Europe stock market forecast week september 12 2011 : EU in flux, the Euro currency collapses, plus fear of terrorist attacks into the Anniversary of 9/11 — but the market held the levels that I spoke of in the Midday, which gives me a sense that next week the volatility/market will potentially normalize, and barring any incident over the weekend, we could set up for a retest of this week’s highs. Next week will be very interesting, volatile, and full of opportunity so get ready. See you Monday.
Stock market averages opened lower and never recovered Friday. The focus in on Europe; where equity markets and the euro are reeling amid ongoing concerns about the debt crisis. Spain’s IBEX lost 3.8 percent, Germany’s DAX gave up 3.6 percent and France’s CAC 40 Index slid 3.2 percent Friday on talk Greece is near default. An unnamed Greek official was out denying the speculation today, but the euro plummeted to multi-year lows against the yen and, after steep losses Thursday, is down another 1.6 percent against the buck today. News that top ECB economist Juergen Stark unexpectedly resigned also weighed on European markets. In the US, the economic calendar held just one report on Wholesale Inventories, which was up .8 percent in July and seemed to have no market impact. Instead, the focus is on Europe and players are selling shares into the weekend. With ten minutes left to trade, the Dow Jones Industrial Average is down 285 points and the tech-heavy NASDAQ lost 57.
Bullish
An interesting spread trades in Toyota Motors (NYSE:TM) today. Shares of the Japanese automaker are falling to new 52-week lows and were recently down $1.49 to $67.88. Meanwhile, a three-way options play was initiated in Toyota Friday morning. In this strategy, the investor apparently sold 2,500 September 72.5 calls on the automaker at 13 cents per contract. They also bought 2,500 October 70 calls at $1.90 and sold 2,500 October 75 calls at 49 cents. The spread looks like rolling activity. That is, the investor is selling-to-close a position in out-of-the-money September calls before they expire at the end of next week, while opening a new bullish position in the October 70 – 75 call spread for a $1.41 net debit. They probably had a positive view on the stock through September, but are now buying one more month of time for the bullish trade to play out. However, instead of holding straight calls, they’re initiating a spread strategy instead.
Bullish trading was also seen in Monster Worldwide (MWW), Abercrombie (NYSE:ACF), and Sony (NYSE:SNE).
Bearish
Bearish traders were active in JC Penney (NYSE:JCP) today. The stock has not escaped the sell-off and is down 63 cents to $25.44. Options volume in JCP includes 10,000 calls and 15,000 puts. Average daily volume in the retailer is about 10,000 (puts and calls). The top trades are part of a spread, in which 3500 October 24 puts were apparently bought at $1.35 and 3500 October 21 puts sold at 56 cents. In other words, an Oct 21 – 24 put spread was bought for a 79-cent net debit. The spread has traded multiple times today and volume in both contracts is more than 6,200. It’s bearish play with a max potential pay-off if shares fall to $21 through the October expiration, which represents a 17.5 percent decline over the next 42 days. A shareholder might have initiated the spread to help hedge JCP stock.
Bearish trading was also seen in Barclay’s (NYSE:BCS), XL Capital (NYSE:XL), and Isis Pharmaceuticals (NASDAQ:ISIS)
Index Trading
CBOE Volatility Index (.VIX) surged amid increasing activity in the index market Friday. 772,000 calls and 1.23 million puts have traded on the S&P 500 Index (.SPX), the S&P 100 Index (.OEX), and other cash indexes today, which compares to 591,000 calls and 727,000 puts traded Thursday. CBOE Volatility Index (.VIX), which tracks the expected volatility priced into SPX options, hit a high of 40.74 and was recently up 5.14 points to 39.46. The jump in the market’s “fear gauge” reflects the negative or bearish sentiment that has resurfaced in September. The S&P 500 Index is down 5.3 percent during the first six trading days of the month and CBOE Volatility Index has rallied 26.4 percent during that time. Fear is back.
ETF Action
CurrencyShares Euro Trust (FXE) saw another day of brisk trading. As noted in yesterday’s wrap, 14,000 calls and 80,000 puts traded on the ETF Thursday. Today, shares lost another $2.25 to $136.09 on a rough day for the European currency. The fund is designed to track the price action of the EUR/USD currency pair (X100) and has now given up 18.8 percent since August 29. Ouch! Shares have fallen to six-month lows on concern about the outlook for the Eurozone and the longer-term fate of the European currency. Consequently, players are actively taking positions in options on FXE in anticipation of the Euro’s next move.
Another 89,000 puts and 24,000 calls traded in the product today. September 138 puts, 139 calls, and 140 puts were the most actives, as some investors were likely closing positions while others took new ones in anticipation of volatility in the currency market in the days ahead. September options expire at the end of next week. source dailymarkets.com
EUR/USD forecast september 12 2011, Europe stock market forecast september 12 2011, Germany’s DAX stock predictions september 12 2011.
Friday, September 9, 2011
Ford stock forecast 2011-2012
Ford stock forecast 2011-2012 : Ford now sees U.S. new vehicle sales this year falling below 13 million -- which was previously was the bottom of the range Ford had forecast for 2011. Ford had expected Americans to buy 13 million to 13.5 million new vehicles this year.
Ford remains profitable, posting earnings of $9.28 billion over the last two years after losing $30.1 billion from 2006 through 2008. But Ford executives have stressed that they must remain competitive in labor costs to keep making money. Ford's U.S. labor costs, including benefits, average about $58 an hour, vs. about $56 for General Motors and $49 for Chrysler.
Ford raised prices three times this year to offset higher materials costs, but also was helped by vehicle shortages at Toyota and Honda after the March 11 earthquake. The Japanese companies are expected to have dealers restocked in the fourth quarter and then spend aggressively on incentives to regain lost market share.
Investors will look closely at Ford's new labor deal, as will credit-rating agencies in deciding whether to restore Ford's credit rating to investment grade. Because Ford borrowed more than $23 billion in 2006 to weather the downturn, it still pays high "junk-bond" interest rates on its debt ($14 billion as of March 31).
Ford Motor Company's products, marketing, and union contract should position the automaker to compete better than in the past. Still, it will take time for the company to regain market share in the United States, as some consumers are still very loyal to Japanese and European brands.
Ford Motor Company Stock Price Predictions 2011-2012,Ford stock prices forecast 2011-2012, Ford shares price oulook 2011-2012, will ford stock 2012.
Ford remains profitable, posting earnings of $9.28 billion over the last two years after losing $30.1 billion from 2006 through 2008. But Ford executives have stressed that they must remain competitive in labor costs to keep making money. Ford's U.S. labor costs, including benefits, average about $58 an hour, vs. about $56 for General Motors and $49 for Chrysler.
Ford raised prices three times this year to offset higher materials costs, but also was helped by vehicle shortages at Toyota and Honda after the March 11 earthquake. The Japanese companies are expected to have dealers restocked in the fourth quarter and then spend aggressively on incentives to regain lost market share.
Investors will look closely at Ford's new labor deal, as will credit-rating agencies in deciding whether to restore Ford's credit rating to investment grade. Because Ford borrowed more than $23 billion in 2006 to weather the downturn, it still pays high "junk-bond" interest rates on its debt ($14 billion as of March 31).
Ford Motor Company's products, marketing, and union contract should position the automaker to compete better than in the past. Still, it will take time for the company to regain market share in the United States, as some consumers are still very loyal to Japanese and European brands.
Ford Motor Company Stock Price Predictions 2011-2012,Ford stock prices forecast 2011-2012, Ford shares price oulook 2011-2012, will ford stock 2012.
stock market predictions week september 12 2011
stock market predictions week september 12 2011 : U.S. President Barack Obama's $447 billion proposal in tax cuts and new spending to revive the U.S. economy wasn't enough to restore confidence to markets, even though the stimulus package was larger than analysts had expected. Is it going to be enough to really create jobs? It's difficult right now to be fully convinced of that.
US stock markets ended a short four-day week with losses, after an early rally gave way to doom and gloom, largely due to the eurozone's sovereign debt crisis.
The Dow Jones Industrial Average fell 2.21 per cent for the week to close at 10,992.13 on Friday. The broader S&P 500 sank 1.68 per cent to close at 1,154.23, while the tech-heavy Nasdaq Composite fared better, dropping only 0.50 per cent to 2,467.99.
"Europe continues to be just as big a driver of our equity market than anything happening domestically."
Fears of a possible double-dip recession in the United States also shook the markets, with policy speeches by President Barack Obama and Federal Reserve chairman Ben Bernanke on Thursday failing to arrest the slide.
Bank stocks were hit especially hard as concerns over exposure to Europe's debt crisis were added to fears of immense new legal costs stemming from the United States's subprime mortgage debacle.
Shares of JPMorgan Chase slumped 7.3 per cent for the week, compared to their closing price on Friday, September 2, while Citigroup was down 5.8 per cent and Goldman Sachs was down 4.5 per cent.
The three lenders were among the 17 domestic and foreign banks that were slapped with costly lawsuits by US authorities late last week over losses on mortgage-backed securities.
If there was a ray of hope on the markets this week, it was technology stocks, which eked out gains as bargain-hunting investors snapped up their shares.
Apple, Intel and Amazon were all up by less than one per cent for the week, despite the overall market downturn.
The week was bookended by the US Labor Day holiday on Monday -- during which markets were closed -- and poignant ceremonies on Friday to mark the tenth anniversary of the September 11 attacks, which hit close to Wall Street.
Next week, investors will be watching to see how Congress reacts to the details of President Barack Obama's job-creation plan.
Opposition among Republicans in the House of Representatives is likely to be fierce, but there are hopes that at least some part of the $447 billion plan can win Congressional approval.
Markets will also be keeping a close eye on policy moves in Europe. Finance ministers from the G7 group of wealthy countries are expected to discuss the eurozone's debt crisis at a summit in France over the weekend.
"Right now, it is economic policy which matters: policy in the eurozone and in the United States, the passage or the counterattack against Obama's plan, Investors will also be keeping a close eye on the official US inflation rate to be released next Thursday.
A low inflation number will embolden those who argue that the Federal Reserve should launch a new round of quantitative easing to stimulate the ailing economy.
European markets forecast week september 12 2011
Stock market averages opened lower and never recovered Friday. The focus in on Europe; where equity markets and the euro are reeling amid ongoing concerns about the debt crisis. Spain’s IBEX lost 3.8 percent, Germany’s DAX gave up 3.6 percent and France’s CAC 40 Index slid 3.2 percent Friday on talk Greece is near default. Read More...
UK. Stock market forecast week september 12 2011
Trading on the London Stock Exchange is likely to be driven next week by the fate of British banks as final recommendations are due on a shake-up to avoid further state bailouts of lenders.Read More...
currency market outlook
EU in flux, the Euro currency collapses, plus fear of terrorist attacks into the Anniversary of 9/11 — but the market held the levels that I spoke of in the Midday, which gives me a sense that next week the volatility/market will potentially normalize, and barring any incident over the weekend, we could set up for a retest of this week’s highs. Next week will be very interesting, volatile, and full of opportunity so get ready. See you Monday.
JPMorgan stock prices sept 12 2011, Europe's debt crisis, Bank stocks forecastt september 12 2011, US stock markets forecast september 12 2011, us economic sept 12 2011, Dow Jones stock prices predictions 12 2011, apple stock forecast 12-09-2011
US stock markets ended a short four-day week with losses, after an early rally gave way to doom and gloom, largely due to the eurozone's sovereign debt crisis.
The Dow Jones Industrial Average fell 2.21 per cent for the week to close at 10,992.13 on Friday. The broader S&P 500 sank 1.68 per cent to close at 1,154.23, while the tech-heavy Nasdaq Composite fared better, dropping only 0.50 per cent to 2,467.99.
"Europe continues to be just as big a driver of our equity market than anything happening domestically."
Fears of a possible double-dip recession in the United States also shook the markets, with policy speeches by President Barack Obama and Federal Reserve chairman Ben Bernanke on Thursday failing to arrest the slide.
Bank stocks were hit especially hard as concerns over exposure to Europe's debt crisis were added to fears of immense new legal costs stemming from the United States's subprime mortgage debacle.
Shares of JPMorgan Chase slumped 7.3 per cent for the week, compared to their closing price on Friday, September 2, while Citigroup was down 5.8 per cent and Goldman Sachs was down 4.5 per cent.
The three lenders were among the 17 domestic and foreign banks that were slapped with costly lawsuits by US authorities late last week over losses on mortgage-backed securities.
If there was a ray of hope on the markets this week, it was technology stocks, which eked out gains as bargain-hunting investors snapped up their shares.
Apple, Intel and Amazon were all up by less than one per cent for the week, despite the overall market downturn.
The week was bookended by the US Labor Day holiday on Monday -- during which markets were closed -- and poignant ceremonies on Friday to mark the tenth anniversary of the September 11 attacks, which hit close to Wall Street.
Next week, investors will be watching to see how Congress reacts to the details of President Barack Obama's job-creation plan.
Opposition among Republicans in the House of Representatives is likely to be fierce, but there are hopes that at least some part of the $447 billion plan can win Congressional approval.
Markets will also be keeping a close eye on policy moves in Europe. Finance ministers from the G7 group of wealthy countries are expected to discuss the eurozone's debt crisis at a summit in France over the weekend.
"Right now, it is economic policy which matters: policy in the eurozone and in the United States, the passage or the counterattack against Obama's plan, Investors will also be keeping a close eye on the official US inflation rate to be released next Thursday.
A low inflation number will embolden those who argue that the Federal Reserve should launch a new round of quantitative easing to stimulate the ailing economy.
European markets forecast week september 12 2011
Stock market averages opened lower and never recovered Friday. The focus in on Europe; where equity markets and the euro are reeling amid ongoing concerns about the debt crisis. Spain’s IBEX lost 3.8 percent, Germany’s DAX gave up 3.6 percent and France’s CAC 40 Index slid 3.2 percent Friday on talk Greece is near default. Read More...
UK. Stock market forecast week september 12 2011
Trading on the London Stock Exchange is likely to be driven next week by the fate of British banks as final recommendations are due on a shake-up to avoid further state bailouts of lenders.Read More...
currency market outlook
EU in flux, the Euro currency collapses, plus fear of terrorist attacks into the Anniversary of 9/11 — but the market held the levels that I spoke of in the Midday, which gives me a sense that next week the volatility/market will potentially normalize, and barring any incident over the weekend, we could set up for a retest of this week’s highs. Next week will be very interesting, volatile, and full of opportunity so get ready. See you Monday.
JPMorgan stock prices sept 12 2011, Europe's debt crisis, Bank stocks forecastt september 12 2011, US stock markets forecast september 12 2011, us economic sept 12 2011, Dow Jones stock prices predictions 12 2011, apple stock forecast 12-09-2011
London Stock market forecast week september 12 2011
London Stock market forecast week september 12 2011 : Trading on the London Stock Exchange is likely to be driven next week by the fate of British banks as final recommendations are due on a shake-up to avoid further state bailouts of lenders.
The FTSE ended this past week down 1.46 per cent amid further global growth concerns and the shock resignation of the European Central Bank's chief economist, Juergen Stark.
As the week kicks off, investors will have their first chance to react to any developments from the two-day meeting of G7 finance ministers that ends on Saturday, although no major announcements were expected.
Investors will also be looking on Monday to the final recommendations by the Independent Commission on Banking, which is expected to confirm its initial proposals, published in April, that called for a "ring-fencing" of lenders' retail businesses, thus avoiding banks being sunk by investment division losses.
It is also likely to repeat calls for banks to set aside more capital to prevent future state bailouts and could again recommend that state-rescued Lloyds Banking Group sells more assets to boost competition.
However following intense lobbying by major British banks such as HSBC and Barclays, reports suggest reforms may not occur until after the country's next general election in 2015.
Bank stocks, which have been mauled in the past weeks, risk a further battering if the costs of reorganisation and increasing capital are seen as being too heavy.
If the general lines of the reform are well known, the particulars and calendar of its implementation could still swing the market.
Several data releases are also on the calendar. Foreign trade and August inflation readings are due out on Tuesday. August unemployment is to be released on Wednesday and retail sales figures on Thursday.
Kesa Electricals is to present its first quarter results on Thursday. Kingfisher, Europe's biggest home-improvements retailer, is also to release results on Thursday.
uk stock market predictions september 12 2011, London Stock Exchange trading outlook for week september 12 2011, analyst uk market september 12 2011, British banks stock forecast september 12 2011. FTSE stock forecast sept 12 2011.
The FTSE ended this past week down 1.46 per cent amid further global growth concerns and the shock resignation of the European Central Bank's chief economist, Juergen Stark.
As the week kicks off, investors will have their first chance to react to any developments from the two-day meeting of G7 finance ministers that ends on Saturday, although no major announcements were expected.
Investors will also be looking on Monday to the final recommendations by the Independent Commission on Banking, which is expected to confirm its initial proposals, published in April, that called for a "ring-fencing" of lenders' retail businesses, thus avoiding banks being sunk by investment division losses.
It is also likely to repeat calls for banks to set aside more capital to prevent future state bailouts and could again recommend that state-rescued Lloyds Banking Group sells more assets to boost competition.
However following intense lobbying by major British banks such as HSBC and Barclays, reports suggest reforms may not occur until after the country's next general election in 2015.
Bank stocks, which have been mauled in the past weeks, risk a further battering if the costs of reorganisation and increasing capital are seen as being too heavy.
If the general lines of the reform are well known, the particulars and calendar of its implementation could still swing the market.
Several data releases are also on the calendar. Foreign trade and August inflation readings are due out on Tuesday. August unemployment is to be released on Wednesday and retail sales figures on Thursday.
Kesa Electricals is to present its first quarter results on Thursday. Kingfisher, Europe's biggest home-improvements retailer, is also to release results on Thursday.
uk stock market predictions september 12 2011, London Stock Exchange trading outlook for week september 12 2011, analyst uk market september 12 2011, British banks stock forecast september 12 2011. FTSE stock forecast sept 12 2011.
why oil prices will down sept 9 2011
why oil prices will down sept 9 2011 : Crude oil futures were down Friday as the euro slumped against the dollar and European stock markets fell on euro zone debt contagion worries and concerns the U.S. Federal Reserve is not doing enough to stimulate the U.S. economy.
Oil prices typically fall as the dollar strengthens as it makes the commodity more expensive for holders of other currencies.
U.S. President Barack Obama's $447 billion proposal in tax cuts and new spending to revive the U.S. economy wasn't enough to restore confidence to markets, even though the stimulus package was larger than analysts had expected.
Fears over economic growth in the U.S., the world's largest oil consumer, removed some of the support oil prices were receiving from a tropical storm in the Gulf of Mexico that potentially threatens some crude output.
the oil market is supporting prices in the long term despite fears over the economic situation in the U.S. and Europe.
Energy producers are monitoring tropical storm Nate, which could strengthen into a hurricane Friday or Saturday, according to the National Hurricane Center.
BP PLC (BP. BP.LN) has already evacuated non-essential personnel from three production platforms in the U.S. Gulf Thursday. Over a quarter of U.S. oil output is produced in the Gulf of Mexico.
For now, we see a relatively controlled slowdown on the [oil] demand and as long as supply continues to disappoint to a similar extent, prices will stay where they are for now. Brent crude is expected to end at $115 a barrel for the year, he added. Read oil prices forecast 2011-2012
At 1102 GMT, the ICE's gasoil contract for September delivery was down $17, or 1.8%, at $950 per metric ton, while Nymex gasoline for October delivery was 345 points lower at $2.8507 per gallon.
crude oil price prediction september 2011, crude oil forecast desember 2011, oil demand, oil price september 9 2011.
Oil prices typically fall as the dollar strengthens as it makes the commodity more expensive for holders of other currencies.
U.S. President Barack Obama's $447 billion proposal in tax cuts and new spending to revive the U.S. economy wasn't enough to restore confidence to markets, even though the stimulus package was larger than analysts had expected.
Fears over economic growth in the U.S., the world's largest oil consumer, removed some of the support oil prices were receiving from a tropical storm in the Gulf of Mexico that potentially threatens some crude output.
the oil market is supporting prices in the long term despite fears over the economic situation in the U.S. and Europe.
Energy producers are monitoring tropical storm Nate, which could strengthen into a hurricane Friday or Saturday, according to the National Hurricane Center.
BP PLC (BP. BP.LN) has already evacuated non-essential personnel from three production platforms in the U.S. Gulf Thursday. Over a quarter of U.S. oil output is produced in the Gulf of Mexico.
For now, we see a relatively controlled slowdown on the [oil] demand and as long as supply continues to disappoint to a similar extent, prices will stay where they are for now. Brent crude is expected to end at $115 a barrel for the year, he added. Read oil prices forecast 2011-2012
At 1102 GMT, the ICE's gasoil contract for September delivery was down $17, or 1.8%, at $950 per metric ton, while Nymex gasoline for October delivery was 345 points lower at $2.8507 per gallon.
crude oil price prediction september 2011, crude oil forecast desember 2011, oil demand, oil price september 9 2011.
Bank of America will plans to cut 40000 jobs
Bank of America will plans to cut 40000 jobs ; Bank of America Corp. is preparing to slash 40,000 or more jobs nationwide, a dramatic retrenchment that reflects the deepening woes of the country's largest bank and the magnitude of the U.S. economic slowdown.
The layoffs will come mainly from the Bank of America's sprawling consumer-banking operations, which will take a heavy toll on branches, loan centers and other offices throughout California.
Bank of America has 45,000 employees in the state, about 1 in 6 of its nearly 300,000-person workforce, and is expected to roll out the job cuts over the next several years. The company also is in the process of closing 10 percent of its branches nationwide.
California has the highest concentration of Bank of America branches in the U.S. with 956 throughout the state, though it has been losing ground in recent years to rivals like Wells Fargo & Co. and JPMorgan Chase & Co.
The layoffs are another blow to California, with its battered economy and nearly 12 percent unemployment rate. From tellers to middle managers, laid-off Bank of America employees are likely to have a tough time finding new jobs.
"We don't need to lose any jobs in this environment, whether in financial services or anywhere else," said Esmael Adibi, a Chapman University economist.
The details of the cutbacks were not officially announced, but the information was disclosed by three Bank of America executives who have been briefed on the plan but were not authorized to speak publicly. Brian Moynihan, Bank of America's beleaguered chief executive, is expected to unveil details at an investor conference Monday in New York.
Investors sent Bank of America shares down 3.1 percent to $6.98 on Friday on a day banks led the overall market sharply lower on more worries about global economies falling into a recession. The Dow Jones industrial average fell 303.68, or 2.7 percent, to 10,992.13
Executives met at the bank's Charlotte, N.C., headquarters Thursday and Friday to finalize the plan, which has been under discussion for months. Moynihan is grappling with how to wring more profit from the bank's core customer base, which includes about 58 million consumer and small-business accounts.
At least one analyst said the cutbacks could weigh heavily on Bank of America's millions of customers, who would have to deal with fewer branches and longer lines for tellers.
"You're definitely going to see decreased service levels for consumers," said Christopher Whalen, a bank analyst at Institutional Risk Analytics. "They're talking about either closing branches or reducing the head count in the branches."
Moynihan hopes to fashion a smaller but more focused company that can withstand the fallout from its disastrous 2008 takeover of mortgage lender Countrywide Financial Corp. in Calabasas. The home-lending unit has run up $30 billion in losses, and faces billions more in potential liability from a barrage of mortgage-related lawsuits.
Federal regulators and private investors allege that Countrywide misled them about the quality of loans and bonds tied to high-risk mortgages bought during the housing boom. Earlier this month, federal regulators sued Bank of America and 16 of its rivals, contending that the banks sold loans to housing goliaths Fannie Mae and Freddie Mac under false pretenses.
Bank of America's retrenchment is also being driven by the slack U.S. economy and darkening outlook for the banking industry. Intensifying worries about its prospects have cut Bank of America's stock price by more than half since mid-January, a far larger hit than its peers have suffered.
"The financial-services industry as a whole is going to shrink," said Nancy Bush, a banking analyst and contributing editor at research firm SNL Financial. "We don't need as many loans, as many credit cards, as many mortgages as we did in the past two decades."
The flailing economy has struck particularly hard at Bank of America, which critics say has been beset by poor management and a flawed growth strategy of rapid-fire acquisitions of other companies. To overcome its woes, Bank of America executives have worked for much of the past year on the ambitious restructuring known as Project New BAC, a reference to the ticker symbol for the company's stock.
Moynihan has made a number of bold steps in recent weeks, including signing on billionaire Warren Buffett as a major shareholder. This week he ousted two senior executives, including Sallie Krawcheck, one of the highest-ranking women on Wall Street.
The first phase of New BAC is designed to streamline the consumer businesses, including home loans, credit cards and wealth management. It also will make cuts in the corporate support staff, such as legal, marketing, human relations and finance employees.
The bank previously had announced another 6,000 job cuts this year and has closed, sold or put on the auction block former Countrywide divisions that made loans through independent brokers, bought loans from smaller lenders and sold specialty insurance.
Critics have urged Moynihan to go even further as he launches a second phase of the BAC project, which will analyze potential cost cuts and restructurings at some of the business lines focused on corporate and institutional clients.
Some critics suggest Moynihan should put Countrywide, which still has a separate identity, into bankruptcy to stem lawsuits. There has also been talk of Bank of America selling all or part of its Merrill Lynch operation, which it bought during the financial crisis.
The company has in the past denied that either of these options is under consideration. A spokesman for the company declined to comment.
Shareholders said they would be watching the developments carefully, noting that Moynihan has been battling a credibility problem since he pledged to raise the dividend and then failed to follow through when regulators objected.
"It's been painful," said Jonathan Finger, who runs a Houston financial firm with a major investment in Bank of America. "He's got to make the public and investors comfortable that the company is going to be strong and is going to be around."
Finger and others believe that the cutbacks stem from Moynihan's desire to show Wall Street he is aggressively addressing the bank's problems.
Bank of America is the nation's largest bank as measured by loans and other assets. But in a measure of its financial afflictions, its stock market value, at about $71 billion on Friday was less than Wells Fargo's $124 billion and Chase's $125 billion.
"Their competition is not standing still - they've got to have a plan to continue to grow and build the business," Finger said.
The layoffs will come mainly from the Bank of America's sprawling consumer-banking operations, which will take a heavy toll on branches, loan centers and other offices throughout California.
Bank of America has 45,000 employees in the state, about 1 in 6 of its nearly 300,000-person workforce, and is expected to roll out the job cuts over the next several years. The company also is in the process of closing 10 percent of its branches nationwide.
California has the highest concentration of Bank of America branches in the U.S. with 956 throughout the state, though it has been losing ground in recent years to rivals like Wells Fargo & Co. and JPMorgan Chase & Co.
The layoffs are another blow to California, with its battered economy and nearly 12 percent unemployment rate. From tellers to middle managers, laid-off Bank of America employees are likely to have a tough time finding new jobs.
"We don't need to lose any jobs in this environment, whether in financial services or anywhere else," said Esmael Adibi, a Chapman University economist.
The details of the cutbacks were not officially announced, but the information was disclosed by three Bank of America executives who have been briefed on the plan but were not authorized to speak publicly. Brian Moynihan, Bank of America's beleaguered chief executive, is expected to unveil details at an investor conference Monday in New York.
Investors sent Bank of America shares down 3.1 percent to $6.98 on Friday on a day banks led the overall market sharply lower on more worries about global economies falling into a recession. The Dow Jones industrial average fell 303.68, or 2.7 percent, to 10,992.13
Executives met at the bank's Charlotte, N.C., headquarters Thursday and Friday to finalize the plan, which has been under discussion for months. Moynihan is grappling with how to wring more profit from the bank's core customer base, which includes about 58 million consumer and small-business accounts.
At least one analyst said the cutbacks could weigh heavily on Bank of America's millions of customers, who would have to deal with fewer branches and longer lines for tellers.
"You're definitely going to see decreased service levels for consumers," said Christopher Whalen, a bank analyst at Institutional Risk Analytics. "They're talking about either closing branches or reducing the head count in the branches."
Moynihan hopes to fashion a smaller but more focused company that can withstand the fallout from its disastrous 2008 takeover of mortgage lender Countrywide Financial Corp. in Calabasas. The home-lending unit has run up $30 billion in losses, and faces billions more in potential liability from a barrage of mortgage-related lawsuits.
Federal regulators and private investors allege that Countrywide misled them about the quality of loans and bonds tied to high-risk mortgages bought during the housing boom. Earlier this month, federal regulators sued Bank of America and 16 of its rivals, contending that the banks sold loans to housing goliaths Fannie Mae and Freddie Mac under false pretenses.
Bank of America's retrenchment is also being driven by the slack U.S. economy and darkening outlook for the banking industry. Intensifying worries about its prospects have cut Bank of America's stock price by more than half since mid-January, a far larger hit than its peers have suffered.
"The financial-services industry as a whole is going to shrink," said Nancy Bush, a banking analyst and contributing editor at research firm SNL Financial. "We don't need as many loans, as many credit cards, as many mortgages as we did in the past two decades."
The flailing economy has struck particularly hard at Bank of America, which critics say has been beset by poor management and a flawed growth strategy of rapid-fire acquisitions of other companies. To overcome its woes, Bank of America executives have worked for much of the past year on the ambitious restructuring known as Project New BAC, a reference to the ticker symbol for the company's stock.
Moynihan has made a number of bold steps in recent weeks, including signing on billionaire Warren Buffett as a major shareholder. This week he ousted two senior executives, including Sallie Krawcheck, one of the highest-ranking women on Wall Street.
The first phase of New BAC is designed to streamline the consumer businesses, including home loans, credit cards and wealth management. It also will make cuts in the corporate support staff, such as legal, marketing, human relations and finance employees.
The bank previously had announced another 6,000 job cuts this year and has closed, sold or put on the auction block former Countrywide divisions that made loans through independent brokers, bought loans from smaller lenders and sold specialty insurance.
Critics have urged Moynihan to go even further as he launches a second phase of the BAC project, which will analyze potential cost cuts and restructurings at some of the business lines focused on corporate and institutional clients.
Some critics suggest Moynihan should put Countrywide, which still has a separate identity, into bankruptcy to stem lawsuits. There has also been talk of Bank of America selling all or part of its Merrill Lynch operation, which it bought during the financial crisis.
The company has in the past denied that either of these options is under consideration. A spokesman for the company declined to comment.
Shareholders said they would be watching the developments carefully, noting that Moynihan has been battling a credibility problem since he pledged to raise the dividend and then failed to follow through when regulators objected.
"It's been painful," said Jonathan Finger, who runs a Houston financial firm with a major investment in Bank of America. "He's got to make the public and investors comfortable that the company is going to be strong and is going to be around."
Finger and others believe that the cutbacks stem from Moynihan's desire to show Wall Street he is aggressively addressing the bank's problems.
Bank of America is the nation's largest bank as measured by loans and other assets. But in a measure of its financial afflictions, its stock market value, at about $71 billion on Friday was less than Wells Fargo's $124 billion and Chase's $125 billion.
"Their competition is not standing still - they've got to have a plan to continue to grow and build the business," Finger said.
Thursday, September 8, 2011
highlights Ben Bernanke speech on U.S. economic outlook september 8 2011
highlights Ben Bernanke speech on U.S. economic outlook in Minnesota september 8 2011 ; The following are highlights of Federal Reserve Chairman Ben Bernanke's speech on the economic outlook before the Economic Club of Minnesota on Thursday.
ON EMPLOYING A RANGE OF TOOLS
"In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits and costs of such tools at our August meeting. My FOMC colleagues and I will continue to consider those and other pertinent issues, including, of course, economic and financial developments, at our meeting in September and are prepared to employ these tools as appropriate to promote a stronger economic recovery in a context of price stability."
ON THE FISCAL DRAG ON THE ECONOMY
"The prospect of an increasing fiscal drag on the economy in the face of an already sluggish recovery highlights one of the many difficult tradeoffs currently faced by fiscal policymakers."
ON INFLATION
"We see little indication that the higher rate of inflation experienced so far this year has become ingrained in the economy."
ON ECONOMIC SLACK
"In addition to the stability of longer-term inflation expectations, the substantial amount of resource slack that exists in U.S. labor and product markets should continue to have a moderating influence on inflationary pressures. Notably, because of ongoing weakness in labor demand over the course of the recovery, nominal wage increases have been roughly offset by productivity gains, leaving the level of unit labor costs close to where it had stood at the onset of the recession. Given the large share of labor costs in the production costs of most firms, subdued unit labor costs should be an important restraining influence on inflation. (source /www.reuters.com )
ON EMPLOYING A RANGE OF TOOLS
"In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits and costs of such tools at our August meeting. My FOMC colleagues and I will continue to consider those and other pertinent issues, including, of course, economic and financial developments, at our meeting in September and are prepared to employ these tools as appropriate to promote a stronger economic recovery in a context of price stability."
ON THE FISCAL DRAG ON THE ECONOMY
"The prospect of an increasing fiscal drag on the economy in the face of an already sluggish recovery highlights one of the many difficult tradeoffs currently faced by fiscal policymakers."
ON INFLATION
"We see little indication that the higher rate of inflation experienced so far this year has become ingrained in the economy."
ON ECONOMIC SLACK
"In addition to the stability of longer-term inflation expectations, the substantial amount of resource slack that exists in U.S. labor and product markets should continue to have a moderating influence on inflationary pressures. Notably, because of ongoing weakness in labor demand over the course of the recovery, nominal wage increases have been roughly offset by productivity gains, leaving the level of unit labor costs close to where it had stood at the onset of the recession. Given the large share of labor costs in the production costs of most firms, subdued unit labor costs should be an important restraining influence on inflation. (source /www.reuters.com )
ben bernanke press conference in Minneapolis september 8 2011
ben bernanke press conference in Minneapolis september 8 2011 : Sounding a bit like a broken record, Ben Bernanke once again urged lawmakers to not put the recovery at risk as they focus on slashing government spending over the long haul.
While the Federal Reserve Chairman's comments were nothing new, they seemed perfectly timed to coincide with the first meeting of the 12-member bipartisan debt super committee Thursday.
"While prompt and decisive action to put the federal government's finances on a sustainable trajectory is urgently needed, fiscal policymakers should not, as a consequence, disregard the fragility of the economic recovery," Bernanke said in a speech in Minneapolis.
Bernanke has long urged lawmakers to bring the government's finances under control and rein in spending -- but over the long-term. In the short-term, he cautioned against massive government cuts that could squelch the already sluggish recovery.
"Fortunately, the two goals--achieving fiscal sustainability...and avoiding creation of fiscal headwinds for the recovery--are not incompatible," he said.
Reiterating his comments from a speech in Jackson Hole, Wy. two weeks ago, Bernanke also said the Federal Reserve stands ready to act if needed. "The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment," he said, repeating that sentence word-for-word from the Jackson Hole speech.
But he fell short of hinting of any specific measures.
0:00 / 3:54 Obama's uneven track record on jobs
"The Federal Reserve has a range of tools that could be used to provide additional monetary stimulus," he said.
The Fed's policymaking committee is next scheduled to meet Sept. 20 and 21. That two-day meeting was originally slated to last for one day. Economists who closely watch the central bank speculate that the Fed may use the extra day to consider a stimulus measure known as Operation Twist.
Under such a policy, the Fed would replace some of the short-term bonds already on its balance sheet, with longer-term Treasuries. The controversial move, last done in the 1960s, is meant to encourage lending and borrowing by bringing long-term interest rates down.
It's called a "twist" because it brings short rates up and long-term rates down.
Other possible tools could include lowering the rate the Fed currently pays banks to keep cash on reserve, or laying out explicit guidelines for how the central bank would react to changes in inflation or the unemployment rate. Read highlights Ben Bernanke speech on U.S. economic outlook september 8 2011
While the Federal Reserve Chairman's comments were nothing new, they seemed perfectly timed to coincide with the first meeting of the 12-member bipartisan debt super committee Thursday.
"While prompt and decisive action to put the federal government's finances on a sustainable trajectory is urgently needed, fiscal policymakers should not, as a consequence, disregard the fragility of the economic recovery," Bernanke said in a speech in Minneapolis.
Bernanke has long urged lawmakers to bring the government's finances under control and rein in spending -- but over the long-term. In the short-term, he cautioned against massive government cuts that could squelch the already sluggish recovery.
"Fortunately, the two goals--achieving fiscal sustainability...and avoiding creation of fiscal headwinds for the recovery--are not incompatible," he said.
Reiterating his comments from a speech in Jackson Hole, Wy. two weeks ago, Bernanke also said the Federal Reserve stands ready to act if needed. "The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment," he said, repeating that sentence word-for-word from the Jackson Hole speech.
But he fell short of hinting of any specific measures.
0:00 / 3:54 Obama's uneven track record on jobs
"The Federal Reserve has a range of tools that could be used to provide additional monetary stimulus," he said.
The Fed's policymaking committee is next scheduled to meet Sept. 20 and 21. That two-day meeting was originally slated to last for one day. Economists who closely watch the central bank speculate that the Fed may use the extra day to consider a stimulus measure known as Operation Twist.
Under such a policy, the Fed would replace some of the short-term bonds already on its balance sheet, with longer-term Treasuries. The controversial move, last done in the 1960s, is meant to encourage lending and borrowing by bringing long-term interest rates down.
It's called a "twist" because it brings short rates up and long-term rates down.
Other possible tools could include lowering the rate the Fed currently pays banks to keep cash on reserve, or laying out explicit guidelines for how the central bank would react to changes in inflation or the unemployment rate. Read highlights Ben Bernanke speech on U.S. economic outlook september 8 2011
Glencore International Plc stock prices jumped sept 8 2011
Glencore International Plc stock prices jumped sept 8 2011 ; Glencore International Plc jumped the most since its initial public offering in London after First Reserve Corp. sold convertible bonds in the world's largest publicly traded commodities supplier and bought shares.
Glencore rose 7.6 percent to 436.5 pence by the 4:30 p.m. close, the biggest gain since the shares first traded on May 19 and the highest level since Aug. 2. First Reserve said it sold $800 million of the bonds and bought stock at 425 pence apiece. Glencore yesterday said it welcomed the sale.
"We consider this to be a bullish signal for Glencore's shares," Liberum Capital Ltd. wrote today in a note. First Reserve Chairman and Chief Executive Officer William Macaulay is a Glencore non-executive director and Liberum expects the investment firm to remain a "long-term" shareholder, it said.
Glencore sold $10 billion of stock at 530 pence each in an initial public offering in May, the biggest IPO in the world this year. The stock purchase by First Reserve is equivalent to 2 percent of the shares in issue, Liberum analysts wrote, keeping Glencore as a "conviction buy."
Credit Suisse Group AG and Morgan Stanley managed the bond offering, First Reserve said today. The 5 percent bonds convertible into stock were sold at $135,313.89 per $100,000 principal amount of the bond.
Glencore sold $2.2 billion of convertible bonds, its first such offering, in December 2009, saying the debt could be exchanged for shares in the event of an IPO. BlackRock Inc., Government of Singapore Investment Corp., Zijin Mining Group and First Reserve invested in the bonds.
GLCNF Stock prices today, GLCNF Stock prices predictions, Glencore GLCNF Shares prices forecast, Glencore International Plc IPO stock symbol.
Glencore rose 7.6 percent to 436.5 pence by the 4:30 p.m. close, the biggest gain since the shares first traded on May 19 and the highest level since Aug. 2. First Reserve said it sold $800 million of the bonds and bought stock at 425 pence apiece. Glencore yesterday said it welcomed the sale.
"We consider this to be a bullish signal for Glencore's shares," Liberum Capital Ltd. wrote today in a note. First Reserve Chairman and Chief Executive Officer William Macaulay is a Glencore non-executive director and Liberum expects the investment firm to remain a "long-term" shareholder, it said.
Glencore sold $10 billion of stock at 530 pence each in an initial public offering in May, the biggest IPO in the world this year. The stock purchase by First Reserve is equivalent to 2 percent of the shares in issue, Liberum analysts wrote, keeping Glencore as a "conviction buy."
Credit Suisse Group AG and Morgan Stanley managed the bond offering, First Reserve said today. The 5 percent bonds convertible into stock were sold at $135,313.89 per $100,000 principal amount of the bond.
Glencore sold $2.2 billion of convertible bonds, its first such offering, in December 2009, saying the debt could be exchanged for shares in the event of an IPO. BlackRock Inc., Government of Singapore Investment Corp., Zijin Mining Group and First Reserve invested in the bonds.
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Mortgage rates forecast september 2011
Mortgage rates forecast september 2011 ; Mortgage rates hit record lows this week, reflecting continued market and U.S. employment concerns, Freddie Mac's chief economist said Thursday.
Rates on 30-year fixed-rate mortgages averaged 4.12% for the week ending Sept. 8, down from 4.22% last week and 4.35% a year ago. The mortgage's previous low was set the week ended Aug. 18, when the rate averaged 4.15%.
Concerns about euro-zone sovereign debt and a weak U.S. payrolls report for August put downward pressure on yields on Treasury bonds, enabling fixed mortgage rates to hit new lows, according to Frank Nothaft, vice president and chief economist of Freddie Mac. Fixed mortgage rates are closely related to yields on 10-year Treasury notes.
"On net, the economy added no new jobs last month and was the weakest reading since September 2010," Mr. Nothaft said. "Meanwhile, the unemployment rate remained at 9.1%, marking its 31st consecutive month of being above 8%, the longest such stretch in 70 years."
Mortgage rates haven't been above 6% since November 2008, according to Bankrate.com. When the 30-year fixed-rate mortgage was 6.33%, a $200,000 mortgage would have had a monthly payment of $1,241.86. A mortgage rate of 4.35% on the same size loan would mean a monthly payment of $995.62, according to the news release.
Fifteen-year fixed-rate mortgages averaged 3.33%, down from 3.39% last week and 3.83% a year ago, according to Freddie Mac.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.96%, unchanged from last week. The ARM averaged 3.56% a year ago. And rates on 1-year Treasury-indexed ARMs averaged 2.84%, down from 2.89% last week and 3.46% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point, while the 15-year fixed-rate mortgage and both ARMs required payment of an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest. source online.wsj.com
Rates on 30-year fixed-rate mortgages averaged 4.12% for the week ending Sept. 8, down from 4.22% last week and 4.35% a year ago. The mortgage's previous low was set the week ended Aug. 18, when the rate averaged 4.15%.
Concerns about euro-zone sovereign debt and a weak U.S. payrolls report for August put downward pressure on yields on Treasury bonds, enabling fixed mortgage rates to hit new lows, according to Frank Nothaft, vice president and chief economist of Freddie Mac. Fixed mortgage rates are closely related to yields on 10-year Treasury notes.
"On net, the economy added no new jobs last month and was the weakest reading since September 2010," Mr. Nothaft said. "Meanwhile, the unemployment rate remained at 9.1%, marking its 31st consecutive month of being above 8%, the longest such stretch in 70 years."
Mortgage rates haven't been above 6% since November 2008, according to Bankrate.com. When the 30-year fixed-rate mortgage was 6.33%, a $200,000 mortgage would have had a monthly payment of $1,241.86. A mortgage rate of 4.35% on the same size loan would mean a monthly payment of $995.62, according to the news release.
Fifteen-year fixed-rate mortgages averaged 3.33%, down from 3.39% last week and 3.83% a year ago, according to Freddie Mac.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.96%, unchanged from last week. The ARM averaged 3.56% a year ago. And rates on 1-year Treasury-indexed ARMs averaged 2.84%, down from 2.89% last week and 3.46% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point, while the 15-year fixed-rate mortgage and both ARMs required payment of an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest. source online.wsj.com
asian stock market summary september 8 2011
asian stock market summary september 8 2011 ; Asian shares posted modest gains. Japan's Nikkei 225 index rose 0.3% to close at 8,793.12 as a softening yen helped Japan's exporters. By late afternoon London time, the dollar was flat at 77.30 yen.
South Korea's Kospi rose 0.7% to 1,846.64, benefiting from a decision by the country's central bank to leave its benchmark interest rate unchanged for a third month. Higher interest rates generally drag on stocks by making them a potentially less attractive investment.
Hong Kong's Hang Seng fell 0.7% to 19,912.82 as did shares in mainland China — the benchmark Shanghai Composite Index fell 0.7% to 2,498.94 while the Shenzhen Composite Index lost 1% to 1,100.53.
South Korea's Kospi rose 0.7% to 1,846.64, benefiting from a decision by the country's central bank to leave its benchmark interest rate unchanged for a third month. Higher interest rates generally drag on stocks by making them a potentially less attractive investment.
Hong Kong's Hang Seng fell 0.7% to 19,912.82 as did shares in mainland China — the benchmark Shanghai Composite Index fell 0.7% to 2,498.94 while the Shenzhen Composite Index lost 1% to 1,100.53.
Barack Obama speech september 8 2011
Barack Obama speech september 8 2011 : U.S. President Barack Obama goes to Capitol Hill later Thursday to outline his plans for creating jobs, after recent figures showed job creation at a standstill, threatening a possible second recession. The president will deliver his nationally televised address to a joint session of Congress.
The White House has released very few details about Mr. Obama's plan. The proposal, reported to amount to about $300 billion, could include incentives for small businesses to hire, an extension of insurance benefits for the unemployed, and a renewal of payroll tax cuts that have allowed U.S. workers to keep more of their earnings.
he president is also expected to call for spending to fix the country's aging and crumbling roads, bridges and schools — projects that could also create jobs.
The Democratic president's plan is likely to meet with considerable opposition from Republican lawmakers who are opposed to increased spending by the debt-ridden government.
In advance of the speech, some Republicans say the proposals represent a reprise of the president's failed economic policies.
While the president's Democratic party dominates the Senate, his Republican opponents have the majority in the larger, more volatile House of Representatives.
A survey of 1,000 people, released Wednesday by the Pew Research Center, shows that 43 percent of those responding consider the job situation to be the nation's top economic concern — far more than issues such as the budget deficit and financial markets.
The country's economy has virtually stalled, and federal figures show that no new jobs were created in August. About 14 million workers are unemployed and millions more are working part-time or in jobs they consider below their skill level. source blogs.voanews.com...
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The White House has released very few details about Mr. Obama's plan. The proposal, reported to amount to about $300 billion, could include incentives for small businesses to hire, an extension of insurance benefits for the unemployed, and a renewal of payroll tax cuts that have allowed U.S. workers to keep more of their earnings.
he president is also expected to call for spending to fix the country's aging and crumbling roads, bridges and schools — projects that could also create jobs.
The Democratic president's plan is likely to meet with considerable opposition from Republican lawmakers who are opposed to increased spending by the debt-ridden government.
In advance of the speech, some Republicans say the proposals represent a reprise of the president's failed economic policies.
While the president's Democratic party dominates the Senate, his Republican opponents have the majority in the larger, more volatile House of Representatives.
A survey of 1,000 people, released Wednesday by the Pew Research Center, shows that 43 percent of those responding consider the job situation to be the nation's top economic concern — far more than issues such as the budget deficit and financial markets.
The country's economy has virtually stalled, and federal figures show that no new jobs were created in August. About 14 million workers are unemployed and millions more are working part-time or in jobs they consider below their skill level. source blogs.voanews.com...
Barack Obama press confrence sept 8 2011, Barack Obama released, U.S. President Barack Obama speech september 8 2011.
Why US stocks down september 8 2011
Why US stocks down september 8 2011 : US stocks fell Thursday on mixed economic data and as investors appeared cautious ahead of keenly awaited speeches from Federal Reserve chairman Ben Bernanke and President Barack Obama.
After snapping a three-session slide Wednesday with a triple-digit gain, the Dow Jones Industrial Average pared opening losses to trade 24.71 points lower (0.22 percent) to 11,390.15 at 1415 GMT.
The broader S&P 500 fell 4.36 points (0.36 percent) to 1,194.26, while the tech-heavy Nasdaq Composite slipped 1.83 points (0.07 percent) to 2,547.11.
"Caution is the early approach today," said Patrick O'Hare at Briefing.com.
Stocks were under pressure "following an unexpected rise in US jobless claims and as traders digest some key monetary policy decisions in Europe," Charles Schwab analysts said in a research note.
Wall Street traders were awaiting a speech by Fed chief Bernanke in the afternoon and Obama's speech to Congress on the economy and job creation in the evening (2300 GMT), analysts said.
Initial jobless claims rose last week and continuing to trend upward, the Labor Department reported.
The claims data signaled little change in the depressed labor market, where the unemployment rate remained stuck at 9.1 percent in August for the second straight month.
US trade numbers, however, offered a positive note. The US trade deficit shrank sharply in July, as exports surged and imports fell, the Commerce Department reported.
Most of the Dow's 30 blue-chip stocks were lower. Bank of America tumbled 2.3 percent to $7.31. Caterpillar and General Electric, key signals on the outlook for the global economy, fell 1.2 percent and 1.0 percent, respectively.
Software giant Microsoft was among the rare gainers, up 1.5 percent at $26.39.
Bond prices were mixed. The yield on the 10-year Treasury note fell to 2.02 percent from 2.04 percent late Wednesday, while that on the 30-year bond was unchanged at 3.35 percent. Bond prices and yields move in opposite directions. Copyright © 2011 AFP.
After snapping a three-session slide Wednesday with a triple-digit gain, the Dow Jones Industrial Average pared opening losses to trade 24.71 points lower (0.22 percent) to 11,390.15 at 1415 GMT.
The broader S&P 500 fell 4.36 points (0.36 percent) to 1,194.26, while the tech-heavy Nasdaq Composite slipped 1.83 points (0.07 percent) to 2,547.11.
"Caution is the early approach today," said Patrick O'Hare at Briefing.com.
Stocks were under pressure "following an unexpected rise in US jobless claims and as traders digest some key monetary policy decisions in Europe," Charles Schwab analysts said in a research note.
Wall Street traders were awaiting a speech by Fed chief Bernanke in the afternoon and Obama's speech to Congress on the economy and job creation in the evening (2300 GMT), analysts said.
Initial jobless claims rose last week and continuing to trend upward, the Labor Department reported.
The claims data signaled little change in the depressed labor market, where the unemployment rate remained stuck at 9.1 percent in August for the second straight month.
US trade numbers, however, offered a positive note. The US trade deficit shrank sharply in July, as exports surged and imports fell, the Commerce Department reported.
Most of the Dow's 30 blue-chip stocks were lower. Bank of America tumbled 2.3 percent to $7.31. Caterpillar and General Electric, key signals on the outlook for the global economy, fell 1.2 percent and 1.0 percent, respectively.
Software giant Microsoft was among the rare gainers, up 1.5 percent at $26.39.
Bond prices were mixed. The yield on the 10-year Treasury note fell to 2.02 percent from 2.04 percent late Wednesday, while that on the 30-year bond was unchanged at 3.35 percent. Bond prices and yields move in opposite directions. Copyright © 2011 AFP.
ben bernanke Speak In Minneapolis today sept 8 2011
ben bernanke Speak In Minneapolis today sept 8 2011 ; Federal Reserve Chairman Ben Bernanke is in Minneapolis today to speak to the Economic Club of Minnesota luncheon.
Folks will be parsing his words carefully for clues to upcoming Fed moves, but with President Obama's jobs speech coming tonight, the timing might not be right for Bernanke to hint at any changes.
The Wall Street Journal reported this morning that: "Investors were looking ahead to Federal Reserve Chairman Ben Bernanke's speech in Minneapolis, scheduled at 1:30 p.m., EDT, for any clues of what the central bank intends to do about the sluggish economic recovery."
The Economic Club of Minnesota says that its sponsored speeches, like Bernanke's, provide "a high-profile, non-partisan platform for national and international leaders in business, government and public policy to present their ideas on how Minnesota can better compete in the global economy and how America can most effectively provide world leadership on economic and strategic issues."
Update ben bernanke Speak In Minneapolis
bernanke 8-9-2011, bernanke speech Minnesota september 9 2011, ben bernanke speech sep 8 2011, ben bernanke september 2011, bernanke press conference september 9 2011.
Folks will be parsing his words carefully for clues to upcoming Fed moves, but with President Obama's jobs speech coming tonight, the timing might not be right for Bernanke to hint at any changes.
The Wall Street Journal reported this morning that: "Investors were looking ahead to Federal Reserve Chairman Ben Bernanke's speech in Minneapolis, scheduled at 1:30 p.m., EDT, for any clues of what the central bank intends to do about the sluggish economic recovery."
The Economic Club of Minnesota says that its sponsored speeches, like Bernanke's, provide "a high-profile, non-partisan platform for national and international leaders in business, government and public policy to present their ideas on how Minnesota can better compete in the global economy and how America can most effectively provide world leadership on economic and strategic issues."
Update ben bernanke Speak In Minneapolis
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Wednesday, September 7, 2011
crude oil prices up impact US hurricane season sept 7 2011
crude oil prices up impact US hurricane season sept 7 2011 : Oil up to near $87 in Europe amid rising equities, weaker dollar, Obama speech expectations, Oil prices rose to near $87 a barrel Wednesday amid a strong rebound in equity markets, a weaker dollar and hopes that President Barack Obama will announce new economic support measures in a major policy speech later this week.
By early afternoon in Europe, benchmark oil for October delivery was up 72 cents to $86.74 in electronic trading on the New York Mercantile Exchange. Crude fell 43...
Crude oil prices rose on Wednesday as the US hurricane season threatened to disrupt supplies to the US economy, the world's biggest oil consumer, analysts said.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in October, jumped $2.28 to $88.30 a barrel.
Brent North Sea crude for October delivery advanced $1.53 to $114.42 a barrel.
Traders were eyeing weather conditions off the US coast as the country endures its storm season, said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore.
"The market remains concerned about the possibility of a major storm in these six to seven weeks before the hurricane season ends, offering a little bit of support for WTI prices," he told AFP.
Hurricanes tend to jack up crude prices in the short term as offshore refineries are forced to close and may even be damaged in their wake, creating a supply disruption. Copyright © 2011 AFP
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By early afternoon in Europe, benchmark oil for October delivery was up 72 cents to $86.74 in electronic trading on the New York Mercantile Exchange. Crude fell 43...
Crude oil prices rose on Wednesday as the US hurricane season threatened to disrupt supplies to the US economy, the world's biggest oil consumer, analysts said.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in October, jumped $2.28 to $88.30 a barrel.
Brent North Sea crude for October delivery advanced $1.53 to $114.42 a barrel.
Traders were eyeing weather conditions off the US coast as the country endures its storm season, said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore.
"The market remains concerned about the possibility of a major storm in these six to seven weeks before the hurricane season ends, offering a little bit of support for WTI prices," he told AFP.
Hurricanes tend to jack up crude prices in the short term as offshore refineries are forced to close and may even be damaged in their wake, creating a supply disruption. Copyright © 2011 AFP
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Gold prices in Europe market september 7 2011
Gold prices in Europe market september 7 2011 : Gold prices fell by nearly 3% in Europe on Wednesday after a sharp rally in stock markets prompted nervous investors to cash in gains after the precious metal's rally to record highs in the previous session.
Gold was set for its most volatile day in two weeks, with price swings of nearly US$80, just shy of late August's US$104 difference between session peaks and troughs.
The focus was on lack of growth and perhaps the Swiss decision and some stabilisation of (equity) markets has perhaps made people a bit less depressed about growth and that buying has come out of the market.
Reflecting the investor retreat from gold over the past few days, even with a rise in the price to record highs, was a fifth consecutive decline in exchange-traded fund holdings of gold – a key gauge of investment demand. Holdings are at 67.38 million ounces, their lowest in six weeks.
Support from current levels is likely to continue to come from the euro zone debt crisis. The bloc's most indebted nations are struggling to convince investors of their commitment to reduce debt, as Germany, the euro zone's biggest economy, faces opposition to further aid.
In a closely watched decision, Germany's Constitutional Court on Wednesday rejected a series of lawsuits aimed at blocking Germany's participation in bailout packages for Greece and other euro zone countries.
It said however that parliament must have a bigger say in future rescues, which could further slow down Europe's response to the debt crisis.
The news helped assets seen as higher risk to rise, briefly lifting the euro against the dollar but pressuring German Bund futures. European shares rose sharply, bouncing from a two-year closing low.
Gold was set for its most volatile day in two weeks, with price swings of nearly US$80, just shy of late August's US$104 difference between session peaks and troughs.
The focus was on lack of growth and perhaps the Swiss decision and some stabilisation of (equity) markets has perhaps made people a bit less depressed about growth and that buying has come out of the market.
Reflecting the investor retreat from gold over the past few days, even with a rise in the price to record highs, was a fifth consecutive decline in exchange-traded fund holdings of gold – a key gauge of investment demand. Holdings are at 67.38 million ounces, their lowest in six weeks.
Support from current levels is likely to continue to come from the euro zone debt crisis. The bloc's most indebted nations are struggling to convince investors of their commitment to reduce debt, as Germany, the euro zone's biggest economy, faces opposition to further aid.
In a closely watched decision, Germany's Constitutional Court on Wednesday rejected a series of lawsuits aimed at blocking Germany's participation in bailout packages for Greece and other euro zone countries.
It said however that parliament must have a bigger say in future rescues, which could further slow down Europe's response to the debt crisis.
The news helped assets seen as higher risk to rise, briefly lifting the euro against the dollar but pressuring German Bund futures. European shares rose sharply, bouncing from a two-year closing low.
gold rate in pakistan 22k 24k per tola today
gold rate in pakistan 22k 24k per tola today : Gold rates in Pakistan, Gold Rates Karachi today , Gold Rates Hyderabad, Gold Rates Lahore, Gold Rates Multan, Gold Rates Islamabad, Gold Rates Rawalpindi, Gold Rates Quetta, Gold Rates Faisalabad, International Gold Rate.
Last Updated: September 07,2011 (Source: Karachi Saraf Jewellers Association)
| City | 24K Per Tola | 24K Per Tola |
| Karachi | Rs. 60,800.00 | Rs. 47,771.00 |
| Hyderabad | Rs. 60,800.00 | Rs. 47,771.00 |
| Lahore | Rs. 60,800.00 | Rs. 47,771.00 |
| Multan | Rs. 60,800.00 | Rs. 47,771.00 |
| Islamabad | Rs. 60,800.00 | Rs. 47,771.00 |
| Faisalabad | Rs. 60,800.00 | Rs. 47,771.00 |
| Rawalpindi | Rs. 60,800.00 | Rs. 47,771.00 |
| Quetta | Rs. 60,800.00 | Rs. 47,771.00 |
Last Updated: September 07,2011 (Source: Karachi Saraf Jewellers Association)
will HSBC plans to Cut jobs in 2013
will HSBC plans to Cut jobs in Hong Kong 2013- news HSBC to Cut 3000 Jobs in Hong Kong 2013 ; HSBC Holdings Plc (NYSE: HBC) plans to cut nearly 3,000 jobs over the next 3 years in Hong Kong as part of a global restructuring. It will try to redeploy some staff elsewhere in the company, so the number of lost jobs may be less than 3,000. The job cuts in Hong Kong are part of a first wave of a global reorganization, which will also include restructuring at operations in the U.S., Canada, Mexico and Brazil, a spokeswoman said.
According to company sources, it intends to cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S. as part of a new strategy to focus on fast-growing emerging markets. It states that the job cuts will result in sustainable cost savings and improved cost efficiency to the tune of $3.5 billion. HSBC employees nearly 23,000 people in Hong Kong and 296,000 worldwide.
Citing a memo from HSBC Asia-Pacific CEO Peter Wong to employees, Radio Television Hong Kong reports that the redundancies would mainly involve managerial positions in the firm's back-office operations. He was cited as saying that the move was necessary to streamline the bank's structure, increase efficiency and reduce costs.
Hong Kong remains one of HSBC's key markets, with its operations there contributing nearly a third of the U.K. lender's pre-tax profit in the first half of this year. The bank, which was founded in Hong Kong in 1865, operates in the Asia-Pacific region as Hong Kong and Shanghai Banking. The bank declined to say what positions in Hong Kong will be involved in the restructuring. It is also unclear whether there will be a net decrease in HSBC's headcount in Asia following the exercise. The bank has said it plans to hire at least 2,000 people in mainland China and Singapore over the next five years.
In August 2011, HSBC had agreed to sell its card and retail services business in the U.S. to Capital One Financial Corp. Shares of HSBC closed Tuesday’s trading at $41.80 per share. source www.bloomberg.com
new job bank septeember 2011, will HSBC to Cut jobs 2013, China, Singapore, Shanghai Banking, HSBC's key markets.
According to company sources, it intends to cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S. as part of a new strategy to focus on fast-growing emerging markets. It states that the job cuts will result in sustainable cost savings and improved cost efficiency to the tune of $3.5 billion. HSBC employees nearly 23,000 people in Hong Kong and 296,000 worldwide.
Citing a memo from HSBC Asia-Pacific CEO Peter Wong to employees, Radio Television Hong Kong reports that the redundancies would mainly involve managerial positions in the firm's back-office operations. He was cited as saying that the move was necessary to streamline the bank's structure, increase efficiency and reduce costs.
Hong Kong remains one of HSBC's key markets, with its operations there contributing nearly a third of the U.K. lender's pre-tax profit in the first half of this year. The bank, which was founded in Hong Kong in 1865, operates in the Asia-Pacific region as Hong Kong and Shanghai Banking. The bank declined to say what positions in Hong Kong will be involved in the restructuring. It is also unclear whether there will be a net decrease in HSBC's headcount in Asia following the exercise. The bank has said it plans to hire at least 2,000 people in mainland China and Singapore over the next five years.
In August 2011, HSBC had agreed to sell its card and retail services business in the U.S. to Capital One Financial Corp. Shares of HSBC closed Tuesday’s trading at $41.80 per share. source www.bloomberg.com
new job bank septeember 2011, will HSBC to Cut jobs 2013, China, Singapore, Shanghai Banking, HSBC's key markets.
stock market forecast september 2011
stock market forecast september 2011, european market forecast september 2011 : European debt concerns sent stocks down for the third-straight day after investors returned from a long weekend. The benchmarks suffered their worst three-day start this month since October 2008. This was also the S&P 500’s worst start in September in five decades. However, an encouraging report on the services sector soothed nerves somewhat and partially eroded the losses.
Lingering concerns about the euro-zone debt crisis resurfaced to spook investors, while European shares dipped to their lowest finish in two years. Fears of the debt crisis spreading to Europe’s third largest economy, Italy, continued to gain strength, amidst debates in the nation’s parliament over austerity measures. Last month the European Central bank (ECB) had inflated its bond-buying program to include Spanish and Italian bonds, However, analysts opine that this would fail to suffice in the long run and believe that Europe might be heading into troubled times.
Euro-zone debt concerns have been a constant laggard for US benchmarks since late last year when Ireland was afflicted by the debt crisis. Spain, Portugal and Greece have been added to that list and Italy seems to be headed in the same direction. In July, the European Union had stepped in to announce a bailout package for Greece, but there seems to be no respite from lingering concerns. Global economic outlook had further weighed down investor sentiment and European markets had deteriorated also in August. Read More...
Global economic outlook september 2011, asian market september 2011, japan stock market september 2011, European Central bank (ECB) 2011, indian market prediction september 2011, euro-zone debt crisis.
Lingering concerns about the euro-zone debt crisis resurfaced to spook investors, while European shares dipped to their lowest finish in two years. Fears of the debt crisis spreading to Europe’s third largest economy, Italy, continued to gain strength, amidst debates in the nation’s parliament over austerity measures. Last month the European Central bank (ECB) had inflated its bond-buying program to include Spanish and Italian bonds, However, analysts opine that this would fail to suffice in the long run and believe that Europe might be heading into troubled times.
Euro-zone debt concerns have been a constant laggard for US benchmarks since late last year when Ireland was afflicted by the debt crisis. Spain, Portugal and Greece have been added to that list and Italy seems to be headed in the same direction. In July, the European Union had stepped in to announce a bailout package for Greece, but there seems to be no respite from lingering concerns. Global economic outlook had further weighed down investor sentiment and European markets had deteriorated also in August. Read More...
Global economic outlook september 2011, asian market september 2011, japan stock market september 2011, European Central bank (ECB) 2011, indian market prediction september 2011, euro-zone debt crisis.
why gold silver price down september 7 2011
why gold silver price down september 7 2011 ; Gold Bullion prices fell to around $1833 per ounce Wednesday morning in London – 4.5% below yesterday's record intraday high.
Stocks and commodities gained and government bonds fell after Germany's highest court ruled the country's bailout policies are not in breach of its constitution.
Prices for Silver Bullion dipped to a low of $40.86 around lunchtime – a 5.5% loss for the week so far. From a physical perspective, demand for gold remains supported by India's wedding season and desperate Chinese customers.
Earlier on Wednesday Gold Bullion prices saw a sudden drop during Asian trade – losing 2.3% in two hours.
The Swiss franc dropped 7% against the euro after the Swiss National Bank settled the national currency at 1.2 against the euro in an attempt to protect the Swiss economy from the European debt crisis.
Gold prices also dropped almost 0.6 percent at $1,891.60 per ounce, having risen earlier to a record $1921,5 an ounce.
gold silver price news today september 7 2011
South African Foreign Reserves Increase 2.7% in August on Gold Price Surge.
South African reserves advanced 2.7 percent in August as a surge in the gold price boosted the value of the country’s bullion holdings. Read More...
Gold Falls after German Court OKs Euro Aid
Gold prices fell around the world Wednesday after a German court cleared the way for Europe's richest nation to help its weakest ones and a slew of encouraging news lifted global stock markets. Read More...
Gold Bullion Price Falls, "Green Light" for more Euro Bailouts
The Bundestag is due to debate a proposal to increase the size of the Eurozone's current bailout mechanism – the €440 billion European Financial Stability Facility – later this month. Read More...
Gold Falls Sharply In Asia May Be Volatile
Gold fell sharply in Asian trade Wednesday, losing 2.3% ahead of the European session and catching traders and analysts by surprise, but fresh buying helped pare some of its losses. The yellow metal, which touched a high of $1,920.94 a troy ounce Tuesday, fell to an intraday low of $1,830.30/oz. Gold moved in and out of negative territory for most of the session amid minor profit taking and safe-haven buying. Read More...
wiil gold prices down sept 7 2011, gold prices 7 sept 2011, what will gold price, spot gold price september 7 2011, silver prices september 7 2011, will silver prices down september 7 2011.
Stocks and commodities gained and government bonds fell after Germany's highest court ruled the country's bailout policies are not in breach of its constitution.
Prices for Silver Bullion dipped to a low of $40.86 around lunchtime – a 5.5% loss for the week so far. From a physical perspective, demand for gold remains supported by India's wedding season and desperate Chinese customers.
Earlier on Wednesday Gold Bullion prices saw a sudden drop during Asian trade – losing 2.3% in two hours.
The Swiss franc dropped 7% against the euro after the Swiss National Bank settled the national currency at 1.2 against the euro in an attempt to protect the Swiss economy from the European debt crisis.
Gold prices also dropped almost 0.6 percent at $1,891.60 per ounce, having risen earlier to a record $1921,5 an ounce.
gold silver price news today september 7 2011
South African Foreign Reserves Increase 2.7% in August on Gold Price Surge.
South African reserves advanced 2.7 percent in August as a surge in the gold price boosted the value of the country’s bullion holdings. Read More...
Gold Falls after German Court OKs Euro Aid
Gold prices fell around the world Wednesday after a German court cleared the way for Europe's richest nation to help its weakest ones and a slew of encouraging news lifted global stock markets. Read More...
Gold Bullion Price Falls, "Green Light" for more Euro Bailouts
The Bundestag is due to debate a proposal to increase the size of the Eurozone's current bailout mechanism – the €440 billion European Financial Stability Facility – later this month. Read More...
Gold Falls Sharply In Asia May Be Volatile
Gold fell sharply in Asian trade Wednesday, losing 2.3% ahead of the European session and catching traders and analysts by surprise, but fresh buying helped pare some of its losses. The yellow metal, which touched a high of $1,920.94 a troy ounce Tuesday, fell to an intraday low of $1,830.30/oz. Gold moved in and out of negative territory for most of the session amid minor profit taking and safe-haven buying. Read More...
wiil gold prices down sept 7 2011, gold prices 7 sept 2011, what will gold price, spot gold price september 7 2011, silver prices september 7 2011, will silver prices down september 7 2011.
Stocks to Watch investor focus today september 7 2011
Stocks to Watch investor focus today september 7 2011 : Some of the stocks that may grab investor focus today are:
Wall Street expects Talbots Inc (The) (NYSE: TLB) to report a Q2 loss at $0.45 per share on revenue of $264.57 million. TLB shares jumped 5.42% to close at $2.53 yesterday.
VeriFone Systems Inc (NYSE: PAY ) reported upbeat quarterly results and lifted its full-year forecast. PAY shares surged 2.99% to $36.12 in the after-hours trading session.
Analysts are expecting Navistar International Corp (NYSE: NAV) to have earned $1.35 per share on revenue of $3.53 billion in the fiscal third quarter. NAV shares fell 1.97% to close at $38.80 yesterday.
Altera Corp (NASDAQ: ALTR) lowered its Q3 sales forecast. ALTR shares dipped 2.50% to $33.99 in the after-hours trading session.
Analysts expect Smith & Wesson Holding Corp (NASDAQ: SWHC) to report its FQ1 EPS at $0.00 on revenue of $95.06 million. SWHC shares gained 1.99% to close at $3.08 yesterday. source www.benzinga.com.
Wall Street expects Talbots Inc (The) (NYSE: TLB) to report a Q2 loss at $0.45 per share on revenue of $264.57 million. TLB shares jumped 5.42% to close at $2.53 yesterday.
VeriFone Systems Inc (NYSE: PAY ) reported upbeat quarterly results and lifted its full-year forecast. PAY shares surged 2.99% to $36.12 in the after-hours trading session.
Analysts are expecting Navistar International Corp (NYSE: NAV) to have earned $1.35 per share on revenue of $3.53 billion in the fiscal third quarter. NAV shares fell 1.97% to close at $38.80 yesterday.
Altera Corp (NASDAQ: ALTR) lowered its Q3 sales forecast. ALTR shares dipped 2.50% to $33.99 in the after-hours trading session.
Analysts expect Smith & Wesson Holding Corp (NASDAQ: SWHC) to report its FQ1 EPS at $0.00 on revenue of $95.06 million. SWHC shares gained 1.99% to close at $3.08 yesterday. source www.benzinga.com.
SPDR Gold ETFs Shares prices Down september 7 2011
SPDR Gold ETFs Shares prices Down september 7 2011, Gold ETFs Down ; Gold exchange traded funds were off 2% in Wednesday’s preopen in volatile action after a German court rejected lawsuits seeking to prevent Germany from participating in the bailouts of European countries.
SPDR Gold Shares (NYSEArca: GLD) slipped 2.4% before the opening bell while gold futures traded around $1,840 an ounce. Prices jumped to a record above $1,920 an ounce on Tuesday, highlighting the recent swings in the precious metal.
Spot gold fell sharply on Wednesday to as low as $1,826 an ounce, nearly $100 lower than the all-time high set the previous day, Reuters reported.Gold prices have been volatile while the dollar has strengthened in the wake of the Swiss National Bank’s decision to put a specific cap on the franc’s gains versus the euro.
SPDR Gold Shares (NYSEArca: GLD) slipped 2.4% before the opening bell while gold futures traded around $1,840 an ounce. Prices jumped to a record above $1,920 an ounce on Tuesday, highlighting the recent swings in the precious metal.
Spot gold fell sharply on Wednesday to as low as $1,826 an ounce, nearly $100 lower than the all-time high set the previous day, Reuters reported.Gold prices have been volatile while the dollar has strengthened in the wake of the Swiss National Bank’s decision to put a specific cap on the franc’s gains versus the euro.
Asian market closed today September 07, 2011
Asian market closed today September 07, 2011 : Asia-Pacific market closed higher on Wednesday, September 07, 2011, with the benchmark regional index registering first gain in four days, as bottom fishing reemerged on view that recent selloff was overcooked.
The MSCI Asia Pacific Index climbed 1.2% to 120.5 today after erasing more than 5% in previous three sessions, dragging down its valuations below a level last seen in October 2008.
A wave of negative sentiment slammed global stock markets for previous three days, after a government report said the U.S. economy failed to add any new jobs in August, and amidst concerns about debt contagion in the Europe and the global economic slowdown.
Risk appetite for equities and commodities spirited Wednesday on better than expected report on the non-manufacturing ISM index and on news report that President Barack Obama will unveil a $300 billion package to create new jobs in an address to Congress on Thursday. Meanwhile Greece's government vowed to increase the pace of structural reforms also boosted buying sentiments. Greece government plans to step up plans to privatize as well as close or merge government organizations.
The markets are likely to further react to US President Barrack Obama's speech to the Congress, due on Thursday, highlighting ways to boost hiring. Federal Reserve chairman Ben Bernanke is scheduled to discuss the nation's economic outlook on the same day, in Minnesota.
Benchmark crude oil for October delivery rose 40 cents to $86.42 a barrel in electronic trading on the New York Mercantile Exchange. Three-month copper climbed 1.2% to $9,039 a metric ton on the London Metal Exchange today for its first gain in five days.
In the Australia, the All Ordinaries index closed up 2.46% at 4,262.90 and the S&P/ASX200 rose 2.65% at 4,183.40, powered by surprisingly strong domestic GDP data. Close to all sectors landed in green terrain, with energy, materials and financials led rally.
The Australian Bureau of Statistics said Wednesday that nation's gross domestic product (GDP) rose by 1.2% in the three months to the end of June from the previous quarter. GDP was up 1.4% from the year-earlier period. The ABS says one of the major reasons for the pick-up in growth is from a rise in business inventories and household spending. The Bureau of Statistics figures put the annual rate of economic growth at 1.4%.
In Japan, Nikkei Stock Average surged 2.01% at 8,763.41, powered by bottom fishing among recently battered stocks on view that recent correction was overdone. A pause in the yen climb against the dollar also buoyed up buying sentiment.
Export related players were major gainers on the market, boosted by yen weakness against the dollar and the euro. Shipping companies turned up on tracking strength in freight rate benchmark Baltic Dry Index.
The Japanese yen was trading at 77.41 in Asian deal Wednesday. It was weakened to a 1-month low of 77.74 against the US dollar in late New York session on Tuesday on speculation that Japan will also steps in to rein in its currency after the Swiss central bank's imposition of a ceiling on the franc's exchange rate.
Japanese Finance Minister Jun Azumi said on Wednesday that he would continue to monitor speculative moves in the foreign exchange market as the yen's current strength has put Japan in a severe situation.
The Bank of Japan's nine-member policy board voted unanimously at a two-day meeting to maintain the overnight call rate target at zero to 0.1% to help the world's No. 3 economy weather a strong yen and worries about a global slowdown.
China's benchmark Shanghai Composite index closed sharp 1.84% higher to 2,516.09, as bargain hunting following the four-sessions losing streak. The benchmark index fell to a near 14-month low Tuesday. Gains were also spirited by the China Securities Journal news report that the central bank may ease monetary policy in the next several months.
Transaction turnover remain light as many participants awaiting sideline cautious ahead of the release of a raft of Chinese economic data later this week. China will release inflation data for August on Friday. Investors wanted to see data to gauge the market direction and to predict local government steps for inflation curbing measures.
Hong Kong benchmark Hang Seng index grew 1.7% to 20,048, inline with gains Mainland bourses and other Asian markets. Risk hunger investors picked up over beaten stocks, with China Construction Bank was best performer, adding 30 points to index, meanwhile ICBC added 28 points, HSBC Holdings 23 points, AIA 21 points, CNOOC 20 points, and China Mobile 19 points to the Hang Seng.
In India, the Bombay Stock Exchange benchmark SENSEX was trading 1.5% higher around late afternoon, on the back of positive cues from Asian peers. Buying was visible across the board helping the Sensex to cross the 17,000-mark.
Among other Asia-Pacific bourses, the South Korea KOSPI rose 3.78% to 1,833.46. The Taiwan TAIEX Index grew 2.2% at 7,529.01. Malaysia KLSE Composite advanced 0.7% to 1,464.61. The Singapore's Straits Times index jumped 2.08% at 2,832.13.
The MSCI Asia Pacific Index climbed 1.2% to 120.5 today after erasing more than 5% in previous three sessions, dragging down its valuations below a level last seen in October 2008.
A wave of negative sentiment slammed global stock markets for previous three days, after a government report said the U.S. economy failed to add any new jobs in August, and amidst concerns about debt contagion in the Europe and the global economic slowdown.
Risk appetite for equities and commodities spirited Wednesday on better than expected report on the non-manufacturing ISM index and on news report that President Barack Obama will unveil a $300 billion package to create new jobs in an address to Congress on Thursday. Meanwhile Greece's government vowed to increase the pace of structural reforms also boosted buying sentiments. Greece government plans to step up plans to privatize as well as close or merge government organizations.
The markets are likely to further react to US President Barrack Obama's speech to the Congress, due on Thursday, highlighting ways to boost hiring. Federal Reserve chairman Ben Bernanke is scheduled to discuss the nation's economic outlook on the same day, in Minnesota.
Benchmark crude oil for October delivery rose 40 cents to $86.42 a barrel in electronic trading on the New York Mercantile Exchange. Three-month copper climbed 1.2% to $9,039 a metric ton on the London Metal Exchange today for its first gain in five days.
In the Australia, the All Ordinaries index closed up 2.46% at 4,262.90 and the S&P/ASX200 rose 2.65% at 4,183.40, powered by surprisingly strong domestic GDP data. Close to all sectors landed in green terrain, with energy, materials and financials led rally.
The Australian Bureau of Statistics said Wednesday that nation's gross domestic product (GDP) rose by 1.2% in the three months to the end of June from the previous quarter. GDP was up 1.4% from the year-earlier period. The ABS says one of the major reasons for the pick-up in growth is from a rise in business inventories and household spending. The Bureau of Statistics figures put the annual rate of economic growth at 1.4%.
In Japan, Nikkei Stock Average surged 2.01% at 8,763.41, powered by bottom fishing among recently battered stocks on view that recent correction was overdone. A pause in the yen climb against the dollar also buoyed up buying sentiment.
Export related players were major gainers on the market, boosted by yen weakness against the dollar and the euro. Shipping companies turned up on tracking strength in freight rate benchmark Baltic Dry Index.
The Japanese yen was trading at 77.41 in Asian deal Wednesday. It was weakened to a 1-month low of 77.74 against the US dollar in late New York session on Tuesday on speculation that Japan will also steps in to rein in its currency after the Swiss central bank's imposition of a ceiling on the franc's exchange rate.
Japanese Finance Minister Jun Azumi said on Wednesday that he would continue to monitor speculative moves in the foreign exchange market as the yen's current strength has put Japan in a severe situation.
The Bank of Japan's nine-member policy board voted unanimously at a two-day meeting to maintain the overnight call rate target at zero to 0.1% to help the world's No. 3 economy weather a strong yen and worries about a global slowdown.
China's benchmark Shanghai Composite index closed sharp 1.84% higher to 2,516.09, as bargain hunting following the four-sessions losing streak. The benchmark index fell to a near 14-month low Tuesday. Gains were also spirited by the China Securities Journal news report that the central bank may ease monetary policy in the next several months.
Transaction turnover remain light as many participants awaiting sideline cautious ahead of the release of a raft of Chinese economic data later this week. China will release inflation data for August on Friday. Investors wanted to see data to gauge the market direction and to predict local government steps for inflation curbing measures.
Hong Kong benchmark Hang Seng index grew 1.7% to 20,048, inline with gains Mainland bourses and other Asian markets. Risk hunger investors picked up over beaten stocks, with China Construction Bank was best performer, adding 30 points to index, meanwhile ICBC added 28 points, HSBC Holdings 23 points, AIA 21 points, CNOOC 20 points, and China Mobile 19 points to the Hang Seng.
In India, the Bombay Stock Exchange benchmark SENSEX was trading 1.5% higher around late afternoon, on the back of positive cues from Asian peers. Buying was visible across the board helping the Sensex to cross the 17,000-mark.
Among other Asia-Pacific bourses, the South Korea KOSPI rose 3.78% to 1,833.46. The Taiwan TAIEX Index grew 2.2% at 7,529.01. Malaysia KLSE Composite advanced 0.7% to 1,464.61. The Singapore's Straits Times index jumped 2.08% at 2,832.13.
Tuesday, September 6, 2011
stocks with Ex-Dividend Date September 7 2011
stocks with Ex-Dividend Date September 7 2011 : Daily Ex-Dividend Dates and Yields by Ex-Dividend Dates. Here is a current stock list of dividend shares with ex-dividend date on 9/7/2011. The average dividend-yield amounts to 0.78 percent.
The ex-dividend date is a major date related to the payment of dividends. If you purchase a stock on its ex-dividend date or later, you will not receive the next dividend payment. Instead, the seller gets the dividend. If you purchase before the ex-dividend date, you get the dividend. table of stocks with Ex-Dividend Date September 7 2011 :
ADP, ARMH, AUBN, BAX, BDX, BHP, BKYF, BRKS, CBS, CBSH, CCBG, CCE, CIX, DEO, DNBF, DRH, EAT, EDUC, ESBK, ESP, EVOL, FFIC, FICO, FSTR, FTR, GCI, GPC, HBOS, IPCC, IPG, JCI, KMB, KRO, LANC, LDR, MFSF, MSFG, NL, NOV, NSP, NTRS, OXY, PCP, PEG, PPL, RDK, RGC, SCG, SFL, SHPGY, SJI, SNP, TCBK, TIE, TRV, TXT, UBSI, UMBF, UNF, VFC, VHI, VVI, WLP, WR, WSBC
The ex-dividend date is a major date related to the payment of dividends. If you purchase a stock on its ex-dividend date or later, you will not receive the next dividend payment. Instead, the seller gets the dividend. If you purchase before the ex-dividend date, you get the dividend. table of stocks with Ex-Dividend Date September 7 2011 :
Symbol | Company | Yield | Last | Dividend(s) |
| ADP | Automatic Data Processing | 0.72% | $49.85 | 0.36 |
| ARMH | ARM Holdings plc (ADR) | 0.25% | $26.78 | 0.0679 |
| AUBN | Auburn National Bancorporation, Inc. | 1.03% | $19.40 | 0.2 |
| BAX | Baxter International Inc. | 0.56% | $55.43 | 0.31 |
| BDX | Becton, Dickinson and Co. | 0.51% | $80.73 | 0.41 |
| BHP | BHP Billiton Limited (ADR) | 1.31% | $84.08 | 1.1 |
| BKYF | The Bank of Kentucky Financial Corp | 1.19% | $23.49 | 0.28 |
| BRKS | Brooks Automation, Inc.(USA) | 0.85% | $9.45 | 0.08 |
| CBS | CBS Corporation | 0.40% | $25.04 | 0.1 |
| CBSH | Commerce Bancshares, Inc. | 0.58% | $39.43 | 0.23 |
| CCBG | Capital City Bank Group, Inc. | 0.98% | $10.23 | 0.1 |
| CCE | Coca-Cola Enterprises Inc. | 0.48% | $27.25 | 0.13 |
| CIX | CompX International Inc. | 0.85% | $14.73 | 0.125 |
| DEO | Diageo plc (ADR) | 2.08% | $78.44 | 1.6309 |
| DNBF | DNB Financial Corp./PA/ | 0.30% | $9.85 | 0.03 |
| DRH | DiamondRock Hospitality Company | 1.03% | $7.77 | 0.08 |
| EAT | Brinker International, Inc. | 0.70% | $22.99 | 0.16 |
| EDUC | Educational Development Corporation | 2.36% | $5.09 | 0.12 |
| ESBK | Elmira Savings Bank, FSB | 1.26% | $15.85 | 0.2 |
| ESP | Espey Manufacturing & Electronics Corp. | 0.89% | $25.25 | 0.225 |
| EVOL | Evolving Systems, Inc. | 0.73% | $6.82 | 0.05 |
| FFIC | Flushing Financial Corporation | 1.12% | $11.59 | 0.13 |
| FICO | Fair Isaac Corporation | 0.08% | $25.80 | 0.02 |
| FSTR | L.B. Foster Company | 0.10% | $24.77 | 0.025 |
| FTR | Frontier Communications Corp | 2.51% | $7.48 | 0.1875 |
| GCI | Gannett Co., Inc. | 0.69% | $11.62 | 0.08 |
| GPC | Genuine Parts Company | 0.82% | $54.56 | 0.45 |
| HBOS | Heritage Financial Group Inc | 0.25% | $11.84 | 0.03 |
| IPCC | Infinity Property and Casualty Corp. | 0.35% | $51.27 | 0.18 |
| IPG | Interpublic Group of Companies, Inc. | 0.69% | $8.67 | 0.06 |
| JCI | Johnson Controls, Inc. | 0.51% | $31.39 | 0.16 |
| KMB | Kimberly Clark Corp | 1.02% | $68.52 | 0.7 |
| KRO | Kronos Worldwide, Inc. | 0.68% | $21.91 | 0.15 |
| LANC | Lancaster Colony Corp. | 0.54% | $60.70 | 0.33 |
| LDR | Landauer, Inc. | 1.09% | $50.58 | 0.55 |
| MFSF | MutualFirst Financial, Inc. | 0.77% | $7.76 | 0.06 |
| MSFG | MainSource Financial Group Inc. | 0.11% | $9.07 | 0.01 |
| NL | NL Industries, Inc. | 0.88% | $14.16 | 0.125 |
| NOV | National-Oilwell Varco, Inc. | 0.16% | $67.01 | 0.11 |
| NSP | Insperity Inc | 0.59% | $25.39 | 0.15 |
| NTRS | Northern Trust Corporation | 0.73% | $38.57 | 0.28 |
| OXY | Occidental Petroleum Corporation | 0.53% | $86.10 | 0.46 |
| PCP | Precision Castparts Corp. | 0.02% | $165.66 | 0.03 |
| PEG | Public Service Enterprise Group Inc. | 1.02% | $33.69 | 0.3425 |
| PPL | PPL Corporation | 1.23% | $28.42 | 0.35 |
| RDK | Ruddick Corporation | 0.32% | $40.72 | 0.13 |
| RGC | Regal Entertainment Group | 1.58% | $13.31 | 0.21 |
| SCG | SCANA Corporation | 1.22% | $39.91 | 0.485 |
| SFL | Ship Finance International Limited | 2.44% | $16.00 | 0.39 |
| SHPGY | Shire Plc. (ADR) | 0.08% | $95.19 | 0.0744 |
| SJI | South Jersey Industries | 0.71% | $51.52 | 0.365 |
| SNP | China Petroleum & Chemical Corp. (ADR) | 1.61% | $97.20 | 1.5671 |
| TCBK | TriCo Bancshares | 0.65% | $13.82 | 0.09 |
| TIE | Titanium Metals Corporation | 0.48% | $15.77 | 0.075 |
| TRV | The Travelers Companies, Inc. | 0.82% | $50.21 | 0.41 |
| TXT | Textron Inc. | 0.12% | $16.71 | 0.02 |
| UBSI | United Bankshares, Inc. | 1.32% | $22.68 | 0.3 |
| UMBF | UMB Financial Corporation | 0.50% | $38.74 | 0.195 |
| UNF | UniFirst Corporation | 0.07% | $51.55 | 0.0375 |
| VFC | V.F. Corporation | 0.54% | $117.12 | 0.63 |
| VHI | Valhi, Inc. | 0.21% | $59.99 | 0.125 |
| VVI | Viad Corp | 0.20% | $20.44 | 0.04 |
| WLP | WellPoint, Inc. | 0.40% | $62.78 | 0.25 |
| WR | Westar Energy, Inc. | 1.22% | $26.33 | 0.32 |
| WSBC | WesBanco, Inc. | 0.83% | $19.27 | 0.16 |
| | | | | |
| Average | | 0.78% | | |
ADP, ARMH, AUBN, BAX, BDX, BHP, BKYF, BRKS, CBS, CBSH, CCBG, CCE, CIX, DEO, DNBF, DRH, EAT, EDUC, ESBK, ESP, EVOL, FFIC, FICO, FSTR, FTR, GCI, GPC, HBOS, IPCC, IPG, JCI, KMB, KRO, LANC, LDR, MFSF, MSFG, NL, NOV, NSP, NTRS, OXY, PCP, PEG, PPL, RDK, RGC, SCG, SFL, SHPGY, SJI, SNP, TCBK, TIE, TRV, TXT, UBSI, UMBF, UNF, VFC, VHI, VVI, WLP, WR, WSBC
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