India Tries To Combat Inflation With a Raising of Rates
Swiss Central Bank Keeps Rates on Hold
Despite inflation fears rates remain unchanged in light of Japan and the Euro debt crisis…
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U.S. Stocks: Pre Market Movers
GE’s Nuclear Reactor Division Expansion @ Risk Given India and Germany’s Recent Decisions
Pfizer Shareholders Push For a $6.8 Billion Spin Off of Baby Foods Division
BAC and C Caught Up in The UBS LIBOR Manipulation Probe
Spain Faired Well in a $5.8 Billion Bond Auction
Finally The U.S. Pushes for Air Strikes in Libya
Markets Rebound and U.S. Futures Turn Positive on G-7 Specualation
Remember yesterday was a head fake. Watch closely to today’s action. Everyone expects intervention into the Yen
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Did you put on that short @76 and change ? Remember that is where some currency traders said to stop out. Hope you bought the stops…..
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Bahrain Watches The Departure of Many For Safer Ground
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China Has Been Nibbling on FTSE 100 Companies
China’s SAFE Investment company has been taking small positions in the largest companies of the FTSE 100…
Crack Spreads Rise Again
Due to supply concerns out of Japan, with 1/3rd of their refineries offline, crack spreads or profit margins for refiners have soared over the past week.
As of now, they are up 0.7%, erasing earlier losses, approaching $24. It’s worth noting, crack spreads were up more than 5% yesterday.
Comments »U.S. and European Futures Point to Rally
European futures have erased earlier losses and are now pointing to a broad based rally of almost 1%.
U.S. futures have been strong all night and are now at session highs, also suggesting a 1% jump at the open.
Comments »Japanese Credit Default Swaps Widen to Record Highs
Five year swaps for Japanese sovereign debt widened 12 basis points to 119.5. Corporate CDS have seen similar moves, especially in Tokyo Electric CDS, which have blown out completely—up more than 600% in the past week.
The fear lies in the 200%+ debt to GDP figure, as borrowers question Japan’s ability to rebuild and effectively service their debt over the long term. Japanese officials, acknowledging this fact, have discussed levying a special one time tax on its populous, in order to raise funds.
Comments »India Hikes Rates
In the old head stuck in the toilet bowl monetary policy move, India’s central bank raised rated to 6.75% from 6.5% in order to “fight inflation.”
India “enjoyed” a CPI reading of 8.3% last month.
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