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Jun 30, 2011

Jon Markman's Speculations: Keep market exposure — apply caution in late July Commentary: After earnings season, expect a long, hot summer



By Jon Markman, MarketWatch 
SEATTLE (MarketWatch) — U.S. stocks have ripped higher in the past week on optimism that the government of Greece would be able to impose austerity budget measures that will shackle its people to three decades of indentured servitude to French and German banks and not get thrown out on its ear.
At least that’s how the narrative reads if you look at most published accounts. You have two events that have coincided in time, so it’s natural to figure there’s a connection.
But is there really? Let me give you the easy answer, and then the sobering answer.
The easy answer is that this was the first step in Greece’s path toward receiving emergency loans from ex-partners who stuffed its pockets full of cash and then yelled, “Thief!”
Greece’s entire GDP can fit inside a Washington lobbyist’s briefcase, but the idea that it might not pay back its debt enablers was anathema. It sparked visions of a financial crisis a la subprime mortgages in 2008, in which one little domino falls on another domino, and then a bigger one, and pretty soon Chase can’t pay the 0.3% interest on Grandma’s money market account in the state of Georgia.
Fair enough. Markets had been beaten like galley slaves in recent weeks over fears that Greek politicians, facing rage from constituents over years of corruption and overspending, would wake up one day, decide to tell the Europeans to stuff it — and just default on their overpriced loans. Now investors are breathing as easy as Javier Colon, ratcheting down the fear of a global debt contagion from code blue. 

 
How the end of QE2 shapes up Marketbeat's Matt Phillips explains how the end of QE2, which is official as of Thursday, will affect the Treasury market in the coming weeks. 

Yet there is more to this story, and it has to do with the debt-ceiling issue that is escalating in Washington — and with the unshakeable concern that something is desperately wrong with the global economy. Not just in Greece, but in China, in Germany, in the United States, and elsewhere.
A measure of the market rally stems from the prayer that if even the querulous, quixotic, cupidic Greeks would kowtow to their lenders, maybe the U.S. will too, and all will be well in the realm.
Investors know that the budget cuts that must be made in Greece are going to be draconian. They worry that that the same misery will be forced on the United States by creditors if our politicians don’t ratchet down the schoolyard rhetoric — the president essentially said Republican leaders were lazier than his kids — and get their act together on debt reduction.
You see, it has suddenly dawned on people that the $2 trillion-plus that was borrowed and spent over the past few years in the United States on fiscal stimulus and quantitative easing — not to mention two fruitless wars — have yielded little more tangible result than the ill-advised infrastructure spending projects that were created in Greece.
The original hope was that our country wasn’t in debt. It had only “invested.” Apologists said that all the money “poured into the economy” would soon yield fruit in the form of powerful industrial growth and rising employment. More people at work would pay the taxes that would eliminate the debt. Cue the flowery music and a spin by Gwyneth Paltrow.
But that’s not how it has worked out. It’s more like both countries took out big home-equity lines of credit. Instead of building a new master bath or renovated kitchen — improvements that would enhance the value of our homes — we blew the money on a speedboat and a trailer that are now sitting in the garage, rusting.
Analysts at the start of 2011 expected U.S. GDP growth to clock in at around 4% this year. And yet as manufacturing has stalled amid stubborn unemployment and a plunge in consumer confidence, economists have had to ratchet down estimates to 2% or lower.
Two percent, you need to know, is stall speed for an economy as large as ours. It’s not enough to grow jobs at any kind of reasonable pace to make up for the ones lost since the last recession. 
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SEC Announces Agenda and Panelists for Roundtable on International Financial Reporting Standards


FOR IMMEDIATE RELEASE
2011-139

Washington, D.C., June 30, 2011 The staff of the Securities and Exchange Commission today announced the panelists and final agenda for the International Financial Reporting Standards (IFRS) Roundtable to be held July 7.
The roundtable will feature three panels representing investors, smaller public companies, and regulators. The panel discussions will focus on topics such as investor understanding of IFRS, the impact on smaller public companies, and on the benefits and challenges of incorporating IFRS into U.S. public company accounting.
The agenda and list of panelists can be found on the SEC website.
The roundtable discussion will begin at 10 a.m. and will be available by webcast on the SEC website. The webcast also will be archived for later viewing. Public seating is available on a first-come, first-served basis in the Multipurpose Room at the SEC’s headquarters at 100 F Street NE in Washington, D.C.
Members of the public who wish to provide their views on the matters to be considered at the roundtable discussion may submit comments through one of the following methods:
Electronic Comments
Use the SEC’s Internet comment form or send an e-mail to rule-comments@sec.gov, and include File Number 4-600 on the subject line.
Paper Comments
Send paper submissions in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090, and refer to File Number 4-600.
Any statements submitted in connection with the roundtable will be made available to the public.
# # #
 
http://www.sec.gov/news/press/2011/2011-139.htm

New year, similar challenges : The Australian Business Briefing



 
Wall St rallies for a fourth day
Wall Street traders Brendan Conway US stocks surged for a fourth straight day, with the blue-chip index jumping more than 150 points amid encouraging US economic data.
 
New year, similar challenges
Mum and dad investors Tim Boreham "Moving forward" may have been elevated to a political slogan, but the 2010-11 financial year was more a case of Groundhog Day .
 
ASIC outlines Hardie appeal
James Hardie Susannah Moran THE corporate regulator fears it will face "more onerous" duties than prosecutors seeking criminal actions against James Hardie.
 
Samsung, Apple war escalates
110701 Apple Samsung Evan Ramstad THE LEGAL showdown between Apple and Samsung Electronics has escalated, spreading to six countries and the International Trade Commission.
 
Corporates urged to expand offshore
James MacKenzie Damon Kitney FOUR of the nation's business leaders have urged Australian companies to reactivate international expansion plans.
 
Hope for MIS creditors
PN 75 IMG Generic Business TimberCorp Damon Kitney CREDITORS in failed managed investment schemes would be given new rights under sweeping federal reforms.
 
Lynas admits faults
Lynas Sarah-Jane Tasker LYNAS will push ahead with a processing plant in Malaysia, as it admits it has not done enough to engage with the community.
 
ASIC urges clarity on exec pay
ASIC Tracy Lee THE financial regulator has called for greater clarity from company remuneration reports.
 
Financial Markets
Dollar gives up some gains
Australian dollar THE Australian dollar was slightly weaker this morning but market sentiment remained high, following a successful vote in Athens.
 
Wall St rallies for a fourth day
Risk takers send gold lower
 
Financial Markets Coverage
 
Mining & Energy
Lynas admits faults
Lynas Sarah-Jane Tasker LYNAS will push ahead with a processing plant in Malaysia, as it admits it has not done enough to engage with the community.
 
Oil and gas projects under the pump
Chinese mine pits soil against coal
 
More Mining & Energy

Parkinson calls for reform agenda | THe Australian Capital Circle

Capital Circle Newsletter

Parkinson calls for reform agenda
Treasury Secretary Martin Parkinson has laid down a reform challenge to both sides of politics.

The PM's Diary: Julia Gillard is in her electorate of Lalor. She'll be talking about the government's paid parental leave scheme, which starts today.
Tony Abbott is in Melbourne. He'll speak at lunch time at The Australian's Growth Challenge conference at Melbourne University. On his regular Today show appearance this morning, he hit back at Greens Leader Bob Brown's promise to block any attempt to roll back the carbon tax if the Coalition wins the next election, saying: "Look, it is not so much an issue for Bob Brown, it is an issue for Julia Gillard and the Labor Party. If we win the next election we will have the clearest possible mandate to overturn any carbon tax that has been introduced and I would expected the Labor Party to respect that. That is the issue for the Labor Party. Are they go to go respect a popular mandate to the Coalition?''
Bill Shorten, Joe Hockey, Malcolm Turnbull, Penny Wong, Andrew Robb and Rob Oakeshott will also appear at the conference today. (full program)
Moving: Former Canberra Times political correspondent Danielle Cronin is joining the Brisbane Times.
Hungry: Senate staff have missed out on a rise in the current meal allowance of $16 a day. The current rate will be kept for the next 12 months because food prices at Aussies and the staff cafe have remained stable.
On the Sunday shows: Tertiary Education Minister Chris Evans and NSW Greens Senator Lee Rhiannon will be interviewed by Paul Bongiorno, Marius Benson and Claire Harvey.
In The Monthly magazine: Lindsay Tanner assesses the historical importance of Gough Whitlam. Margaret Simons profiles ABC managing director Mark Scott. Jana Wendt spends a week with Chris Bowen in Canberra to test his faith in the hotly debated 'Malaysian Solution' and Malcolm Turnbull discusses the new light thrown on the founding of M
Read more...

Parkinson calls for reform agenda
Treasury Secretary Martin Parkinson has laid down a reform challenge to both sides of politics.

The PM's Diary: Julia Gillard is in her electorate of Lalor. She'll be talking about the government's paid parental leave scheme, which starts today.
Tony Abbott is in Melbourne. He'll speak at lunch time at The Australian's Growth Challenge conference at Melbourne University. On his regular Today show appearance this morning, he hit back at Greens Leader Bob Brown's promise to block any attempt to roll back the carbon tax if the Coalition wins the next election, saying: "Look, it is not so much an issue for Bob Brown, it is an issue for Julia Gillard and the Labor Party. If we win the next election we will have the clearest possible mandate to overturn any carbon tax that has been introduced and I would expected the Labor Party to respect that. That is the issue for the Labor Party. Are they go to go respect a popular mandate to the Coalition?''
Bill Shorten, Joe Hockey, Malcolm Turnbull, Penny Wong, Andrew Robb and Rob Oakeshott will also appear at the conference today. (full program)
Moving: Former Canberra Times political correspondent Danielle Cronin is joining the Brisbane Times.
Hungry: Senate staff have missed out on a rise in the current meal allowance of $16 a day. The current rate will be kept for the next 12 months because food prices at Aussies and the staff cafe have remained stable.
On the Sunday shows: Tertiary Education Minister Chris Evans and NSW Greens Senator Lee Rhiannon will be interviewed by Paul Bongiorno, Marius Benson and Claire Harvey.
In The Monthly magazine: Lindsay Tanner assesses the historical importance of Gough Whitlam. Margaret Simons profiles ABC managing director Mark Scott. Jana Wendt spends a week with Chris Bowen in Canberra to test his faith in the hotly debated 'Malaysian Solution' and Malcolm Turnbull discusses the new light thrown on the founding of M
Read more...

Wall St rises for 4th day; ends down for June | Reuters - Daily Investor Update





News





LATEST NEWS
Wall St rises for 4th day; ends down for June
NEW YORK (Reuters) - U.S. stocks ended a volatile quarter on Thursday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece's debt crisis indicated further gains in July. | Full Article

Greece passes austerity bill after trouble-free vote
June 30, 2011 04:14 PM ET
ATHENS (Reuters) - The Greek parliament passed a second austerity bill Thursday, opening the way for the EU and IMF to release a 12 billion euro ($17 billion) loan installment which Athens urgently needs to stave off bankruptcy. | Full Article
MBIA may pursue fraud claim vs BofA's Countrywide
June 30, 2011 03:36 PM ET
NEW YORK (Reuters) - MBIA Inc may pursue a lawsuit accusing Bank of America Corp's Countrywide Financial unit of fraudulently misleading it about mortgage securities it insured, costing at least $1.4 billion. | Full Article
Analysis: Socks, bedpans among copper's growth markets
June 30, 2011 02:34 PM ET
NEW YORK/SANTIAGO (Reuters) - As Chile struggled for two months to rescue 33 miners trapped deep underground last year, it turned to an unlikely tool to help keep them healthy: copper socks. | Full Article
U.S. caught China buying more debt than disclosed
June 30, 2011 12:47 PM ET
NEW YORK (Reuters) - The rules of Treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America's delicate balancing act with its biggest creditor, China. | Full Article



NYT: Afternoon Business News: German Banks Agree to Roll Over Greek Debt



BUSINESS

German Banks Agree to Roll Over Greek Debt

By MATTHEW SALTMARSH and STEPHEN CASTLE
The financing plan is based on a similar agreement with France and its banks and is seen as crucial to securing more aid for Greece.
DealBook

Mortgage Executive Receives 30-Year Sentence

By BEN PROTESS
Lee B. Farkas, the former chairman of Taylor, Bean & Whitaker, received less than the 385-year penalty sought by federal prosecutors.
DealBook

Lloyds Plans to Cut 15,000 Jobs

By JULIA WERDIGIER
The Lloyds Banking Group said that it also planned to scale back its overseas operations as part of a larger reorganization aimed at allowing the British government to sell its stake in the lender.
DealBook

Morgan Stanley's Next No. 2, the Guessing Game

By SUSANNE CRAIG
Morgan Stanley's chief executive, James P. Gorman, who is likely to take over as chairman next year, may wait awhile to fill the president's chair he would vacate.

Mobile Phone Roaming Charges Set to Drop in Europe

By KEVIN O'BRIEN
The per minute charge for making a voice call in the European Union is to fall on Friday to 35 cents a minute from 39 cents, and to 11 cents from 15 cents for receiving a call.

CBS NEWS | Political Hotsheet Top Stories: Republicans, White House trade barbs over debt

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
GOP presidential candidate with longstanding opposition to same-sex marriage dodges questions about her and her husband's views
Read full story
Michele Bachmann goes quiet on homosexuality

Republicans, White House trade barbs over debt Senate Republican leader Mitch McConnell said today Obama should visit Capitol Hill to see that the GOP won't accept his debt reduction plans; WH rebuffs offer

Obama to answer questions in Twitter town hall Presidential Twitter town hall will take place next Wednesday; Republicans plan Twitter debate July 20

Obama, Romney go head-to-head in Philadelphia Both Mitt Romney and President Obama will be in Philadelphia for fundraisers today, as Romney ratchets up his attacks on Obama's economic policies

MSNBC suspends Mark Halperin after Obama gaffe Time Editor-at-Large suspended from role as MSNBC analyst after calling President Obama "a d**k" on live television

U.S. stocks end higher for fourth straight session; Dow's up 153 points: MarketWatch - Bulletin

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Market closed 12,414.34 Change +152.92 +1.25% Volume 179.98m Jun 30, 2011, 4:30 p.m. Previous close 12,261.42 Day low Day high 12,262.10 12,427.09 Open: 12,262.25 52 week low 52 week high 9,614.32 12,876.00

CMI Gold & Silver Spot Prices , Thursday June 30, 2011

CMI - Gold & Silver


Spot Prices as of the close of trading in New York
As of: Thursday June 30, 2011



Today Change Week Ago Month Ago Year Ago
Gold $1,502.35 -$8.60 $1,520.90 $1,524.15 $1,205.60
Silver $34.83 +$0.05 $35.04 $37.40 $17.79
Platinum $1,729.30 +$3.50 $1,697.20 $1,780.00 $1,507.00
Palladium $761.60 +$8.10 $747.10 $757.95 $430.50

Banks reverse course on reverse mortgages: MarketWatch | Personal Finance Daily:

MarketWatch
Personal Finance Daily
JUNE 30, 2011

Banks reverse course on reverse mortgages

By MarketWatch



Don't miss these top stories:

Banks are getting out of the reverse-mortgage business — should you be worried? Not according to Robert Powell in his column today. Read more about the upheaval in this tiny corner of the home-loan market.

Also, check out where mortgage rates went this week (the five-year adjustable-rate mortgage hit a new low), and read Jonathan Burton's column today to find out the five money moves one value-stock buyer — Simon Hallett, chief investment officer at Harding Loevner — is making now. Here's one: Buying into emerging markets by buying stock in multinational companies.

Given Americans' lack of retirement savings, a reverse mortgage may be a useful product for some. Maybe. For those of you considering such a move, take a look now. Powell writes that some regulations — and actuarial tables — are changing soon, and that may mean you'll get a better deal now.

Andrea Coombes , Personal Finance editor

REAL ESTATE

Banks abandon reverse-mortgage business

Although Wells Fargo and Bank of America are getting out of the reverse-mortgage business, they'll still service their loans. And, homeowners seeking a reverse mortgage will still find independent firms to help them.
Read more: Banks abandon reverse-mortgage business.


Rates on 5-year ARM fall to record low

Rates on five-year adjustable-rate mortgages hit a record low this week, dropping to 3.22%, according to Freddie Mac's weekly survey of conforming mortgage rates.
Read more: Rates on 5-year ARM fall to record low.


THE JOB MARKET

In this economy, job counselor is grief counselor

Steve Colella earned a divinity degree, but became a vocational counselor instead of a priest. Now he's a grief counselor for the chronically unemployed, Al Lewis reports.
Read more: In this economy, job counselor is grief counselor


Requests for jobless benefits little changed

The U.S. government on Thursday said the number of people who filed new applications for jobless benefits dipped by 1,000 last week to 428,000, further evidence that momentum in the labor market has petered out.
Read more: Requests for jobless benefits little changed.


ECONOMY & POLITICS

Chicago factory gauge makes surprise rise in June

A Chicago-area manufacturing gauge unexpectedly accelerates in June, confounding expectations after other regional polls slowed.
Read more: Chicago factory gauge makes surprise rise in June.


QE2 worked, St. Louis Fed's Bullard says

The Fed's second round of quantitative easing worked, St. Louis Fed chief James Bullard says, because it helped avoid a Japanese-style bout of deflation.
Read more: QE2 worked, St. Louis Fed's Bullard says.


No joke: Colbert gets OK for unlimited spending

The Federal Election Commission issued an advisory opinion Thursday giving comedian Stephen Colbert permission to form and promote a "Super PAC" allowing unlimited spending on the 2012 election.
Read more: Colbert gets OK for unlimited spending.


INVESTING

Why you don't need a black-swan fund

A "protection racket" is where a group of people puts you at risk of disaster — and then generously offers to sell you protection against that very risk, usually at a very high price.
Read more: Why you don't need a black-swan fund.


5 money moves one value-stock buyer is making now

Investment manager Simon Hallett is advising stock buyers to focus on a company's true bottom line — namely free cash flow — and to recognize that in an unforgiving market being bigger is better.
Read more: 5 money moves one value-stock buyer is making now,


Government's ETF warning is meaningless

Sometimes, investors need to be protected from the people and agencies who are trying to protect them.
Read more: Government's ETF warning is meaningless.


Stocks rise, and aggressive speculation is back on

There has been enough improvement this week in both the price/volume behavior of the averages and, particularly, the current cycle's leading stocks that it's time for the aggressive-growth stock speculator to place some bets.
Read more: Stocks rise, and aggressive speculation is back on.


Some gold bugs think storm has passed

Gold stumbles from its climb, but some — though not all — gold bugs think the metal may be headed higher, reports Peter Brimelow.
Read more: Some gold bugs think storm has passed.


4 stocks you can ride as Japan recovers

The fact is in the near term the pessimism over Japan may be overdone. The nation still has a vibrant economy, and as rebuilds in the wake of the recent disasters there are sure to be growth opportunities for savvy investors.
Read more: 4 stocks you can ride as Japan recovers.

The Economist | BusinessThis Week: Highlights Of New Coverage From June 25th - July 1st 2011 - 24th June 2011



Business This Week







Highlights from The Economist online's Business this week

» The IMF's new head: Wanted: a French revolution
» Greece and its creditors: A bank bail-out by another name?
» American mortgages: Not quite settled
» Regulating the internet: Google's enemies

» The IMF selected Christine Lagarde as its new managing director. Ms Lagarde was the front-runner for the job from the moment Dominique Strauss-Kahn resigned in May. Her appointment came after America, China, Brazil and others lined up to back her bid, though some emerging-market countries continued to question the convention that only a European should head the fund. As French finance minister Ms Lagarde played a pivotal role in co-ordinating Europe's response to the euro area's debt crisis. See article
» François Baroin was named as France's new finance minister, replacing Ms Lagarde. A hawk on balanced budgets, one of Mr Baroin's first tasks was to prepare for a meeting of euro-area ministers to discuss more aid for Greece. See article

Click Here! Maple relief
» The Toronto and London stock exchanges scrapped their planned merger after failing to receive enough support from the Canadian operator's shareholders. The news was welcomed by Maple, an all-Canadian consortium that recently launched a hostile bid for the Toronto bourse.
» Bank of America agreed to pay $8.5 billion to settle claims that mortgage-backed securities sold by Countrywide Financial, a distressed bank that BofA bought in 2008, contained loans that fell short of underwriting guidelines on things like borrowers' income and credit scores. BofA will book charges totalling more than $20 billion in the second quarter because of the settlement and other toxic-mortgage-related claims. See article
» Lloyds Banking Group completed its strategic review. The bank, in which the British government retains a sizeable stake after a bail-out in 2009, is to shed a further 15,000 jobs and pull out of half the 30 countries in which it currently operates.
» The Federal Reserve cut banks some slack on debit-card fees, one of the most controversial parts of the Dodd-Frank reforms. They will be allowed to charge double the 12 cents per transaction permitted under an earlier proposal, though this is still much less than the 44-cents average take today.

The wrong bet
» News Corporation finally managed to sell off its troubled Myspace social-networking site in a deal that values the business at $35m. News Corp paid $580m for it in 2005. At the time, Rupert Murdoch, News Corp's boss, hailed it as a "great opportunity" and described Myspace as "one of the web's hottest properties".
» After a three-month review the British government said it was "minded to accept" News Corp's proposal to take full control of BSkyB, Britain's biggest provider of satellite-television. News Corp owns several British newspapers. Most of the British press (on the right as well as the left) argue that it should not also be allowed to own a big broadcaster. In response to those worries, News Corp has offered to spin off Sky News. The government will make its final decision on July 8th.
» Google's market dominance in internet searches came under renewed scrutiny. Just days after it confirmed that America's Federal Trade Commission had begun a formal investigation into its business practices, Google was taken to court by 1plusV, a French competitor which says it has been forced to choose Google's search methods in order to secure advertising services. See article
» The International Energy Agency, the rich world's energy club, announced that member countries would release a combined 60m barrels of oil from reserves to offset the disruption to supply in Libya. America is to provide half of this. The effect on oil prices was fleeting: they fell sharply after the IEA's intervention, but rebounded within a few days. OPEC advised the agency not to "disturb the market".
» Diageo, a global drinks company based in London, announced that Chinese regulators had approved its offer to take control of Shui Jing Fang, a well-known baijiu (or "white spirit") label. Diageo owns Gordon's Gin and Captain Morgan rum, among other brands. Its majority stake in a distinguished Chinese alcohol producer is seen by some as an indication that China is more open to foreign takeovers than had been thought, especially after Coca-Cola's attempted acquisition of a juice company was blocked in 2009.

Mortal Kombat
» America's Supreme Court struck down a law in California that had banned the sale of violent video games to children. The decision represents a big victory for the video-gaming industry, and is viewed as more proof that this may be the most business-friendly Supreme Court in decades. Writing for the majority, Justice Antonin Scalia maintained that there was "no tradition" in America of "restricting children's access to depictions of violence...‘Grimm's Fairy Tales', for example, are grim indeed."