact On Foreign Investment Than Feared
GENEVA --The world economic crisis had a smaller impact on foreign investment than feared, a United Nations think tank said Monday, noting that less than a fifth of firms surveyed drastically divested as a result of the downturn. A survey conducted by the U.N. Conference on Trade and Development, or Unctad, on 236 transnational corporations found that 18% of the respondents said that the crisis triggered large-scale divestments or closures of foreign subsidiaries. 'The crisis was less destructive to FDI than had been feared,' the U.N. body said. 'While investment budgets, including those for FDI, were squeezed during the crisis, TNCs did not engage in wholesale divestment of their foreign affiliates,' it added. Rather than liquidate their foreign assets, many of these firms have begun a large-scale reduction of operating costs. 'They have preserved the overall structure of their presence overseas, with little reversal in their overall level of internationalization,' it added. The crisis has however accentuated a shift of investments to emerging economies. China, India and Brazil now occupy the top three most popular locations for foreign direct investments for 2010 to 2012, relegating the U.S., which ranked second in 2009, to fourth place. Unctad had earlier said that FDI is recovering and could be back to near pre-crisis levels by 2012. It said that total FDI would reach $1.2 trillion in 2010, before growing to between $1.3 trillion and $1.5 trillion in 2011 and $1.6 to $2 trillion in 2012. FDI reached a record $2.1 trillion in 2007 before falling back, as the global financial crisis pushed the world economy into recession, to $1.1 trillion in 2009, Unctad said.

2010/09/07 12:06DJ HSBC Chairman Stephen Green To Become UK Trade Minister - BBC
DJ HSBC Chairman Stephen Green To Become UK Trade Minister - BBCHSBC Holdings PLC Chairman Stephen Green is leaving the bank to become the U.K. trade minister in the country's coalition government, the BBC reported Tuesday.BBC Business Editor Robert Peston wrote in his blog, published on the BBC's Web site, that Green's appointment will be announced Tuesday afternoon.Separately, Sky News reported Tuesday that Green was among the contenders for the trade minister post. It said the government will announce its new trade minister within 48 hours.HSBC's Hong Kong-based spokesman, Gareth Hewett, declined to comment.

2010/09/07 11:57DJ HSBC's Green Among Contenders For UK Trade Minister Post - Sky News
HSBC Holdings PLC Chairman Stephen Green is among the contenders for the post of U.K. trade minister, Sky News reported Tuesday.The report said the government will announce its new trade minister within 48 hours.HSBC's Hong Kong-based spokesman, Gareth Hewett, declined to comment.

2010/09/07 11:56*DJ HSBC Chairman Stephen Green To Become UK Trade Minister - BBC

2010/09/07 11:45*DJ BOJ: Important For Japan Economy To Get Out Of Deflation

2010/09/07 11:44*DJ BOJ Leaves Lombard Rate Unchanged At 0.3%

2010/09/07 11:44*DJ BOJ: Japan Economy On Yr Declines in CPI Expected To Slow

2010/09/07 11:43*DJ BOJ: To Keep Extremely Easy Policy Stance

2010/09/07 11:43*DJ BOJ: Japan Economy Likely To Be On Recovery Trend

2010/09/07 11:42*DJ BOJ Board Votes Unanimously To Keep Rates Unchanged

2010/09/07 11:41*DJ BOJ: To Take Policy Action In Timely, Appropriate Manner If Needed

2010/09/07 11:41*DJ BOJ: Japan Economy Shows Further Signs Of Moderate Recovery

2010/09/07 11:40*DJ BOJ Holds Economic Assessment Unchanged In September

2010/09/07 11:39*DJ BOJ Leaves Overnight Call Rate Unch At 0.1%

2010/09/07 11:26DJ Moody's: Earthquake Costs Won't Threaten New Zealand's Rating
WELLINGTON -Moody's Investors Service said Tuesday the New Zealand's government's repair bill following the 7.1-magnitude earthquake that hit the country's second-largest city Christchurch and surrounding regions would not threaten the country's triple-A rating."The infrastructure is where the government's biggest liability will turn out to be and how much that is, I really don't know," said Moody's analyst Steven Hess.He added the government estimated the total cost for repairs to be around NZ$2 billion. "Assuming that they were correct, the Earthquake Commission has plenty of cash to cover all of its obligations and then private insurance companies take over for most of the other damage to homes," he said.The commission -- a government-owned crown entity funded by insurance premiums -- pays out the first NZ$100,000 of a claim. The fund currently has around NZ$5.6 billion in assets and is backed by reinsurance from overseas groups and by a government guarantee.Hess said if the Earthquake Commission's and insurance companies' liabilities were taken into account, the government's infrastructure repairs would be well below NZ$2 billion. In any case, NZ$2 billion was just 1% of gross domestic product.He added the government has forecast in the last budget that debt-to-GDP ratio will rise to 33% and remain there for a few years "so if you are going to add 1% of GDP to that total, from a rating perspective, it's not going to make a big difference."

2010/09/07 11:20*DJ Bank Of America Names Michael Benz Asia Pacific Wealth Management Head

2010/09/07 11:18=DJ Juncker: EU Must Acknowledge Large Presence At IMF

2010/09/07 11:13*DJ HSBC Chairman Stephen Green Among Contenders For UK Trade Minister Post - Sky News

2010/09/07 11:06*DJ Japan Eco-Friendly Car Subsidies Likely To Be Terminated This Week -Kyodo

2010/09/07 11:02=DJ HEARD ON THE STREET: The Euro Zone's Next Big Headache

2010/09/07 10:46=DJ BOJ WATCH: To Stand Pat Tuesday But Eyes On Growing Risks

2010/09/07 10:46*DJ Mexico Drops Hurricane Watch, Storm Warnings For Hermine -NHC

2010/09/07 10:39DJ Japan Economy Minister Arai: US, Japan Stimulus To Help Markets
TOKYO -Japan's economy minister said Tuesday that U.S. President Barack Obama's new $50 billion stimulus plan, together with Japan's own fresh spending, could help ward off recent stock weakness and yen strength.'Recent weakness in stocks and the strong yen have stemmed from concerns over the U.S. economy's downside,' said Satoshi Arai, minister of state for economic and fiscal policy, at a regular press conference.For that reason, both countries taking new steps to support their economies at the same time 'will create synergistic effects,' Arai said.

2010/09/07 09:41*DJ Japan Sengoku: Govt To Set Up Panel In Oct To Assess Budgetary Matters -Kyodo

2010/09/07 09:38*DJ Japan Econ Min Arai Was Speaking At Press Conference In Tokyo

2010/09/07 09:33*DJ Nikkei Stock Average In Positive Territory

2010/09/07 09:33*DJ Japan Arai: New Stimulus, Steps To Deal With Strong Yen Most Urgent Tasks

2010/09/07 09:26*DJ Japan Econ Min Arai: Expect US, Japan Stimulus To Have Synergy Effects

2010/09/07 08:32=DJ Employer's Hiring Intentions Remain Muted In Europe, US - Survey

2010/09/07 08:09*DJ Rio Tinto Down 1.4% At A$73.98 Early

2010/09/07 08:04*DJ Nikkei Stock Average Opens Down 0.8% At 9232.02

2010/09/07 08:03*DJ Lead September JGB Futures Open Up At 141.38 Vs 141.17 Monday

2010/09/07 07:35DJ Obama To Propose Huge Infrastructure Plan
WASHINGTON --U.S. President Barack Obama unveils plans Monday to spend at least $50 billion to expand and renew U.S. roads, railways and airports, in a fresh bid to fire up sluggish economic growth. Obama, under intense pressure over November's midterm congressional elections in which his Democrats fear heavy losses, was set to make the announcement in a speech in Wisconsin, an official said. The event marking Labor Day, the traditional kickoff date for U.S. election campaigns, heralds a week in which Obama travels to another struggling Midwestern state, Ohio, and holds a press conference in a bid to shore up his political position. A White House official said that the 'bold' infrastructure plan will be front-loaded and make significant investments in the first year, in a bid to stimulate the sagging economy and boost jobs growth. It appeared unlikely, however, that Obama could get the plan passed through Congress before the midterm elections. Opposition Republicans who slammed Obama's $814 billion stimulus plan as a failure are also likely to hammer the proposed new investment as another example of the government doling out taxpayer dollars to little effect. On Wednesday, Obama is expected to unveil another plank of his revised economic strategy, a series of tax breaks for small businesses worth $100 billion. The official, speaking on condition of anonymity, said the Obama plan would front load $50 billion of investment to jump-start job creation. The administration would work with Congress to offset the spending in other areas, to ensure it does not further inflate the budget deficit, the official said. The plan also targets improvements to the U.S. air traffic control system and an acceleration of high-speed rail projects, and establishes an Infrastructure Bank to coordinate federal funding and planning for projects. Critics have long complained that the U.S. highways system is crumbling and suffers from under investment, so Obama will target modernizations that could put unemployed workers quickly to work on the U.S. transportation backbone. The White House official, also speaking on the condition of anonymity, said Obama would also propose making a major new investment in the rail and transit system, including an overhaul of the creaking Amtrak rail fleet. The plan also envisages an overhaul of technology used in the crowded U.S. air traffic control system, including the use of satellite surveillance, which it said could reduce travel delays and reduce airport noise.

2010/09/07 07:31=DJ DATA SNAP: UK Aug Retail Sales Up Slightly, Consumers Cautious

2010/09/07 07:02*DJ UK BRC Aug Total Retail Sales +2.8% On Year

2010/09/07 07:02*DJ UK BRC Aug Same-Store Retail Sales Forecast At +1.0% YY

2010/09/07 07:01*DJ UK BRC Aug Same-Store Retail Sales +1.0% On Year

Tuesday, 7 September 2010

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