September, 2010
Snap news
Breaking pre-market news on Thursday,
- Spice and Cinven in advanced discussions over a 70p a share cash offer – statement.
- Esprit H2 net profit down 19 per cent – statement.
- Swatch suing UBS over financial crisis losses,
CMBS delinquencies climb again, but not by much
It seems the news continues to be better for CMBS than for commercial real estate as a whole.
Standard & Poor’s has released its monthly CMBS snapshot for July, and the top line is that the pace of increase in the delinquency rate has nearly flattened:
Breaking down the ISM numbers
Having explained the limits of economic indicators, perhaps it’s unfair to hit you with a discussion of another one.
But given the overwhelmingly bearish nature of this month’s US economic data (especially in the housing market) the surprisingly positive ISM numbers are worth further,
JP Morgan Securities Inc. no longer exists
Blink and you would’ve missed it, but JP Morgan Securities has just changed its legal status, and name.
From the Federal Reserve’s primary dealers update:
The Limited Liability Company label comes with oodles of benefits,
Disembark the QE2
Perhaps the good ship won’t be sailing after all.
The market reaction to Wednesday’s better than expected US ISM report:
RTRS-US TREASURIES EXTEND LOSSES AFTER SURPRISINGLY STRONG ISM MANUFACTURING
All aboard the QE2
Bank of America Merrill Lynch has joined the passengers on the good ship QE2 and expects to set sail some time early in New Year.
From strategist David Bianco on Wednesday:
Owing to notable weakening in the US economic data BofAML further reduced its US GDP outlook to a growth recession and cut its 2011 GDP growth forecast from 2.3% to just 1.8%.
Live from the FCIC – it’s Dick Fuld!
A Too Big To Not Follow diversion for an otherwise quiet Wednesday. The former Lehman Brothers CEO will be appearing in front of the US Financial Crisis Inquiry Commission at 9a.m. New York time.
Evans-Pritchardium, the Telegraph hack of thunder
In case you missed it, there was a pretty major event that transpired over the long weekend in the UK.
While many were stuck on the M40 motorway, attempting to get out of London for the Bank Holiday,
The Tui deal less travelled
Tui Travel is one the biggest risers in the FTSE 100 on Wednesday morning.
The reason is reheated rumourtrage that parent company Tui is considering bidding for the 45 per cent of the travel company it does not already own.
A scary September…
Pinch, punch, first of the month, Rabbit, Rabbit, Rabbit, and all that.
Today is September 1 — and September is the cruelest month — for stocks anyway.
The below from Barclays Capital:
That’s most equity markets moving down,
Markets Live transcript 1 Sep 2010
Markets Live chat transcript for the chat ending at 11:15 on 1 Sep 2010. Participants in this chat were: Neil Hume, FT Bryce Elder NHHola NHgood morning NHbonjour
Athens is open for short-selling
Why are we showing you a chart of the Athens Stock Exchange?
And a bunch of Greek banks?
Because Wednesday, September 1, is the day the Hellenic Capital Market Commission’s ban
Not another freaking economic indicator
Inbox jammed with the latest barrage of daily economic data points and previews?
Feeling overwhelmed at the prospect of wading through the reports and trying to figure out what the market consensus is?
Well you don’t have to feel alone anymore.
Morgan Stanley’s Chinese irony
Morgan Stanley’s word of the week in China has to be “irony”, as news emerged late on Tuesday that the US Federal Reserve has given the go-ahead for China Investment Corp, the country’s main sovereign wealth fund,
The solution to all the ECB’s problems, by Goldman Sachs
Goldman Sachs does it better than the ECB . . . or the rating agencies.
Late on Tuesday, the investment bank published a proposal for the European Central Bank’s future role in shaping eurozone policy.
Further reading
Elsewhere on Wednesday,
- What is wrong with JPMorgan?
- Why are women leaving Wall Street?
- Equities: the shift from active to passive.
- Roubini sentiment indicator (yes, really).
- Banktown.
Pink picks
Comment, analysis and other offerings from Wednesday’s FT,
Martin Wolf: Obama was too cautious in fearful times
Suppose that the US presidential election of 1932 had, in fact, taken place in 1930, at an early stage in the Great Depression.
Snap news
Breaking pre-market news on Wednesday,
- China may probe BHP’s bid for Potash, China Business News reports – Via Reuters.
- Vivendi H1 sales up 6 per cent , adjusted net income up 4 per cent – statement.