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Jul 8, 2011

FDIC | Bank Closing: Points West Community Bank, Julesburg, Colorado, Assumes All of the Deposits of Signature Bank, Windsor, Colorado


Press Release
Points West Community Bank, Julesburg, Colorado, Assumes All of the Deposits of Signature Bank, Windsor, Colorado

FOR IMMEDIATE RELEASE
July 8, 2011
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Email: lwilliams-young@fdic.gov

Signature Bank, Windsor, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Points West Community Bank, Julesburg, Colorado, to assume all of the deposits of Signature Bank.
The three branches of Signature Bank will reopen during normal business hours as branches of Points West Community Bank. Depositors of Signature Bank will automatically become depositors of Points West Community Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Signature Bank should continue to use their existing branch until they receive notice from Points West Community Bank that it has completed systems changes to allow other Points West Community Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Signature Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2011, Signature Bank had approximately $66.7 million in total assets and $64.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Points West Community Bank agreed to purchase essentially all of the assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-517-1843. The phone number will be operational this evening until 9:00 p.m., Mountain Daylight Time (MDT); on Saturday from 9:00 a.m. to 6:00 p.m., MDT; on Sunday from noon to 6:00 p.m., MDT; and thereafter from 8:00 a.m. to 8:00 p.m., MDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/signaturebank.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.3 million. Compared to other alternatives, Points West Community Bank's acquisition was the least costly resolution for the FDIC's DIF. Signature Bank is the 51st FDIC-insured institution to fail in the nation this year, and the 4th in Colorado. The last FDIC-insured institution closed in the state was Colorado Capital Bank, Castle Rock, earlier today.
# # #
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,575 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-119-2011

FDIC: Bank Closing - Colorado Capital Bank, Castle Rock, CO



On Friday, July 8, 2011, Colorado Capital Bank (CERT #34522), Castle Rock, CO was closed by the Colorado Division of Banking. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: Colorado Capital Bank (www.fdic.gov).

FDIC: Bank Closing - First Chicago Bank & Trust, Chicago, IL



On Friday, July 8, 2011, First Chicago Bank & Trust (CERT #27935), Chicago, IL was closed by the Illinois Department of Financial and Professional Regulation. All deposits, excluding certain brokered deposits, were transferred to the acquiring institution. For further information, please visit the FDIC web site: First Chicago Bank & Trust (www.fdic.gov).

Reuters - Technology Report: Google chairman to testify at Senate hearing


News
Can slower Internet speeds convince consumers to stop pirating copyrighted material online? That's the assumption behind a new anti-piracy effort launched this week by a coalition of Internet service providers and groups representing movie studios and record labels.

Under the new initiative, AT&T, Cablevision, Comcast, Time Warner Cable and Verizon have agreed to send customers email or pop-up alerts if it is suspected that their account is being used to download or share copyrighted material illegally. Should suspected illegal activity persist, providers might temporarily slow Internet speeds or redirect their browser to a specific Web page until the customer contacts the company. Time's Techland blog calls the effort "fairly reasonable" but points out that "it's only a matter of time before someone is falsely accused of copyright infringement and throttled accordingly." Users accused can seek an independent review of whether they acted illegally.

A major hedge fund dumped its stake in Yahoo after an ownership dispute earlier this year cut the value of the Internet giant’s China holdings. Back in May, Yahoo revealed that Alibaba Group, its Chinese unit, had transferred ownership of its valuable online payments business Alipay to a company owned by Jack Ma, Alipay’s CEO. “This isn’t what we signed up for,” Greenlight Capital’s head David Einhorn wrote in a letter to investors. “We exited with a modest loss.”

Seems Google wants to play nice when it comes to social networking. Chairman Eric Schmidt told journalists at the Allen & Co. media retreat in Sun Valley, Idaho that he is leaving the door open to more co-operation with social networking giants Facebook and Twitter as his company rolls out its own alternative, Google+. Trumpeting the new network's early success, Schmidt said he would "love to have deeper integration with Twitter and Facebook." In separate news, Google Chairman Eric Schmidt will testify at a September hearing before the Senate Judiciary Committee's Antitrust Subcommittee.

Apple promised a fix to a security flaw in its mobile operating software that could open iPhone, iPad and iPod Touch users up to attacks by hackers. The security hole was deemed serious enough that it would allow someone to steal data off the device, a German security firm warned this week. Apple said its fix will be rolled out in an upcoming software update.

LATEST NEWS
Google chairman to testify at Senate hearing
July 08, 2011 03:49 PM ET
WASHINGTON (Reuters) - Google Inc Chairman Eric Schmidt will testify at a September hearing before the Senate Judiciary Committee's Antitrust Subcommittee, Senator Mike Lee said on Friday. | Full Article
Einhorn dumps Yahoo stake after Alipay dispute
July 08, 2011 03:26 PM ET
SAN FRANCISCO (Reuters) - Greenlight Capital chief David Einhorn unloaded his stake in Yahoo Inc just months after building a sizable position, swallowing a "modest loss" after an ownership dispute tarnished the Internet company's prized Chinese assets. | Full Article
Exclusive: WikiLeaks loses Icelandic financial lifeline
July 08, 2011 05:18 PM ET
NEW YORK (Reuters) - WikiLeaks founder Julian Assange has lost a financial lifeline. Since December, bans by the world's major credit card networks, it has been difficult for supporters of the controversial whistleblower to send him donations. But this week, WikiLeaks gained a brief respite with the unwitting help of an Icelandic bank. | Full Article
U.S. Internet providers to act against online pirates
July 08, 2011 01:22 PM ET
LOS ANGELES (Reuters) - Consumers who illegally download copyrighted films, music or television shows might see their Internet speed slowed or access restricted under an industry anti-piracy effort announced on Thursday. | Full Article
Space shuttle leaves Earth on final flight
July 08, 2011 04:31 PM ET
CAPE CANAVERAL, Florida (Reuters) - Space shuttle Atlantis rocketed off its seaside launch pad on Friday, rising atop a tower of smoke and flames as it left Earth on the final flight of the U.S. space shuttle program. | Full Article

Kitco New York Market Close Report




New York Market Close Jul 08/11 05:24 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1544.20
1545.20
11.50
0.75%
1523.90
1546.80
Silver
36.71
36.81
0.27
0.74%
35.92
36.97
Platinum
1735.00
1740.00
-9.00
-0.52%
1721.00
1756.00
Palladium
776.00
782.00
-8.00
-1.02%
768.00
790.00

Money Show Investor Daily Alert: Best Funds For The Long Haul



Investors Daily Alert

NEW! THE DAILY GURUCandid Daily Interviews with Top Market Experts
Best Funds For The Long Haul, Tom Posey

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NYT: Afternoon Business News: Flight Cutbacks Hit Midsize Airports Hardest


BUSINESS

Flight Cutbacks Hit Midsize Airports Hardest

By JAD MOUAWAD
Government data shows that cities where house prices collapsed and jobs disappeared, like Las Vegas and Detroit, were among those that lost the most flights.
DealBook

News Corp. Deal for BSkyB in Limbo

By CHRIS V. NICHOLSON
Amid the widening phone-hacking controversy at the media empire, British officials said it could take awhile to assess the proposed acquisition of BSkyB.
Common Sense

Waiting for Gravity to Hit LinkedIn

By JAMES B. STEWART
Spotting a bubble before it deflates has proved difficult, if not impossible, but that hasn't stopped questions about LinkedIn's stock price.
Bits Blog

DealBook: The New Start-Ups at Sun Valley

By THE NEW YORK TIMES
Who will head the next generation of multibillion-dollar start-ups? Financiers at the Sun Valley conference hear about three of them.
Your Money

A 401(k) Window to More Investing Choices

By RON LIEBER
Most employees in 401(k) plans dutifully accept the menu of mutual funds chosen by their employers. But adding a self-directed option could improve plans.

The Economist | Selected New Articles: British Tabloid Newspapers / The Euro zone / Italian Politics ... and more




British tabloid newspapers: The end of the World as we know it

The euro zone: Trichet tightens

Italian politics: Tremonti in trouble

Difference Engine: Hold the carcinogens

Mexico: An expensive handbag fight

Language: Eglantine by any other name
 
Schumpeter: Business books in a nutshell

Daily chart: Global house prices

Online debate: This house does believe an economy cannot succeed without a big manufacturing base

Reuters - Daily Investor Update: Jobs halt Wall Street rally, investors eye earnings.


News
LATEST NEWS
Jobs halt Wall Street rally, investors eye earnings
NEW YORK (Reuters) - Stocks fell on Friday as a weak jobs report dashed optimism that the economy was emerging from a soft patch, leaving investors to hope earnings season would revive an appetite for buying. | Full Article

Jobs growth stalls, setting back recovery hopes
July 08, 2011 03:44 PM ET
WASHINGTON (Reuters) - U.S. jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes the economy would bounce back quickly from a slowdown in the first half of the year. | Full Article
As ex-aide arrested, pressured Cameron vows media reform
July 08, 2011 04:34 PM ET
LONDON (Reuters) - Police arrested David Cameron's former spokesman on Friday over the scandal that has shut down Rupert Murdoch's News of the World, forcing the prime minister to defend his judgment while promising new controls on the British press. | Full Article
State and local governments bleeding jobs
July 08, 2011 04:27 PM ET
WASHINGTON (Reuters) - U.S. state and local governments cut thousands of jobs in June, pushing their payrolls down to the lowest in five years, according to Labor Department data released on Friday, and analysts do not expect the losses to end any time soon. | Full Article
Consumer credit rose $5.08 billion in May
July 08, 2011 03:27 PM ET
WASHINGTON (Reuters) - U.S. consumer credit rose by another $5.08 billion in May, according to a Federal Reserve report on Friday that suggested a willingness to keep borrowing despite a tight job market. | Full Article

MarketWatch Top 10 stories July 5 - 8 | Weekly Roundup

MarketWatch
Weekly Roundup
JULY 08, 2011

MarketWatch top 10 stories July 5 - 8




NEW YORK (MarketWatch) — U.S. stocks fell for the first session in three Friday but recovered much of their losses by the close, cementing gains for the week.

For the week, the Dow (DJIA) gained 0.6%, the S&P 500 (SPX)  added 0.3% and the Nasdaq Composite (COMP) rose 1.6%.

Also please be sure to watch our Week Ahead videos for Asia, Europe and the U.S.

Greg Morcroft, assistant managing editor

U.S. Week Ahead: Google Earnings

 Europe Week Ahead: Bank Stress Tests

 Asia Week Ahead: Bank of Japan, China GDP

Poor jobs data stuns Wall Street, politicians

A disappointing U.S. jobs report has stunned Wall Street and triggered a fresh round of political recriminations as to who and what's to blame.The economy added a meager 18,000 jobs in June, stoking worries the U.S. economy is slumping again. Employment growth has ground to almost a halt in the last two months after several months of strong gains. Read MarketWatch coverage of U.S jobless data

3 bank stocks you can still trust

Since last April bank shares have lagged the market indexes. At the end of June, the KBW was languishing about 20% below its 2010 peak. If all this muck has you throwing up your hands in disgust, I understand. On the other hand, nearly four decades of investment experience has taught me that when an entire industry is as disliked as banking is now, there are bargains to be had. To be honest with you, about 98% of the bank stocks out there don't interest me at all. Let me tell you about a handful that do. Read about attractive bank stocks, on MarketWatch

SportsWatch: WiFi that works coming to a stadium near you

Your days of sitting in a sports stadium angrily waving a phone and looking for reception may soon be over. A new piece of wireless technology unveiled Wednesday promises to provide WiFi coverage in even the most crowded spaces, and at least one early adopter is impressed. The system will doubtless please fans who are used to frustrating delays and problems when they try to get on a network in a busy stadium. It also opens the door to a variety of new ways to experience a game and, of course, for sports clubs to make money. Read SportsWatch, on MarketWatch

Does Apple need a cheaper iPhone?

Apple Inc. (AAPL) is believed to be planning a low-end version of its iconic iPhone, which has so far been able to maintain some of the highest prices in the smartphone business, becoming the company's most profitable product. Expectations of a lower-end iPhone have grown more pervasive over the last month, after Apple closed its annual Worldwide Developers Conference without announcing a new iPhone model, as had been its habit in previous years. Read about Apple's possible low-end iPhone that may be in the works

3 tech stocks to take to the bank

I typically have little interest in the hottest stocks on Wall Street. There is much to be said for being fearful when others are greedy. After all, how much buying pressure can be left to bid up a stock after every guppy on Main Street and every shark in a thousand-dollar suit owns shares?This week, I took a look at some of the most popular tech stocks that have been surging in an effort to prove they were cruising for a crash. But the most interesting thing I found was that, in some of these cases, conventional wisdom seems to hold up quite well in these trendy trades. Read MarketWatch story on three hot tech stocks

How to earn more on the cash you're stashing

For investors unsettled by repeat warnings of debt crises and economic slumps, cash deserves a second look. And a third and fourth.Thanks to the exposure of many money-market funds to European bank debt, and the ultralow yields on other cash-like alternatives, allocating a bigger chunk of your savings to cash requires a reassessment of your risk — and the type of reward you expect.The first thing to consider is how long you expect to keep your funds in cash. For some, that can be three to five years, making certificates of deposit more attractive. For those who want to access the cash within six months, high-yield savings and money-market funds may offer a better option. Read about getting the best yield on your cash holdings, on MarketWatch

Swiss Parliament to mull gold franc

The Swiss Parliament is expected later this year to discuss the creation of a gold franc — a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation. The initiative is part of "Healthy Currency," a campaign sponsored by politicians from the right-wing Swiss People's Party (SVP) — the country's biggest — that is seeking to capitalize on popular fears about global financial turmoil and inflation to reverse the government's current policy on gold. Read about Swiss politicians' hopes for a parallel currency, on MarketWatch

Dollar cost averaging, boring but market-beating

Interested in a strategy that is virtually guaranteed to beat the market over an entire market cycle?I thought so.But there are two catches. First, it won't beat a buy-and-hold in the event the stock market were to go more or less straight up. Of course, you may not consider this to be a fatal flaw, since in that happy event the strategy will still make lots of money.The second catch may be a deal killer, however: The strategy is about as exciting as watching grass grow. I'm referring to dollar-cost averaging: Periodically investing a set sum in the market. Read Hulbert commentary on dollar cost averaging, on MarketWatch

Stocks that are the best of both worlds

Is it possible to follow the crowd while also being a contrarian?That certainly would appear to be a tall order indeed. After all, while the crowd follower is trying to jump on bandwagons, the contrarian is trying to jump off. There doesn't appear to be much of a middle ground between those two extremes.Yet try telling this to one of the most successful advisory services for recent performance: Ford Equity Research Investment Review, published by Ford Equity Research in San Diego. It currently is in 8th place for performance over the last 12 months among the services tracked by the Hulbert Financial Digest. Read Mark Hulbert commentary on MarketWatch

The next, worse financial crisis

The last financial crisis isn't over, but we might as well start getting ready for the next one.Sorry to be gloomy, but there it is. Why? Here are 10 reasons. Read Brett Arends' commentary on a coming global financial crisis .

Stocks end week on down note after jobs data: MarketWatch | U.S. Market at close - Market Pulse

By Laura Mandaro
SAN FRANCISCO (MarketWatch) -- U.S. stocks fell for the first session in three Friday but recovered much of their losses by the close, cementing gains for the week. After losing more than 100 points in the wake of a disappointing report on U.S. jobs, the Dow Jones Industrial Average DJIA -0.49% ended down 62.29 points, or 0.5%, to 12,657.2, led by a 2% decline in Bank of America Corp. BAC -2.01% shares. The S&P 500 SPX -0.70% fell 9.4 points, or 0.7%, to 1,343.80. It was the first down session in three for both indexes. The Nasdaq Composite COMP -0.45% lost 12.85 points, or 0.5%, to 2,859.81. For the week, the Dow average gained 0.6%, the S&P 500 added 0.3% and the Nasdaq Composite rose 1.6%.

MarketWatch | Personal Finance Daily: 5 cities where home prices will rise this year

MarketWatch
Personal Finance Daily
JULY 08, 2011

5 cities where home prices will rise this year

By MarketWatch



Don't miss these top stories:

There have been a few signs of slight improvement in the U.S. real-estate market. But in many regions, home prices are depressed and are forecast to fall further in the second half of the year. However, Amy Hoak reports today, a scant five cities are expected to notch small gains in home prices during the remainder of 2011. Those markets are Washington, D.C., New York, Dallas, San Francisco and the long-suffering Orlando, according to Clear Capital's data index forecast, released today. On a national basis, the report says, home prices are expected to slip another 2.4%.

The news that home prices might rise, albeit in only a few areas, is still a bright spot on a day of otherwise grim data. "It is about as bad as anyone could image," Nigel Gault, chief U.S. economist for IHS Global Insight, said about Friday's news that nonfarm payrolls rose by only 18,000 in June. Economists surveyed by MarketWatch were expecting 125,000. Needless to say, stocks are taking it on the chin. Not to be a real downer on a Friday in the summer, but our column by Washington Bureau Chief Steve Goldstein, "This Week in Charts," shows the U.S. labor market in all its ugliness and does a great job of explaining jobs data, including the employment-population ratio and payroll growth.

Anne Stanley , Managing Editor, Personal Finance

REAL ESTATE

5 cities where home prices will rise this year

Despite recent price improvements nationally, only five markets in the country are expected to see home-price gains for the remainder of 2011.
Read more: 5 cities where home prices will rise this year.


More shocking real-estate scams

It is amazing to what extremes some people will go in their efforts to separate folks from their money — and often their homes, Lew Sichelman says. And it is equally amazing what a few owners will do to save their homes.
Read more: More shocking real-estate scams.


ECONOMY & POLITICS

In charts: U.S. labor market in all its ugliness

Pretty much any way you look, the U.S. labor market is weak. See the week's major economic indicators in chart form.
See charts: U.S. labor market in all its ugliness.


Hiring weak in June, with only 18,000 jobs created

The U.S. economy added jobs at an even slower pace in June than in May, suggesting that the sudden slowdown in the economy might be long-lasting and more severe than feared.
Read more: Hiring weak in June, with only 18,000 jobs created.


Poor jobs data stun Wall Street, politicians

A disappointing U.S. jobs report for June has stunned investors and economists and triggered a fresh round of political recriminations as to who and what's to blame.
Read more: Poor jobs data stuns Wall Street.


Work sharing supports jobs: economists

With the tough jobs situation, economists say supporting government work-sharing programs would be smart move.
Read more: Work sharing supports jobs.


How the bubble destroyed the middle class

Some people are puzzled by our sluggish growth, but there is no mystery, says Rex Nutting. What other result would you expect from the financial ruin of the once-great American middle class?
Read more: How the bubble destroyed the middle class.


INVESTING

How to earn more on the cash you're stashing

For investors unsettled by repeat warnings of debt crises and economic slumps, cash probably deserves a second look. And a third and fourth.
Read more: How to earn more on the cash you're stashing.


Two ‘geezers' who are bullish

Two advisers with decades of experience in the stock market are each quite bullish right now, projecting double-digit annualized returns.
Read more: Two ‘geezers' who are bullish.


Tax credits help community investments pay off

Federal tax credits can make investments in community building very lucrative.
Read more: Tax credits help community investments pay off.

CMI | NY Trading - Spot Prices at Close

CMI - Gold & Silver

Spot Prices as of the close of trading in New York
As of: Friday July 08, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,542.25 +$11.50  $1,483.45 $1,538.50 $1,196.10
Silver     $36.57   -$0.01      $33.71      $36.69      $17.91
Platinum $1,736.40   -$9.70 $1,718.70 $1,833.10 $1,517.00
Palladium    $778.50 -$11.40    $759.55    $807.25    $444.60

FDIC: Statement of George French, Deputy Director, Policy, Division of Risk Management Supervision, Federal Deposit Insurance Corporation on


The Statement of George French, Deputy Director, Policy, Division of Risk Management Supervision, Federal Deposit Insurance Corporation on Legislative Proposals Regarding Bank Examination Practices, before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives; 2128 Rayburn House Office Building, July 8, 2011 is available at the following link:

  http://www.fdic.gov/news/news/speeches/chairman/spjul0811.html

FDIC | Financial Institutions Letters:Retail Foreign Exchange Transactions



Last Updated 7/8/2011 communications@fdic.gov

Kitco London Fix Market Report




London Fix Fri Jul 08 00:00:00 EDT 2011
Metals
Gold
Silver
Platinum
Palladium
  AM PM AM PM AM PM AM PM
USD 1526.00 1541.50   36.28 1745.00
1740.00
782.00 776.00
UK 956.86 960.08   22.73 1092.35
1084.45
489.50 483.65
EURO 1069.08 1076.17   25.42 1219.00
1214.25
546.30 541.50

The Washington Post Breaking News Alert: Shuttle Atlantis makes final launch


Breaking News Alert: Shuttle Atlantis makes final launch
July 8, 2011
----------------------------------------

Space shuttle Atlantis blasts off from Florida's Cape Canaveral in the final launch of NASA's 30-year shuttle program.

http://link.email.washingtonpost.com/r/VP6EHT/GKS4EZ/V8IJIE/7PUR6A/2NKEE/ID/h

For more information, visit washingtonpost.com

Reuters Deals Today.


News
The British government said it would take the closure of the Rupert Murdoch tabloid, News of the World, into consideration when deciding on the mogul's bid to buy BSkyB.

Shares in Rupert Murdoch's bid-target BSkyB slumped as the phone hacking scandal engulfing the media mogul's empire pushed the controversial deal into uncharted waters .

Private equity firm, Carlyle Group, is in talks to buy Energy Capital Partners, a buyout company focused on power generation, electric transmission, midstream gas and other energy markets, the New York Times said.

A Visteon Corp hedge fund shareholder that will get two board seats soon has been pushing to break up the U.S. auto parts supplier, betting the company has more value in pieces than as a whole, people close to the situation said.

A booming IPO market and the lure of high returns kept China's private equity sector humming in the first half , stoking fear of asset bubbles amid rising concerns over the quality of listed Chinese companies.

LATEST NEWS
Futures little changed before payrolls report
NEW YORK (Reuters) - Stock index futures were flat on Friday before the June U.S. payrolls report, which should give investors important guidance on the economy. | Full Article


Money Show Traders Daily Alert: Corn Shock Creates Buying Opportunity


Traders Daily Alert 



Tips for Traders
How a Legend Read Supply and Demand, Corey Rosenbloom

Options Idea
How to Trade Box Spreads in Options, Michael Thomsett

Charts in Play
NetFlix, Amazon: Too Far Too Fast?, Tom Aspray

Currency Corner
How to Trade the British Pound ETF, Eric Dutram

Trading Idea of the Day
Corn Shock Creates Buying Opportunity, Andy Waldock

Daily Market Studies
Trading Outlook for Today: July 8, Daniel Gramza

MoneyShow.com Exclusive Interviews
2 Reliable Trading Strategies, Steve Todd

Today's Featured Videos
From Good to Great: Using the Principles of Elite Performance to Grow Your P&L, Michael Bellafiore
A Common Trait of Millionaire Traders, Courtney Smith







U.S. 10-year yields hit lowest in a month Yields on 2-year notes drop by the most since March. MarketWatch | Bond Report



By Deborah Levine, MarketWatch 


NEW YORK (MarketWatch)Treasury prices turned sharply higher on Friday, pushing 10-year yields to the lowest level in more than a month, as U.S. data showed the economy adding fewer jobs in June than in May — just one point in a far weaker-than-expected payrolls report that rekindled worries about the outlook for the nation’s economy. 


The data “says the soft patch is still in play,” said Anthony Valeri, a fixed-income investment strategist at LPL Financial. “Uncertainty is helping yields stay low.”
Yields on 10-year notes 10_YEAR -4.08%   which move inversely to prices, turned down 11 basis points to 3.03%, after trading around 3.17% before the data. A basis point is 1/100th percentage point. 

 

Stuck between rock and a hard place The European Central Bank and leader Jean-Claude Trichet want to keep a lid on inflation in Germany. But they also want to save the euro. Unfortunately, those goals are probably incompatible. 

The benchmark security’s yield fell as low as 3.02%, the lowest since June 29.
Yields on 2-year notes 2_YEAR -17.00%  dropped 8 basis points to 0.4% -- the sharpest decline since March. Shorter-term debt tends to benefit the most when investors flee to safety.
Thirty-year-bond yields 30_YEAR -1.56%  declined 6 basis points to 4.31%.
The Labor Department said the U.S. added 18,000 jobs in June, a fraction of what analysts forecast for growth in nonfarm payrolls and an unexpected decline from May, which was revised lower. Read more on nonfarm payrolls. 

 
“There is nothing good in this report with the downward revisions, the zero gain to wages, and the uptick in unemployment,” said David Ader, head of government-bond strategy at CRT Capital Group. “It’s more of a shock than May’s in the sense it’s another weak gain.”
“We have to shift our bearish bias to this new information, at least shift our range parameters as the risk of a true double dip has risen,” Ader said.”

European debt crisis spreads to Italy

Also lending support to Treasury prices, the dollar EURUSD -0.92%   gained against the euro as a scandal surrounding Italy’s finance minister sent the country’s bond yields up sharply, raising fears that Italy could get sucked into Europe’s debt crisis. Read about the dollar, euro. 

 
That follows a couple weeks of ups and downs following Greece approving austerity measures, debate among European leaders over how Greece can restructure its debt and this week’s downgrade of Portugal to junk status. 


“Uncertainty on the sovereign-credit crisis lends a safe-haven bid to Treasurys,” Valeri said. “Rates are going to stay right around 3% on the 10-year note” through the summer.
For the year, yields could head back toward 3.5% or 3.75% “but that’s about it. For a lot of bond investors, it’s not going to make much of a difference. Treasurys are expensive at these levels, but until we get a clearer picture out of Europe and better economic data, there’s not much reason to see noticeably higher yields.” 


On Wall Street, stocks fell. Read about U.S. stocks.
On Thursday, Treasury prices fell as a pair of reports on U.S. employment raised investors’ comfort about prospects for the economic recovery and led analysts to revise higher their predictions for Friday’s payrolls number. Read about falling bonds on Thursday. 
  
Deborah Levine is a MarketWatch reporter, based in New York.