http://finance.yahoo.com/intlindices

http://money.cnn.com/markets/morning_call/










http://www.kitco.com

Energy futures

Currencies/Au/Ag

In the red today. All Ords -0.5% with all sectors down apart from Property Trusts, +0.7%. Materials and Energy are down the most, -0.7%.

The big 2 miners seeing a relatively minor pullback, BHP -0.9%, RIO -0.7%. The golds up a touch, Newcrest +1.1% and Newmont +1.3%.

Oils in bipolar mode: Woodside -1% and Santos +1.2%.

Japan's Industrial Production Falls for Second Month

May 30 (Bloomberg) -- Japan's industrial production unexpectedly fell for a second month in April as the slowest economic growth in the U.S. in four years reduced demand for Toyota Motor Corp. and Honda Motor Co. cars.

Production slipped a seasonally adjusted 0.1 percent after declining 0.3 percent a month earlier, the Ministry of Economy, Trade and Industry said in Tokyo today. The median estimate of 46 economists was for a 0.5 percent increase.

Australia's Retail Sales Rise Less Than Expected 0.1%

May 30 (Bloomberg) -- Australia's retail sales in April gained less than economists forecast as rising gasoline prices crimped spending at department stores.

Retail sales rose 0.1 percent from March, when they increased a revised 1 percent, the Bureau of Statistics said in Sydney today. The median estimate of 22 economists surveyed by Bloomberg News was for a 0.5 percent gain.

India to Cut 550% Liquor Taxes

May 29 (Bloomberg) -- India, the world's biggest whiskey market, plans to accept European Union and U.S. demands to cut taxes of as much as 550 percent on imports of liquor in the next month before the World Trade Organization examines the dispute.

The WTO last month agreed to rule whether India's tariffs on wines and spirits are illegal after the EU objected. The U.S. on May 25 filed a similar complaint against ``excessive'' levies.

``We are in the process of realigning our duty structure as we are part of the WTO agreement,'' said G.K. Pillai, Commerce Secretary, the top bureaucrat in the commerce ministry, in a phone interview from New Delhi yesterday. ``The process has already started. It will be over in a month.''

Housing Slump, Crackdown Cut Flows, Hurt Mexican Peso

May 29 (Bloomberg) -- Ernesto Perez, a 27-year-old Mexican immigrant, says construction work in New York has become so scarce he's stopped sending money back to his parents in the southwestern state of Guerrero.

``If I don't find work soon, we're moving back home,'' Perez said last week as he walked away from the corner in Queens, New York, where he and dozens of Hispanic workers hope to get chosen for construction jobs. On this day, Perez gave up after a six-hour wait.

The U.S. housing slump is squeezing Mexican migrant workers from Los Angeles to New York, where permits for new home construction are down 20 percent this year, according to the Census Bureau. That's reducing the pace of money transfers, the second-biggest source of dollars in Mexico after oil exports, and turning the peso into a laggard among Latin American currencies.

The number of people caught trying to enter the U.S. illegally from Mexico dropped almost one-third in the first quarter to 265,000, according to U.S. Border Patrol data.

Ooh, a bearish day on the market for a change and that puts the index below support and possibly on a downward leg. All Ords closed -1.1% with some nastyish falls in the sectors. IT finished down the most, -2.1% followed by Materials, -1.7%. Property Trusts closed flat.

Miners fell hard: BHP -2% and RIO -1.9%. The golds also ended red but not too badly, -0.2% or thereabouts.

Oils continued to diverge: Woodside -1.8% and Santos +1.6%.

Over in Asia, China slumping -5.4% but still open so things could change, Singers -1.4% and Nikkers -0.5%.

On to UK/Europe:







http://finance.yahoo.com/intlindices?e=europe

Famous last words?

"Chinese Shares Plunge After Government Raises Trading Tax to Cool Market Boom"

http://biz.yahoo.com/ap/070530/china_markets.html?.v=7

The tax increase was so insignificant that it just might be the proverbial straw.

Regarding the leadership of the chinese stockmarket I'm still unconvinced as europe/us showed signs of turning the day before and have made their last highs some days ago.

I wonder how the rest of the submerging markets will do if we have a big stock rout. Machu Pichu + Pao de Acucar base jumping ?

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finally going to get a good dip to buy !

The big boyz are starting to count their rifles:

"Looming Crash Prompts Most Hires for Distressed Debt Since 2002"

"Goldman Sachs Group Inc., the world's most profitable securities firm, hired Andrew Wilkinson, the lawyer who advised creditors in the bankruptcies of Eurotunnel Plc and Parmalat Finanziaria SpA, to help lead its restructuring business in London. Morgan Stanley, the third most-active merger adviser this year behind Citigroup Inc. and Goldman, added seven bankers in the past year, boosting its group to 61. Blackstone Group LP, poised to become the world's largest publicly traded buyout firm, is starting a corporate restructuring group in Europe."

http://www.bloomberg.com/apps/news?pid=206...ySmQ&refer=home

Betting on the Doollah and selling volatility didn't work for the GoldenSack guys.
"Goldman's Global Alpha Hedge Fund Falls 3.4% Since Start of '07 "

" The Goldman fund's profits were trimmed by wagers that currencies, including the Canadian dollar and Norwegian krone, would decline. The Canadian dollar gained 4 percent against the U.S. dollar in April, and the krone gained 2.7 percent.

Global Alpha's returns also were hurt by so-called market- neutral investments in the fixed-income and equity markets, according to the fund's latest monthly update. A market-neutral strategy attempts to generate consistent gains regardless of whether prices rise or fall. "

hmmm, fixed income, I wonder if they sweeped some Subprime toxic waste under the portfolio's carpet.

Gloomberg

From today's WSJ.....looks like stainless steel appliances and granite counter tops will be the death of this country... . I wasn't able to post the color picture of Ms. Williams, but let's just say she is quite obese, thus reinforcing the g'me, g'me, g'me uncontrollable gluttonous behavior that got her into this mess. In addition, in the picture, she is standing next to her Lincoln Navigator.....gee whiz, I really feel for her.....NOT!! Looks like she might have watched one too many episodes of MTV Cribs.
------------------------------



April Williams was feeling the pain of the downturn back in 2002, when she saw an ad from subprime lender World Wide Financial Services Inc. offering cash to solve her financial problems. At the time, production slowdowns at Ford Motor Co. were squeezing her husband's income from an assembly-line job, and they'd heard rumors that more cutbacks were coming. Still, after a loan officer from World Wide paid a visit, they became convinced they could afford stainless-steel appliances, custom tile, a new bay window, and central air-conditioning -- and a $195,500 loan to retire their old mortgage and pay for the improvements. The loan carried an interest rate of 9.75% for the first two years, then a "margin" of 9.125 percentage points over the benchmark short-term rate at which banks lend money to each other -- known as the London interbank offered rate, or Libor. The average subprime loan charges a margin of about 6.5% over six-month Libor, which as of Tuesday stood at 5.38%.

"I knew better than to be stupid like that," she says. "But they caught me at a time when I was down."

I have seen talk of deflation coming....no doubt one day the leverage will hit the fan. but with this headline

*DJ ECB: Euro-Zone Apr M3 +10.4% On Year Vs +10.9% Mar
Dow Jones Newswires

The money is being printed like crazy still... No worries be happy

Today may prove a great opportunity to pick up some chinese ADRs on the cheap, anything with 8 in the shangai stock code, more 8 = better...:

Bank of China Limited Down 5.5%
(Public, SHA:601988)

Yanzhou Coal Mining Company Limited Down 10.5%
(Public, SHA:600188)



Seems like the Goldman bankers et al. have found a thumb screw of the Chinese, a frothy market with the top 25% of the China populace heavily invested equals a hidden dragon....

Bad day to be a chinese company and release a horrible earnings report

SOLF down 21%

Should change ticker to SOFL

Solarfun Power Holdings Co. Ltd., a Chinese maker of solar cells and modules, said Wednesday it swung to a first-quarter loss, as soaring expenses offset revenue growth.

Cognitive dissonance anyone?
Varoomberg: "Junk Bond Risk Premiums Decline"

GS owns this country, world, universe, galaxy, even blackholes

DUBAI (Zawya Dow Jones)--Arab banking officials cautiously welcomed
Wednesday the expected nomination of Robert Zoellick, currently a vice
chairman at Goldman Sachs Group (GS), to lead the World Bank.

DJ Fed Accepts $13 Bln In 2-Day RPs

Type of transaction: 2-Day RPs
Total accepted: $13 Bln
Total submitted: $51.85 Bln

Agency Collateral Operation
Total accepted: $12.14 Bln
Total submitted: $23.65 Bln
Stop-Out Rate: 5.27%
Weighted Average: 5.27%
High-rate submitted: 5.28%
Low-rate submitted: 5.19%

Treasury Collateral Operation
Total accepted: $143 Mln
Total submitted: $9.95 Bln
Stop-Out Rate: 5.15%
Weighted Average: 5.15%
High-rate submitted: 5.15%
Low-rate submitted: 5%

Mortgage-Backed Collateral Operations
Total accepted: $717 Mln
Total submitted: $18.25 Bln
Stop-Out Rate: 5.29%
Weighted Average: 5.29%
High-rate submitted: 5.29%
Low-rate submitted: 5.25%

(Data was provided by the New York Federal Reserve Bank).

Looks like Chinese stocks are rebounding somehow. There does not appear to be a lot of acceleration to the downside.

Tomorrow is EOM. If we don't see a downdraft, this could be yet another case of buy the dip. It strikes me how these moves appear to be orchestrated worldwide. But, the truth is that, downturn in China and Asia would create a boom in US and European stock markets.

I guess the jews will get the blame for the next big wordlwide collapse again

EP goes ballistic. Nat gas, pipelines in play?

Let's hope and pray not, and let's not go there.

[/quote]

finally going to get a good dip to buy !

[/quote]


ALWAYS !

CHINA has way too much money around to et anything get to out of hand.

Gold stocks turning green! Why? Commodities, less copper are all green?

No attempt to even test the LOD?

Peru down 3.5% in first 45 mins.

make that -4%

-4.6%

This is just the global riverboaters putting lots of Midol on the Wall Street monthly. Their hands were slapped in China; USofA welcomes them with open arms.

Got a dip buying op, to boot.

For those with no fear, this must be very sweet.

But the day is young ...

-5.5%

A picture of the auto industry.

-6% holymutthaeffinsheet

Zoellick, currently a vice chairman at Goldman Sachs Group (GS), is the
"right man" to succeed Wolfowitz, said Bush, who cited the nominee's service
as U.S. trade representative, his work on the Doha round of trade talks, and
his efforts to stop the bloodshed in Darfur.


Absolutly amazing how one company can have so much power

-6.5% R.I.P.

Looks like the dippers are getting slammed worldwide. Maybe this is a dip buyer Whack-a-Mole day ...

GS upgrades refiners
GS downgrades semis

Citi upgrades COKE
Citi downgrades POT



Who is on drugs?

Except here

Miners been getting whacked for about a week should bounce for a few days from the Dover Sole areas now. Could be interesting if metals recover and our regular markets correct even if just slightly.
Someone must be interested in TRE

It looks like Zillow has dropped the section on comparable sales in the area. No news is good news.

http://www.zillow.com/

Somehow I get the feeling we'll get a major sell program that'll drop the Dow 100 pts in a minute ....

or not.

Congrats on your call last week.

-7.9% approaching alltime lifetime records.... this is the biggest selloff in more than 12 years

last 8% sellofff was during the Tequila Crisis of '95

Jimmy Rogers on Bloomberg at 1:30PM. Topic Chino stock market.

I recall an interview with JR just after he came back from his world auto tour in Jan 2002. He reiterated that China was going to go the moon and take commodities with it. But, curiously he also said that he was hoping that they would never attain a standard of living comparable to that in US because that would mean that they'll bulldoze through all the world resources.

Stock Exchange closed.

First time in history.

HOLYMUTHHAEFFINSHEET.

Front row seat.

and in cash

DOW is green.

Did anyone have a doubt?

I say it closes +50 points.

This has gotten way too easy.

Nice....

Nothin' like a good ol' fashioned panic to get the blood running.