2010/10/27 18:35*DJ 3-Month Euro Libor Rises To 0.97813% Vs 0.975% Tuesday
2010/10/27 18:35*DJ 3-Month USD Libor Falls To 0.28813% Vs 0.28844% Tuesday
2010/10/27 18:35*DJ PBOC: Resources Price Reforms To Add To Inflation Pressures
2010/10/27 18:34*DJ 3-Month Sterling Libor Rises To 0.73975% Vs 0.73725% Tuesday
2010/10/27 18:34*DJ PBOC: Stabilizied Econ Growth To Help Econ Restructuring
2010/10/27 18:30*DJ PBOC: Future Inflation Risks Generally Controllable
2010/10/27 18:29*DJ PBOC: Normalized Credit Growth To Help Stabilize Inflation Expections
2010/10/27 18:29*DJ PBOC: Inflation Faces Upward Pressures Due To Grain Price Rises
2010/10/27 18:27*DJ PBOC: Market Less Concerned About Too Sharp Slowdown In Econ Growth
2010/10/27 18:24*DJ PBOC: To Stay Vigilant Over Upward Pressures On Consumer Prices
2010/10/27 17:52=DJ Volkswagen 9-Mo Earnings Growth Driven By Audi, VW Brand
2010/10/27 17:28=DJ Forex Focus: Giving Up On Aussie Parity For Now
2010/10/27 17:03*DJ 3-Month Euribor Rises To 1.043% Vs 1.037% Tuesday
2010/10/27 16:51=DJ DATA SNAP: Euro-Zone Bank Lending Improves Further
FRANKFURT -Bank lending to the euro zone's private sector increased further in September, but remained fragmented, indicating that an environment of low interest rates and generous liquidity provisions by the European Central Bank is still not benefiting all sectors of the economy. Private-sector lending increased 1.2% in September from the same period a year earlier, the same rate as in August, data from the European Central Bank showed Wednesday. The euro zone's recovery from the deep recession that followed the global financial crisis has been hindered by weak bank lending, particularly to businesses. There were further signs of improvement in lending to businesses. Loans to non-financial companies decreased by an annual rate of 0.6% in September, after declining 1.1% in August. Website: www.ecb.int
2010/10/27 16:02*DJ Hang Seng Index Ends Down 1.9% At 23,164.58
2010/10/27 16:01*DJ ECB: Sep Pvt Sector Loans +1.2% Vs +1.2% In Aug
2010/10/27 16:01*DJ Euro-Zone Jul-Sep 3-Mo Avg M3 +0.8%; Forecast +0.9%
2010/10/27 16:00*DJ ECB: Euro-Zone Sep M3 +1.0% On Year; Forecast +1.4%
2010/10/27 15:58DJ Hidili Industry Seeks To Pay Mid-To-High 8% On $400 Mln, 5-Year Bond - Source
DJ Hidili Industry Seeks To Pay Mid-To-High 8% On $400 Mln, 5-Year Bond - SourceSINGAPORE -Hidili Industry International Development Ltd. (1393.HK) is seeking to pay a yield of mid-to-high 8% on its planned $400 million, five-year bond, a person familiar with the situation said Wednesday.The company aims to price the bond in New York trade today, the person said.The order book for the bond now stands at $600 million, the person added.Hidili, which is based in Sichuan province and is the largest coking coal producer in southwest China by output, intends to use the funds for debt repayment and capital expenditure.Bank of America-Merrill Lynch, Citigroup, J.P. Morgan and UBS are bookrunners for the offering.The five-year bond will be callable after three years.The proposed bond is rated B1 with a stable outlook by Moody's Investors Service and BB- with a negative outlook by Standard & Poor's Ratings Services.
2010/10/27 15:58DJ JGBs Down In Long End, But Helped By 2-Yr Sale In Short End
At 0600 GMT Change TFX June 3-Mos Euroyen Price: 99.690 .005 TSE Dec 10-Yr JGB Futures Price: 143.18 .24 10-Yr 0.8% JGB No. 311 Yield: 0.945% +0.045 TOKYO -Prices of long-dated Japanese government bonds fell Wednesday following weakness overnight in U.S. Treasurys, though a solidly bid auction of two-year notes limited the damage in the short-dated sector. The fall in Treasurys Tuesday amid a total of $109 billion in U.S. debt sales this week weighed most heavily on Japanese bonds with maturities at or above 10 years. That led to a steepening of the yield curve, with the 20-year yield shooting up 6.0 basis points to 1.810% and the 30-year yield climbing 4.0 basis points to 1.960% as of 0600 GMT. The lead December futures contract fell in the morning to 143.08, a one-month low, before closing down 0.24 at 143.18. The Japanese government's successful sale of two-year JGBs, meanwhile, kept a lid on yields in the short end of the curve. The Ministry of Finance sold Y2.38 trillion of the two-year JGBs at a lowest price of 99.92, in line with market expectations, yielding 0.14%. The new bonds carry a coupon of 0.1%, unchanged from the previous issue. The coupon compares with the BOJ's new policy target interest rate range of 0.00%.10%. The tender results were solid as expected, said Naomi Hasegawa, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities. The inclusion of purchases of Treasury bills and short-dated JGBs in the BOJ's comprehensive easing program introduced earlier in the month 'means the short end of the curve is firmly underpinned,' Hasegawa said. The BOJ holds a regular one-day monetary policy meeting Thursday, and is widely expected to make no changes to its policy rate or take additional unconventional action. If the BOJ doesn't indeed offer any surprises, the steepening of the JGB yield curve will likely continue for the rest of the week, Hasegawa said. The benchmark 10-year JGB yield could rise to 0.950%, while the futures contract could fall to 143.00, she said. Other Cash Bond Yields At 0600 GMT Change 2-Year 0.1% JGB No. 297 Yield: 0.135% Unchanged 5-Year 0.3% JGB No. 92 Yield: 0.295% +0.010 20-Year 1.8% JGB No. 122 Yield: 1.810% +0.060 30-Year 2.0% JGB No. 33 Yield: 1.960% +0.040 ***********
2010/10/27 15:55DJ PRECIOUS METALS: Gold Down In Asia As Dollar Surges
SINGAPORE -Gold and silver were lower in Asia Wednesday, hurt by a bout of dollar strength, which easily overwhelmed some early buying interest.The dollar was the main influence, getting a boost after the Australian dollar fell on benign domestic inflation data.Traders also said the U.S. unit was helped by a Wall Street Journal report suggesting the Federal Reserve would take a "measured approach" to quantitative easing at next week's meeting, with the amount of asset purchases likely to be less than $1 trillion spread over several months."The clear downside risk at this time for all the precious metals is that the FOMC disappoints on the QE front next Wednesday," said Mitsui Global Precious Metals in a note.At 0620 GMT, the euro was threatening to break $1.38 support, while the dollar was also gaining against the yen.Spot gold was at $1,333.50 a troy ounce, down $6.80 since Tuesday's New York close, with Tocom August 2011 gold at Y3,485 a gram, down Y14.Spot silver was doing better at $23.79/oz, down only 7 cents, possibly getting some support from comments overnight from a U.S. federal futures regulator who said he believes there have been numerous attempts to "fraudulently influence" silver-market prices.The allegations of manipulation are assumed to refer to activity on the short side, rather than the long side of the market.Spot palladium made a new nine-year high at $636.25/oz in early trade before retreating in line with gold to $625/oz, down $3.Spot platinum was flat at $1,701/oz.
2010/10/27 15:54*DJ ECB's Stark: Recovery To Continue At Moderate Pace
2010/10/27 15:52*DJ ECB's Stark: Dangerous To Leave Rates Too Low, Too Long
2010/10/27 15:50*DJ ECB's Stark: Will Adjust Policy If Risk Assessment Changes
2010/10/27 15:49*DJ ECB's Stark: No Risk Of Either Deflation Or Inflation
2010/10/27 15:49*DJ ECB's Stark: Monetary Policy Is Accommodative
2010/10/27 15:48*DJ OIL FUTURES: Nymex Crude Falls $1 To $81.55/Bbl
2010/10/27 15:47*DJ ECB's Stark: Financial Markets Have Stabilized
2010/10/27 15:47*DJ ECB's Stark: Economic Recovery Has Progressed
2010/10/27 15:40=DJ WORLD FOREX: Dollar On Rare Uptrend In Asia, Helped by QE Doubts-2-
2010/10/27 15:37=DJ DATA SNAP: French Sept Consumer Spending Beats Expectations
2010/10/27 15:30*DJ Italy Oct Business Confidence Seen 98.4
2010/10/27 15:30*DJ Italy Oct Business Confidence 99.8 Vs Sep 98.6
2010/10/27 15:22*DJ December Gilts Fall To Their Lowest In A Month, Now At 122.83
2010/10/27 15:21DJ Tokyo Shares: Nikkei Ends Higher On Exporters, Earnings Hopes-2-
2010/10/27 15:19*DJ December Bunds Fall More, Now Lowest Since August 10
2010/10/27 15:16*DJ OIL FUTURES: Nymex Crude Down 77 Cents At $81.78/Bbl
2010/10/27 15:04DJ Forex Options: Dollar/Yen Options Steady; Spot Gains Slightly
TOKYO -Dollar/yen options remained unchanged in Asia Wednesday as some demand for upside hedges kept implied volatilities from falling, despite the dollar staying in roughly the same range versus the yen as on Tuesday. Benchmark volatilities implied by one-month at-the-money options stood at 11.15%/11.85%, unchanged from New York Tuesday. Implied volatilities may fall gradually until the Federal Open Market Committee meets early next week if the underlying exchange rate remains stable, said an options dealer at a major Japanese bank. The dealer said multiple players bought one-month at-the-money straddle options contracts with implied volatility of 11.60% with total face values of about $200 million. Straddles profit on wide swings in the exchange rate.
2010/10/27 15:02*DJ Stoxx Europe 600 Index Dn 0.3% After The Open
2010/10/27 15:01*DJ FTSE 100 Dn 0.7% After The Open
2010/10/27 14:59*DJ Hidili Aims To Price Dollar Bond In New York Wednesday - Source
2010/10/27 14:55DJ Tokyo Shares: Nikkei Ends Higher On Exporters, Earnings Hopes
2010/10/27 14:54=DJ WORLD FOREX: Dollar On Rare Uptrend In Asia, Helped by QE Doubts
2010/10/27 14:54*DJ Hidili Dollar Bond Order Book Now At $600 Mln - Source
2010/10/27 14:46*DJ French Sep Consumer Spending Forecast +0.5% MM; -0.3% YY
2010/10/27 14:45*DJ French Sep Consumer Spending +1.5% On Mo; +1.1% On Yr
2010/10/27 14:40=DJ Deutsche Bank Hit By EUR1.2B 3Q Net Loss On Postbank Effects
2010/10/27 14:18*DJ UBS Cut To Neutral From Outperform By Credit Suisse
2010/10/27 14:02*DJ Nikkei Stock Average Closes Down 0.1% At 9387.03
2010/10/27 13:42DJ Wheat Turmoil To Make Rice Prices Volatile - Institute
MANILA --Major crop losses in key wheat-growing regions around the world are likely to lead to more volatile rice prices in the coming months, experts at the International Rice Research Institute, or IRRI, warned Wednesday.The problem is compounded by flood damage in Pakistan's rice-growing areas and drought and floods in China, with the latter potentially causing a 5%-10% output drop this year, they said.'Overall, the global rice supply is tightening but it is not as bad as what is happening in the major wheat-growing regions in the world,' the Philippine-based IRRI said in its quarterly magazine 'Rice Today.''Given these supply uncertainties, prices are likely to be more volatile in the coming months, but nothing points to a repeat of the 2008 price crisis,' when rice prices rocketed to 30-year highs.The price of wheat spiked to two-year highs in August, when Russia imposed a temporary ban on 2010 wheat exports following drought and wildfires that are forecast to cut its annual output by more than 30%.Neighbors and fellow exporters Kazakhstan and Ukraine were also hard-hit, while heavy rain has wrought havoc in major Canadian wheat-growing regions.The U.S. agriculture department expects global wheat production in the 2010-2011 cropping season to fall 5.44% from a year earlier to 643 million tons, IRRI said.Meanwhile, global rice production for the same period is likely to rise 3.26% to 455 million tons, it quoted the U.S. agency as saying.The institute said higher rice stockpiles compared to 2008 might not be much benefit because many are sitting in India and China, which it said are unlikely to release the stocks in the international market during any crisis.Trade-related and other restrictions imposed by rice-growing countries since 2008 to promote food self-sufficiency are likely to lead to an even smaller global rice market in the future, it warned.
2010/10/27 13:30*DJ India Prime Minister: Expect Economy To Grow 8.5% This FY
2010/10/27 13:26*DJ Deutsche Bank: Confirms 2011 Pretax Profit Target EUR10B
2010/10/27 13:25*DJ Deutsche Bank: 3Q Rev EUR5B
2010/10/27 13:23DJ BOK Gov: Concerned About Problems Stemming From Heavy Capital Inflows
SEOUL -Bank of Korea Governor Kim Choong-soo said Wednesday that South Korea may need to prepare measures to deal with potential problems stemming from heavy capital inflows into the country.'In light of past experience, we have no choice but to be concerned about the problems capital inflows pose for macro-economic management,' Kim said in a prepared speech to a seminar of European businessmen in Seoul.'Over the long term, we must seek to develop foreign exchange markets to ensure that exchange rates do not fluctuate greatly over short periods of time due to sharp swings in capital flows,' the governor said in his speech.Kim said that it would be helpful to look into macro-prudential options aimed at moderating the volume of capital flows and the nation could 'try to mitigate' the potential risks, though 'cannot resolve ... entirely.'
2010/10/27 13:19*DJ Deutsche Bank: 3Q Net Loss EUR1.2B
2010/10/27 12:31DJ Chong Hing Bank Seeks To Issue Dollar Subordinated Tier-2 Bond - Source
DJ Chong Hing Bank Seeks To Issue Dollar Subordinated Tier-2 Bond - Source SINGAPORE -Chong Hing Bank Ltd. (1111.HK) is seeking to issue a U.S. dollar subordinated Tier-2 bond to strengthen its capital base and fund the growth of its operations, a person familiar with the situation said Wednesday. The 10-year bond will carry a fixed rate, the person said. Goldman Sachs, HSBC and UBS are the joint bookrunners for the deal.
2010/10/27 12:29DJ US Companies Hoarding Almost $1 Trillion Cash: Moody's -Reuters
.S. companies are sitting on nearly $1 trillion in cash but are unlikely to splurge on growing their business and headcount because of continued uncertainty about the economy, the Reuters news agency reported on its website Tuesday, citing Moody's Investors Service.Non-financial U.S. companies are hoarding $943 billion in cash and short-term investments as of mid 2010, compared with $775 billion at the end of 2008, enough to finance a year's worth of capital spending and dividends and still have $121 billion left over, the report cited Moody's as saying.Moody's says companies are, however, not spending because "we believe companies are looking for greater certainty about the economy and signs of a permanent increase in sales before they let go of their cash hoards, which they suffered so much to build," the report said."Given low demand and capacity utilization within certain industries, companies are wary of investing their cash in new capacity and adding workers, thereby doing little to abbreviate the jobless recovery," the report quoted Moody's as saying.Moody's added that approximately one quarter of the cash is held overseas and is unlikely to be sent back to the U.S., the report said.Full Story:http://www.reuters.com/article/idUSTRE69Q00T20101027?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+reuters/businessNews+(News+/+US+/+Business+News)
2010/10/27 12:01DJ BIS: Banks' Foreign Lending Stagnated In 2Q Vs 1Q
FRANKFURT -Banks across the world drastically reduced their exposure to Europe in the second quarter, as the western half of the continent narrowly avoided a sovereign debt crisis, according to Bank for International Settlements data, published Tuesday.According to ' calculations based on the BIS's data, the value of banks' consolidated cross-border claims on European banks, governments and companies fell by just under $800 billion between March and June -- with over half of that figure due to the troubled periphery of the euro-zone. Combined claims on Greece, Ireland, Portugal, Spain and Italy fell by over $470 billion, or 16%.The figures are the first to quantify the scale of the loss of confidence, at the time, in a region that is home to the world's second-most important reserve currency.The data exaggerate the actual outflow of capital from the countries in question as they aren't adjusted for exchange-rate fluctuations, but even after accounting for the euro's 9% fall against the dollar, the data still suggest that around $200 billion was withdrawn or written down during a tumultuous spring.Around a third of that $200 billion was effectively dumped on the European Central Bank, which bought $67.8 billion in government bonds from those countries between May and June, to stop the refinancing troubles of Greece developing into a full-blown regional debt crisis.According to the BIS, Italian banks cut their exposure to Greece from $6.77 billion to zero during the quarter, while Dutch banks cut theirs by over half to $5.27 billion. The claims of French banks, which represent the largest single exposure, fell 19% to $57.32 billion, while German banks -- despite reports of a gentleman's agreement with Finance Minister Wolfgang Schaeuble not to sell Greek bonds -- reduced their overall claims on Greece by 17% to $36.84 billion.Greece's inability to refinance tens of billions of euros in bonds in April had been the immediate cause of the crisis, but the degree of contagion across countries with less acute funding problems is evident. Claims on the other four countries fell by between 4% and 8.5% after adjusting for exchange rates, according to Dow Jones' calculations.The euro rebounded by 11% against the dollar in the third quarter, and confidence in the region has continued to return gradually after the EU published the results on stress tests of 91 of its largest banks in July. Consequently, the BIS's third-quarter data are likely to show a different picture.Overall, the BIS said, international bank lending was broadly unchanged on an exchange-rate adjusted basis in the quarter, with increases in lending to Asia and Latin America offsetting declines in Europe. In the previous quarter, cross-border lending had risen for the first time sine the most acute phase of the financial crisis erupted in September 2008.Website: http://www.ecb.int
2010/10/27 12:00*DJ Nikkei Stock Average In Negative Territory
2010/10/27 11:31*DJ BOK Gov: Concerned About Problems Stemming From Heavy Capital Inflows
2010/10/27 11:28DJ BOJ Nishimura: Must Ensure Financial Rules Don't Harm Economy
TOKYO -Bank of Japan Deputy Gov. Kiyohiko Nishimura said Wednesday that the authorities must ensure stronger financial regulations aren't interfering with the economic recovery.'Balance-sheet adjustments in the United States and Europe are still underway, and many advanced economies are facing the zero lower bound on short-term interest rates, as well as the need for fiscal consolidation,' Nishimura said at a conference in Tokyo hosted by the International Association of Deposit Insurers.'Under these conditions, it is essential for us to be especially wary that the regulatory reforms currently under discussion do not undermine the recovery of the global economy as a whole.'Nishimura added that the central bank will continue making efforts to maintain the stability in the financial systems.The BOJ's policy board is scheduled to hold a one-day meeting and release its semiannual outlook report on the economy and prices Thursday.
2010/10/27 11:25DJ Sinochem Aims To Raise At Least $1B Via Proposed Global Bond- Source
DJ Sinochem Aims To Raise At Least $1B Via Proposed Global Bond- SourceSINGAPORE -The Hong Kong unit of China's state-owned energy and fertilizer company Sinochem Corp. is looking to raise at least $1 billion through its planned global U.S. dollar bond, a person familiar with the situation said Wednesday. Sinochem Overseas Capital Co., a unit of Sinochem Hong Kong Co., has hired Citigroup, HSBC and UBS as joint lead managers for the proposed offering of 10-year and 30-year global bonds, the person said. The company, which started its roadshows Tuesday, expects to launch the transaction after meeting investors in Asia, Europe and the U.S.***********
2010/10/27 11:21*DJ Chong Hing Bank To Issue Bond To Strengthen Capital Base, Fund Growth - Source
2010/10/27 11:20*DJ Chong Hing Bank To Issue 10-Year Bond - Source
2010/10/27 11:16DJ Mortgages To Dip Below $1 Tln In 2011; Least Since 1996 -Report
Home lending in the U.S. is set to fall below $1 trillion next year to the lowest level since 1996, Bloomberg News reported Wednesday on its website, citing a statement from the Mortgage Bankers Association.Originations are set to dip to $996 billion next year, from a projected total of $1.4 trillion this year, the association said in a statement released during its annual conference in Atlanta, the report said.Home lending would fall because refinancing would drop "as mortgage rates increase and the pool of eligible borrowers shrinks," the statement said.Full story: http://www.bloomberg.com/news/2010-10-26/mortgages-to-drop-below-1-trillion-in-2011-to-least-since-1996.html
2010/10/27 10:58=DJ BOE WATCH: Second Round Of QE Seen Delayed On Strong UK GDP Data
2010/10/27 10:54=DJ FOREX VIEW: Sterling Brightens On GDP, But Austerity Casts Shadow
2010/10/27 10:43*DJ Sinochem Aims To Raise At Least $1B Via Proposed Global Bond- Source
2010/10/27 10:02*DJ NZ NBNZ Oct Business Confidence +23.7%; Sep +13.5%
2010/10/27 10:02*DJ NZ NBNZ Oct Firms' Own Activity Outlook +30.5%; Sep +26.7%
2010/10/27 09:59DJ BOK Official: Expect 2010 GDP Growth At 6% Vs 5.9% Previous Forecast
SEOUL -South Korea's gross domestic product will likely grow at a faster pace than initially thought this year, propelled by rising domestic demand, a central bank official said Wednesday.'The economy keeps expanding and the growth momentum remains robust, although the headline numbers were down in the third quarter. If the economy doesn't contract in the current quarter, which isn't likely, growth will hit at least 6% this year,' Kim Myung-kee, director-general of the BOK's economic statistics division, told a media briefing.The forecast compares with the BOK's growth projection in July of 5.9% for this year.The official also said the won's steady rise against the dollar won't be a big problem for the country's exports as long as other regional currencies gain against the greenback.'As long as the dollar's weakness is broad-based, I don't think the appreciation of the won will be of any particular concern,' he said.The country's economic growth in the third quarter slowed sharply from the pace in the second quarter, but beat market expectations.Gross domestic product in the third quarter rose 0.7% from the second quarter and 4.5% from a year earlier, decelerating from growth of 1.4% and 7.2%, respectively, in the previous quarter, according to BOK data earlier Wednesday.Economists polled by had forecast a 0.6% on-quarter rise and 4.4% on-year gain.
2010/10/27 09:55*DJ ASX Ltd: Other Futures Products To Resume Trading Thereafter
2010/10/27 09:52*DJ ASX Ltd: Bond Futures Trading To Resume At 0210 GMT
2010/10/27 09:35*DJ ASX Says Trade 24 Available For Connection, To Advise On Re-Open Time
2010/10/27 09:30*DJ OIL FUTURES: Nymex December Crude Last Down 15c At $82.40/Bbl
2010/10/27 09:24*DJ OIL FUTURES: Crude In Negative Territory, USD/JPY Slightly Up
2010/10/27 08:44DJ ECB Weber: Hoped For Stricter EU Sanctions Than Were Proposed
BERLIN -European Central Bank board member Axel Weber said Tuesday that he had hoped for tougher euro-zone sanction reforms than those proposed last week by European Union finance ministers, and that both short- and long-term reforms are crucial to helping the bloc avoid future debt crises.'What we didn't want was a weakening in the short-term so we get stronger long-term rules,' Weber said at a Commerzbank forum in Berlin. 'We wanted both.'EU leaders are set to meet in Brussels Thursday to consider the recommendations made by the bloc's finance ministers last week. They include sanctions for fiscally profligate euro-zone countries that can be overruled by a vote of member nations, a penalty weaker than the original proposal promoted by France.
2010/10/27 08:24=DJ Credit Suisse Files With NY To Lay Off Up To 250 Employees
2010/10/27 08:21*DJ BOK Official: Won Rise Not Big Problem For Exports
2010/10/27 08:20*DJ BOK Official: Expect 6% GDP Growth This Year Vs 5.9% Previous Forecast
2010/10/27 08:18=DJ Fed's Dudley: Fed Prepared To Give US Economy Another Boost
2010/10/27 08:05*DJ Lead 10-Year JGB Futures Open Down At 143.11 Vs 143.42
2010/10/27 08:02*DJ Nikkei Stock Average Opens Up 0.6% At 9436.01
2010/10/27 07:45DJ ANZ Bank: To Invest Extra A$250M In Shanghai Rural Commercial Bank
MELBOURNE -Australia and New Zealand Banking Group Ltd. (ANZ.AU) on Wednesday said it will invest an additional A$250 million in Shanghai Rural Commercial Bank as part of the Chinese lender's capital raising, and is looking to boost ties with the group as it pushes ahead with expansion in China.Melbourne-based ANZ said in addition to taking up its pro rata allocation in the capital raising, it will also increase its stake in SRCB to 20% from 19.9%, the maximum allowed by Chinese authorities."ANZ's participation in SRCB's capital raising reflects our confidence in the partnership and our long term commitment to growing our presence in China," ANZ's Asia head Alex Thursby said in a statement."With its strong economic growth, China is a key part of ANZ's super regional bank aspiration," he said.ANZ, which aims to generate 20% of its earnings from Asia by 2012, said it is exploring further areas for business cooperation with SRBC, particularly in trade finance and markets.ANZ said SRBC's capital raising is subject to SRBC shareholder and regulatory approvals.
2010/10/27 07:19DJ BOE Posen: Surplus Nations Should Expand Domestic Demand
LONDON -Countries running large current-account surpluses should move to further expand domestic demand and their central banks' should support them in doing so, Bank of England Monetary Policy Committee external member Adam Posen said Tuesday.In a speech in Belfast Tuesday, Posen used the experience of Japan's economic record in the 1980s and 1990s to argue against the idea that easy monetary policy leads to asset prices bubbles.He said surplus countries' central banks should therefore not be worried about making monetary policy easy enough to boost domestic demand."I believe that it is in the surplus economies' own self-interest to further expand their domestic demand and that it is consistent with those countries' central banks' missions to support this process," he said.Posen also said that "no-one in East Asia or elsewhere can credibly claim that fear of feeding an asset price bubble is justification for keeping an exchange rate undervalued."He said that allowing a currency to appreciate would have a deflationary impact and therefore should prevent any overheating of the economy.
2010/10/27 06:48=DJ WORLD FOREX: Dollar Rallies; QE Positioning Reconsidered-2-
2010/10/27 06:00*DJ ANZ Bank: Amount Invested As Part Of Capital Raising By SRCB
2010/10/27 05:50*DJ ANZ Bank: Invests Extra A$250M In Shanghai Rural Commercial Bank
2010/10/27 05:25=DJ US Stocks Close Slightly Higher, Led By Consumer Discretionary-2-
2010/10/27 05:20=DJ WORLD FOREX: Dollar Rallies; QE Positioning Reconsidered
2010/10/27 04:56DJ Treasurys Dn As Auctions Loom; 2-Yr Note Sold At Record Low Yield
2010/10/27 04:51DJ PRECIOUS METALS: Stronger Dollar Weighs On Comex Gold
2010/10/27 04:41=DJ US Stocks Close Slightly Higher, Led By Consumer Discretionary
2010/10/27 04:33*DJ Fed's Dudley: Fed Prepared To Give Economy Another Boost
2010/10/27 04:32*DJ Fed's Dudley: Inflation, Unemployment Levels Unacceptable
2010/10/27 04:05DJ Shiller: Latest Indexes Create 'Worry' Of Downtrend -Fox Business
Yale economist Robert Shiller, co-creator of the Case-Shiller Home Price Indexes, said on Fox Business Network Tuesday that the latest August index showing a month-on-month dip from July creates at least the "worry that we may be resuming a downtrend" in the U.S. real estate market.Shiller said the index was already weakening in July and wasn't down that much in August, but it indicates that "the momentum is definitely not there" after government tax credits expired. He said he sees market growth remaining at 2% per year over the next four years.The Case-Shiller index of 10 major metropolitan areas fell 0.1% in August compared with July, while the 20-city index declined 0.2%. Adjusted for seasonal factors, the 10-area index fell 0.2%, while the 20-area declined 0.3%.Full story at www.foxbusiness.com-; 212-416-2900
2010/10/27 04:04*DJ DJIA Closes Up 5 At 11169; Microsoft, AmEx Climb, DuPont Falls
2010/10/27 03:46DJ ECB's Mersch: Internal Euro-Zone Demand Helping Recovery
LUXEMBOURG -Stronger domestic demand in a number of euro-area countries is helping drive growth in the single-currency area, European Central Bank Governing Council member Yves Mersch said Tuesday."We consider that the encouraging signs we have seen in some countries in their resumption of domestic demand is certainly helping to broaden the recovery and to make it more self-sustained," Mersch said, speaking to reporters after a speech.Mersch said the ECB could upgrade its outlook for the economy when the bank releases its next forecasts in December."I would not rule it out in view of the incoming data over the last weeks," he said.
2010/10/27 03:39DJ OIL FUTURES: Stronger Dollar Halts Crude's Gains
NEW YORK -Oil futures settled higher Tuesday, but a stronger dollar kept a lid on prices despite some upbeat economic data.Light, sweet crude for December delivery settled up 3 cents at $82.55 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange recently traded down 1 cent at $83.53 a barrel.Several economic reports released Tuesday hinted at a strengthening U.S. economy, which would raise future crude demand. The Conference Board reported October consumer confidence rose to 50.2 this month, from last month's revised 48.6, edging past the average estimate from economists surveyed by .Meanwhile, a report from Redbook Research said national chain-store sales rose 0.3% in the first three weeks of October from September, though the figure was slightly lower than the expected gain of 0.4%. The S&P Case-Shiller home price index indicated yearly gains in home prices slowed in 17 of the top 20 markets.Early oil price gains were quickly withdrawn as the dollar rebounded from lows hit against other major currencies. The prospect of monetary stimulus from the U.S. Federal Reserve had caused the dollar to hit a 15-year low against the yen Monday, making oil priced in the greenback cheaper to buy using other currencies. But the possibility that the Fed's actions won't live up to market expectations, or that other central banks will weaken their currencies, sparked a rebound in the dollar. The ICE Dollar Index, which tracks the dollar against a basket of currencies, was at 77.724 when crude futures settled, up from 77.038 earlier.Traders are looking ahead to data due Wednesday on U.S. oil inventories. Analysts expect the U.S. Department of Energy data to show a 700,000-barrel rise in crude stockpiles for the week ended Oct. 22, according to a survey by . Gasoline inventories are expected to fall 200,000 barrels. Stocks of distillates, including heating oil and diesel, are projected to fall by 1 million barrels.Last week's report showed a 2 million-barrel drop in commercial crude and fuel stocks."Everybody's waiting on the numbers tomorrow," said Mark Waggoner of Excel Futures.Labor unrest in France continued Tuesday, disrupting supplies for European refineries. Petroplus Holdings AG said it is shutting down its 68,000-barrel-a-day Cressier refinery in Switzerland due to a strike at the Fos-Lavera oil port in France. That strike entered its 30th day Tuesday.Workers at eight out of 12 French refineries are also on strike.Front-month November reformulated gasoline blendstock, or RBOB, rose 1.67 cents to $2.0940 a gallon. November heating oil gave up 0.5 cents to $2.25 a gallon.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
2010/10/27 02:37*DJ OIL FUTURES: Stronger Dollar Halts Crude's Gains
2010/10/27 02:35*DJ ECB Weber: Expects Slower Growth Rate In 2H 2010
2010/10/27 02:35*DJ OIL FUTURES: Nymex Crude Settles Up 3c At $82.55/Bbl
2010/10/27 02:32*DJ ECB Weber: German Economic Recovery Not Yet Fully Self-Sustaining
2010/10/27 01:40=DJ CFTC Proposes To Strip References To Credit-Ratings From Its Regulations
2010/10/27 01:05*DJ Treasurys 2-Year Notes Sold At 0.400%, A Record Low Yield
2010/10/27 00:56DJ French Senate Confirms Backing For Pensions Reform Bill
PARIS --The French Senate confirmed Tuesday its vote to approve the final draft of President Nicolas Sarkozy's fiercely-contested bill to raise the retirement age from 60 to 62.
2010/10/27 00:55=DJ DATA SNAP:French Sep Jobless +0.2% On Yr,Lagarde Says Trend Stable
PARIS -The number of people classified as unemployed in France was generally stable on the month in September, edging just 0.2% higher after a 0.6% rise in August."This limited [monthly jobless] increase doesn't interrupt the tendency toward a stabilization of the labor market observed over several months," French Finance Minister Christine Lagarde said in a statement.The overall unemployment rate was a relatively high 9.7% in the second quarter, the last period for which data have been published.The number of people in France registered as looking for work but unable to find it rose by 4,600 on the month in September to 2,697,100. The jobless total was up 3.9% on the year--a much lower rate of increase than earlier this year, when the annual rise was in double digits
2010/10/27 00:18*DJ ECB's Mersch:Not Ruling Out Forecast Upgrade Due To Recent Data
2010/10/27 00:17*DJ ECB's Mersch: Internal Euro-Zone Demand Helping Recovery
2010/10/27 00:11*DJ France's Lagarde: Trend Toward Stabilizing Labor Mkt Continues
2010/10/27 00:11*DJ BOE Posen: Surplus Nations Should Expand Domestic Demand
2010/10/27 00:11*DJ BOE Posen: Easy Monetary Policy Doesn't Cause Asset Bubbles
2010/10/27 00:11*DJ BOE Posen: Forex Appreciation Won't Feed Asset Bubbles
2010/10/27 00:01*DJ French Unemployed +0.2% In Sep To 2.697M
