Hong Kong is up 1.3%, Korea up 1% and Taiwan up almost 1%, as risk is laughed at like errant Tomahawk missiles with mustaches on them.
Crude is up nearly $2 and S&P futs are up 9.
Comments »Monthly Archives: March 2011
World Bank Says Japanese Rebuilding Efforts to Take 5 Years
Total cost: $122 to $235 bill
“If history is any guide, real gross domestic product growth will be negatively affected through mid-2011.” Growth should though pick up in subsequent quarters as reconstruction efforts, which could last five years, accelerate.” –Talking head from World Bank
Comments »Sony, Nissan Factories to Go Back Online Shortly
Sony is opening a rechargeable battery plant and Nissan is opening up 6 factories and vehicle assembly.
Comments »Michael Lewis Discusses His Prophetic 1989 Article on a Japanese Earthquake
Others here at iBC have mention that Japan may be selling some US bonds in the near future…
“Japan’s economy was already in bad shape before this catastrophe—their public debt totaling almost 200 percent of their G.D.P. How can they recover, and who will be footing the bill?
I wouldn’t be surprised if this event calls into serious question the Japanese government’s ability to service its debt. But I would be surprised if anyone wound up footing the bill other than the Japanese people, as they are both rich and famously poorly insured. A friend in the catastrophe-insurance market points out that the last big Japanese earthquake, in Kobe, generated roughly $100 billion in losses, only $3 billion of which were insured. The nature of Japanese society is to share the burden, and so the losses, I assume, will be socialized. I wouldn’t be shocked if the Japanese government, to cover the losses, will need to sell off at least some of their 800-and-something billion dollars in U.S. treasury bonds. And I wonder: if the Japanese become big net sellers of our bonds, who will step in to buy them?”
Read the entire Vanity Fair article here.
Comments »Gazans Fire Rockets and Morter Shells into Israel
Would it surprise anyone, given the changes in Egypt, to see things heat up between Israel and Palestine? If Hamas really wants to take on Israel, why not do it when America is fighting three wars and a skyrocketing deficit?
“JERUSALEM (AP) — Palestinian militants fired two rockets into southern Israel on Sunday and Israeli troops killed two Palestinians in a new outburst along the volatile border with Gaza.
The violence came a day after Palestinian militants fired more than 50 mortar shells into Israel – the heaviest Palestinian barrage since a bruising Israeli military offensive in Gaza two years ago.
Both sides have largely honored an informal cease-fire since the 2009 war, in which about 1,400 Palestinians were killed, including militants and civilians. Israel says Hamas has rebuilt its arsenal, and a pattern of rocket attacks and Israeli reprisals has escalated in recent weeks.”
Read the rest here.
Comments »Futures Rally on Improving Situation in Japan
S&P futs are up 5, crude is up $2 and crack spreads are up 1%, nearing $24.
Related: the situation is improving in Japan, but far from resolved. Things could change rapidly.
Comments »Flash: Russia Asks US, UK and France to Stop “Indiscriminate Use of Force” in Libya
Related: cruise missiles targeted Ghaddafi’s compound.
Update: rumors floating around that Ghaddafi’s son, Kames, has died.
Comments »Flash: Brent Crude Surges Past $115
Total shutdown of Libyan oil exports is obviously bullish for crude.
Related: Futures open higher, as investors do lines of cocaine off Tomahawk cruise missiles.
Developing…
Comments »Liberal Democrats Not Happy with U.S. Participation in Libya
Kucinich wants to discuss impeaching Obama over missile strikes on Libya.
Comments »“They consulted the Arab League. They consulted the United Nations. They did not consult the United States Congress,” one Democrat lawmaker said of the White House. “They’re creating wreckage, and they can’t obviate that by saying there are no boots on the ground. … There aren’t boots on the ground; there are Tomahawks in the air.”
More than 8,000 Killed in Libyan Rebellion
Those opposing Ghaddafi are claiming more than 8,000 rebels have been killed thus far.
Comments »Libya Calls for Another Ceasefire
This time they mean it. No serious, they want peace from our invisible planes. They swear.
Comments »AT&T to Buy T-Mobile for 39 billion
A monster deal was just announced: T is buying T-mobile from DT for 39
Bill in cash and stock.
Cool AT&T dude now married to hot T-Mobile Chick
Coast Guard Investigating Reports of Large Gulf Oil Spill
Perhaps the President will get a second chance to make a first impression…If the report is accurate, a 100 mile sheen would be very serious.
“A possible massive oil sheen is being investigated by the US Coast Guard. The report comes from 20 miles north of the site of last April’s Deepwater Horizon oil rig explosion. A press release sent Saturday night stated that the Coast Guard confirmed there was a “substance in the water,” yet have not determined what that substance is.
Paul Barnard, operations controller for Coast Guard Sector New Orleans, stated that investigators were following up on two calls to the National Response Center. The calls indicated that a potential oil or chemical spill had occurred in the area.
The Matterhorn well site, 20 miles north of the BP Deepwater Horizon site is being investigated. The Matterhorn field includes a deepwater drilling platform owned by W&T Technology.
A pilot, flying over the reported area, stated that the sheen about a half-mile and a half-mile wide could be seen from the air. Another report stated that a much larger sheen, approximately 100 miles long, could be seen. The larger of the two points of interest was spotted Saturday off Grand Isle, Louisiana by pilot Bonny Schumaker.”
Read rest of report here.
Comments »Norway Enters the War
Reactors #5 and #6 Have Been Shut Down
Arab League Criticizes Allied Air Strikes on Libya
CAIRO (AP) — The head of the Arab League has criticized international strikes on Libya, saying they caused civilian deaths.
The Arab League’s support for a no-fly zone last week helped overcome reluctance in the West for action in Libya. The U.N. authorized not only a no-fly zone but also “all necessary measures” to protect civilians.
Amr Moussa says the military operations have gone beyond what the Arab League backed.
Read the rest here.
Comments »Flash: Japanese Death Toll at Least 15,000
Japanese police just issued a statement that the death toll in the Fukushima prefecture alone will exceed 15,000.
Comments »Anti-Aircraft Guns Light Up the Skies of Tripoli (with Video)
Also, Pro-Ghaddafi forces are shelling the city of Benghazi. It’s only a matter of time before ground forces are needed.
[youtube:http://www.youtube.com/watch?v=shtKiZB5djE 616 500] Alleged footage of coalition action in Libya[youtube:http://www.youtube.com/watch?v=8is03ArDKcc 616 500]
USS Barry Fires Tomahawk into Libya
Comments »Raytheon Made at Least $68.9 Million During First Hours of Libyan War
Thus far, US/UK forces have fired off 114 tomahawk missiles at $569,000 per. A wise investment I am sure.
RTN is worth a look.
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