Go long sunscreen, perhaps? Barbecue sausages and patio furniture?
What about going short old people?
That idea comes via Brewin Dolphin analysts Sahill Shan and Chris Glasper in a note on Southern Cross Healthcare,
Perhaps what’s needed in this time of state fiscal crisis is a bit of war mentality — patriotism, solidarity and all that.
That’s our takeaway from a piece of research by Goldman Sachs economist, Saleem Bahaj,
. . . and before you ask that isn’t a reference to the late Michael Jackson’s pet chimp, but China’s latest runaway IPO.
From FT.com:
Bawang International, a Chinese herbal shampoo maker, shined on its market debut in Hong Kong on Friday,
Elsewhere on Friday,
- So much for those ‘green shoots’.
- How to read US employment figures.
- Smells like deflation.
- How AIG FP brought down the world.
- Statistics and basketball for beginners.
Breaking pre-market news on Friday,
- Bank of Ireland sees impairment charges of €6bn in 3yrs to 2011 - statement.
- Friends Provident completes demerger of stake of in F&C Asset Management - statement.
Stock markets on both sides of the Atlantic tumbled on Thursday as a bigger-than-expected fall in US jobs last month dashed hopes that the US was moving out of recession. The data showed that the number of people in employment fell 467,000 in June and the unemployment rate rose from 9.4% to 9.5%,
US state regulators on Thursday closed six banks in Illinois and one in Texas, raising the number of US bank failures to 52 this year, reports the WSJ. The seizures were the most in a single day during the financial crisis.
A startling spike in oil prices on Tuesday to their highest this year was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company.
Private equity that want to buy troubled banks would have to maintain significant capital levels and promise not to “flip’’ investments for at least three years, under proposals by US regulators.
Two of China’s biggest oil groups have approached Repsol YPF, the Spanish oil company, over possible asset purchases and joint ventures worth billions of dollars. Repsol is discussing a possible sale of its 75% stake in YPF,
Johnson & Johnson on Thursday said it will buy an 18.4% stake in Irish biotech company Elan, in a $1.5bn bid to crack the elusive but potentially lucrative market for Alzheimer’s disease treatments, reports the WSJ.
The Chinese government has hired two foreign banks to restructure some of the country’s best railway assets with a view to listing the holding company in an initial public offering that could be worth as much as $5bn.
The International Petroleum Investment Company, which is wholly owned by the Abu Dhabi government, on Thursday said it had raised $5bn in syndicated loan facilities to help finance a recent multibillion dollar spending spree.
Intermediate Capital Group, the mezzanine debt provider, is to raise £351m in a fully underwritten rights issue to boost its “firepower” for buying debt in private equity-owned companies at big discounts.
The Children’s Investment Fund Management, the UK hedge fund manager run by Christopher Hohn, posted its fourth consecutive year of double-digit growth in 2007. Revenue rose more than 70% from £333m to £574m,
Germany could soon see its first trial related to the financial crisis, after prosecutors charged Stefan Ortseifen, the former chief executive of stricken lender IKB. Prosecutors in Düsseldorf said they had charged Ortseifen – who led the mid-sized corporate lender until its near-collapse in the summer of 2007 – with manipulating the share price and breach of trust.
Asian stocks fell for a third day as figures showing worsening job markets in the US and Europe fanned doubts about global economic recovery. In New York, futures on the S&P500 lost 0.1% after the gauge slid 2.9 percent on news that the US lost 467,000 jobs in June,
Bloomberg reports:
July 2 (Bloomberg) — California will pay an interest rate of 3.75 percent on IOUs it will begin using today to pay its bills, a panel decided, as Governor Arnold Schwarzenegger and lawmakers remain deadlocked over how to fix a $26 billion budget deficit.
This CDS report was written by Markit’s Gavan Nolan
European credit indices widened today, ending a four-day winning streak. The Markit iTraxx Europe index closed at 115bp, some 6bp wider than Wednesday.
Almost.
Totemic UK hedge fund manager and activist investor par excellence, The Children’s Investment Fund Management, run by Christopher Hohn, has indeed posted its fourth consecutive year of double-digit growth:
As in ‘mutually assured destruction’…
John Kemp at Reuters makes the point that the “unstable stability,” whereby China can break the dollar’s reserve currency status at any time - but only at the risk of crystallising huge losses on its stockpile of US debt - has become the foreign exchange version of the Cold War stalemate.
No, that’s not a reference to the European Union’s diverse collection of fonts and languages. That’s actually the twitter challenge Sweden has set itself after kicking off its six-month European Union presidency 0n Wednesday.
News this week that California would begin issuing IOUs helped crystallise the enormity of the fiscal crisis confronting the state.
That the IOUs are now feeding into banks should serve as a reminder of just how intertwined the fortunes of the state and the financial sector really are.
US District judge David Godbey, who is presiding over the civil case brought by the SEC against Sir Allen Stanford, has denied the Texan businessman’s petition for the court to partially rescind a freeze on his assets.
Capitalist pigs.
There we said it.
——————
From DealBreaker:
To: Employees on the 4th floor of 390 Greenwich St.
From: Citi Health Services
Sent: Wed Jul 01 13:18:27 2009
Subject:
US non-farm payrolls as reported on Thursday (H/T Josh Noble):
Related link:
US non-farm payrolls fall 467,000 in June - FT Alphaville
The annual Global Custodian annual survey of prime brokers is out, offering a qualitative, as well as quantitative, assessment of the world’s foremost prime brokerage firms.
The grip of the old order - the Goldman/Morgan “duopoly”
US non-farm payrolls fell by 467,000 in June, according to a worse-than-expected report released on Thursday by the US Labor Department.
Economists in a Reuters survey had forecast that 363,000 jobs would be lost in the month.
Data from CMA’s latest global sovereign credit risk report (H/T Alea).
The world’s safest sovereigns (implied by current CDS spreads run through CMA’s own proprietary rating model):
And the world’s riskiest:
This is Frank Timis.
And if you thought he was just some two bit share promoter on London’s junior casino market, with a couple of convictions for possession of heroin, you’d be wrong. How do we know this? Because we have been reading Frank’s website.
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