The quarterly report backed recent comments from most central banks, but warned that expectations are not “anchored” since certain measures have inflation higher than pre-crisis levels.
Comments »Nikkei Closes Down 6.18% and The Topix Closes Down 7.49%; Other Asian Markets Manage to Reverse Downside
Anonymous- A Hacker Wiki Leak Hopeful Releases Alleged Documents on Bank of America
Released emails from a former Bank of America employee reveal Balboa, an insurance unit of BoA, potentially removing files from loan document files.
The group Anonymous states it is related to improper foreclosures while BoA state the emails relate to clerical and administrative documents not related to foreclosures.
Japan Adds $183 Billion of Liquidity While Doubling Asset Repurchases
“The BOJ will increase buying of government debt in the fund by 500 billion yen and boost purchases of short-term government securities by 1 trillion yen. Corporate debt will rise by 1.5 trillion yen and it will also take on an additional 450 billion yen in ETFs and 50 billion yen in Real Estate Investment Trusts, today’s statement said.”
Comments »Asian Markets, Sans Japan, Reverse Higher
I am sure the prospect of QE3 is on the minds of all of those who manage money.
The Shanghai, Heng Seng, Seoul and KLSE have all reversed higher, while the Sensex is surging, now up close to 1%. Fair value for the S&P futures are now down less than 4.
Comments »Refining Margins Widening
Gasoil (diesel) margins have erupted to the upside, now at the highest point in 2 1/2 years. The spread to Dubai crude rose to 12% or $22.15 in early Asian trading, based upon the fact that Japanese power companies will need to use alternatives to nuclear to fill power gaps.
Related: Nymex crack spread
Asian Markets Mixed: U.S. Futures Lower
Australia -0.93%
Heng Seng -0.49%
India’s Sensex +0.5%
Indonesia Jakarta +0.9%
Malaysia’s KLSE +0.06%
NIKKEI 225 -6%
Seoul -0.7%
Taiwan -1.24%
Related: WTI crude down $1.51 or 1.49%, gold/silver/copper all lower, while S&P futures are 5 points below fair value.
Comments »Shares of Posco Surge on Japanese Rebuilding Prospects
Shares of the largest Korean steel maker, Posco, are up more than 6% in early trading, on the prospects of massive rebuilding efforts in Northeast Japan. Similarly, Japanese construction stocks are soaring, led by gains in Sumitomo Mitsui up more than 42%.
UPDATE: Posco is now up 9%.
Comments »Flash: Tokyo Electric Says “Meltdown Possible” at Plant #3.
Following a series of explosions at Fukushima plant #3, officials are warning that a meltdown is now possible.
[youtube:http://www.youtube.com/watch?feature=player_embedded&v=T_N-wNFSGyQ 616 500] Comments »Japanese Construction Stocks Surge
Due to the need to rebuild, investors are tripping over themselves, halfway stupid, buying up construction related stocks in Japan.
Shares of Kajima are up 37%, Totetsu Kogyo +14%, Sumitomo Mitsui +45%, Toyo Construction +62%, Takadakiko (steel)+5%
Comments »Japanese Stocks Plummet
The broader Topix is down more than 6% now, as investors sell amidst uncertainty. Toyota, Honda and many other big manufacturing companies are down mid to high double digits, due to plant closings.Some stocks, like refiners, uranium and select electronics are down mid double digits to as much as 30%. Sony has shut down 8 factories, as the Northeast part of Japan, currently afflicted by the aftermath of the quake, is vital for Japanese industry being a main hub for supplies.
Conversely, construction stocks are very strong, based on the necessity of rebuild vast parts of Northeast Japan.
Here are recent quotes, with links, to some of Japan’s biggest companies.
Japan Steelworks -18%
Hitachi -15%
Toyota -8%
Honda -4%
Cosmo Oil -27%
Toshiba -16%
JX Holdings -15%
Sony -8%
Right now exchanges are closed during lunch. And, it’s worth noting, they are off the lows.
Comments »Gasoline Supplies Running Short in Japan
It’s being reported that gasoline lines are “being formed around the block” around Tokyo. As of latest reports, more than 1/3rd of Japan’s crude refineries are offline. Furthermore, as you could imagine, people are buying up basic necessities: rice, pasta, water and other staples. Shortages of all kinds are being reported, as residents stockpile and plan for the worst.
Comments »Hydrogen Explosion at Fukushima
An explosion has been reported at Fukushima Daiichi unit #3. Residents, if not evacuated, are being advised to stay indoors. They’ve been trying to cool this plant down with sea water. However, earlier on today the pumps began to malfunction, making it difficult if not impossible to discern whether it was being cooled.
As of now, all residents within a 20 kilometer radius have been ordered to evacuate.
UPDATE: 7 employees of TEPCO are missing and 6 injured.
[youtube:http://www.youtube.com/watch?feature=player_embedded&v=T_N-wNFSGyQ 616 500] Comments »Asian Stocks Fall While Gold and The Yen Find Strength
The Nikkei was down 5.5% @ the open while other Asian markets were down 1-2%
Comments »Ernst and Young May Face More Legal Problems as Lehman’s Auditors
Federal investigators may not have a real case against LEH executives, but their auditors will have trouble dodging the bullet….
Comments »Uranium Mining Companies Fall Between 1-9% in Light of Japan’s Potential Meltdowns
Vodafone and Verizon May Team Up to Share Costs of Doing Business
Morgan Stanley Investigated by DoJ for Illegally Raising Prices and Foreclosing on Nation’s Finest
Saxon Mortgage a division of MS is accused of violating the Service Members Relief Act. Some reparations have been doled out to service men and women by MS…
Global Insurance Companies May Avoid Claims as Japan Itself Picks Up The Tab
Estimates are around $10billion after Japan picks up the majority of claims….
Other estimates put burden of around $35 billion… Full Article
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