2010/09/23 18:01=DJ MONEY TALKS: RBA Set For October Hike As Inflation Bubbles
2010/09/23 17:52DJ PRECIOUS METALS: Spot Gold Flat, But Further Upside Seen
2010/09/23 17:46DJ Ireland Five-Year CDS Spread Hits Record At 500 Bps - Markit
LONDON -The cost of insuring Irish sovereign bonds against default using credit default swaps rose to a record 500 basis points Thursday. Ireland's five-year sovereign CDS spread rose by 40 basis points from Wednesday's closing level, figures from data provider Markit showed. Concerns regarding the country's banking sector have persisted over the last week, pressuring its CDS and cash bond spreads.
2010/09/23 17:36DJ Iran Says Ready For Nuclear Talks If They Are 'Fair' -Minister
TEHRAN --Iran is ready to resume long-stalled talks over its nuclear program provided they are 'fair', Foreign Minister Manouchehr Mottaki was quoted Thursday as saying. Mottaki's remarks come as world powers Wednesday said in New York that they wanted an 'early negotiated solution' to the standoff with the Islamic republic over its nuclear ambitions. The U.S. and the four other permanent members of the United Nations Security Council--the U.K., China, France, Russia--and Germany, the P5+1 group, announced the new diplomatic overture on the sidelines of the U.N. General Assembly. 'Mottaki reiterated Iran's readiness for negotiations with the Vienna group and the P5+1,' state television's website reported. 'Talks can succeed provided they are fair and Iran's right to peaceful use of nuclear energy is recognized,' he was quoted as saying in a meeting Wednesday in New York with Chinese Foreign Minister Yang Jiechi. By the 'Vienna group' Iran means the U.N. atomic watchdog, France, Russia and the U.S. discussing a swap deal with Iran that was agreed October last year. In June the Security Council approved a fourth round of sanctions against the Islamic republic, which in turn said it would suspend talks until September. 'We agreed to sanctions in June...Now is the time for Iran to engage in real negotiation, in actual constructive dialogue, about its whole nuclear program,' U.K. Foreign Secretary William Hague said Wednesday. 'The unity of the [six] shows that Iran can't simply walk away from this and refuse to talk about it. The world is not going to forget about this issue,' Hague said. It wasn't clear from the Iranian state television report if Mottaki's statements were made after meeting Hague or before. Tehran says it is pursuing a civilian energy program, but Western powers suspect it is seeking nuclear weapons.
2010/09/23 17:33*DJ 10Y Irish/German Yield Spread At 427Bp Record High
2010/09/23 17:09DJ BOE's Dale: UK Economy Faces 'Substantial Headwinds'
LONDON -Cuts in the government's budget and tight credit conditions are holding back the U.K.'s economic recovery, a member of the Bank of England's Monetary Policy Committee said in an interview published Thursday. Speaking to the Western Mail newspaper, BOE Chief Economist Spencer Dale said there is a risk that the economy won't grow rapidly. 'There are substantial headwinds, we are undertaking major fiscal consolidation and banks are still in a position where they can't lend yet,' Dale said. According to the newspaper, Dale backed the coalition government's decision to make fresh cuts in spending. Dale was one of eight MPC members who this month voted to leave the key interest at a record low of 0.5% and the stock of bonds purchased under the central bank's quantitative easing program at GBP200 billion. Andrew Sentance was the only member to vote for a rise in interest rates. Dale said the MPC's goal is to see a return to rates of growth that would reduce spare capacity in the economy to pre-crisis levels. 'For businesses to feel like their order books are closer to normal capacity, we need to see a sustained period of strong growth,' he said. 'That is what we are trying to achieve in what we are doing.'
2010/09/23 16:56*DJ 10Y Irish/German Yield Spread Hits 424Bp Record High
2010/09/23 16:54=DJ DATA SNAP: Euro-Zone Growth Slows To Seven-Month Low - Survey
2010/09/23 16:50*DJ Ireland Five-Year CDS Moves 40 Bps Wider At 500 Bps - Markit
2010/09/23 16:10*DJ 10Y Irish/German Yield Spread Hits 413Bp Record High Post PMIs
2010/09/23 16:08DJ Russian Ruble Falls To 8-Month Low Against Euro-Dollar Basket
MOSCOW -The Russian ruble weakened to its lowest level in eight months against a basket of dollars and euros Thursday, as oil prices slipped and the country's fiscal picture continued to darken. 'Many people took ruble appreciation for granted this year, and now it's gone,' said Vladimir Osakovsky, an economist at Unicredit. The ruble lost as much as 0.4% against the basket to trade at an intraday low of RUB35.83, its weakest level since January. It slipped by 0.1% against the dollar to 31.05 and gave up 0.5% to the euro to trade at 41.61. 'Further recovery is likely to be constrained, at least this year, by the ongoing robust rebound of imports, as well as the planned reversal of fiscal stimulus,' Osakovsky said. Russia's trade surplus for August fell to $8.3 billion rubles from $11.7 billion in the comparable month a year ago, economy ministry data showed Wednesday, contributing to the currency's weakness, analysts said. Prices for oil edged lower, with Brent crude futures slipping 0.2% to $77.76 a barrel in London. The country's economic picture has also been clouded by higher than expected inflation, in the wake of a drought that destroyed a third of the grain crop and sent food prices soaring. A government report released Wednesday showed that prices for key items, such as buckwheat and eggs, are continuing to surge. 'While we expect that the price spike will remain mostly limited to food, it is unlikely that inflation will end this year below 8%,' said Goldman Sachs in a note to investors. The government revised up its forecast for inflation in 2010 to between 7% and 8% earlier this month.
2010/09/23 16:05=DJ DATA SNAP: German Sep Flash Composite PMI 54.8 Vs 58.4 In Aug
2010/09/23 16:00*DJ Euro-Zone Sep Composite PMI Flash Est Forecast At 55.9
2010/09/23 16:00*DJ Euro-Zone Aug Composite PMI Was 56.2
2010/09/23 15:59*DJ Euro-Zone Aug Services PMI Was 55.9
2010/09/23 15:59*DJ Euro-Zone Sep Composite PMI Flash Est 53.8 - Sources
2010/09/23 15:59*DJ Euro-Zone Sep Services PMI Flash Est Forecast At 55.5
2010/09/23 15:59*DJ Euro-Zone Aug Mfg PMI Was 55.1
2010/09/23 15:59*DJ Euro-Zone Sep Services PMI Flash Est 53.6 - Sources
2010/09/23 15:58*DJ Euro-Zone Sep Mfg PMI Flash Est 53.6 - Sources
2010/09/23 15:58*DJ Euro-Zone Sep Mfg PMI Flash Est Forecast At 54.8
2010/09/23 15:33*DJ CORRECT: German Sep Mfg PMI Flash Est Forecast 57.9
2010/09/23 15:30*DJ German Sep Services PMI Flash Est 54.6 - Sources
2010/09/23 15:30*DJ German Sep Composite PMI Flash Est 54.8 - Sources
2010/09/23 15:30*DJ German Aug Composite PMI Was 58.4
2010/09/23 15:29*DJ German Sep Services PMI Flash Est Forecast 57.4
2010/09/23 15:29*DJ German Aug Services PMI Was 57.2
2010/09/23 15:29*DJ German Aug Mfg PMI Was 58.2
2010/09/23 15:29*DJ German Sep Mfg PMI Flash Est Forecast 58.2
2010/09/23 15:28*DJ German Sep Mfg PMI Flash Est 55.3 - Sources
2010/09/23 15:21=DJ DATA SNAP: French Business Sentiment Edges Up In September
2010/09/23 15:14DJ PRECIOUS METALS: Gold Steady In Asia; Silver Off Highs
SINGAPORE -Gold held its ground in Asia Thursday but did not make any progress towards the psychological $1,300 level with the U.S. dollar stabilizing against major currencies.Silver continued it's recent strong run though, hitting a new thirty-month high of $21.21 a troy ounce in early trade, despite the absence of participants from China, Hong Kong and Japan for national holidays.A trader at a U.S. bank said many people had missed silver's "stealth move," given it had lagged gold's progress until late August when it broke to the upside.Since Aug. 24 it has risen 19%, but the trader said gold will have to stay firm for silver to avoid a correction, as both metals had the same driver--demand for a currency hedge.Gold's advance in recent sessions has been very much a function of dollar weakness, so it was no surprise the move stalled Thursday with the euro capped around the $1.34 level. Gold in euros has fallen 1.3% this week to EUR964/oz.At 0550 GMT, spot gold was trading at $1,291.60/oz, up 40 cents, while spot silver was down two cents at $21.11/oz.A breach of $1,300 for spot gold could attract some follow-up buying, said Ong Yi Ling, analyst at Phillip Futures in Singapore."I think some of the skeptics could get on board if we break that level," she said.However, she added, the expiry on Monday of Comex October gold options could contribute to some volatility in the next two sessions, as open interest is usually concentrated at round numbers like $1,300.Spot platinum was up $4 at $1,635/oz, while spot palladium was at $543/oz, down $1.The next cues for precious metals will likely come from initial U.S. weekly jobless claims at 1230 GMT and U.S. existing home sales and leading indicators at 1400 GMT.
2010/09/23 15:02*DJ Stoxx Europe 600 Index Up 0.5% After The Open
2010/09/23 15:01*DJ FTSE 100 Up 0.5% After The Open
2010/09/23 15:01*DJ France Aug Services PMI Was 60.4
2010/09/23 15:00*DJ France Sep Services PMI Flash Est 58.8 - Sources
2010/09/23 15:00*DJ France Sep Services PMI Flash Est Forecast 60.0
2010/09/23 14:59*DJ France Sep Mfg PMI Flash Est Forecast 55.0
2010/09/23 14:59*DJ France Aug Mfg PMI Was 55.1
2010/09/23 14:59*DJ France Aug Composite PMI Was 59.5
2010/09/23 14:59*DJ France Sep Mfg PMI Flash Est 55.4 - Sources
2010/09/23 14:59*DJ France Sep Composite PMI Flash Est 58.5 - Sources
2010/09/23 14:45*DJ French Sep Business Sentiment 98 Vs 97 In Jul
2010/09/23 14:45=DJ WORLD FOREX: Dollar Up Vs Yen, Euro Ahead Of Kan-Obama Meet -3-
2010/09/23 14:36*DJ Dollar Steady At IDR8,950 Vs IDR8,955 Wednesday
2010/09/23 14:34DJ Germany Minister: To Revise FY Economic Growth Forecast In October
NEW DELHI -Germany will revise its full-year economic growth forecast in October, the country's minister of economics and technology, Rainer Bruderle, said Thursday. Bruderle expects the economy to grow more than 2.5% this year after it expanded 2.2% quarter-on-quarter in April-June.
2010/09/23 14:25DJ India Minister: May Surpass FY Economic Growth Aim Of 8.5%-8.75%
NEW DELHI -India may surpass its target of 8.5%-8.75% economic growth this fiscal year through March, Finance Minister Pranab Mukherjee said Thursday.'I am optimistic, by the end of the year, to surpass the target of 8.5%-8.75% given in the Economic Survey,' Mukherjee said at a conference. The Economic Survey is the government's annual economic report.India's economy grew a better-than-expected 8.8% in the April-June period.Mukherjee added that India needs investments to fix its shabby infrastructure.
2010/09/23 13:55*DJ Germany Minister: To Revise FY Economic Growth Forecast In October
2010/09/23 13:54*DJ Germany Finance Minister: Economy To Grow Over 2.5% This FY
2010/09/23 13:51=DJ WORLD FOREX: Dollar Up Vs Yen, Euro Ahead Of Kan-Obama Meet -2-
2010/09/23 13:50=DJ WORLD FOREX: Dollar Up Vs Yen, Euro Ahead Of Kan-Obama Meet
2010/09/23 13:45*DJ India Minister: May Surpass FY Economic Growth Aim Of 8.5%-8.75%
2010/09/23 10:47=DJ FOREX VIEW: Post-Fed Euro Is Winner, But Maybe Not For Long
2010/09/23 10:35=DJ FX Asia: India Rupee Set To Gain on Strong Inflows, Higher Rates
2010/09/23 10:07=DJ BIG PICTURE: Fed May Get Some Help From Weakening Dollar
2010/09/23 09:19*DJ Spot Silver Hits New 30-Month High At $21.20/Oz
2010/09/23 09:07*DJ Dollar Now At IDR8,950 Vs IDR8,955 Late Wednesday
2010/09/23 09:04DJ HSBC Eyes Finance Director Flint As 'Compromise' Chairman': Sources - FT
HSBC Holdings PLC's finance director Douglas Flint has emerged as a 'compromise' chairman to replace outgoing Stephen Green, the Financial Times reported late Wednesday, citing unnamed sources. The move comes after the board found it difficult to choose between chief executive Michael Geoghegan and John Thornton, an ex-Goldman Sachs banker and non-executive director, the report on the FT website said. HSBC earlier denied Geoghegan threatened to resign if he wasn't offered the chairmanship. Full story: http://www.ft.com/cms/s/0/6abe9a56-c693-11df-8a9f0144feab49a.html
2010/09/23 08:41DJ US Commerce Secretary Locke Welcomes Stronger Chinese Economy
2010/09/23 08:36=DJ CREDIT MARKETS:Issuance Hurtles On In Corporate,Asset-Backed Markets
2010/09/23 06:50*DJ US Dollar Quoted At S$1.3243 Vs S$1.3274 Late Asia Trade Wed
2010/09/23 06:49=DJ Geithner, House GOP Spar Over US Tax Policy
2010/09/23 06:46*DJ NZ 2Q GDP +1.9% Vs Year Earlier; Market Expected +2.6%
2010/09/23 06:46*DJ NZ 12-Months To 2Q GDP +0.7% Vs Yr Ago; Mkt Expected +0.8%
2010/09/23 06:45*DJ NZ 2Q Adjusted GDP +0.2% Vs 1Q; Market Expected +0.8%
2010/09/23 06:17=DJ WORLD FOREX:Dollar Falls Broadly; Fed's Possible Easing Weighs
2010/09/23 05:55=DJ US Small-Cap Stocks Weaken As Economic Woes Weigh On Financials -2-
2010/09/23 05:52=DJ US Stocks Slip; DJIA Breaks Five-Session Winning Streak-2-
2010/09/23 05:25=DJ US Stocks Slip; DJIA Breaks Five-Session Winning Streak
2010/09/23 05:04DJ Long-Dated Treasurys Up On Bets Fed To Step Up Bond Purchases
2010/09/23 04:50=DJ US Small-Cap Stocks Weaken As Economic Woes Weigh On Financials
2010/09/23 04:04*DJ Nasdaq Closes Off 15 (0.6%) At 2335; Financials Lead Decline
2010/09/23 04:03*DJ DJIA Closes Down 21 (0.2%) At 10740 As Microsoft, BofA Slide
2010/09/23 03:49DJ OIL FUTURES: Crude Falls On Increasing Oil Inventories
NEW YORK -Crude-oil futures settled lower Wednesday after an unexpected increase in U.S. stockpiles of oil and fuel products.Light, sweet crude oil for November delivery settled 26 cents, or 0.4%, lower at $74.71 a barrel on the New York Mercantile Exchange after rising as high as $76 earlier in the session. October futures expired at Tuesday's settlement at $73.52 a barrel.Brent crude oil on the ICE futures exchange settled 47 cents lower at $77.95 a barrel.The U.S. Department of Energy's Energy Information Administration reported a 1 million-barrel build in U.S. oil inventories for the week ended Sept. 17, surprising analysts who had expected the shutdown last week of the 670,000-barrel-a-day Enbridge 6A pipeline to result in a draw in stockpiles.Analysts had called for a 1.7-million-barrel drop in crude-oil inventories, according to a survey. Stocks of gasoline and distillates, which include heating oil and diesel fuel, also increased unexpectedly. Gasoline inventories rose by 1.6 million barrels. Distillates rose by 300,000 barrels.'Supplies are coming out of our ears, basically, and it's just too hard to get too excited about this market,' said Phil Flynn, an oil analyst with PFGBest, which tracks the market.The EIA report helped to confirm a report Tuesday from the American Petroleum Institute, an industry trade group, that also showed rising inventories.High supplies have weighed on crude futures, with U.S. stockpiles of oil and oil products reaching the highest levels in 27 years earlier this month. The inventory glut has recently made it difficult for crude-oil futures to keep pace with a September rally in equity markets, which had been closely correlated with oil futures for several months.A drop in demand for distillates and gasoline pulled down product futures as well. Front-month October reformulated gasoline blendstock, or RBOB, settled 1.82 cents, or 1%, lower at $1.9014 a gallon. October heating oil settled 1.29 cents lower at $2.1070 a gallon.A weak dollar against the euro tempered some losses in crude oil, however, by making the commodity cheaper for buyers using other currencies. The euro was recently up 0.8% against the dollar, to $1.3374 after hitting its highest price in more than a month in earlier trading.But some analysts fear that recent declines in oil may be the beginning of a larger drop. The premium between the first and second-month crude contracts has widened significantly over the past month, with November crude futures now $1.57 cheaper than the December contract. One month ago, the December contract's premium was 37 cents.'It looks like it is going to continue to widen out,' said Tony Rosado, a broker with GA Global Markets. 'Any kind of rally that you get due to the equities running up, all of those rallies will be sold.'More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines: Nymex Light Crude Oil Close Nymex Harbor RBOB Gasoline Close Nymex Heating Oil Close ICE Brent Crude Oil Close ICE Gas Oil Close
2010/09/23 03:37=DJ BOE Dale:Don't Know If Next Move To Be Tightening Or Loosening
2010/09/23 03:30DJ PRECIOUS METALS: Comex Gold Rises Near $1,300 On Weak Dollar
2010/09/23 02:55DJ French Finance Minister: Banks To Pay EUR1B In Levies In 2013
PARIS -French and foreign banks operating in France will by subjected to levies as of 2011, which will increase to EUR1 billion by 2013 in order to encourage them to take less risks, Finance Minister Christine Lagarde said in an interview in French daily Les Echos to be published Thursday. The levy on banks, which won't apply to hedge funds, will contribute EUR504 million to the budget in 2011, EUR555 million in 2012 and EUR810 million in 2013, Lagarde said. Banks will be taxed according to the risks they take. Talks are ongoing with the U.K. to avoid banks being taxed twice in London and in Paris for the same assets, Lagarde said. Banks will also contribute EUR90 million more each year as of 2011 to a deposit guarantee fund and EUR125 million for supervision bank fees.***********By 2013, banks will be contributing a total of EUR1 billion in order to encourage them to better control the risks they take, Lagarde said.
2010/09/23 02:40*DJ OIL FUTURES: Crude Falls On Increasing Oil Inventories
2010/09/23 02:38*DJ OIL FUTURES: Nymex Crude Settles Down 26 Cents At $74.71/Bbl
2010/09/23 02:28=DJ French Banks In Better Shape Than European Peers - Moody's
2010/09/23 02:15*DJ French Fin Min: Bank Levy Aims At Reducing Risks
2010/09/23 02:15*DJ French Fin Min: Bank Levy Won't Apply To Hedge Funds
2010/09/23 02:14*DJ French Fin Min: Bank Levy Will Apply To French, Foreign Banks
2010/09/23 02:14*DJ French Fin Min: Banks To Pay EUR1B In Levies In 2013
2010/09/23 01:36*DJ BOE Dale: MPC Has Not Gone Soft On Inflation
2010/09/23 01:33*DJ BOE Dale: Significant Risks On Both Sides For Inflation
2010/09/23 01:08*DJ Greece's Papandreou Expects 'Full' Return To Bond Market 'Quite Soon'
2010/09/23 01:04*DJ Greece's Papandreou: Leaving Euro Zone "Not An Option Either"
2010/09/23 00:11DJ Gold Continues Record-breaking Run As Bulls Target $1,500/Oz
