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Nov 25, 2011

Reuters - Daily Investors Update: Stocks suffer worst week in 2 months on Europe woes


Stocks suffer worst week in 2 months on Europe woes
NEW YORK (Reuters) - Stocks posted seven straight sessions of losses on Friday, ending the worst week in two months, as the lack of a credible solution to Europe's debt crisis kept investors away from risky assets. | Full Article

Black Friday draws crowds but spending in doubt
November 25, 2011 04:28 PM ET
(Reuters) - Retailers were hoping for more shoppers like Shawn Elzia as the annual Black Friday bargain stampede marked the unofficial start of what is widely expected to be a middling holiday shopping season. | Full Article
Bond market hammers Italy, Spain ponders outside help
November 25, 2011 04:37 PM ET
ROME/MADRID (Reuters) - Italy's borrowing costs soared to their highest levels since Rome joined the euro on Friday, piling pressure on the newly installed government of Mario Monti at the end of a week in which the euro zone crisis tainted even safe haven Germany. | Full Article
S&P downgrades Belgium to AA on funding pressures
November 25, 2011 02:55 PM ET
NEW YORK (Reuters) - Standard & Poor's downgraded Belgium's credit rating to AA from AA-plus on Friday, saying funding and market risk pressures are raising the chances the country's financial sector will need more support. | Full Article
Exclusive: Euro zone may drop bondholder losses from ESM bailout
November 25, 2011 04:08 PM ET
BRUSSELS (Reuters) - Euro zone states may ditch plans to impose losses on private bondholders should countries need to restructure their debt under a new bailout fund due to launch in mid-2013, four EU officials told Reuters on Friday. | Full Article

NYT Afternoon Business News: Black Friday Warriors: They Just Keep on Shopping

Latest Business News

5:06 PM ET
Black Friday Warriors: They Just Keep on Shopping
5:06 PM ET
High-Frequency Firm Fined for Trading Malfunctions
4:54 PM ET
Bank of New York Flinches on Charging Deposit Fee

CBS News | Political Hotsheet Top Stories: Thanksgiving dinner political arguments guide

The CBS News Political Hotsheet newsletter


John Dickerson provides bipartisan tips for impassioned discussions over turkey, trimmings and wine
Read full story
Thanksgiving dinner political arguments guide

Romney gets Thune endorsement Ex-Mass governor tells an Iowa audience he hopes to build on personal relationships in Washington

The Drive: Learning from the latest GOP debate Brian Montopoli looks at the lessons of this week's foreign policy debate as well as Newt Gingrich's big gamble on immigration

Gingrich, Romney battle over immigration The two leading GOP candidates have similarly moderate views on immigration but are attacking each other on the issue

Will the supercommittee stalemate sink Congress? As ratings for Congress continue to fall, incumbents may have to watch their back at the polls as voters lose patience with gridlock

Scenes from retail’s Black Friday - MarketWatch

Scenes from retail’s Black Friday

Shoppers respond to chains’ earlier-than-ever store hours

BIV Business Today: Analyst cautions against Black Friday discounts

Business in Vancouver Today

Analyst cautions against Black Friday discounts

Friday, 25 November 2011 09:37
shopping bagsCanadian retailers should not offer steep discounts today simply because it is Black Friday in the U.S., according to Mark Startup, who is CEO of the B.C. retail lobby group Shelfspace.

Surrey to host auditor general for local government

Friday, 25 November 2011 09:44
auditThe B.C. Liberal government introduced legislation Thursday to create a municipal auditor general (AGLG) office in Surrey.

NPA councillor to push business attraction

Friday, 25 November 2011 10:02
George AffleckNew Non-Partisan Association (NPA) councillor George Affleck plans to use his council seat to push for improving Vancouver’s business attractiveness, he recently told Business in Vancouver.

B.C. to grow moderately in 2011, 2012: Conference Board

Friday, 25 November 2011 09:57
turtle showing slow growthB.C.’s economy will grow 2.6% this year and 2.5% in 2012, according to a Conference Board of Canada forecast released this morning.

B.C., Vancouver housing affordability edges up: RBC

Friday, 25 November 2011 09:52
house prices iconWhile still far and away the priciest housing market in Canada, Vancouver became slightly more affordable in the third quarter, according to a report released this morning by RBC Economics.

B.C. wages rise faster than rest of Canada

Friday, 25 November 2011 09:40
pay raiseWages in B.C. rose 1.7% in September compared with the same month a year earlier, according to Statistics Canada data released November 24. In the rest of Canada, the jump was only 1.1%, according to the nation’s number cruncher.

The Economist | Selected New Articles: Schumpeter / Banyan / Babbage... and ... more

 Schumpeter: Wholesale reform
After procrastinating for two decades, India is opening up its retail market to foreign direct investment
read more »
Banyan: Sense of humour failure
A government's ham-fisted attempt to excise swearing from text messages
read more »
Babbage: Difference Engine
Is personal manufacturing set to follow in personal computing's footsteps?
read more »
Video: Sheryl Sandberg
The chief operating officer of Facebook on the future of privacy
watch »
Daily chart: Working women
Women have made huge progress in the workplace, but still get lower pay and fewer top jobs than men
read more »
Online debate: Carbon capture and storage
Will CCS save the climate?
read more »

Stocks and Markets in the News° Standards & Poor's - Belgium: S&P downgrades Belgium's credit rating

By Wallace Witkowski

SAN FRANCISCO (MarketWatch) -- Standard & Poor's said Friday it downgraded the long-term sovereign credit rating of Belgium to AA from AA+ because of renewed funding and market risk pressure. The outlook is negative. "We think the Belgian government's capacity to prevent an increase in general government debt, which we consider to be already at high levels, is being constrained by rapid private sector deleveraging both in Belgium and among many of Belgium's key trading partners," S&P said in a note. S&P also cited the sale of Dexia SA's BE:DEXB +7.85% FR:DEXB +7.85% Belgian bank unit to the government as offsetting economic growth

Reuters - Deals Today: DealTalk: Goldman, Morgan Stanley bow out of Unicredit cash call


AT&T said it would take a $4 billion charge in case its takeover of T-Mobile USA fails, a tacit recognition of the dwindling chances that the deal will get through U.S. regulators. If the deal collapses, Deutsche Telekom may be forced to sell assets closer to home and take a knife to its cost base, reports Victoria Howley and Georgina Prodhan.

Australia's government approved SABMiller's $11.2 billion deal to acquire Foster's Group under foreign acquisitions laws, but imposed conditions requiring the company to keep brewing operations in Australia.

Chow Tai Fook Jewellery Group could raise up to $2.83 billion, which would be the biggest Hong Kong initial public offering of the year, tapping volatile equity markets to fund the purchase of diamonds and gold and pay down debt.

Ahead of Zynga's IPO, the San Jose Mercury News looks at what makes the company attractive.

Get a new perspective on the Olympus saga  in this interactive graphic.

DealTalk: Goldman, Morgan Stanley bow out of Unicredit cash call
LONDON (Reuters) - A behind-the-scenes tussle for control over a 7.5 billion euro ($10 billion) share sale by Italy's Unicredit has shown how increasingly tense market conditions are driving a wedge between investment banks. | Full Article

AT&T braces for T-Mobile deal collapse
November 25, 2011 09:36 AM ET
LONDON/FRANKFURT (Reuters) - AT&T said it would take a $4 billion charge in case its takeover of T-Mobile USA fails, a tacit recognition of the dwindling chances that the deal will get through U.S. regulators who say it would destroy jobs and curb competition. | Full Article
Ontario Teachers' to hold on to Maple Leaf Sports
November 25, 2011 11:06 AM ET
TORONTO (Reuters) - The Ontario Teachers' Pension Plan has shelved plans to sell its 80 percent stake in Maple Leaf Sports and Entertainment Ltd, which owns Toronto's National Hockey League and National Basketball Association teams. | Full Article
Investor tries to block BB&T, BankAtlantic deal
November 25, 2011 10:19 AM ET
(Reuters) - A BankAtlantic Bancorp Inc investor has filed a lawsuit in Delaware state court to block the sale of the South Florida bank holding company's primary operations to a rival, according to court documents obtained by Reuters. | Full Article

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Reuters UK - Evening Edition: European shares extend gains on Wall St boost


"Awful" Italy debt sale heightens euro zone stress
MILAN (Reuters) - Italy paid a record 6.5 percent to borrow money over six months on Friday and its longer-term funding costs soared far above levels seen as sustainable for public finances, raising the pressure on Rome's new emergency government. | Full Article

Airlines told to cut passengers on strike day
25 NOV 2011 15:08 GMT
LONDON (Reuters) - Airlines have been asked to halve the number of international passengers flying into London's largest airport next Wednesday because of fears of long delays and overcrowding when border staff join a mass strike over public sector pensions. | Full Article
Bank's Weale says country faces "appreciable" recession risk
25 NOV 2011 15:09 GMT
LONDON (Reuters) - The country faces an appreciable risk of recession, but another round of quantitative easing is not a done deal, Bank of England policymaker Martin Weale said on Friday. | Full Article
Inquiry shines light on rough tabloid trade
25 NOV 2011 14:54 GMT
LONDON (Reuters) - Stalking children, rummaging through bins, bullying and deceit -- the tricks of the tabloid newspaper trade are being laid bare at a public inquiry that is giving Britons a sobering insight into how their appetite for gossip and scandal is satisfied. | Full Article
Analysis - Mass strike to test union power
25 NOV 2011 14:01 GMT
LONDON (Reuters) - Britain faces its biggest strike in 30 years next week, a one-day walkout over public-sector pensions, with the prime minister urging parents to take their children to work as schools close and diplomats being flown home to staff border controls. | Full Article
Bank's Weale - "Strong case" for more QE
25 NOV 2011 13:22 GMT
LONDON (Reuters) - Bank of England policymaker Martin Weale said on Friday that there was a strong case for more quantitative easing once the current round of purchases was complete, but it partly hinged on inflation starting to fall. | Full Article
European shares extend gains on Wall St boost
25 NOV 2011 15:24 GMT
LONDON (Reuters) - European shares' afternoon recovery picked up pace after Wall Street opened for a shortened trading day. | Full Article
I wasn't proposing to attack BP - ex TNK-BP deputy CEO
25 NOV 2011 14:26 GMT
MOSCOW (Reuters) - The former deputy CEO of TNK-BP, caught between co-owner BP Plc and its local partners as they thrash out differences over BP's attempt to tie up with rival Rosneft , said he never advocated suing the British major for damages. | Full Article
As pressure builds on media, sports shine on
25 NOV 2011 13:36 GMT
LONDON/NEW YORK (Reuters) - Amid a global economic environment plagued by debt, joblessness and recession fears, an unlikely haven has emerged for investors in the form of media companies that own sports rights. | Full Article
Crowds hit U.S. stores for "Black Friday" deals
25 NOV 2011 14:55 GMT
(Reuters) - Retailers may not reap hefty gains from the longer lines of shoppers snaked around malls across the U.S. at the traditional post-Thanksgiving start of the holiday shopping season; broader bargain hunting driven by budgetary fears may depress overall holiday spending. | Full Article

Morning Market Briefing

Commentary No.v. 25, 2011
Stocks are likely to extend their recent downward move in early trading on Friday, as traders express continued concerns about the European debt crisis. The major index futures are currently pointing to a notably lower open, with the Dow futures down by 69 points. (Nov 25, 2011) Full Article
Economic News
Consumer prices in Japan declined for the first time in four months in October, as concerns over a deepening debt crisis in Europe and the impact of strong yen on the economy dampened domestic demand. (Nov 25, 2011) Full Article
Singapore's industrial production growth accelerated in October at a faster than expected pace, given the robust performance in biomedical manufacturing, data from the Economic Development Board showed Friday. (Nov 25, 2011) Full Article
Corporate News
Thursday, AT&T Inc. (T) and Deutsche Telekom AG (DTEGY.PK) are continuing to pursue the sale of Deutsche Telekom's U.S. wireless assets to AT&T. AT&T also added that if the deal does not receive regulatory approval, it expects to record $4.0 billion charge in the fourth quarter towards breakup fee. The companies withdrew their merger applications after Federal Communications Commission ordered for further hearing. However, AT&T and Deutsche Telecom would continue to pursue antitrust clearance either through the litigation pending or alternate means. (Nov 25, 2011) Full Article

Reuters - Before the Bell: "Awful" Italy debt sale heightens euro zone stress


Stock futures signal lower open for equities
(Reuters) - Stock index futures pointed to a weaker open for equities on Wall Street on Friday, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 down 0.3 to 0.7 percent. | Full Article

Crowds hit stores for "Black Friday" deals
November 25, 2011 06:25 AM ET
(Reuters) - Bargain hunters flocked to stores late Thursday and overnight Friday, searching for deals on big screen televisions, video games and toys while fretting about their own shaky economic well-being. | Full Article
"Awful" Italy debt sale heightens euro zone stress
November 25, 2011 07:50 AM ET
MILAN (Reuters) - Italy paid a record 6.5 percent to borrow money over six months on Friday and its longer-term funding costs soared far above levels seen as sustainable for public finances, raising the pressure on Rome's new emergency government. | Full Article
Gap says to triple China network in 2012
November 25, 2011 07:26 AM ET
HONG KONG (Reuters) - Apparel brand Gap Inc said on Friday that it aims to triple its store network in China next year, one of the latest foreign brands to target the country's consumer spending growth. | Full Article
Ex-Olympus CEO Woodford: Willing but not begging to return
November 25, 2011 07:28 AM ET
TOKYO (Reuters) - The British ex-CEO of Japan's Olympus Corp emerged from a frosty meeting of directors on Friday convinced its board would eventually quit over an accounting scandal engulfing the firm, but he said he wasn't "begging" to return and clean up the mess. | Full Article

Stocks and Markets in the News | U.S. Futures: U.S. stock futures drop on euro-zone worries

By Polya Lesova, MarketWatch 

LONDON (MarketWatch) U.S. stock futures dropped on Friday on concerns about the euro-zone debt crisis, as millions of Americans hit shopping malls across the nation to take advantage of deals offered by retailers on the traditional starting day of the holiday-shopping season. 

Futures on the Dow Jones Industrial Average DJ1Z -0.66%  fell 71 points to 11,163 and those on the Standard & Poor’s 500 stock index SP1Z -0.73%  declined 9.10 points to 1,150.8.

Nasdaq 100 futures ND1Z -0.73%  fell 17 points to 2,144. 

In Europe, the Italian government sold 8 billion euros ($10.7 billion) of six-month Treasury bills, producing an average yield of 6.50%, up from 3.54% in an Oct. 26 sale. The news reinforced concerns that the spread of the debt crisis may make it very difficult for Italy to meet its funding needs. 

European stock markets dropped, with the Stoxx Europe 600 index XX:SXXP -0.35%  down 0.4% in midday trading. Asian equity markets finished mostly lower, pressured by worries about Europe. 

Europe's week ahead: Bond auctions in focus The spotlight will remain on the euro-zone sovereign debt markets next week, with several countries scheduled to hold bond auctions. 

The euro EURUSD -0.96%   dropped 0.6% against the dollar to $1.3241. The dollar index DXY +0.62% , which tracks the performance of the greenback against a basket of other major currencies, rose 0.5% to 79.553. 

In the U.S., retail stocks such as Wal-Mart Stores Inc. WMT -0.37% , Macy’s Inc. M +0.61%  and J.C. Penney Co. JCP +0.66%  will be in the spotlight on so-called Black Friday, the traditional start of the holiday-shopping season.

The U.S. trading session will be shorter than usual on Friday, with trading on the New York Stock Exchange set to close at 1 p.m. Eastern time.

“The U.S. market is technically open for half a day but trading volumes will likely remain low as the festivities continue,” Deutsche Bank analysts wrote in a note. “Today, Black Friday, has traditionally been an important day for U.S. retailers given it officially kicks off the holiday shopping season so expect to see more retail-related headlines today and over the weekend.”
U.S. markets were closed on Thursday for the Thanksgiving Day holiday. The blue-chip Dow index DJIA -2.05%  sank nearly 240 points, or 2.1%, on Wednesday, ending lower for a third consecutive day.

No major U.S. economic data are set for release on Friday. 

On the corporate front, shares of AT&T Inc. T -0.40%  may be active after the company said on Thursday it will book a $4 billion pretax accounting charge in the fourth quarter to cover the potential break-up fees due Deutsche Telekom AG DE:DTE -0.19%  if the sale of T-Mobile USA to the U.S. telecom firm does not receive regulatory approval.
In the commodity markets, December gold futures GC1Z -1.09%  dropped $17.90 to $1,679.30 an ounce in electronic trading on Globex. Crude oil for January delivery CL2F -0.86%  dropped 68 cents to $95.49 a barrel. 

Polya Lesova is chief of MarketWatch’s London bureau.

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