Translate

Search This Blog

Search Tool




Jul 31, 2012

DealBook | DealB%K Afternoon Edition: Former Citigroup Manager Cleared in Mortgage Securities Case



Tuesday, July 31, 2012
TOP STORY
Former Citigroup Manager Cleared in Mortgage Securities Case The Securities and Exchange Commission lost its lawsuit against Brian Stoker, who was accused of negligence in preparing sales materials for a C.D.O.
  • DEALBOOK » | Documents Securities and Exchange Commission v. Brian H. Stoker
  •  
  •  
    DEALBOOK HIGHLIGHTS
    UBS Profit Falls on Facebook Loss The Swiss bank reported a 58 percent decline in its net profit, as the firm was hit by a $356 million loss connected to the botched Facebook initial public offering.
    Behind the Huge Facebook Loss at UBS Like several other market-making firms, UBS lost money on Facebook's botched initial public offering. The difference is that the Swiss bank is claiming to have suffered about 10 times the damage that its peers did.
    Google Snaps Up Wildfire Google has agreed to acquire Wildfire, which helps brands manage their social campaigns across sites like Facebook, Twitter and Pinterest.
    One Rule Regulators Are Rounding On Is a new requirement that banks need to have a stockpile of cash and high-quality, easy-to-sell assets to meet withdrawals in the event of a market panic making it harder for banks to fund themselves?
    Rona of Canada Rejects $1.8 Billion Offer From Lowe's After Rona rejected a $1.8 billion takeover offer, its American rival Lowe's said it would continued to pursue a deal, but it could meet with further resistance in Quebec.
    24 Hour Fitness Is Said to Be on the Block Forstmann Little, the private equity firm that owns 24 Hour Fitness, has hired Goldman Sachs to run an auction that is expected to fetch about $2 billion, say people briefed on the matter.
    Aer Lingus Rejects Ryanair's Takeover Offer The Irish airline told shareholders to reject the $852 million takeover approach from the low-cost carrier Ryanair.
    As Profit Plunges, Deutsche Bank to Slash Jobs Deutsche Bank, Germany's largest lender, said Tuesday it would slash jobs in its investment banking division after plunge plunged in the second quarter amid the European sovereign debt crisis.
    LOOKING AHEAD
    Economic Reports The data released on Wednesday will include A.D.P. employment for July, the I.S.M. manufacturing index for July and construction spending for June.
    Corporate Earnings Companies reporting results on Wednesday will include Avon Products, Comcast, Harley-Davidson, MasterCard, Time Warner, MetLife and Yelp.
    In the United States The Federal Open Market Committee's announcement on monetary policy meeting is due on Wednesday. Automakers will release their North American sales for July. The Senate Agriculture Committee will conduct a hearing on the futures market in light of the failures of MF Global and Peregrine Financial. The Senate Commerce Committee will conduct a hearing to examine the rule that allows many online retailers to be exempt from state sales tax laws.
    DealBook Video
    Business Day Live: Social Media Act as a Guide for Marketers Companies turn to social media sites as market research departments. | A rare dynasty in the world of hedge funds.


Marketwatch | Personal Finance Daily: The Real Crash is dead ahead as 2008 is forgotten




By MarketWatch
Continued from page 1
Page 1 Page 2

Expectations lead consumer confidence higher

After declining for four months, U.S. consumer confidence increased in July on improved expectations, but remained at relatively low levels, the Conference Board reported Tuesday.
Expectations lead consumer confidence higher.

Congress strikes stopgap spending deal

House and Senate leaders strike a deal to fund the government for six months, a move that averts the threat of a shutdown in September.
Congress strikes stopgap spending deal

Consumer spending falls again in June

U.S. consumers reduced spending for the second straight month despite a sharp increase in wages, boosting their savings rate to the highest level in a year. The decline in spending suggests the economy will continue to grow slowly.
Consumer spending falls again in June.

SEC calls for more muni-bond disclosure

The Securities and Exchange Commission urges Congress to give the agency the power to improve disclosure standards and require audited financial statements for the $3.7 trillion municipal securities market as part of an effort to help retail investors in the market.
SEC calls for more muni-bond disclosure.

Germany returns to Realpolitik in euro crisis

Right or wrong, Europe seems trapped at this point into doing things the way Germany wants, writes Darrell Delamaide.
Germany returns to Realpolitik in euro crisis.

Living in a Catch-22 economy

The standoff between consumer spending and unemployment is just one of many paradoxes preventing a robust recovery, writes Irwin Kellner.
Living in a Catch-22 economy

INVESTING

The Real Crash is dead ahead as 2008 is forgotten

Yes, another crash is coming soon because we’re back playing the same speculative games as we did for years before the 2008 crash. Nothing’s changed. And when we collapse, it will be because America’s leaders never do learn the lessons of history.
The Real Crash is dead ahead as 2008 is forgotten.

Facebook? UBS needs to change its status

UBS, like its American counterparts, remains dangerously exposed to risks in the securities markets.
Facebook? UBS needs to change its status.

Watch the Olympics to be better investors

What does the Olympics have to do with Wall Street? Plenty, writes Mark Hulbert, who says that in a roundabout way the Olympics can actually teach us to be better investors.
Watch the Olympics to be better investors.

LinkedIn: Boring can be beautiful

A bright light in the social-media selloff, LinkedIn’s shares have stayed above the company’s IPO price as the more boring social network relies less on ads. But will its high multiple lead to an eventual fall?
LinkedIn: Boring can be beautiful. 
 
Page 1 Page 2

CBS NEWS | Political Hotsheet Top Stories: Romney Israel "gaffe": He's not the first

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
Mitt Romney's call for Jerusalem to be the capitol of Israel is familiar campaign trail rhetoric -- just ask Obama
Read full story
Romney Israel

Facebook photo of Romney causes violent domestic dispute Tennessee man charged with domestic assault after becoming jealous of Romney photo on girlfriend's Facebook page

Congress reaches deal to avert government shutdown Reid announces plan to extend government funding for an extra six months, hopes "spirit of compromise" will survive

Poll: 2 in 3 Democrats back same-sex marriage After national Democrats confirm plan to include same-sex marriage in official platform, new poll shows most in the party favor that position

Aide: Deal to fund government nearly done Congress is close to approving six more months of spending, potentially avoiding a government shutdown in September

GATA | THE GATA DISPATCH: Has the BIS gold pool succeeded the London Gold Pool?

Has the BIS gold pool succeeded the London Gold Pool?

1:22a ET Tuesday, July 31, 2012
Dear Friend of GATA and Gold:
An inquiry tonight about the Bank for International Settlements led your secretary/treasurer back into GATA's documentation archive --
http://www.gata.org/taxonomy/term/21
-- where the bank has figured prominently over the last year.
First there was GATA's disclosure of the presentation made to central banks that were recruited for membership in the BIS during a meeting at the bank's headquarters in Basel, Switzerland, in June 2008, a presentation advertising BIS services including secret interventions in the gold market:
http://www.gata.org/node/11012
Then there was Zero Hedge's disclosure of a BIS gold trader's attempt to remove from his official biography a reference to his responsibility for those secret interventions:
http://www.gata.org/node/11257
And then there was the discovery by our Dutch friend, the economist Jaco Schipper of MarketUpdate.nl, of the memoirs of the late president of the Netherlands central bank and president of the BIS itself, Jelle Zijlstra, who wrote that, because of the insistence of the United States, "Gold is artificially kept at a far too low price":
http://www.gata.org/node/11304
But there was also something else from a bit farther back -- an extraordinary profile of the BIS by the investigative journalist Edward Jay Epstein, published in Harper's magazine in November 1983 after Epstein was given what appears to have been unprecedented access to the bank. Epstein described the BIS as running practically the whole world financially in virtual contempt of elected governments and in near-complete secrecy. But Epstein's references to the bank's involvement in the gold market are of greatest interest to GATA's work.

 Epstein reported that BIS headquarters in Basel has a floor of gold traders "constantly on the telephone arranging loans of the bank's gold to international arbitrageurs, thus allowing central banks to make interest on gold deposits."
Was the only purpose of that trading really just to earn a little interest on those gold deposits, as that sentence suggests?
The rest of Epstein's essay about the BIS suggests otherwise.

"The membership of this club," Epstein writes, "is restricted to a handful of powerful men who determine daily the interest rate, the availability of credit, and the money supply of the banks in their own countries. ... It was in the wood-paneled rooms above the shop and the hotel that decisions were reached to devalue or defend currencies, to fix the price of gold, to regulate offshore banking, and to raise or lower short-term interest rates."

Epstein goes on to quote the president of the BIS, Karl Otto Pohl, then also president of the German Bundesbank, complaining "about the repetitiousness of the meetings during the 'Basel weekend.'" Pohl says: "First there is the meeting on the Gold Pool. Then, after lunch, the same faces show up at the G-10, and the next day there is the board, which excludes the U.S., Japan, and Canada, and the European Community meeting, which excludes Sweden and Switzerland."

Of course the "gold pool" with which many gold market followers are familiar is the London Gold Pool, the mechanism by which the United States, United Kingdom, and six of their Western European allies co-ordinated, through the Bank of England, the dishoarding of their gold reserves to hold the dollar gold price at $35 per ounce from 1961 through March 1968, when the gold pool collapsed:
http://en.wikipedia.org/wiki/London_Gold_Pool
But Epstein is writing 15 years later, interviewing BIS President Pohl in 1983, so Pohl is talking about another gold pool, one operated by the BIS itself -- only, unlike the London Gold Pool, entirely in secret.
GATA's gold market rigging litigator, Reginald H. Howe, targeted the BIS in his groundbreaking lawsuit in U.S. District Court in Boston in 2000:
http://www.goldensextant.com/
And a month ago GATA consultant Robert Lambourne, a student of the BIS, reported that 41 percent of the bank's comprehensive income for fiscal 2011-12 came from gold:
http://www.gata.org/node/11502
Of course respectable people in the gold world may say that the BIS' involvement in the gold market is completely innocent. (To respectable people, everything is completely innocent, even today as corruption abounds.) But Epstein concludes that the great value of the BIS to its member central banks is that of a "convenient cloak" and a "disguise."
If there was any serious journalism about gold -- or, for that matter, any serious financial journalism at all today -- the BIS would be a ripe subject, plainly the center of vast and unaccountable power. But the bank's acknowledged secret dealings in the gold market may be enough to establish the general probability of market manipulation.
Epstein's report on the BIS is appended for safety's sake, lest it disappear from his own Internet site, from which it is copied.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Stocks and Markets in the News | Wall Street at Close: U.S. stock indexes finish second month of gains

 NEW YORK (MarketWatch) -- U.S. stock indexes fell Tuesday, trimming a second month of gains, as investors worried central banks would not come through with enough stimulus to stem worries about the global economy. "There's a lot more coming down the pipe here: the Federal Reserve policy meeting, then the European Central Bank, and job numbers at the end of the week," said Scott Brown, chief economist at Raymond James & Associates. Tallying its ninth monthly rise out of 10, the Dow Jones Industrial Average lost 64.33 points, or 0.5%, to 13,008.68, up 1% from the end of June. The S&P 500 index retreated 5.98 points, or 0.4%, to 1,379.32, up 1.3% for July. The Nasdaq Composite dropped 6.32 points, or 0.2%, to 2,939.52, up 0.2% for the month.

 U.S. stock indexes finish second month of gains

Money Show Investors Daily Alert: Choosing Investments for a Lifetime, Not the Next 20 Minutes

 Investors Daily Alert
 
The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks

Today's Gurus' Views & Strategies

Today's Charts in Play

MoneyShow.com Exclusive Interviews
Growth or Value Stocks?, Mark Hulbert

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews

Busines in Vancouver | BIV Today's Business News





Real Estate and Development

Lululemon founder willing to “chip” in for Kits-to-Jericho seawall

Lululemon Athletica Inc. founder and billionaire Chip Wilson has told Business in Vancouver that he wants the City of Vancouver to build a bike and running path that connects Kitsilano Beach and Jericho Beach and that he will contribute “a few chips” to help make it happen.

Mining and Energy

 

Concern over Western Wind sale triggers new board nominees

Concerned shareholders are pushing five new nominees for the board of Vancouver-based Western Wind Energy Corp. (TSX: WND), after the company announced plans to sell.

Ports and Shipping

Port association “cautiously optimistic” over U.S. study findings

The Association of Canadian Port Authorities (ACPA) is voicing “cautious optimism” about a just-released U.S. study that ruled that Canadian ports don’t have an unfair competitive advantage over U.S. ports.

Film and Entertainment

 

Disney strengthens Kelowna's Club Penguin division with massive virtual parties

The Walt Disney Company (NYSE:DIS) has been strengthening its 300-employee Disney Online Studios Canada division in Kelowna, which operates children's virtual reality game Club Penguin.

Forestry

Catalyst to shutter Snowflake
recycle mill

Richmond-based Catalyst Paper today announced the permanent closure of its Snowflake recycle mill in northeastern Arizona and its subsidiary, the Apache Railway Co.

Education and Research

 

SFU poised to join top U.S. collegiate sports association

Simon Fraser University (SFU) will learn tomorrow if it will get to be the first non-U.S. school accredited in the respected National Collegiate Athletic Association (NCAA).

Money Show Traders Daily Alert: Why Paper Trades Don't Reflect Reality

Traders Daily Alert


Tips for Traders

Options Idea

Charts in Play

Currency Corner

Trading Idea of the Day

Today's Featured Videos & Exclusive Interviews

Stocks and Markets in the News | Europen markets at Close: Europe stocks drop ahead of central-bank meetings

Most European stock markets struggle to extend the recent rally amid downbeat earnings reports, while investors cautiously await global central-bank meetings later in the week. 

  Europe stocks drop ahead of central-bank meetings

ADVFN III World Daily Markets Bulletin


ADVFN III World Daily Markets Bulletin
Daily world financial news

Tuesday, 31 July 2012

US Market Reports
Stocks Turning In Lackluster Performance In Early Trading
7/31/2012 10:05 AM ET
Stocks are turning in another lackluster performance in early trading on Tuesday, as traders seem reluctant to make any significant moves. The major averages have turned mixed after ending the previous session modestly lower.
The major averages currently remain on opposite sides of the unchanged line, with the Nasdaq posting a modest gain. While the Nasdaq is up 1.91 points or 0.1 percent at 2,947.75, the Dow is down 25.20 points or 0.2 percent at 13,047.81 and the S&P 500 is down 1.86 points or 0.1 percent at 1,383.44.
The choppy trading on Wall Street comes as many traders are staying on the sidelines as the Federal Reserve begins a two-day monetary policy meeting.
The Fed is due to announce its latest monetary policy decision on Wednesday, while the European Central Bank is due to hold its monetary policy meeting on Thursday.
Peter Boockvar, managing director at Miller Tabak, said, "For the next two days we'll sit and wait for what the Fed will tell us they'll do next as patience and sitting still are not virtues of theirs."
"But, Mario Draghi and the ECB last week stole the thunder and took the microphone away from the Fed, making Thursday's ECB meeting much more relevant to markets," he added. Traders have largely shrugged off a batch of U.S. economic data, including a recent report showing that Chicago-area business activity unexpectedly expanded at a faster rate in July.
While most of the major sectors are showing only modest moves, electronic storage stocks have come under pressure. The NYSE Arca Disk Drive Index is down by 2.3 percent, with Seagate Technology leading the way lower after reporting disappointing quarterly results.
Brokerage and housing stocks are also seeing early weakness, while strength has emerged among semiconductor and steel stocks.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index advanced by 0.7 percent, while Hong Kong's Hang Seng Index surged up by 1.1 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is up by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are down by 0.3 percent and 0.4 percent, respectively.
In the bond market, treasuries have moved moderately higher, continuing to recovery from the sell-off seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 basis points at 1.478 percent.

Canadian Market Report
To view the charts please add newsdesk@advfn.com to your contact list
CADUSDOilGoldAllbanc
Enable images to view CADUSD chart Enable images to view Oil chart Enable images to view Gold chart Enable images to view Allbanc chart
Please click on the images to view our interactive charts
TSX Poised For Higher Open Amid Soft GDP Data - Canadian Commentary
7/31/2012 9:01 AM ET
Canadian stocks are poised for a higher open Tuesday on firm commodities and on a mixed batch of corporate earnings reports. However, a soft economic growth data out of Canada may weigh on sentiment even as traders were cautiously optimistic on further stimulus after French and German leaders, and the ECB chief pledging to protect the euro zone.
U.S. stock futures were pointing to a marginally higher open.
On Monday, the S&P/TSX Composite Index snapped its three-session winning streak to edged down 8.48 points or 0.07 percent to 11,757.88.
The price of Crude oil was ticking higher Tuesday morning as traders await cues from a 2-day FOMC meeting, starts today Crude for September edged up $0.30 to $90.08 a barrel.
The price of gold continued to hover above the $1,600-mark Tuesday morning as the U.S. dollar was mixed ahead of the FOMC meeting. gold for December delivery added $4.90 to $1,628.90 an ounce.
In corporate news from Canada, electricity transmission systems operator Brookfield Infrastructure (BIP_UN.TO) announced that ti along with its institutional partners would acquire the remaining 45 percent of the Autopista Vespucio Norte or AVN toll road that they do not currently own for approximately $590 million.
Distribution utility company Fortis Inc. posted improved second quarter net earnings at C$62 million or C$0.33 per share compared to C$57 million or C$0.32 per share for the second quarter of 2011. Analysts were expecting the company to report earnings of C$0.33 per share.
Power company TransAlta Corp. (TA.TO) slipped into the red in second quarter, reporting net loss of C$797 million or C$3.51 per share versus profit of C$12 million or C$0.05 per share a year ago. Comparable loss was C$0.10 per share versus comparable earnings C$0.29 per share. Analysts were expecting the company to report loss of C$0.07 per share.
Oil fields services provider Trican Well Service (TCW.TO) slipped into the red in second-quarter, reporting a loss of C$50.9 million or C$0.35 per share compared to a profit of C$30.1 million or C$0.21 per share in the prior-year quarter. Adjusted loss was C$48.6 million or C$0.33 per share compared to a profit of C$33.3 million or C$0.23 per share last year. Analysts were expecting the company to report a loss of C$0.37 per share for the quarter.
BP plc (BP_UN.TO) posted second-quarter 2012 loss of $1.385 billion or 7.29 cents per share versus a $5.72 billion profit or 30.27 cents per share last year.
Hardware dealer RONA inc. (RON.TO) announced that its Board of Directors has unanimously determined that an unsolicited, non-binding $14.50 per share acquisition proposal recently received from U.S.-based Lowe's Companies, Inc. , is not in the best interests of RONA and its stakeholders.

7/31/2012 9:01 AM ET
News service provider Thomson Reuters Corp. reported a much improved second-quarter net earnings of $922 million or $1.11 per share compared to last year's $563 million or $0.67 per share. Adjusted earnings from continuing operations were $449 million or $0.54 per share, compared with $429 million or $0.51 per share .
In economic news, Statistics Canada said real gross domestic product edged up 0.1 percent in May, just missing consensus estimates for a 0.2 percent growth and lower than 0.3 percent growth recorded in April. The output of service industries rose 0.1 percent in May on the strength of retail trade and the finance and insurance sector.
From the U.S., the Commerce Department said that personal income in the U.S. had risen by $61.8 billion in June, an increase of 0.5 percent. The increase was higher than the 0.4 percent predicted by most economists and comes atop revised figures that showed the May increase in personal income of 0.3 percent was higher than the 0.2 percent initially reported. However consumer spending, known formally as personal consumption expenditures fell marginally in June, dropping $1.3 billion.
Elsewhere, today's data from the Eurostat revealed that euro zone inflation remained stable in July as expected by economists. The annual rate came in at 2.4 percent, above the central bank's target of "below but close to 2 percent." The final data is due on August 16.
A separate report from the agency said the euro zone unemployment rate remained unchanged at a record high in June. The jobless rate for June was 11.2 percent, the same as seen in May. The rate matched economists' expectations.
Unemployment in Germany increased in July as widely expected, data from the Federal Labor Agency showed. The number of unemployed rose by 7,000 in July from a month earlier. This was in line with economists' forecast and followed a similar increase in the previous month.
Meanwhile, Germany's retail sales dropped unexpectedly in June from the prior month, data from the Federal Statistical Office revealed. Retail turnover was down 0.1 percent from May, in contrast to a 0.5 percent rise expected by economists. Nonetheless, the rate of decline was slower than the 0.3 percent drop seen in May.


European Market Report
To view the charts please add newsdesk@advfn.com to your contact list
FTSE 100EuronextDax perfCAC 40
Enable images to view FTSE 100 chart Enable images to view Euronext chart Enable images to view Dax perf chart Enable images to view CAC 40 chart
Please click on the images to view our interactive charts
European Markets Fell Again Tuesday Due To Lingering Economic Concerns
7/24/2012 11:56 AM ET
European markets struggled to find direction on Tuesday, but ultimately finished the session with modest losses. The increase in the Chinese manufacturing result was welcomed by investors, however the decision by Moody's to lower its outlook on Germany raised concerns. Concerns over the situation in Spain persisted, as well as the possibility of a Greek exit from the Eurozone. Shares of banks, insurers and telecoms were weak Tuesday, but technology stocks performed well.
An indicator of Chinese manufacturing activity rose to its highest level in five months in July despite suggesting contraction, with the modest improvement hinged on a rebound in output, which rose to a nine-month high.
Flash estimates released by Markit Economics revealed that the purchasing managers' index came in at 49.5 in July, up from 48.2 in June, suggesting the slowest contraction in manufacturing activity in five months.
Moody's Investors Service has warned Germany, the Netherlands and Luxembourg that they may lose their coveted triple-A credit ratings due to intensified uncertainty regarding the outcome of the debt crisis.
The agency cut the outlook on the sovereigns' Aaa rating to 'negative' from 'stable' and said the revision is driven by its view that the level of uncertainty about the outlook for the euro area and the potential impact of plausible scenarios on member states are no longer consistent with 'stable' outlooks.
Moody's said the risk of a Greek exit from the euro area has increased relative to its expectations earlier this year. A Greek exit from the monetary union would pose a material threat to the euro, it warned.
Moody's said these sovereigns are impacted by the "rising uncertainty regarding the outcome of the euro area debt crisis and the increased susceptibility to event risk stemming from the likelihood of Greek exit, including the broader impact that such an event would have on euro area members, particularly Spain and Italy."
Spain paid a hefty premium to sell its short-term debt on Tuesday as investors remained worried that the country is on the brink of seeking a full-blown bailout. Italy also saw its benchmark yield climb.
The Spanish Treasury raised EUR 3.05 billion from the sale of its 3- and 6-month treasury bills, which was slightly more than the EUR 2 billion - EUR 3 billion target. The agency sold EUR 1.63 billion of the 3-month bill to yield 2.434 percent, which is higher than the 2.362 percent paid in the previous auction on June 26.
The euro Stoxx 50 index of eurozone bluechip stocks declined by 0.95 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, dipped by 0.38 percent.

7/24/2012 11:56 AM ET
The DAX of Germany fell by 0.45 percent and the CAC 40 of France decreased by 0.87 percent. The FTSE 100 of the U.K. dropped by 0.41 percent and the SMI of Switzerland lost 0.06 percent.
In Frankfurt, SAP AG increased by 3.86 percent. The company reported a higher profit in its second quarter, boosted by strong software revenue growth in all regions.
Kontron AG sank by 14.87 percent, after it posted second-quarter net income of 2.3 million euros, a decline from 7.7 million euros reported a year ago.
In Paris, Publicis Groupe rose by 0.56 percent, after Barclays upgraded its rating on the stock to "Overweight."
In London, BP plc fell by 0.35 percent. The company confirmed it would begin negotiations with Rosneft for the potential purchase of BP's shareholding in TNK-BP.
Man Group increased by 3.98 percent, after the company announced that it would make $100 million in annual savings over the next 18 months.
Aberdeen Asset Management gained 1.14 percent. Societe Generale upgraded its rating on the stock to "Buy" from "Hold."
Croda International added 7.22 percent, after its strong than expected second quarter report.
Consumer confidence in Eurozone deteriorated in July amid further escalation of the debt crisis, the latest figures from the European Commission showed Monday. The flash estimate of the consumer confidence indicator decreased sharply to -21.6 in July from -19.8 in June in euro area.
The Eurozone private sector economy contracted for the tenth time in the last eleven months, with the rate of decline unchanged on June, Markit Economics said Tuesday. The flash composite Purchasing Managers' Index remained unchanged at 46.4 and matched the consensus forecast. A reading below 50 suggests contraction in the sector.
While the manufacturing PMI fell to 44.1 from 45.1 in June, the services PMI rose to 47.6 from 47.1. Economists were forecasting the manufacturing index to rise to 45.2 and the services PMI to remain stable at 47.1.
French business confidence declined in July, the latest data from the statistical office Insee showed Tuesday. The headline synthetic index for the manufacturing sector fell to 90 in July from a revised reading of 91 in June. Economists expected the reading to remain at June's original score of 92.
Germany's private sector continued to shrink in July, marking the weakest performance since June 2009, Markit Economics said Tuesday. The flash composite output index fell for the sixth month running in July, to 47.3 from 48.1 in June. The index has posted reading below 50 in each month since May.
7/24/2012 11:56 AM ET
The flash manufacturing Purchasing Managers' Index dropped unexpectedly to 43.3 from 45 a month ago. The reading was below the consensus 45.1. Likewise, the services PMI fell to 49.7 from 49.9 in June. The reading was forecast to rise to 50.
Germany's leading economic indicator decreased for the second consecutive month in May, hurt mainly by negative contributions from stock prices and new residential construction orders, data released by the Conference Board showed Tuesday. The leading economic index dropped 0.1 percent to 104.3 in May, after decreasing 0.5 percent in the previous month.

Asia Market Reports
Asian Markets Mostly Trade In Positive Territory
7/31/2012 12:05 AM ET
Asian stock markets are mostly trading in positive territory on Tuesday with investors picking up stocks, betting on hopes that the U.S. Federal Reserve and central banks in Europe will come out with further stimulus to boost their sagging economies. Some regional economic data too is contributing to the rise in stock prices.
After a somewhat shaky start, the Australian market rallied smartly as investors shrugged off economic concerns and picked up stocks, betting on fresh stimulus from global central banks.
Energy, mining, financial, consumer staples and information technology stocks are moving higher, while healthcare and consumer discretionary stocks are trading mixed.
The benchmark S&P/ASX 200 index is up 32.8 points or 0.8 percent at 4,278.5. The broader All Ordinaries index is trading at 4,297.5, up 30.6 points or 0.7 percent from its previous close.
Duet Group shares are up nearly 5 percent. Lynas Corporation is trading 4.8 percent up. Bluescope Steel, Paladin Energy, Origin Energy and Qantas Airways are up 3 to 4 percent.
Incitec Pivot, Atlas Iron, Beach Energy, JB Hi-Fi, Westfield Group, Woodside Petroleum, Dexus Property Group, Rio Tinto (, RIO.L) and Monadelphous Group are also trading sharply higher.
Campbell Brothers is plunging by over 12 percent. Fairfax Media and Boart Longyear are trading lower by over 4 percent.
Panaust is down with a loss of 2.8 percent. Arrium, Whitehaven Coal and ResMed Inc () are also trading notably lower. In addition, Regis Resources, Iluka Resources, Challenger, Macquarie Group and Bank of Queensland are trading lower.

Caltex Australia said it plans to raise A$300 million through capital markets to help fund changes to its operations. The oil refiner will issue subordinated notes, priced at A$100 each, to retail and institutional investors to raise the funds. The company's shares are currently trading flat.
Metcash Ltd. said it has paid A$46.5 million to take complete ownership of hardware chain Mitre 10. The stock is currently trading lower by about 0.3 percent.
In economic news, the number of dwelling units approved in Australia dropped in June, but the rate of decline was weaker than expected by economists, according to data from the Australian Bureau of Statistics.
As many as 13,336 dwelling units were approved in June, which was 2.5 percent less than a month earlier on a seasonally adjusted basis. Economists expected a decline of 15 percent after a strong 27 percent gain in the previous month.
The seasonally adjusted estimate for private sector houses fell 1.1 percent in June following a rise of 7.3 percent in the previous month. Year-on-year, total dwelling permits increased 10.2 percent. Approvals for private houses declined 7.7 percent annually.


Commodities
To view the charts please add newsdesk@advfn.com to your contact list
USDCADUSDEURUSDGBPUSDJPY
Enable images to view USDCAD chart Enable images to view USDEUR chart Enable images to view USDGBP chart Enable images to view USDJPY chart
Please click on the images to view our interactive charts
Dollar Recovering From Recent Losses Versus European Rivals
7/30/2012 1:20 PM ET
The dollar is bouncing back from some recent weakness against its major European rivals on Monday. The euro rallied late last week, after European Central Bank President Mario Draghi stated that the ECB is ready to do whatever it takes to preserve the euro. Investors are looking for some crucial action from the European Central Bank, which holds its rate-setting session later this week.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have vowed to defend the euro amid escalating tensions in Eurozone, close on the heels of a similar agreement between Merkel and French President Francois Hollande.
During a telephone conversation on Sunday, Merkel and Monti agreed that both the countries "will do everything possible to protect the euro area," reports said.
The dollar has rebounded from Friday's 3-week low of $1.2389 versus the Euro, to around $1.2250 Monday.
Eurozone economic sentiment deteriorated more-than-expected in July due to lower confidence in all sectors and marked the fourth consecutive month of downturn. The economic sentiment index fell to 87.9 from 89.9 a month ago, survey data from the European Commission showed Monday. The reading was also below expectations for a score of 88.9.
German wholesale trade turnover rebounded in June after declining for the past three months, the latest figures from the Federal Statistical Office showed Monday. Wholesale sales increased 4 percent year-on-year in June following a 2.8 percent fall in May. In March and April, sales fell 1.1 percent and 0.9 percent respectively.

Spanish economic output sank further in the second quarter, deepening the recession in the euro area's fourth largest economy, which is already hit by a banking sector crisis and the government's tough austerity measures.
The gross domestic product fell 0.4 percent in the second quarter of 2012 after a 0.3 percent decline in the first quarter of 2012 and in the fourth quarter of 2011. The outcome was in line with the Bank of Spain's estimates released early last week.
The greenback has also bounced back from Friday's low of $1.5767 versus the pound sterling, to around $1.5675.
UK's high street sales increased for the third consecutive month in July, but the rate of growth slowed from the previous month, data from a survey by the Confederation of British Industry showed Monday.
The balance of the survey came in at 11 percent in July, with 44 percent of surveyed retailers reporting an increase in sales volumes and 33 percent reporting a decline. Economists were looking for a balance of 20 percent. The latest figure was also far below the 32 percent balance retailers had expected.

London Metal Group: 21st Century alternative to precious metal investment


London Metal Group
How REMs investment over the past 4 years
compares to gold and silver

     Neodymium 164% up Yttrium 202% up Gold 70.95% up Silver 55.7% up

REMs featured as great investment in the GUARDIAN
  In this guide:
  •   Find out why REM's perform so well against precious metals
  •   Why 'green technology' would not be possible without REM's
  •   Why increasing demand for consumer goods is driving REM prices upwards
  •   How Chinas control over existing supply lines, make REM's such a fantastic investment
  This is how just one of the rare earth metals has performed against gold and silver in 3
  months.
Yttrium price boom
  "Goldman Sachs predict higher prices and 'severe' market deficits for the
  valuable minerals this year and the next."

  Business Wire, May 2011

  "Prices of rare earth metals will continue to soar"
  moneymorning.com, July 2011