http://finance.yahoo.com/intlindices
Full Version: IDS World Markets Thurs 13th December 07
Stool Pigeons Wire Message Board > Stock Market Message Board > Intraday Stool- Stock Market Short Term Trading
The punters not sure what's going on today. All Ords -0.1% with IT the only sector doing a big jump, +2.4%. Energy is next at a modest +0.8%. At the red end Property Trusts doing the dive -1.9%.
Miners stalled: BHP -0.1% and RIO +0.2%. Golds mixed, Newcrest +1.7%, Newmont -0.2% and Lihir -3.6%.
Oils up but not getting excited: Woodside +0.9%, Santos +1.1% and Caltex +0.2%.
Somewhat of a nowhere day. All Ords closed -0.2% with only IT showing anything in the way of marked gains, +3.2%. Property Trusts remained the laggard, -1.7% with Financials next in line, -0.7%.
Miners neither here nor there: BHP +0.1% and RIO -0.6%. Golds mixed, Newcrest +3.8%, Newmont -0.2% and Lihir -4.6%. Juniors all over the place.
Oils faded away: Woodside +0.7%, Santos -0.8% and Caltex -0.9%.
Asia despondent: Taiwan -3.6%, Nikkers -2.3%, Honkers -1.1% and China -1%.
Over to UK/Europe:
edit: new code for France and Yahoo doesn't have charts avail yet
http://finance.yahoo.com/intlindices?e=europe
Taiwan down close to 4% tonight
^SSEC Shanghai Composite 4,958.04 2:00AM ET 137.50 (2.70%)
^HSI Hang Seng 27,744.45 3:32AM ET 776.61 (2.72%)
^BSESN BSE 30 20,138.84 3:32AM ET 237.03 (1.16%)
^JKSE Jakarta Composite 2,752.37 3:46AM ET 43.47 (1.55%)
^KLSE KLSE Composite 1,423.72 Dec 12 10.44 (0.73%) More
^NZ50 NZSE 50 4,001.39 Dec 12 1.84 (0.05%) Components, Chart, More
^STI Straits Times 3,483.52 3:47AM ET 65.73 (1.85%) Components, Chart, More
^KS11 Seoul Composite 1,915.90 1:02AM ET 11.55 (0.60%) Components, Chart, More
^TWII Taiwan Weighted 8,187.95 12:46AM ET 302.89 (3.57%) Chart, More
^SSEC Shanghai Composite 4,958.04 2:00AM ET 137.50 (2.70%)
^HSI Hang Seng 27,744.45 3:32AM ET 776.61 (2.72%)
^BSESN BSE 30 20,138.84 3:32AM ET 237.03 (1.16%)
^JKSE Jakarta Composite 2,752.37 3:46AM ET 43.47 (1.55%)
^KLSE KLSE Composite 1,423.72 Dec 12 10.44 (0.73%) More
^NZ50 NZSE 50 4,001.39 Dec 12 1.84 (0.05%) Components, Chart, More
^STI Straits Times 3,483.52 3:47AM ET 65.73 (1.85%) Components, Chart, More
^KS11 Seoul Composite 1,915.90 1:02AM ET 11.55 (0.60%) Components, Chart, More
^TWII Taiwan Weighted 8,187.95 12:46AM ET 302.89 (3.57%) Chart, More
Spain's Sinking Property Market May Roil Europe
Spain is suffering collateral damage from the collapse of the U.S. market for mortgages to the riskiest borrowers and the swoon in U.S. real estate. Spanish banks have exceeded their European peers in tightening lending standards, prompting a plea from Prime Minister Jose Luis Rodriguez Zapatero not to strangle growth.
Nowhere in Europe are the stakes higher. The country in the past two years has produced a third of the new jobs in the 13 nations that use the euro, adding 22 percent of the region's new demand, according to calculations by Lombard Street Research Ltd. in London. That's more than Germany, whose economy is about triple Spain's size.
Consumer debt surged to 130 percent of incomes in June, from about 70 percent in 2000, and with home values rising by 176 percent over the same period, construction has accounted for one in every five new jobs. The current- account deficit demands 2 billion euros a week to finance.
Three-quarters of Spain's 60,000 property companies may end up bankrupt, according to Fernando Rodriguez de Acuna M., an analyst at R. R. de Acuna & Asociados, a real-estate research firm in Madrid. ``They've been caught by the two things at once, the demand problem and the liquidity problem,'' he says. ``Everyone is going to have problems.''
Spain is suffering collateral damage from the collapse of the U.S. market for mortgages to the riskiest borrowers and the swoon in U.S. real estate. Spanish banks have exceeded their European peers in tightening lending standards, prompting a plea from Prime Minister Jose Luis Rodriguez Zapatero not to strangle growth.
Nowhere in Europe are the stakes higher. The country in the past two years has produced a third of the new jobs in the 13 nations that use the euro, adding 22 percent of the region's new demand, according to calculations by Lombard Street Research Ltd. in London. That's more than Germany, whose economy is about triple Spain's size.
Consumer debt surged to 130 percent of incomes in June, from about 70 percent in 2000, and with home values rising by 176 percent over the same period, construction has accounted for one in every five new jobs. The current- account deficit demands 2 billion euros a week to finance.
Three-quarters of Spain's 60,000 property companies may end up bankrupt, according to Fernando Rodriguez de Acuna M., an analyst at R. R. de Acuna & Asociados, a real-estate research firm in Madrid. ``They've been caught by the two things at once, the demand problem and the liquidity problem,'' he says. ``Everyone is going to have problems.''
Like I mentioned last night, when I showed how the TED spread had stayed at a record 218 bps after rate cuts, SIV plans and CB liquidity plans, we now see how Euribor has also stayed a record level in the face of all these "good" things.
We are definitely not out of the woods yet. We are still stuck in the middle of it.
Euribor Stays at 7-Year High, Defying Central Banks
Dec. 13 (Bloomberg) -- Interest rates on loans in euros stayed at a seven-year high, a day after global central banks teamed up in an attempt to thaw a freeze in money markets.
The three-month borrowing cost was at 4.95 percent, its highest level since December 2000, according to prices from the European Banking Federation today. That's 95 basis points more than the European Central Bank's benchmark interest rate and up from 4.18 percent at the start of July, before losses related to subprime mortgages contaminated money markets.
Policy makers in the U.S., U.K., Canada, Switzerland and the euro region agreed to the first coordinated action since the Sept. 11, 2001, terrorist attacks. The Federal Reserve said it will make $24 billion available to increase the supply of dollars into Europe. Banks have reported more than $66 billion in losses linked to U.S. subprime mortgages this year.
``It's not going to help us find an exit to this crisis,'' said Cyril Beuzit, head of interest-rate strategy at BNP Paribas SA in London. ``These measures aren't going to address the root cause of the crisis. Banks are still reluctant to lend money to each other because there are serious concerns about potential further bad news.''
http://www.bloomberg.com/apps/news?pid=206...d49o&refer=home
We are definitely not out of the woods yet. We are still stuck in the middle of it.
Euribor Stays at 7-Year High, Defying Central Banks
Dec. 13 (Bloomberg) -- Interest rates on loans in euros stayed at a seven-year high, a day after global central banks teamed up in an attempt to thaw a freeze in money markets.
The three-month borrowing cost was at 4.95 percent, its highest level since December 2000, according to prices from the European Banking Federation today. That's 95 basis points more than the European Central Bank's benchmark interest rate and up from 4.18 percent at the start of July, before losses related to subprime mortgages contaminated money markets.
Policy makers in the U.S., U.K., Canada, Switzerland and the euro region agreed to the first coordinated action since the Sept. 11, 2001, terrorist attacks. The Federal Reserve said it will make $24 billion available to increase the supply of dollars into Europe. Banks have reported more than $66 billion in losses linked to U.S. subprime mortgages this year.
``It's not going to help us find an exit to this crisis,'' said Cyril Beuzit, head of interest-rate strategy at BNP Paribas SA in London. ``These measures aren't going to address the root cause of the crisis. Banks are still reluctant to lend money to each other because there are serious concerns about potential further bad news.''
http://www.bloomberg.com/apps/news?pid=206...d49o&refer=home
QUOTE(cwd @ Dec 13 2007, 12:08 AM)
QUOTE(Takachi @ Dec 12 2007, 11:12 PM)
This Taffie thing sounds like a substitute Commercial Paper facility for banks except the Fed is the counter party with unlimited ability to loan. Is this thing a device to take the pressure off the CP mkt an drive down rates?
Yes.
What's the difference between that and the Discount Window?
By the way, I have seen in various places that people think the Taffies will allow a wider range of collateral than otherwise available at the Fed Discount Window.
False
What kind of collateral is acceptable for the TAF?
The same collateral that is eligible to be pledged by a DI as security for discount window loans is acceptable for the TAF. Advances under the TAF to a Participant will be collateralized by the same pool of collateral as its borrowings from the discount window primary or seasonal credit programs. See Discount Window and PSR Collateral Margins Table at http://www.frbdiscountwindow.org/discountm...rID=21&dtlID=83.
Also, in a footnote:
On the Bid Submission Date, the sum of (i) the aggregate Bid amount submitted by a Participant in an Auction and (ii) the principal amount of all term Advances outstanding which are scheduled to mature after the Settlement Date is not to exceed 50% of the Collateral Value of the assets pledged by such Participant.
Source: http://www.federalreserve.gov/monetarypoli...les/TAFfaqs.pdf
False
QUOTE
What kind of collateral is acceptable for the TAF?
The same collateral that is eligible to be pledged by a DI as security for discount window loans is acceptable for the TAF. Advances under the TAF to a Participant will be collateralized by the same pool of collateral as its borrowings from the discount window primary or seasonal credit programs. See Discount Window and PSR Collateral Margins Table at http://www.frbdiscountwindow.org/discountm...rID=21&dtlID=83.
Also, in a footnote:
On the Bid Submission Date, the sum of (i) the aggregate Bid amount submitted by a Participant in an Auction and (ii) the principal amount of all term Advances outstanding which are scheduled to mature after the Settlement Date is not to exceed 50% of the Collateral Value of the assets pledged by such Participant.
Source: http://www.federalreserve.gov/monetarypoli...les/TAFfaqs.pdf
Tanks for clearing that up Doc and could you please splain again what the Fed's "haircut requirements" are?
TIA
TIA
Well I see the overnight game is stlil the only way to make money...
Shorted the Dow runoff yesterday, and wake this AM to a nice little massacre...nice!
If yesterday's lows go, I don't think she's coming back....
Big waterfall dead ahead....
PUSH!
Shorted the Dow runoff yesterday, and wake this AM to a nice little massacre...nice!
If yesterday's lows go, I don't think she's coming back....
Big waterfall dead ahead....
PUSH!
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
QUOTE(Jimi @ Dec 13 2007, 07:44 AM)
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
No reaction outta Euro or Gold thus far....
No worries, that's only 40% annualized, Mr. Wiemar. Did i mention that our 50" plasma screens and all sorts of other worthless electronic junk are now discounted? How's that for deal!
<fear>, <luddite>
<fear>, <luddite>
T Bonds sellin' off though
Last Friday evening Danielle and I stopped in to our neighborhood SuperDuperPooper Target to pick up a few last minute gifts before we head north for the holidays.
They had 7 of 28 registers open, and there was no wait to get checked out.
Last night, Danielle went to Bealls, a Florida based soft goods retailer, to look for a few clothing items for the trip. She bought three items that were marked down heavily, and noted that everything in the store seemed to be on sale, and that the place was essentially empty.
They had 7 of 28 registers open, and there was no wait to get checked out.
Last night, Danielle went to Bealls, a Florida based soft goods retailer, to look for a few clothing items for the trip. She bought three items that were marked down heavily, and noted that everything in the store seemed to be on sale, and that the place was essentially empty.
GS looking like it wants to gap yesterdays' low....
DJ Fed Accepts $6 Bln In 14-Day RPs
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
Hey Ben, if you throw too many surprise parties, eventually people stop being surprised.
QUOTE(Jimi @ Dec 13 2007, 06:44 AM)
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
ya mean it ain't 0.00000000000001% ???
QUOTE(potatohead @ Dec 13 2007, 07:22 AM)
DJ Fed Accepts $6 Bln In 14-Day RPs
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
is that 3.92 better or worse than expected, thanks....
1month LIBOR finally coming down a bit... 5.03%
TED spread @ 212 bps
Spread vs. Fed Funds target rate also coming down a bit... now at 74 bps, from 85 yest. A "normal" spread is 9 bps.
go bullz dow 950K
TED spread @ 212 bps
Spread vs. Fed Funds target rate also coming down a bit... now at 74 bps, from 85 yest. A "normal" spread is 9 bps.
go bullz dow 950K
QUOTE(potatohead @ Dec 13 2007, 09:22 AM)
DJ Fed Accepts $6 Bln In 14-Day RPs
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
Type of transaction: 14-Day RPs
Total accepted: $6 Bln
Total submitted: $63.75 Bln
Agency Collateral Operation
Total accepted: None
Total submitted: $20.25 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.28%
Low-rate submitted: 4%
Treasury Collateral Operation
Total accepted: $6 Bln
Total submitted: $19.6 Bln
Stop-Out Rate: 3.92%
Weighted Average: 3.95%
High-rate submitted: 4.03%
Low-rate submitted: 3.5%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $23.9 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.32%
Low-rate submitted: 4.15%
(Data was provided by the New York Federal Reserve Bank).
That's a $2 billion cut from the rollover amount. The 14 day rates have been running lower than the overnight repo rate.
splain that one to me, Willis.
une otre kes tiown
Why did the Fed only take Treasury collateral, when plenty of Asset Backed and MBS collateral was offered at rates close to the target?
Stay tuned. Details and anal ysis coming up in the WSE Pro Fed report.
As far as the intraday outlook... The market is wacked. I have no opinion at the moment.
I can tell you that all 3 major indices I follow are below their declining 3 day cycle MAs at 13526.20, 1491.35, and 51.55- now being attacked.
rather large gap down in FXI
Wamu < 15. Is WM the new CFC?
Giant pivot at this am's low in da futures now....
It's one of those days again.... we've got negative breadth of 2 to 1 on NAsdaq and 3 to 1 in NYSE.
SRS just needs to take 105 one more time......
The problem with the "too big to fail" theory is that at the rate banks' market caps are dropping, they ain't gonna be that "big" anymore.
Copper cracking $3 again....
DJ Fed Accepts $10 Bln In 7-Day RPs
Type of transaction: 7-Day RPs
Total accepted: $10 Bln
Total submitted: $63.72 Bln
Agency Collateral Operation
Total accepted: $8.388 Bln
Total submitted: $23.25 Bln
Stop-Out Rate: 4.25%
Weighted Average: 4.27%
High-rate submitted: 4.28%
Low-rate submitted: 4.15%
Treasury Collateral Operation
Total accepted: $1.612 Bln
Total submitted: $13.82 Bln
Stop-Out Rate: 4%
Weighted Average: 4.02%
High-rate submitted: 4.02%
Low-rate submitted: 3.65%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $26.65 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.31%
Low-rate submitted: 4.2%
(Data was provided by the New York Federal Reserve Bank).
Type of transaction: 7-Day RPs
Total accepted: $10 Bln
Total submitted: $63.72 Bln
Agency Collateral Operation
Total accepted: $8.388 Bln
Total submitted: $23.25 Bln
Stop-Out Rate: 4.25%
Weighted Average: 4.27%
High-rate submitted: 4.28%
Low-rate submitted: 4.15%
Treasury Collateral Operation
Total accepted: $1.612 Bln
Total submitted: $13.82 Bln
Stop-Out Rate: 4%
Weighted Average: 4.02%
High-rate submitted: 4.02%
Low-rate submitted: 3.65%
Mortgage-Backed Collateral Operations
Total accepted: None
Total submitted: $26.65 Bln
Stop-Out Rate: N/A
Weighted Average: N/A
High-rate submitted: 4.31%
Low-rate submitted: 4.2%
(Data was provided by the New York Federal Reserve Bank).
QUOTE(shorty @ Dec 13 2007, 09:26 AM)
QUOTE(Jimi @ Dec 13 2007, 06:44 AM)
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
ya mean it ain't 0.00000000000001% ???
Shorty- it really must be 0.000000000001%! Look at Gold!
SRS making another attempt to complete the turn
Hey Suds- Isn't hanging around here all the time like this giving you a headache?
FXP I put on yesterday launching......
Interesting... a wash, and still no mortgage-backed collateral accepted.
QUOTE(DrStool @ Dec 13 2007, 09:45 AM)
Hey Suds- Isn't hanging around here all the time like this giving you a headache?
Actually, I've grown quite used to it... and all that blood going to my head is making me see things a lot more clearly
NYSE Mclellan Osc is now negative again
I'll say it agin...the is now a decent chance of a crash in China....classic downside breakaway action right now....
QUOTE(Jimi @ Dec 13 2007, 08:44 AM)
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
It must be good, Gold down, oil down, dollar up.
qqqq 5 day cycle projection 50.90, spx 1472, dow 13,360
All of which were hit already. So this pullback would be the retest.
SRS motoring...
QUOTE(cwd @ Dec 13 2007, 08:49 AM)
QUOTE(Jimi @ Dec 13 2007, 08:44 AM)
Whoa!
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
Is this a bad headline?
BULLETIN U.S. WHOLESALE PRICES RISE 3.2% IN NOVEMBER, LARGEST CHANGE SINCE 1973
It must be good, Gold down, oil down, dollar up.
SELL DA NEWS
QUOTE(4shzl @ Dec 13 2007, 09:36 AM)
Wamu < 15. Is WM the new CFC?
I hope so. as I shorted it Tuesday. So far OK.
net result of all fed repos today is a wash. No add.
No add.
I repeat. No add.
No add.
I repeat. No add.
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