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Jun 10, 2010

NASDAQ FOREX : June 10th, 2010

NASDAQ FOREX

Latest Forex News


ABC News : Australia-Global Financial Crisis-.BP heading towards junk status June 10th., 2010



GLOBAL FINANCIAL CRISIS

Oil 
drums from BP
The price of insuring BP's debt has doubled, and the company's debt is trading around junk levels

BP heading towards junk status Audio Photo

By business editor Peter Ryan
Posted 2 hours 16 minutes ago
Updated 2 hours 0 minutes ago
With its reputation and share price already in tatters, there is now speculation that BP's debt status on global markets could be in for a downgrade.

FOX BUSINESS : Video U.S. Financial Situation Dire. June 10th., 2010

MarketWatch: Personal Finance Daily : June 10, 2010

MarketWatch

Personal Finance Daily
JUNE 10, 2010

Thursday's Personal Finance stories

By MarketWatch



Don't miss these top stories:

The Senate is working on a big job-creation and tax-break bill that includes seemingly random and disconnected measures -- extending a tax deduction for charitable donations for people 70-1/2 or older, providing Medicaid funding for states, and levying higher taxes on oil companies, to name just a few. But one thing you will no longer find in the bill, because senators stripped it out, is a provision that would have required 401(k) plan providers give participants greater clarity on what they are really paying for the pleasure of investing for their retirement.

The fee disclosure provision is in the version of the bill passed by the House on May 28; it's hard to know right now whether it'll somehow get added back in to the final bill, but it seems unlikely.

But maybe it doesn't really matter, in this case, that the U.S. Senate didn't go to bat for America's workers. Read Robert Powell's column today to find out how some plan providers already are moving to disclose fees to participants, and how momentum seems to be gaining among various industry groups to do the same.

Still, the naysayers on the Senate provision did hold out, and those fee-disclosure critics aren't only in Washington, so you have to wonder whether workers ever will really be given the straight story, on total plan costs, in a nice clear layout on their quarterly statements.

-- Andrea Coombes , Personal Finance editor

Fee disclosure is coming to your 401(k)

Investors lost a battle this week, but the war isn't over. Lawmakers in the Senate decided to drop a measure that would have forced the 401(k) industry to disclose fees to participants. But that's OK, because the numbers still favor retirement savers.
See Robert Powell.


REAL ESTATE

Rates on 15-year-fixed loans drop to record low

Bond yields fell and mortgage rates followed after a relatively weak employment report, allowing the 30-year fixed-rate mortgage to hover near its record low set late last year, Freddie Mac's chief economist said on Thursday.
See Mortgages.


SAVING & SPENDING

Global wealth recovers to pre-crisis levels

Looks like North America is in need of a good financial adviser. While global wealth has returned to where it was before the financial crisis in 2008 and the world's millionaires grew 14%, North America has lagged other regions and remained at 2006 levels, according to the latest wealth report by research firm Boston Consulting Group.
See story on global wealth recovers to pre-crisis levels.


Households shed more debt in first quarter

U.S. households reduced their outstanding debts for the eighth quarter in a row during the first three months of the year, helping to boost their net worth to $54.6 trillion, the Federal Reserve reported Thursday.
See Economic Report.


THE JOB MARKET

Weekly jobless claims drop

People applying for unemployment insurance benefits ticked down in the most recent weekly data, but remain at a relatively high level, according to data released Thursday.
See story on jobless claims drop.


BANK REFORM

Entrepreneurs caught in the crossfire

Will American entrepreneurs and innovation become collateral damage in the war on Wall Street?
See Outside the Box.


FAMILY FINANCE

Helping kids fend for themselves

For years, Pat Bearce had a message for his daughter Andrea: After her college graduation, she would be on her own financially.
See story on helping kids fend for themselves.


ECONOMY & POLITICS

Senate ponders ban on EPA's greenhouse-gas rules

Senate Republicans and a few Democrats plotted on Thursday to kill new restrictions on power plants and other sources of greenhouse gas, underscoring the deep rift over a major energy bill in Congress.
See story on Senate ponders ban on EPA's greenhouse-gas rules.


Commentary: Angry voters might get less than they expected

The voters have spoken. Tuesday's primary results gave voice to anger at the federal government: too much spending, too many taxes, cut the deficit.
See story on angry voters might get less than they expected.


INVESTING

Investors turn to flexible funds

Sometimes it pays to be in the right place at the right time, as the managers of the Osterweis Fund can attest.
See FundWatch.


Commentary: Economic predictor set to turn negative, spook market

The most prescient statistical guide to the health of the U.S. economy is set to turn negative on Friday for the first time since early 2009, an event that is going to spook super-bulls and give comfort to super-bears.
See John Markman's Speculations.


Commentary: Hyperinflation may happen suddenly

Stocks continue to flounder. A remarkable veteran editor says get used to it.
See Peter Brimelow.

FGC BOLSA -FGC FINANCIAL MARKETS : MarketWatch.- Industry - Financial Services. - June 10th., 2010




INDUSTRY: FINANCIAL SERVICES

Wealth and millionaires return to pre-crisis peak

By April H. Lee MarketWatch


Looks like North America is in need of a good financial adviser, judging from the latest figures on where there's been the biggest growth in global wealth compiled by researchers at Boston Consulting Group. See full story

 Goldman stock at new low amid deal scrutiny


By Alistair Barr MarketWatch


U.S. regulators reportedly areprobing a second Goldman (CDO called Hudson Mezzanine, and the shares set a new 52-week low. See full story

RTTNews: Evening Market Wrap. June 10th., 2010

Evening Market Wrap Thu Jun 10 17:01 2010 

Commentary

Jun 10, 2010 Bargain Hunting Drives Significant Rally In Stocks - U.S. Commentary Stocks ended Thursday's session significantly higher, as traders deemed equities largely oversold, sparking considerable buying interest. Meanwhile, the day's relatively innocuous economic data on jobless claims and the trade deficit saw little reaction in the marketplace. The major averages all closed notably higher, partly offsetting recent losses. Full Article

Economic News

Jun 10, 2010 Jobless Claims Show Modest Drop But Remain Elevated First-time claims for unemployment benefits saw a modest decrease in the week ended June 5th, according to a report released by the Labor Department on Thursday, although claims came in above estimates due to an upward revision to the previous week's data. Full Article
Jun 10, 2010 U.S. Trade Deficit Widens Slightly In April Amid Drop In ExportsWith the value of exports decreasing at a faster pace than the value of imports, the Commerce Department released a report Thursday morning showing that the U.S. trade deficit in April was slightly wider than the trade deficit in March. The report showed that the trade deficit widened to $40.3 billion in April from a revised deficit of $40.0 billion in March. Full Article

Corporate News

Jun 10, 2010 Del Monte Q4 Profit Declines, Yet Beats View; Hikes DividendBranded food and pet products producer Del Monte Foods Co. (DLM) on Thursday reported a profit for the fourth quarter that declined 11% from last year and yet topped analysts' consensus estimate. The company also boosted its quarterly dividend by 80% and announced the authorization of a $350 million stock repurchase program. Full Article
Jun 10, 2010 Lululemon Athletica Q1 Profit Surges; Boosts 2010 OutlookCanadian yoga-inspired athletic apparel company Lululemon Athletica, Inc. (LULU, LLL.TO) reported Thursday a year-over-year increase in profit for the first quarter, reflecting significant margin expansion and a 69% revenue growth. Both earnings per share and revenues for the quarter surged a topped analysts' expectations. Full Article
Jun 10, 2010 North American Energy Partners Q4 Loss NarrowsConstruction firm North American Energy Partners Inc. (NOA, NOA.TO) reported Thursday a narrower loss for the fourth quarter, reflecting an increase in revenues as well as the absence of a goodwill impairment recorded in the prior year. Full Article

Forex Top Story

Jun 10, 2010 Buck Eases Versus Euro, Sterling As Central Banks Stand Pat The dollar continued to pull back versus the euro and sterling on Thursday, as a pair of key interest rate decisions from across the Atlantic provided no surprises. With risk appetite picking up slightly, the safe haven dollar suffered one of its worst days of the past month. Full Article

Political News

Jun 10, 2010 Obama Calls For Action On Oil, Unemployment, Small Business BillsPresident Barack Obama Thursday called on Congressional leaders from both sides of the aisle to take swift action on a host of topics. Speaking after a meeting with leaders from both parties from the House and Senate, Obama said the leaders had a "frank" discussion. Full Article
Jun 10, 2010 Angle Leads Reid 50 To 39 In Early Post-Primary Nevada Senate PollIn one of the first polls conducted since Nevada Republicans picked Sharron Angle as their nominee to unseat Sen. Harry Reid in November, the former assemblywoman has a large lead over the incumbent. A survey of likely Nevada voters by Rasmussen Reports taken Wednesday night showed Angle with 50 percent of the vote compared to Reid's 39 percent. Full Article
Jun 10, 2010 SEC Establishes New Stock-By-Stock Circuit Breaker RulesOn the heels of the "flash crash" seen on Wall Street on May 6th, the Securities and Exchange Commission announced Thursday that it has approved new stock-by-stock circuit breaker rules. The rules will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. Full Article
Jun 10, 2010 Reid Unveils Amendment To Extend Closing Date For Homebuyer Tax CreditSenate Majority Leader Harry Reid, D-Nev., joined with Senators Johnny Isakson, R-Geo., and Christopher Dodd, D-Conn., Thursday to introduce an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that would extend the deadline for closing home purchases in order to qualify for the first time homebuyer tax credit. Full Article
Jun 10, 2010 Judiciary Committee Votes To Advance Chatigny's Nomination To Full SenateThe Senate Judiciary Committee voted Thursday to advance Robert Chatigny's nomination to the 2nd Circuit Court to the full Senate. The Judiciary Committee's vote was completely along party lines, with 11 Democrats voting for his nomination and 7 Republicans voting against. Full Article
Jun 10, 2010 McConnell Urges Senate To Approve Murkowski ResolutionSenate Minority Leader Mitch McConnell, R-Ken., spoke on the Senate floor Thursday, claiming that a resolution from Senator Lisa Murkowski, R-Alaska, would stop the Obama administration's "job-killing national energy tax." The resolution would formally repeal the EPA's finding that greenhouse gasses like carbon dioxide pose a danger to the environment. Full Article
Jun 10, 2010 Pelosi And Boehner Name Conferees For Financial Regulatory ReformHouse Speaker Nancy Pelosi, D-Calif., and House Minority Leader John Boehner, R-Ohio, Wednesday named the House members to the conference committee that will debate and work with Senators to produce a final financial regulatory reform bill. Full Article
Jun 10, 2010 Poll Shows McMahon's Numbers Improving Slightly In Connecticut Senate Race While a Quinnipiac University poll released Thursday showed that former World Wrestling Entertainment (WWE) executive Linda McMahon has slightly cut into Connecticut Attorney General Richard Blumenthal's lead in Connecticut's U.S. Senate race, Blumenthal still maintains a sizeable advantage. Full Article

FOX BUSINESS : Made in China Dow Soars. June 10th., 2010



05 2010 Traders 01 276
Made in China: Dow SoarsInspired by a one-two punch of export data in China and a rally for the euro, the Dow surged 273 points and recaptured the 10000 mark.
THE MOST POWERFUL NAME IN BUSINESS NEWS

Wall Street to D.C.: Watch Your Mouth

Is the World Broke? Investors should know to take politicians' financial-news rhetoric with a grain of salt.

Setting Terms of Reform

The congressional panel negotiating a final Wall Street reform bill convened its first meeting. | LIVE

Ex-Lehman CFO's Actions Questioned

The investigation into Lehman's demise has begun to focus on the firm’s former CFO. | WATCH

Defining 'Homeowner' Not So Simple

When does a homeowner become a renter without changing residence? When the Federal Reserve Bank of New York says so, suggests a new report.
 

NYT : Breaking News Alert.- Stocks Rebound on Positive Economic News; S.&P. 500 Climbs Nearly 3%


Breaking News Alert
The New York Times
Thu, June 10, 2010 -- 4:08 PM ET
-----

Stocks Rebound on Positive Economic News; S.&P. 500 Climbs Nearly 3%

Indexes on Wall Street rebounded on Thursday, closing up
almost 3 percent, on a day fueled by bargain hunting and some
positive economic news.

Asian and European shares were also higher, and the euro
regained some ground.

Trading picked up in the last hour, pushing up the Dow Jones
industrial average 273.50 points, or 2.76 percent. The
broader Standard & Poor's 500-stock index rose 2.95 percent,
while the technology-heavy Nasdaq was up 2.77 percent.

Read More:
http://www.nytimes.com/2010/06/11/business/11markets.html?emc=na

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The Washington Post : Most Viewed Opinions Columns. June 10th., 2010

The Washington Post

 

Most Viewed Opinions Columns

1) Nightmare of a jobs report

Last month's employment numbers should alarm Obama progressives.

2) Unelectable in California

There's a reason California has only elected one GOP candidate to a major office since 1994.

3) Respite on the mound

Baseball in Washington, and soccer in South Africa are joyous distractions.

4) A rift for Obama to mend

This week's primaries should have been good news for Democrats. Instead, a stray 
comment from an Obama aide briefly threatened a civil war in the party, which needs 
all the unity it can get.

5) The risk of losing Iraq

If stabilized, the Iraqi government could be a force for moderation in the Middle East.

6) Poor judgment

"YO, OFFICER ELLIOTT, you know me. I ain't got no drugs or guns. . . .
Go ahead and search me."

7) What Helen Thomas missed

Her remarks revealed how little she knew about the Jews and Israel.

8) The engine that might

Nowhere does competition make more sense than with our instruments of defense.

9) Helen Thomas's controversial voice

I am appalled that Helen Thomas's comments on Israel prevent her from speaking at 
Walt Whitman High School's commencement
[" Helen Thomas bows out of speech ," Metro, June 7]. 
I am also disgusted that Ari Fleischer and Lanny Davis conducted a campaign to
punish Ms. Thomas, no doubt as retribution...

10) More sanctions for Iran

THE PASSAGE by the U.N. Security Council of a new sanctions resolution
against Iran Wednesday was, first and foremost, a diplomatic achievement for 
the Obama administration. The president and his aides managed to overcome
initially stiff resistance from Russia and China to additional sanctions, and...

Are Neo- Nazis Taking Control of the U. S.? Gerald Celente Interview

Intelligent Investing With Steve Forbes. June 10th., 2010


Intelligent Investing with Steve Forbes
Intelligent Investing With Steve Forbes
Finding Opportunities In China
Oberweis Asset Management's Jim Oberweis says Tencent is the long-term beneficiary from Google leaving China.

SEC : Apprves New Stock-by-Stock Circuit Breaker Rules.- For Immediate Release. June 10th., 2010




GovDelivery, Inc. sending on behalf of Securities and Exchange Commission · 100 F Street, NE · Washington DC 20549 · 202-942-8088 begin_of_the_skype_highlighting              202-942-8088     

SEC Approves New Stock-by-Stock Circuit Breaker Rules

FOR IMMEDIATE RELEASE
2010-98

Washington, D.C., June 10, 2010 — The Securities and Exchange Commission today approved rules that will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules, which were proposed by the national securities exchanges and FINRA and published for public comment, come in response to the market disruption of May 6.
The SEC anticipates that the exchanges and FINRA will begin implementing the newly-adopted rules as early as Friday, June 11.
"The May 6 market disruption illustrated a sudden, but temporary, breakdown in the market's price setting function when a number of stocks and ETFs were executed at clearly irrational prices," said SEC Chairman Mary Schapiro, who convened a meeting of the exchange leaders and FINRA at the SEC following the market disruption. "By establishing a set of circuit breakers that uniformly pauses trading in a given security across all venues, these new rules will ensure that all markets pause simultaneously and provide time for buyers and sellers to trade at rational prices."
Under the rules, trading in a stock would pause across U.S. equity markets for a five-minute period in the event that the stock experiences a 10 percent change in price over the preceding five minutes. The pause, which would apply to stocks in the S&P 500® Index, would give the markets the opportunity to attract new trading interest in an affected stock, establish a reasonable market price, and resume trading in a fair and orderly fashion. Initially, these new rules would be in effect on a pilot basis through Dec. 10, 2010.
The markets will use the pilot period to make appropriate adjustments to the parameters or operation of the circuit breakers as warranted based on their experience, and to expand the scope to securities beyond the S&P 500 (including ETFs) as soon as practicable.
"It is my hope to rapidly expand the program to thousands of additional publicly traded companies," added Chairman Schapiro.
At Chairman Schapiro's request, the SEC staff also will:
  • Consider ways to address the risks of market orders and their potential to contribute to sudden price moves.
  • Consider steps to deter or prohibit the use by market makers of "stub" quotes, which are not intended to indicate actual trading interest.
  • Study the impact of other trading protocols at the exchanges, including the use of trading pauses and self-help rules.
  • Continue to work with the exchanges and FINRA to improve the process for breaking erroneous trades, by assuring speed and consistency across markets.
The SEC staff is working with the markets to consider recalibrating market-wide circuit breakers currently on the books — none of which were triggered on May 6. These circuit breakers apply across all equity trading venues and the futures markets.
# # #

http://www.sec.gov/news/press/2010/2010-98.htm

The Washington Post Politics, News and Analysis. June 10th., 2010


Politics News & Analysis  Thursday, June 10, 2010


Costner
» Video | Lawmakers heard from the Interior Sec'y, a fisherman demanding BP live up to its promises and an actor who says he may have an oil cleanup solution.
On a big day for women, gender was no big deal (By Anne E. Kornblut)
Oil projects boomed while staffing stalled (By Juliet Eilperin and Steven Mufson)
Kagan's full life centers around close circles (By Ann Gerhart and Philip Rucker)
Opinions
Nightmare of a jobs report (By George F. Will)
Respite on the mound (By David S. Broder)
A rift for Obama to mend (By E.J. Dionne Jr.)
The engine that might (By Kathleen Parker)
Unelectable in California (By Harold Meyerson)
(By Howard Kurtz)
  (By Howard Kurtz)

Breaking News Alert : New Ground Zero Settlement Gives Plaintiffs $712.5 Million, Caps Legal Fees


Breaking News Alert
The New York Times
Thu, June 10, 2010 -- 11:18 AM ET
-----

New Ground Zero Settlement Gives Plaintiffs $712.5 Million, Caps Legal Fees

Lawyers for the city and about 10,000 rescue and cleanup
workers at ground zero have renegotiated a new settlement
under which the city's insurer kicks in more money and the
plaintiffs' lawyers reduce their legal fees to give the
workers more money than the original agreement called for.

After nearly three months of renegotiations, the city's
insurer, the WTC Captive Insurance Company, has agreed to
increase its payout to plaintiffs to $712.5 million. The
previous terms called for payouts totaling $575 million to
$657.5 million.

In addition, the plaintiffs' lawyers have agreed to reduce
their fees to a maximum of 25 percent of the settlement
amount, down from the 33.33 percent called for in the
contingency fee agreements with their clients. As a result,
the plaintiffs will get to keep an additional $50 million.

Read More:
http://www.nytimes.com/2010/06/11/nyregion/11zero.html?emc=na

Real Clear Politics June 10th., 2010

 

Real Clear Politics Thursday

Obama's Ambitions Are Choking Growth - George Will, Washington Post
Taking Government Back From Big Business - Robert Kuttner, Boston Globe
Has U.S. Bloodlust at BP Gone Too Far? - Andrew Clark, The Guardian
Government Puts Us in the Land of Oz - Daniel Henninger, Wall St. Journal
Obama Loses His Cool - Stanley Crouch, The Daily Beast
We Need a Leader, Not a Politician - Mitt Romney, USA Today
To Win in Nov, Reid Must Attack Angle Now - Mark Greenbaum, Salon
Old White Guy vs. GOP Woman - Debra Saunders, San Francisco Chronicle
Fiorina & Whitman Are Unelectable - Harold Meyerson, Washington Post
Nikki Haley & The New Face of the South - Tunku Varadarajan, Daily Beast
2010: the Year of the Conservative Woman? - Doyle McManus, LA Times
Mark Kirk's Thirst for Glory - Steve Chapman, Chicago Tribune
A Loss Won't Silence the Democratic Left - E.J. Dionne, Washington Post
Will the Senate Curb EPA's Power Grab? - Duncan Currie, National Review
How Blago Plans to Turn Trial Into a Spectacle - Edward McClelland, Slate
UN Sanctions Not a Clear Cut Win for Obama - Glenn Kessler, Wash Post
The New Wannabe Ottomans - Victor Davis Hanson, RealClearPolitics
Latest Election Polls: California | Florida | Connecticut | Illinois
Politics Nation: NV Sen: Reid, Angle Fight Just Beginning

Editorials

The UN's Gift to Ahmadinejad - The Guardian
Storm Ahead - Investor's Business Daily
The Wrong Message on Deficits - New York Times
Progressives Eating Their Own - Las Vegas Review-Journal

FOX BUSINESS : Markets enjoy early rally


05 2010 Traders 01 276
Markets Enjoy Early RallyThe Dow jumped above the 10000 mark as the markets cheered a rally in the euro and signs China’s economic recovery has not derailed.
THE MOST POWERFUL NAME IN BUSINESS NEWS

Emerging Markets' Time to Shine?

Is the World Broke? A look at why developing nations may be investors' best option right now.

BP Defends Stock Price; Shares Jump

BP said it sees no reason to justify the latest wave of selling that left its stock at 14-year lows.

ECB Holds Rates at 1%

In a widely expected move, the European Central Bank kept interest rates at 1%.

Watchdog: AIG Bailout Was Premature

A government watchdog group said the NY Federal Reserve failed to exhaust all options before launching a taxpayer-funded bailout of AIG in 2008.

Daily Market Analysis: stocks May Attempt TStocko Break Out Of Lackluster Phase. June 10th., 2010

Daily Market Analysis Thu Jun 10 09:21 2010 

Jun 10, 2010 stocks May Attempt TStocko Break Out Of Lackluster Phase - RTTNews Daily Market Analysis The major U.S. index futures are pointing a higher opening on Thursday, with sentiment reflecting traders' resolve to look past the short term negatives, as they look forward hopefully to see strengthening in the pace of economic momentum. The oversold levels of the markets may also offer support. Among the economic reports released earlier in the day, weekly jobless declined in the recent reporting week, while the trade deficit widened by a little less than expected. Commodity stocks may see a rebound after yesterday's swoon, especially after the International Energy Agency said demand is likely to pick up. Full Article

FOX BUSINESS: China, Euro Lift Futures. June 10th., 2010


05 2010 Traders 01 276
China, Euro Lift FuturesFutures were higher following a positive export report out of China and early gains in the euro.
THE MOST POWERFUL NAME IN BUSINESS NEWS

Emerging Markets' Time to Shine?

Is the World Broke? A look at why developing nations may be investors' best option right now.

BP Defends Stock Price; Shares Jump

BP said it sees no reason to justify the latest wave of selling that left its stock at 14-year lows.

ECB Holds Rates at 1%

In a widely expected move, the European Central Bank kept interest rates at 1%.

Watchdog: AIG Bailout Was Premature

A government watchdog group said the NY Federal Reserve failed to exhaust all options before launching a taxpayer-funded bailout of AIG in 2008.