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Jun 6, 2013

Gerald Celente Guest Hosts: The Alex Jones Show! (6/3/13)

Asian Markets News, at the Time on June 5, 2013 - 22.17 E.T.: by MarketWatch

Asia

Asian stocks drop on caution over U.S. jobs data Most Asian markets fall on caution ahead of the U.S. nonfarm payrolls data, while Japanese stocks drop for a third straight day as exporters come under pressure from the yen’s sharp gains overnight.  
 
Hong Kong stocks drop before U.S. jobs, China data HONG KONG (MarketWatch) -- Hong Kong stocks opened to modest losses Friday on caution ahead of the U.S. nonfarm payrolls data, with heavyweight HSBC Holdings PLC losing ground, while mild gains for mainland Chinese equities helped support several beaten-down shares. The Hang Seng Index fell 0.1% to 21,813.50 and the Hang Seng China Enterprises Index lost 0.3% to 10,327.84. Shares of HSBC fell 0.9% and Hong Kong Exchanges & Clearing Ltd. shed 0.3%. On the upside, China Coal Energy Co. gained 2%, insurer AIA Group Ltd. rose 0.8% and China Unicom Hong Kong Ltd. added 1.7%. After dropping for six straight sessions, the Shanghai Composite rose 0.1% ahead of a slew of economic data due to be released over the weekend, including the monthly trade and inflation figures. 9:45 p.m. Today
 
Australia stocks fall; Newcrest hit on writedown LOS ANGELES (MarketWatch) -- Australia stocks lost ground early Friday, with many mining shares lower after gains in the Australian dollar, even as the currency came off its highs of the day. The S&P/ASX 200 fell 0.3% to 4,767.80, with BHP Billiton Ltd. losing 1%, Alumina Ltd. off 2%, and Fortescue Metals Group Ltd. falling 2.3% after losses in iron-ore prices. The losses came as the Australian dollar bought 95.45 U.S. cents, off from 96.05 U.S. cents overnight but still above its previous day level of 95.36 U.S. cents. Shares of gold miner Newcrest Mining Ltd. tumbled 7.6% despite overnight gains for gold futures after the miner said it expects to write down up to 6 billion Australian dollar ($5.7 billion) due to previous weakness for the metal. Airlines suffered as well, with Qantas Airways Ltd. down 2.2% and Virgin Australia Holdings Ltd. losing 1.1%. The Australian Financial Review reported that Air New Zealand Ltd. was seeking permission to further raise its stake in Virgin Australia to 26 %, sparking takeover speculation. On the upside, Santos Ltd. rose 1% after a new gas discovery in Australia's Browse Basin, according to Dow Jones Newswires. 8:33 p.m. Today

Will Friday's Jobs Report Save Stocks?: CNBC Latest Stories June 06, 2013.






LATEST STORIES

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The Big Money by david Brooks: The New York Times: Alert FGC BOLSA - FGC FINANCIAL MARKETS; June 06, 2013.



FGC BOLSA- FGC FIN

Compiled: June 6, 2013 06:40:16 PM

The Big Money
By DAVID BROOKS

Stories of our hard times, with a nod to John Dos Passos.
For more on this topic, go to NYTimes.com »

Israel on Alert as Syrians Fight at Border: The New York Times Global Update; June 06, 2013.

June 6, 2013
Compiled 20:45 GMT

Global Update



TOP NEWS

Israel on Alert as Syrians Fight at Border

By ISABEL KERSHNER
Clashes over a border post in the sensitive Golan Heights area Thursday rattled Israel as the violence of Syria's war threatened to spill over into Israeli-held territory.

Verizon Case Offers Glimpse of Vast N.S.A. Surveillance

By CHARLIE SAVAGE and EDWARD WYATT
An Obama administration official said on Thursday that information gathered in the domestic surveillance program was "a critical tool" in preventing terrorist threats to the United States.

Turkish Leader Says Razing of Istanbul Park Will Proceed

By SEBNEM ARSU
At a new conference in Tunis, Prime Minister Recep Tayyip Erdogan refused to yield to the demands of protesters in dozens of Turkish cities.
World

Video: Food Fears Persist in Japan

Two years after the disaster at the Fukushima Daiichi nuclear plant, people are still worried about contaminated food, and farmers are struggling.
Opinion

Op-Docs

'Escape From North Korea'

By ANN SHIN
A smuggler named Dragon attempts to guide North Korean defectors across China into safe asylum.
WORLD

Turks Angry Over Dearth of Protest Coverage by Established Media

By ERIC PFANNER
As protesters took to the streets across the nation, Turkish television channels stuck to scheduled programming, and people turned to social media to find out what was going on.

Putins Finally Appear Together, to Announce Split

By ELLEN BARRY
President Vladimir V. Putin of Russia announced on Thursday that he plans to divorce his wife of 29 years, Lyudmila, who for years has barely appeared in public.

In Syrian Victory, Hezbollah Risks Broader Fight

By ANNE BARNARD
Hezbollah's role has further antagonized sectarian divisions in Syria and beyond, creating new risks for both the Syrian government and the militia even in their moment of victory.
BUSINESS

Huge Petroleum Coke Pile Making Way Back to Canada

By IAN AUSTEN
A Canadian electrical power plant, owned by Nova Scotia Power, is chipping away at the three-story-high, blocklong pile of petroleum coke on Detroit's waterfront.
Economic Memo

Down So Long It Looks Like Up to the Euro Zone

By JACK EWING
After nearly six years of crisis, the bar for good economic news has sunk so low that any sign of deceleration in the tailspin has become cause for celebration.

European Central Bank Debates Options, but Stands Pat

By JACK EWING
The central bank's council discussed measures to stimulate the economy, its president said, but left interest rates unchanged.
TECHNOLOGY

Countries Seek Entrepreneurs From Silicon Valley

By SOMINI SENGUPTA
As Congress debates immigration, countries like Canada and Australia are trying to lure foreign entrepreneurs. But there's only one place they want to be.

U.S. Is Secretly Collecting Records of Verizon Calls

By CHARLIE SAVAGE and EDWARD WYATT
A highly classified court order disclosed on Wednesday night directs a Verizon Communications subsidiary to turn over call logs to the National Security Agency.

Publishers Tell of Disputes With Apple on E-Book Prices

By JULIE BOSMAN
The Justice Department has claimed that the publishers used Apple as a conduit to communicate with each other; Apple lawyers have sought to portray the conversations as normal business proceedings.
SPORTS

In Developing Talent, a U.S. Coach Turns to His Roots

By ROB HUGHES
Tab Ramos is coaching the U.S. Under-20 men's team with an eye to further developing the United States as a soccer nation. Many of his young players, like Ramos himself, have Hispanic roots.

Sharapova and Williams Advance to Final

By JUDY BATTISTA
Maria Sharapova, the defending champion, beat Victoria Azarenka in a shaky performance, while Serena Williams demolished Sara Errani in virtually flawless fashion.
On Tennis

Tsonga Isn't Noah, Despite French Hopes

By CHRISTOPHER CLAREY
The French desire to compare Jo-Wilfried Tsonga and the 1983 French Open champion Yannick Noah is understandable, but the odds are heavily stacked against Tsonga.
U.S. NEWS

Chief of Boston Marathon Bombing Fund Stands Firm on Deadline

By JESS BIDGOOD
Only a fraction of the anticipated beneficiaries have applied for compensation, raising questions ahead of the June 15 deadline about whether ample time has been provided to ask for help.

Q. and A. on the Domestic Surveillance Program

By THE NEW YORK TIMES
More information on the Obama administration's secret domestic surveillance program.

I.R.S. Targeting of Conservatives Wrong, Most Say in Poll

By MEGAN THEE-BRENAN
Americans were divided over whether blame for the scrutiny of conservative groups should extend to Obama administration, according to the latest New York Times/CBS News poll.
OPINION
Op-Ed Contributor

The Offhand Conquest of Jerusalem

By ABRAHAM RABINOVICH
As Israeli troops took the Old City on June 7, 1967, a long political debate was set in motion.
Op-Ed Contributor

Can Pakistan Make Peace Next Door?

By AHMED RASHID
Can the new prime minister, Nawaz Sharif, broker a peace deal next door?

DealBooK P.M. Edition, June 06, 2013: S.E.C. Freezes Assets of Thai Trader in Smithfield Inquiry.




Thursday, June 6, 2013


TOP STORY
S.E.C. Freezes Assets of Thai Trader in Smithfield Inquiry The Securities and Exchange Commission froze the assets of a trader based in Bangkok on Thursday, as it investigates a purported insider trading scheme tied to Smithfield Foods' $4.7 billion sale to a Chinese meat processor.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Standard Deduction: Despite Tax Rules, Companies Stick With U.S. Victor Fleischer says that two new papers help explain why nearly all new companies with headquarters in the United states choose to incorporate and pay tax here.
    Former Interior Secretary Salazar Joins WilmerHale Ken Salazar, who recently stepped down as Interior Secretary, is joining WilmerHale as a partner, the law firm announced on Thursday.
    From Blankfein, a Horatio Alger Story for New Graduates In a commencement address to graduating students of LaGuardia Community College, Lloyd C. Blankfein of Goldman Sachs drew on his own journey – from a housing project in Brooklyn to the top of one of Wall Street's mightiest firms – to offer life advice.
    Former Senator Lieberman Joins Kasowitz Benson Joseph I. Lieberman, a onetime vice presidential candidate, will serve as senior counsel at the law firm and will be based in New York.
    LOOKING AHEAD
    Economic Reports Data to be released on Friday includes federal unemployment figures for May.
    In the United States On Friday, Wal-Mart Stores is scheduled to vote on a proposal to tie management compensation to on-shelf product availability at its stores.
    Quotation of the Day
    "What are the chances that a kid from the projects would run one of the great financial institutions in the world?"
    Lloyd Blankfein in a commencement address at LaGuardia Community College.

     

U.S. stocks rebound after choppy session: Wall Street at Close Report by MarketWatch; June 06, 2013.


By Polya Lesova and Victor Reklaitis, MarketWatch 

NEW YORK (MarketWatch) — U.S. stocks ended higher on Thursday, snapping a two-session losing streak, as investors eagerly awaited Friday’s May employment report for clues about monetary policy. 

Thursday’s gains for stocks came after two sessions of losses that saw the S&P 500 index SPX +0.85%  drop 1.9%. 

Trading was very choppy during Thursday’s session, with stocks moving in and out of positive territory multiple times. In the afternoon, stocks fell to session lows only to rebound and finish at their intraday highs. 

After dropping as much as 116.37 points, the Dow Jones Industrial Average DJIA +0.53%  rose 80.03 points, or 0.5%, to end at 15,040.62. 

Telecommunications giant Verizon Communications Inc. VZ +3.46%  rose 3.5%, the biggest gainer in the Dow. Oil major Chevron Corp. CVX -0.81%  fell 0.8%, the biggest decliner in the blue-chip index. 

The S&P 500 index SPX +0.85%  rose 13.66 points, or 0.9%, to end at 1,622.56, with telecommunications the top gainer among its 10 major industry groups, all of which finished in positive terrain. 

The Nasdaq Composite index COMP +0.24%  gained 22.58 points, or 0.7%, to finish at 3,424.05.
The Labor Department’s jobs report is slated to be released at 8:30 a.m. Eastern time Friday. Economists polled by MarketWatch expect a rise of 164,000 in nonfarm payrolls and an unchanged jobless rate of 7.5%. 

Speculation about the jobs report caused a considerable amount of jitters in the market on Thursday. Traders are watching labor-market data closely for any clues as to when the Federal Reserve may begin to scale back, or “taper,” its $85-billion-a-month bond-buying program, which has supported equity prices. (Reader poll: What do the markets really want — a good or bad jobs report?)
Ahead of the opening bell Thursday, data showed that U.S. jobless claims fell by 11,000 to 346,000 in the week ended June 1, essentially in line with expectations. 



U.S. tracking Verizon calls
It’s been revealed that the National Security Agency has been obtaining phone data from U.S. Verizon customers.

Marc Pado, U.S. market strategist at investment advisory firm DowBull, said the market needs a jobs number Friday that hits a “sweet spot,” and, in the meantime, traders can expect some hesitation in stocks. 

If the jobs number is too good, stocks could fall on worries the Fed will taper its bond buys, but a figure that’s too low also would weigh on stocks, according to Pado. “I think that’s why you’re seeing such choppy action today,” he said. “What the market needs now in order to bounce off this level is a sweet-spot number in the middle.” 

The odds of a smaller increase in payrolls, however, grew Wednesday after a disappointing ADP report on private-sector jobs. 

Andrew Wilkinson, chief economic strategist at Miller Tabak, said it’s a little premature to expect a rally before Friday’s payrolls report.

“I don’t necessarily think the selling pressure’s gone away,” Wilkinson said. He added that the market’s recent move down is healthy and “could go on for several more weeks.” 

In the currency markets, the U.S. dollar USDJPY -2.01%  slumped 1.9% on Thursday to trade at 97.09 Japanese yen.
 
“It all has to do with the yen carry trade,” said Andrew Brenner, head of international fixed income at National Alliance Securities, referring to the brief afternoon selloff for stocks and other risk assets. He said there was no specific news Thursday, just continuing trends and more selling of the dollar versus the yen. 

“People are taking losses on the yen carry trade, and they’re forced to sell their risk assets,” he said. The yen carry trade involves selling the yen and using the proceeds to buy higher-yielding assets. 

Among individual stock movers, food company J.M. Smucker Co. SJM -0.01%  was the biggest decliner in the S&P 500, falling 3.9%. 

Shares of L Brands Inc. LTD -1.94%  fell 1.9% after the company said its monthly same-store sales rose 3%. Analysts polled by Thomson Reuters expected a same-store-sales increase of 3.2%
Shares of SodaStream International Ltd. SODA +2.73%  gained 2.7%. Israel’s Calcalist newspaper reported that PepsiCo Inc. PEP +0.57% is in talks to buy SodaStream for $2 billion. However, a PepsiCo spokesman told MarketWatch that the report was “completely and totally untrue.”
 
Overseas, Japan’s Nikkei Stock Average JP:NIK -0.85%  fell 0.9% and the Stoxx Europe 600 index XX:SXXP -0.88%  dropped 1.2%. 

The European Central Bank kept interest rates unchanged, as expected, and in his monthly news conference ECB President Mario Draghi largely stuck to views he has expressed previously. 

Polya Lesova is MarketWatch's New York deputy bureau chief. Follow her on Twitter @PolyaLesova. Victor Reklaitis is a New York-based markets writer for MarketWatch. Follow him on Twitter @VicRek.


Stocks End Near Highs, Dow Claws Back Above 15,000 After Dropping Over 100 Points: Wall Street at Close Report by CNBC, June 06, 2013.




Stocks closed out a volatile session on Wall Street in positive territory Thursday after a brief drop that pushed the S&P 500 below 1,600, amid caution ahead of the government's monthly jobs report and as the U.S. dollar tumbled against the Japanese yen.

"They yen is triggering everything," said Art Cashin, director of floor operations at UBS Financial Services. "They're worried about liquidations of carry-trade positions. It spills over into all the markets. And all the markets are a lot thinner than normal because a lot of people are standing aside because of tomorrow's [jobs] number."

Stocks briefly tumbled to session lows in midday trading as the greenback fell below 98 yen for the first time in over a month, before rebounding near session highs in the final hour of trading.


(Read More: Dollar and Stocks Could Be Ready to Part Ways)

Name Price Change %Change
DJIA Dow Jones Industrial Average 15040.62 80.03 0.53%
S&P 500 S&P 500 Index 1622.56 13.66 0.85%
NASDAQ Nasdaq Composite Index 3424.05 22.58 0.66%

The Dow Jones Industrial Average finished back above the psychologically-important 15,000 level, avoiding a three-day losing streak. Verizon and Home Depot led the blue-chip gainers.

The S&P 500 and the Nasdaq also closed near highs. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, ended near 17.

Defensive sectors led the late-day rally, with telecoms and health care among the best performers. Techs finished slightly lower.

(Read More: Get Your Stock 'Buy' List Ready: Pro)

 
Four Pillars of the Markets Showing Serious Cracks The four important areas of the market that helped fuel the rally are now showing signs of pain, reports CNBC's Scott Wapner. 
On the economic front, jobless claims dropped 11,000 to a seasonally adjusted 346,000, according to the Labor Department. Economists expected a reading of 345,000. Earlier, executive recruitment firm Challenger, Grey & Christmas' said corporate job cuts declined again in May. Investors will be paying close attention to Friday's government jobs report. Employers are forecast to have added 170,000 jobs to their payrolls last month, slightly up from April's 165,000 count, according to a Reuters survey. The unemployment rate is seen holding at an almost 4-1/2 year low of 7.5 percent. (Read More: Will Friday's Jobs Report Save Stocks? Pros Weigh In) Employment is a key indicator for the Fed, and Chairman Ben Bernanke has indicated the central bank could start tapering off its $85 billion bond purchases if the jobs market shows consistent improvement. (Read More: Traders Confused: Is Jobs Market Improving or Not?)
 Market Volatility Ahead of Jobs David Seaburg, Cowen & Company, discusses yesterday's sell-off, as investors sit on the sidelines ahead of tomorrow's employment report. 
European shares finished near session lows after ECB chief Mario Draghi said the central bank is "technically ready" to lower the bank's deposit rate into negative territory for the first time, which would mean the ECB would charge commercial banks for holding their money overnight. "That's an indication that Draghi feels that the problem of lending is going to continue to dampen the outlook for a comeback anytime soon," said Peter Cardillo, chiefmarket economist at Rockwell Global Capital. "The risk in the euro zone remains to the downside." The ECB left its main interest rate unchanged at a record low 0.50 percent and said the euro zone is on track for a "very gradual recovery" later this year driven by the central bank's loose monetary policy and demand from abroad. "The Governing Council continues to see downside risks surrounding the economic outlook for the euro area," Draghi added. "They include the possibility of weaker-than-expected domestic and global demand and slow or insufficient implementation of structural reforms in euro area countries." In company news, PepsiCo denied rumors that it will buy out Israel's SodaStream International, which makes carbonated drinks from tap water. Regardless, SodaStream rallied sharply. Among earnings, VeriFone Systems plunged after the electronic-payment systems maker handed in an earnings and revenue outlook for the current quarter that missed Wall Street projections. JM Smucker posted earnings that easily topped expectations, while revenue was in line with estimates. Asian stocks fell to new lows, with sentiment vulnerable due to ongoing volatility in Japan's Nikkei benchmark index.
—By CNBC's JeeYeon Park. Follow JeeYeon on Twitter:

Americans’ Net Worth Regains Lost Ground: The New York Times: Alerts FGC BOLSA - FGC FINANCIAL MARKETS; June 06, 2013.



FGC BOLSA- FGC FIN

Compiled: June 6, 2013 03:37:56 PM

Americans’ Net Worth Regains Lost Ground
The Federal Reserve reported that American households’ net worth, before inflation, had surpassed the level in 2007.
For more on this topic, go to NYTimes.com »

India's move to douse gold demand unlikely to succeed: GATA I THE GATA DISPATCH; June 06, 2013.

India's move to douse gold demand unlikely to succeed

By Biman Mukherji
The Wall Street Journal
Thursday, June 6, 2013

http://online.wsj.com/article/SB1000142412788732384480457852850262454278...

NEW DELHI -- India's decision to raise the import tax on gold for the third time in 18 months is unlikely to help the government narrow a widening trade deficit and may only drive trade to illegal channels, traders and analysts said Thursday.

The government late Wednesday increased the import tax on refined gold to 8% from 6% and on gold ore and intermediate products to 7% from 5%. The tax hikes are meant to reduce demand for imported gold, which has worsened India's trade deficit and pushed the rupee this month to the verge of all-time lows against the U.S. dollar.

Related


The latest tax increase followed a surge in demand since mid-April, as the international price of gold fell to a two-year low. Global investors have moved out of gold amid diminished worries about inflation and rising global stock markets. Gold is typically seen as a hedge against inflation.

But in India the price decline spurred demand from consumers ahead of the peak wedding season and the festival of Akshaya Trithiya, considered one of the most auspicious occasions for buying gold.
Finance Minister P. Chidambaram told a banking conference in Mumbai that the government had no other option but to take "strong measures."

"How is this sustainable? How can we finance the gold imports?" he said.

India is the world's largest net importer of physical gold, which is popular for wedding gifts and as a store of savings for rural dwellers who have no access to banks and fear inflation will wipe out savings held in paper currency.

Amid weak prices, an increase of the import tax by two percentage points is unlikely to have much of a dousing effect on demand, said Gnanasekhar Thiagarajan, director of Commtrendz Risk Management, an India-based consultancy.

"It will have a very limited impact," he said. The move "won't deter buying on festival occasions or when prices fall."

Mohit Kamboj, president of the Bombay Bullion Association, said the tax increase could spur more gold smuggling as importers try to avoid the new levies, which would reduce government revenues.
Gold will be 10% more expensive in India than in the international market after the latest tax increase, said Pankaj Parekh, vice chairman of the Gem and Jewelry Export Promotion Council.
An Indian finance ministry official acknowledged that there was a possibility of a rise in smuggling: "We are aware of this and trying to plug the loopholes."

The government had increased the import tax to 6% from 2% over the past year and a half to make local purchases costlier. But these moves have been blunted by the decline in the global price of gold.
In the past, Indian consumers haven't been deterred from buying even as prices rose sharply, because of gold's important role in religious ceremonies and marriages and as a store of wealth, Mr. Thiagarajan said. "Prices of Indian spot gold have risen by almost 500% in the last one decade," he said, while demand also has increased. The import tax would have to rise to 20% to have an effect, he added.

He said the government had likely erred in its timing of the import-tax increase because gold demand usually slows between July and September, during which farmers look to invest surplus cash to buy seed during the monsoon sowing period, meaning there is less money available for gold purchases. About 70% of India's gold demand comes from rural areas.

Gold buying is expected to pick up from October, after the harvest, particularly as India's monsoon rains are forecast to be abundant this year, which should boost crop yields and farmers' incomes.
The latest tax increase had little impact on shares in jewelry makers Thursday. Gitanjali Gems Ltd. rose 1.2%, PC Jeweller Ltd. gained 3.2%, and Titan Industries Ltd. slipped 0.6%.

Industry officials said the tax hike would only make it costlier to import gold, affecting thousands of small cash-strapped jewelers.

"Our members will meet either today or tomorrow and then will decide on the plan of action," said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation.

Jewelers went on a 20-day nationwide strike in March last year after the government doubled the import tax to 4% and imposed a factory-gate tax on gold jewelry. They resumed business only after the government scrapped the factory-gate tax, a tax charged in a finished product.

Mr Soni said that the government should not try to cut down all gold imports because the bulk of the precious metal is used for making jewelry, which employs millions of poor artisans.

Instead, the government could block sales of gold coins that are bought by speculative investors and account for about a third of the precious metal's consumption, he said.

Finance Minister Chidambaram said he had directed banks not to encourage the sale of gold coins.

* * *

Enbridge CEO still bullish over pipeline; Fix "embarrassing" PST: BC Chamber; Poor patient prescription decisions cost economy $5.1b a year: BIV Today's Business News; June 06, 2013.





Mining and Energy

Enbridge CEO still bullish over Northern Gateway

Enbridge Inc. CEO Al Monaco told media June 5 that he retains hope that his company’s proposed $6 billion Northern Gateway pipeline will ... READ MORE

Economy and Finance

 

BC Chamber calls on Victoria to fix “embarrassing” PST

It’s time to talk about the “embarrassing” PST, according to the BC Chamber of Commerce ... READ MORE

Human Resources

 

Poor patient decisions cost employers $5.1b annually

Poor decisions by Canadian patients cause up to $5.1 billion to be unnecessarily spent annually on ... READ MORE

Asia Pacific

 

Canada should be wary of China’s state-owned companies: report

Canada should avoid helping to grow companies that are owned by the Chinese government, warns ... READ MORE

More News...

   

Nippon Express Canada leases 150,000 square feet in East Richmond

Canadian bosses need to work on saying thanks

This Week's Issue

 

Pulp giant builds on B.C. buys and Asian connections

Six years ago, Paper Excellence bought one Canadian pulp mill. Today, the Vancouver-based private company is the country’s biggest producer of ... READ MORE