Headliners
-CBO roles out fantasy budget economic forecast projection. Obama demands no sequester in March. Obama meet with corporate stooges to open immigration gates.
-English parliament votes for Homosexual Marriage, Tranny Camilla Rejoices as Does the Fey Prince he is married to. They are ‘legal’ at last.
-Obama to Visit Israel in March
-Mossad wants stronger ties with Al Qaeda.
-BP Faces $34 Bln Claim from Gulf States, FT releases after USA close BP claims may total as high as 90 billion against 42 billion provision.
-Argentina Announces Price Freeze due to Inflation, IMF Dings Argentina for fixing Inflation figures and understating Inflation
-China Gold Imports rise substantially
-Blackberry 10 Sales soar in Canada and UK
-Dell to go private in 24 bln dollar deal
-Rich Yale University Sues Poor Students over Loans
-China Radar Locks on Japan Vessel
-China Svs PMI Surges to 54 from 51.7 prior
-B787 Asks Permission for Test Flight
-RBA holds , sets expectations for future rate cut
-The U.N. Security Council would respond in a “firm” way if North Korea tests Another Nuke. USA/ROK begin 3 day naval drills near N. Korea. .
-USA To Sue S&P over 07 bond Ratings
-Hackers hit USA Energy Dept.
-Canada discontinues the penny
-Obama pushes for gun control: US President Barack Obama on Monday embarked on a campaign-style push for control, defacto confiscation
Commentary
-USA Summary
I failed to hold on to my SPY, DIA long enough for the full bounce but did not want to be long ahead of the ISM service number. The ISM service number tends to bounce in Jan as tax season hiring starts. I liked the DIA 14000, And SP1507-12 as shorts today so put more on, and sold the close hard, and remain short the DAX. We see a lot of retail investors buying stocks here, and the perma-bears who don’t know the power of the ECB/FED to manipulate and who are now calling for stocks to rally through May. Typically when fundamental, value investors toss in the towel and buy over -priced stocks or cover, goldman sachs is selling to them. GS, Oneill gave us his closing thoughts as he bailed out from GS and opined maybe things were not all that rosy.
I started to short the Euro at 1.33 for a 2 year type of play to dollar parity, boxed and rode it up to 136+, where I sold more short, and boxed it again at 1.35 today. The Germans seemed to indicate they were going to squeeze the peripherals more and want labor concessions out of France, whereas Frances wants a lower Euro. We could see the Euro rally to 1.40 as the ECB is in a sterilizing and contracting mode, ex the new 5 billion dollar bailout for MP and as the BOJ and FED, say they are in a QE mode but from both we see a start, back step, start type of easing, that is in reality keeping their balance sheets flat but the currency markets will ignore that for a while. Recall the Y/D went down to the sub 75 region not too long ago. Currency markets are very mo- drive and tend to overshoot. As far as short, boxing or covering and shorting higher is the better part of valor. Merkel needs a strong Euro to keep raging inflation across the EU (they report, 2 pc, run 5 pc) down in an election year and con the Germans about what is going on. Probably after her election the Euro will collapse and the Germans will find out they are going to pay for the Germans corporations desire for Southern Europe through a big print to devalue the Euro. 1.40 euro is a gift from heaven above if we get it to a short seller. In any event Holland has no book as his economy is punked by him and only the Germans or ECB can jawbone the Euro dollar down, and they don’t appear to be wiling to do so yet, ahead of the G20 lashing of Japan. The Japanese did not expand their balance sheet to $3.5 trillion like the ECB did so the Europeans are hypocrites as the B787 showed us, as well as criminals.
Dell stole the market headlines with their $ 23 bln private buyout deal this morning. I went and sold my shares today. I know Michael Dell, and no one is gong to squeeze anymore out of him, nor is anyone going to try and take on Silver Lake. They have pitched him since 2000 on going private. Time is money and its a long time until this deal is through. Dell is bound to be sued for using all that cash he kept tax free overseas and using it to take his firm private.
Yum brands (KFC) was hammered as Chinese revolted from eating their poisoned Chicken. This was a bell weather growth stock for the SP500, and an illuminati weapon for destroying the health of the Chinese with GMO foods at Pizza Hut and KFC.
Arch coal a key stock like Dow Chemical, the MSM of the street hid its results. Arch Coal shares were down more than 6% after the firm’s Q4 loss was much bigger than expected and revenue fell far short of expectations. The executives claimed they are seeing signs a coal market rebound is possible in the second half of 2013. So the 2nd half story was rolled out. Now we will get a big 2nd half if Bernanke takes the FED balance sheet up to 4 trillion, and/or Obama loots the USA taxpayers between here and may both of which I doubt will happen in a meaningful way.The fourth-quarter net loss was at Arch was $295.4 million, or $1.39 a share, compared with net income of $70.9 million, or 33 cents, a year earlier. Excluding an asset write-down and other items, the loss was 42 cents a share.Revenue fell to $968.2 million from $1.23 billion a year earlier, missing the $1.01 billion average of 15 estimates. Arch Coal and Dow Chemicals certainly don’t see any real recovery in the USA. Fundamental like this scare value investors to death.
Big ag giant ADM’s Q2 net profits saw a stunning gain on a y/y basis, as Asian demand for soybeans greatly outweighed the damaging impact of the drought.
The DoJ formally announced its intention to file civil charges against S&P after settlement discussions with the company fell apart with a press conference with AG Holder and his lackey West. This is the first federal enforcement action against a ratings agency resulting from the 2008 crisis. Reports suggest the DOJ sought a $1B+ settlement and admission of guilt, but S&P declined the deal. Shares of MHP are down 18% since the news broke yesterday afternoon, while MCO is down 12% or so. Fitch and Moody’s are likely in Holders sites. Holder lied and said this was not political, no more political than banning Egan-Jones from rating USA sovereigns by the SEC.
S&P employees joked about “burning down the house” before financial collapse:
Anadarko reported solid gains in earnings and revenue, both of which solidly beat expectations. Shares of APC are surged 2x the market. Hey oil is manipulated up by BP’s brent corner and the Windsor-Jew-Saud -Jew Opec alliance and their wars. Andarko benefited from resurgent oil prices coming out of the election hold down.
The CBO put out a ludicrous budget estimate and as Obama spoke about the missed budget date gold was hit and finished down, one of the few things in the red today.
Obama urged Congress to pass a small package of spending cuts and tax increases to delay the major spending cuts set to kick in next month, saying thousands of jobs and the nation’s economic recovery hang in the balance.
“There is no reason that the jobs of thousands of Americans…not to mention the growth of the entire economy, should be put in jeopardy just because folks in Washington couldn’t come together,” .
Congressional Republicans now reject any additional tax increases—to reduce the deficit, to postpone the impending spending cuts, or as part of an overhaul of the tax code. So they are dug in, even as they are trying to out illegal immigrant the Democrats.
The hate-filled Obama, met with his corporate stooges to secure support for more immigration. This despite no net new jobs, even by official figures during his tenure and no jobs council meeting in the last year. When a Communist Jew like Bob Reich from my Alma Mater starts screaming about the destruction of American’s jobs and even the NYT says Obama needs to focus on jobs and higher paying jobs, you know Obama is insane and carrying out the insane English governments plan to bankrupt America. When the NYT and a Jew like Bob Reich, Clinton’s labor secretary can’t take the lies anymore, you know Obama has gone over the edge. Soon his 2nd half recovery story will be exposed as a fraud and his taxes will kill the USE, so he is moving fast like the Magik Negro he is. Actually to be fair to the Negros, both Obama and Erich Holder have Anglo-Jewish mothers. So both are black Jews. Blacks keep jerking Americans around demanding we change every few years what they want to be called, their 95 pc Obama loving numbers, so I will go back to calling them Negroes, something they insisted on being called during my youth. I’m as tired of the Negroes of America and their communist desires as the Jews and their wars and desires for global domination. That all black satanists super bowel was just as offensive to me as the all Jew satanist Madonna act they had last year. Only bringing Mick Jagger, Satan’s jester over would disgust me more. I’ve got nothing against Blacks or Jews or the English until they start putting their jack- boots on my neck. Goodness knows I ‘m done trying to help those people as an American anymore. The abuse is simply too much. These people want to make you out a a racist for complaining about the slave masters whip and the thieves theft, don’t buy that. Blacks need to stop behaving like little communist thugs in America and start acting like Christians or go back to Communist lead Africa.
The pain in gold probably wont be over until the Y/D is 95-100 and E/D is 140 or so. Naked shorting and massive fraud out of the LMBA, gold leases are the tools of the trade. Gold shares , the Jrs, remain in the bear market not seen since 1960s as Bernanke looks to destroy small investors who underestimate the evil of the DTC and Canadian government where a lot of this naked shorting goes on. I suspect the Italian elections could be as big of turning point for Europe as the Greeks. The Germans will probably keep the Greeks afloat until after the election but they can’t do much about the Mario brothers going down in flames in Italy and Berlusconi coming back like Napoleon for a 2nd run. To be frank I can’t ever recall a market so naked shorted and so frauded as the gold and silver markets. I don’t buy Rickards thesis that after China has 5k tonnes, the CBs will allow gold to revalue. If Bernanke is really forced to print and QE this year, gold will run hard and before Merkels election. This demon Draghi is a big, big part of the gold rig as is the BOI and Bank of France, and Bundesbank. Pray the truth comes out. We need to go to the Libor, like expose in Gold. This trader who exposed BPs, ‘corner’ in natural gas is likely to be murdered in my opinion, or rather have an accident. Anyone who does not know BP rigs the Brent price daily in London is an idiot, and knows nothing about the how markets work, especially as the ZGR fetched the article from the DT where they admitted there was a big Brent corner in London for the dummies and to shut them up. London likes to brag about its power on the back pages, or did until the ZGR started nailing them as the root of all evil and wars and market thefts. Not as chatty these days MI6 are you?
I found a good video on the USA assassination team. I assume it is modeled after the UK. I will post it tonight If I can find it. Certainly the ZGR is not short of death threats.
Tops are very jerky and volatile like this, even short terms ones. And for sure the PPT and Jack Lew the Jew was doing his job just like his German counter part Regling to stablize markets today. I wonder if Regling is a crypto Jew, and/or if he and Lew exchange notes every morning.
The only thing I ever learned from Zero Hedge that was true was when of their Jewish pals on the PPT(aka UST, exchange stabilzation fund) sent them a photo of the PPT office near the NY Feds office. Around 30 traders were present at the meeting of the PPT in the photo ZH showed. That is a lot of traders to run markets.I don’t have time to read those five dissimulating Jews at ZH. Jews really, never, tell goyim the truth at least the Talmudic ones. It is about misdirection. I really can see why people in history demanded the Jews wear Rothschilds star. I certainly want these Crypto Jews like Stephanie Rude to be required to wear a dual Israeli and USA flag pin or a dual England /USA flag pin if she prefers, simply so I can know what I am dealing with and if they have and ethos to lie all the time and destroy.
A fair market needs to be one based upon Christian principals and ethics not one based upon CB misdirection and dissimulation and lies or the Talmud or the Jewish Talmudic Ethos.
If you don’t understand the history of the Jew, you won’t understand the history of markets and how they truly work , especially in this present age., The Jew is the market maker and darn crooked one at that as Bernie the market maker Madoff showed us all.
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4:01 p.m. EST 02/05/13Major Stock Indexes
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4:01 p.m. EST 02/05/13Treasurys
3:51 p.m. EST 02/05/13Futures
4:01 p.m. EST 02/05/13Currencies
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-For the first time in five years, the federal budget deficit will come in under $1 trillion in 2013, congressional budget analysts said Tuesday, with the gap between taxes and spending falling to $845 billion in the fiscal year that ends in September. Attributed in large part to tax hikes adopted on Jan. 1 and deep automatic spending cuts set to hit next month, new projections from the nonpartisan Congressional Budget Office show the deficit continuing to plummet in 2014 and 2015, and falling to less than 3 percent of the overall economy for much of this decade.
Clearly a fantasy spun for the market with no spending cap until mid -may, and no budget and a no jobs recovery.
-Syrian arrested after Ahmadinejad shoe-attack in Cairo. Shades of G.W. Ahmadinejad has a 30 pc approval rating in Egypt. They see him as a big trouble maker, which he is. A PHD in engineering should be much smoother, but look at the PHD in Engineering Mursi.
-Syrian Civil War a MI6/CIA/Mossad partnership
http://www.almanar.com.lb/english/adetails.php?eid=81889&cid=31&fromval=1&frid=31&seccatid=91&s1=1
-USA Session, Economic Release Summary
(IE) Ireland Dec Industrial Production M/M: 8.5 v 0.2% prior; Y/Y: +1.6 v -5.0% prior
(CL) Chile Dec Economic Activity Index M/M: 1.2% v 0.5%e; Y/Y: 4.73.7%e
(RU) Russia Jan Consumer Prices M/M: 1.0% v 0.8%e, Y/Y: 7.1% v 6.9%e; CPY YTD 1.0%v 0.8%e
(RU) Russia Jan – CPI Core M/M: 0.5% v 0.6%e; Core CPI YTD: 0.5% v 5.7% prior Dec
(BR) Brazil Jan PMI Services: 54.5 v 53.5 prior
(US) ICSC/GS weekly chain store sales w/e Feb 2nd w/w: 2.4%; y/y: 2.6%
(US) Redbook Retail Sales w/e Feb 3rd: 1.5% y/y prior; Jan MTD: -0.6% m/m prior, Jan MTD: 1.8% y/y prior
(EU) ECB weekly Forex Reserves w/e Feb 2nd: €216.7B v €218.7B prior
(US) Jan ISM Non-Manufacturing Composite: 55.2 v 55.0e
-(US) Feb IBD/TIPP Economic Optimism: 47.3 v 47.3e
-Zionist Jew multicultural rat and gentile ‘destroyer’
Eric Cantor backs legal residence and citizenship for people brought to the U.S. illegally as children. bbn
-North Korea rocket-launch video shows New York in flames | National Post.
More fear mongering, the USA military can take those out anytime they want with EMI weapons or Anti-ICBMS although the USA military may let a nuke or two hit the USA to implement martial law. Really big satanists run the Pentgram.
-Greeks are selling some state properties, and another Strike, sailors this time. Greeks massive state run ferry operators are not happy it appears.
-Lumber futures limit up on housing data this morning.
-Economist Jim Oneill bails at Goldman Sachs, says he is going to retire. Big time City of London operator and American take down artist and anglomason.
-President Barack Obama said Tuesday that “political dysfunction” could harm an improving U.S. economy, and he urged Congress to delay the looming, automatic cuts to the budget known as the sequester. Obama called on Congress to come up with a small package to at least delay the cuts. Recently, some Republican members have warmed to the idea of allowing the cuts to take place as the only way to force reductions in spending. The president said Congress and the White House could finish the job on a bigger deal to cut the deficit over 10 years, and portrayed putting off the “harmful,” across-the-board cuts as just a way to give negotiators more time. The Center on Budget and Policy Priorities has estimated that about $85 billion in cuts would start on March 1 without congressional action. Earlier, House Speaker John Boehner had asked the White House to propose a way to replace the sequester. MW
-April gold closes down $2.90, or 0.2%, at $1,673.50/oz
Gold was hit on some phony CBO budget deficit numbers and as Obama spoke. The solution by governments to all their criminality, sell paper or the peoples gold.
-Markets at a glance
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1:59 p.m. EST 02/05/13Major Stock Indexes
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1:57 p.m. EST 02/05/13Treasurys
1:49 p.m. EST 02/05/13Futures
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-Europe Closing Summary
Europe and the USA have a lot of political similarities. Europe is run by three Jews, Hollande, Cameron, Merkel, all reporting into the Windsors/Rothschilds. And least you not believe that please read about the Turkish Jew working for MI6 who lead Turkey to be an Secular state I posted. The Turks are, if you study your old testament carefully, the ‘sons of Ashkenaz’, so perhaps the Ashkenazi Jews feel it is their right to rule them.
Both have large populations of gentiles ruled by Anglosaxon and Zionist jews who are a small, small minority. Bernanke /Greenspan are Jews, Draghi and Trichet are Jews. Both have central banks who have loaned massive amounts of gold and who are lying about having gold in their vaults, and have over $3 Tln in junk on their balance sheet.
Both have large populations of trashy people dumbed down by Anglo-Zionist operators, aka, , Amero-Trash, Euro-trash. Both get their Opium from the English Crown which is full control of the dope of Afghanistan. The global drug trade is now said to be worth $1 trillion. Juan Carlos, Queen Elizabeths’ favorite Royal, controls the Marrano Jew drug runners of Latin America, with his Marrano Jew wife, and floods both Europe an the USA with cocaine and pot.
Obama is rapidly moving the USA to the English-European , communist/totalitarian state model an using the USA as Europe-England-Israel’s army.
I was watching some Germans on German TV and the English on their TV, and Europeans are getting as fat as Americans as Nestle and the likes introduce Corn Syrup and other garbage disease inducing ingredients into their food. Both Europe and the USA are ‘football’ mad. Europe is slowly going GMO.
The Europeans have mastered the art, through London of having American fight and die for their oil and minerals. Of course Americans work like dogs and Europeans have enormous vacations from nearly 3 months in Italy a year to one month in the UK. With the same London management team, it is no surprise that both EU and USA economies would be fouled up beyond belief, although the Germans are trying to put the EU on the right footing although they wont succeed.
In Europe, China’s strong Svs PMI , given German Exports there, did as much to shore the EU up as anything, although the bounce in stocks was tepid in Germany with the DAX only up .35 pc while the STOXX was nearly up 1 pc. German machine orders had healthy bounce, and the German Services PMI surged to 55.7.The final composite services purchasing managers’ index for the region rose to 48.6 in January.However Italy and France svc PMI’s were beyond awful at 43.6 and 43.9 respectively. At best Europe will be ‘flat’ this year, if only for Merkels election, as former Bundesbank head Axel Weber said as he tries to make being a Swiss bank respectable after the Rothschilds, Jew invasion at UBS, CS, etc.
Various talking heads and pols were claiming the EU economy was on the upswing, yet voters in Italy and the political scandal in Spain hold their fate, unless the ECB eases. Hollande was demanding the Germans buy more, and ease the currency to which the Germans said no on the later count and maybe on the first account. Rojoys Peoples Party (PP) treasurer will testify tomorrow before parliament. Riksbank commented that the economic activity weakened in winter period particularly in export sector and saw few concrete signs of an upturn in economy in the Swedish economy.
GS , VP Cohn summarized it well: nothing in Europe is fixed and the ECB needs to ease and bring the Euro dollar down to some composite weighting of the total Eurozone to account for the large economies of Spain, Italy and what their economies would need to grow and contribute to EU GDP growth.
The ECB said they were not worried about the Euro surge yet. The ECB reported its monthly balance sheet and LTRO payments lowered it to EU 2.77 Tln , still above the FED. I hedged my Euro short position as the Euro bulls might run it to 140 by going long some Euro dollars, while maintaining my big short I put on at 136. If the Euro gets to 140, that will be a ‘free’ gift to short. The German strategy of squeezing the peripheral and driving capital and labor to Germany is failing as the core rot of the EU is now well into the core of France and even Holland. Germany simply can’t bailout the entire EU and labor and corruption reform is absent and if the Germans want to run the EU with their Jewish leaders, they will have to do a big, print. I don’t think the Germans know what they are doing, although clearly they did capture the USA automarket during the housing down turn. Germans can make Americans work hard building passat in Union free, (right to work states) but they sure cant get anyone else in Europe to work that hard.
Fitch lowered AAA Holland to negative from stable as the recession bites the EU core.
Mario Draghi was fingered as definitely knowing fully about the MP scandal by an anonymous source from the BOI. Of course the same source said he was not to blame, despite looking the other way to get the ECB head for the Jews.
The ECB/ESM looked very active in the peripheral bond market and CDS market in today’s trading-the Noyer put protection, as nothing has changed politically. But they stabilized the perirpheral zone today.
BP’s liabilty is seen as 42 billion when you combine state and Federal claims. Which got headlines in the UK on the front pages of their papers, yet BP was up 1.15 pc. Likely as the South has a vast network of Anglomasonic judges, most loyal to the crown and NWO- the ‘fix’ must be in., although the English admit in their press, BP can’t afford to let the States go to trial. ARM rallied on APPL sales reported in Q4.
Shares of Munich Reinsurance Co. gained 3.9%. The German company said it plans to raise dividends to 7 euros ($9.47) per share from €6.25. Royal KPN NV , sank 16%. The Dutch telecom firm said it would raise 4 billion euros ($5.4 billion) in a rights issue to cut debt, which surged after an expensive auction for high-speed mobile spectrum. Virgin Media confirmed it was in buyout talks with USA Liberty Media.
-Obama speaking on budget, explaining his March 1 date/miss
-1256 Typing up summary of EU freak show.
-Press TV: Israel ex-spymaster calls for strong ties with al-Qaeda-Who runs and pays Al -Mossadya/AlCIAya,/AlMI6ya
-Facebook short?
61% of Facebook users took a voluntary break from the site at some point; 27% plan to spend less time on the site- Pew Research
-Europe Closing Prices
| Country: Index | Last | Change | % Chg |
| Europe Dow | 1754.89 | 11.37 | 0.65 |
| Stoxx Europe 50 | 2616.80 | 16.58 | 0.64 |
| Stoxx Europe 600 | 285.56 | 1.66 | 0.58 |
| Euro Stoxx 50 | 2651.21 | 26.04 | 0.99 |
| Euro Stoxx | 264.72 | 1.91 | 0.73 |
| Austria: ATX Index* | 2387.88 | 2.54 | 0.11 |
| Belgium: Bel-20* | 2518.66 | 12.43 | 0.50 |
| Denmark: OMX Copenhagen 20* | 552.39 | 4.65 | 0.85 |
| Estonia: OMX Tallinn* | 755.33 | -13.16 | -1.71 |
| Finland: OMX Helsinki* | 6134.39 | 50.68 | 0.83 |
| France: CAC 40* | 3694.70 | 34.79 | 0.95 |
| Germany: DAX* | 7664.66 | 26.43 | 0.35 |
| Greece: Athens General* | 1011.85 | 16.55 | 1.66 |
| Greece: DJ Greece TSM* | 766.35 | 13.26 | 1.76 |
| Greece: FTSE/ATHEX 20* | 340.77 | 6.12 | 1.83 |
| Iceland: OMX Iceland All-Share* | 756.81 | 5.48 | 0.73 |
| Ireland: ISEQ Overall * | 3538.29 | -5.08 | -0.14 |
| Italy: FTSE MIB* | 16712.26 | 173.26 | 1.05 |
| Latvia: OMX Riga* | 396.37 | -2.58 | -0.65 |
| Lithuania: OMX Vilnius* | 371.13 | -2.31 | -0.62 |
| Netherlands: AEX* | 348.43 | -1.26 | -0.36 |
| Norway: OSE All-Share* | 516.36 | -1.20 | -0.23 |
| Portugal: PSI 20 | 6172.93 | 36.53 | 0.60 |
| Russia: DJ Russia Titans* | 6604.91 | 24.90 | 0.38 |
| Spain: IBEX 35* | 8093.60 | 174.00 | 2.20 |
| Sweden: OMX Stockholm* | 364.94 | 3.70 | 1.02 |
| Switzerland: Swiss Market* | 7404.63 | 41.91 | 0.57 |
| UK: FTSE 100* | 6282.76 | 35.92 | 0.58 |
| UK: FTSE 250* | 13242.77 | 65.75 | 0.50 |
| UK: FTSE AIM All-Share* | 740.94 | 3.01 | 0.41 |
Bonds
German 10y 1.65+0.03, 2.16%
Italy 10y 4.41-0.01, 0.28%
Spain 10y 5.35-0.07, 1.35%
U.K. 10y 2.12+0.04, 1.83%
-USA AG Holder: S&P ignored own analysts in 2007. S&P ignored warnings about methodology. Seeking damages equal to losses. Identifying $5 billion in losses from S&P. S&P misled investors over RMBS..
16 States joining in. S&P should be bankrupted, but Holder apparently only wants 1.5 billion or so. Nothing short of full repayment is acceptable.
SP Lawyer laughs at Holder and says he’s got nothing essentially after reading complaint. BBN-TV interview.
-First mention of “amnesty” at House immigration hearing comes from Rep. Spencer Bachus (R), who pushes piecemeal approach
-Calif AG Harris: Can seek treble damages from S&P. State lost $1 bln due to S&P
-BlackBerry’s Z10 smartphone has attracted record orders at Canadian wireless carrier BCE Inc. (BCE) and analysts say sales are off to a strong start in the U.K., sparking a 22 percent stock rally over the past two days.
The ZGR has been bullish on this stock for a while although at much, much lower prices. Popular in Asia and with engineers and scientists who prefer email/text to gabbing on the phone with people.
-English Jew, and Crown Operative Murdoch buying Congress for Run at Tribune, NYT
This guy is Satan’s own personal bathroom aide.
-President Barack Obama plans to send his fiscal 2014 budget to Congress in mid-March, a budget official said, delaying the fiscal blueprint as the administration and congressional Republicans wrangle over taxes and spending.The official revealed the timing on condition of anonymity because the target date for the release hasn’t been announced. It comes after Republicans criticized the White House for not meeting the legal budget deadline of the first Monday in February.“For the fourth time in five years this White House has proven it does not take trillion-dollar deficits seriously enough to submit a budget on time,” House Speaker John Boehner, an Ohio Republican, said in a statement yesterday. BBN
Well Boehner you gave him a free check until May to spend what he likes.
-Consensus growing among Democrats to stop $1.2 trillion in automatic federal spending cuts. BBN
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11:43 a.m. EST 02/05/13Major Stock Indexes
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- Bulgaria Implicates Hezbollah in July Bombing of Israeli Tour Bus http://nyti.ms/XlrtqY
Clear Mossad black op. Israeli False Flag. We dissected this operation after it happened. War drums are beating as the Anglo-American reich’s economy goes down in flames! Don’t worry Canadian Mark Carney, married to a high level satanic English royal is coming to the rescue as Prince Charles stuffs one of his own in-laws into the BOE.
- Feb IBD/TIPP Economic Optimism Index +0.8 pt, or +1.7%, to 47.3 vs 46.5 Jan.
-U.S. service-sector companies expanded at a slightly slower pace in January but overall growth remained solid, according to the Institute for Supply Management. The ISM said its survey of purchasing managers – the executives who buy supplies for their companies – fell to 55.2% last month from 55.7% in December. Economists surveyed by MarketWatch had expected the index to slip to 55.0%. Reading over 50% indicate that more companies are expanding instead of shrinking. Yet only eight of the 18 industries tracked by Tempe, Ariz.-based ISM reported growth last month, down from 13 in December. Nine reported contraction. The ISM’s new-orders index fell 3.9 points to 54.4% and production dropped 4.4 points to 56.4%, but employment rose 2.2 points to 57.5%. MW
-Jim O’Neill looks at all the optimism in markets & asks “Are Things That Good?” in his latest Viewpoints. GS.
-Market Watch
I sold some more SP Short here.
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- USA Jan. ISM services index falls to 55.2% from 55.7%
- 1000 U.S. home prices grew 0.4% in December to stretch the year-on-year gain to 8.3%, the strongest advance since May 2006, CoreLogic said Tuesday. CoreLogic said 46 of 50 states registered gains for the year. Arizona has the strong year-on-year appreciation at 20.2%, though prices are down 39.8% from the peak. Nationally, prices are down 26.9% from the April 2006 peak. CoreLogic’s pending index forecasts a 1% monthly drop in January, reflecting a seasonal winter slowdown
- ECB balance sheet fell EUR 159bln to EUR 2.77trl at February 1st, 11 month low. Still above FED at $ 3 Trl.
-950 USA Markets
| Last | Change | % Chg | |
| DJIA | 13969.17 | 89.09 | 0.64 |
| DJ Transportation Average | 5851.89 | 31.58 | 0.54 |
| DJ Utility Average | 472.94 | 1.58 | 0.34 |
| DJ Composite Average | 4765.62 | 26.39 | 0.56 |
| DJ Total Stock Market | 15704.66 | 95.62 | 0.61 |
| DJ Broad Stock Market | 3733.70 | 22.86 | 0.62 |
| DJ Large-Cap Growth TSM | 3639.05 | 20.62 | 0.57 |
| DJ Large-Cap Value TSM | 3228.45 | 20.36 | 0.63 |
| DJ Mid-Cap Growth TSM | 5860.21 | 22.96 | 0.39 |
| DJ Mid-Cap Value TSM | 5209.36 | 21.08 | 0.41 |
| DJ Small-Cap Growth TSM | 5111.40 | 25.98 | 0.51 |
| DJ Small-Cap Value TSM | 6610.32 | 26.34 | 0.40 |
| DJ Micro-Cap TSM | 8241.34 | 29.68 | 0.36 |
| DJ Select REIT | 219.36 | -0.17 | -0.08 |
| DJ U.S. Select Dividend | 432.30 | 2.08 | 0.48 |
| DJ Internet | 187.60 | 0.75 | 0.40 |
| Barron’s 400 | 389.92 | 2.20 | 0.57 |
| Last | Change | % Chg | |
| Nasdaq | 3143.18 | 12.01 | 0.38 |
| Nasdaq 100 | 2731.33 | 15.65 | 0.58 |
| Nasdaq Biotech | 1529.02 | 8.42 | 0.55 |
| Nasdaq Computer | 1561.79 | 7.44 | 0.48 |
| Nasdaq Industrials | 2757.31 | 12.26 | 0.45 |
| Nasdaq Insurance | 5246.37 | 21.80 | 0.42 |
| Nasdaq Banks | 1988.65 | 11.94 | 0.60 |
| Nasdaq Telecommunications | 216.15 | 2.81 | 1.32 |
| Last | Change | % Chg | |
| S&P 500 | 1505.63 | 9.92 | 0.66 |
| S&P 100 | 678.06 | 4.29 | 0.64 |
| S&P 400 Mid-Cap | 1095.35 | 4.08 | 0.37 |
| S&P 600 Small-Cap | 505.46 | 2.40 | 0.48 |
| S&P 1500 SuperComp | 348.58 | 2.08 | 0.60 |
| Last | Change | % Chg | |
| NYSE Composite | 8903.14 | 50.32 | 0.57 |
| NYSE Financial | 5410.08 | 33.19 | 0.62 |
| NYSE Health Care | 8507.25 | 72.55 | 0.86 |
| NYSE Energy | 13356.21 | 66.38 | 0.50 |
| NYSE Arca Biotech | 1676.24 | 14.00 | 0.84 |
| NYSE Arca Pharmaceutical | 395.88 | 3.14 | 0.80 |
| NYSE Arca Tech 100 | 1369.44 | 7.59 | 0.56 |
| NYSE Arca Internet | 354.82 | 0.75 | 0.21 |
| NYSE Arca Sec. Broker/Dealer | 105.73 | 0.69 | 0.66 |
| NYSE MKT Composite | 2415.13 | 6.78 | 0.28 |
| Morgan Stanley High Tech | 720.67 | 3.95 | 0.55 |
| Last | Change | % Chg | |
| Russell 1000 | 835.01 | 4.58 | 0.55 |
| Russell 2000 | 902.55 | 3.27 | 0.36 |
| Russell 3000 | 895.09 | 4.80 | 0.54 |
| PHLX Gold/Silver | 152.81 | 0.75 | 0.49 |
| PHLX Housing Sector | 186.60 | 0.32 | 0.17 |
| PHLX Oil Service | 248.91 | 0.83 | 0.33 |
| PHLX Semiconductor | 416.35 | 2.16 | 0.52 |
| CBOE Volatility | 14.19 | -0.48 | -3.27 |
| FOX 50 | 1083.75 | 7.33 | 0.68 |
| KBW Bank | 54.55 | 0.49 | 0.91 |
| Alerian MLP | 426.58 | -2.80 | -0.65 |
| Last | Chg | Settle | |
| E-mini Dow | 13904.00 | 59.00 | 13845.00 |
| E-mini S&P 500 | 1500.25 | 6.75 | 1493.50 |
| Last | Change | % Chg | |
| Nasdaq-100 Pre Market Indicator* | 2724.88 | -27.54 | -1.00 |
| Nasdaq-100 After Hours Indicator* | 2715.97 | -47.71 | -1.73 |
| * at close | |||
| Issue | Volume | Price | Chg | % Chg |
| BankAm (BAC) | 138,124,273 | 11.48 | -0.23 | -1.96 |
| Nokia (NOK) | 63,340,904 | 3.81 | -0.19 | -4.75 |
| SprintNextel (S) | 61,304,891 | 5.74 | 0.05 | 0.88 |
| GenElec (GE) | 35,031,609 | 22.31 | -0.31 | -1.37 |
| FordMotor (F) | 32,584,829 | 12.88 | -0.14 | -1.08 |
| Issue | Price | Chg | % Chg | Volume |
| TaomeeHoldingsADS (TAOM) | 5.29 | 0.59 | 12.55 | 78,940 |
| Panasonic ADS (PC) | 7.72 | 0.84 | 12.21 | 1,185,084 |
| OxfordResPtrs (OXF) | 4.04 | 0.35 | 9.49 | 369,894 |
| MethodEl (MEI) | 10.68 | 0.82 | 8.32 | 591,626 |
| HrmnyGld ADS (HMY) | 7.05 | 0.49 | 7.47 | 3,944,494 |
| Issue | Price | Chg | % Chg | Volume |
| McGrawH (MHP) | 50.30 | -8.04 | -13.78 | 18,650,296 |
| Moodys (MCO) | 49.45 | -5.90 | -10.66 | 11,347,019 |
| Viad (VVI) | 25.28 | -2.90 | -10.29 | 420,545 |
| IFM Inv ADS (CTC) | 3.21 | -0.27 | -7.76 | 73,036 |
| DesarrHomex (HXM) | 13.47 | -1.10 | -7.55 | 673,348 |
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-Market Watch
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-Jim Rickards Interview
-China gold imports from Hong Kong double in 2012 to nearly 1,000 tons
-I sold the opening bounce on my DIA, SPY longs and kept my shorts on the DIA, DAX, SPY.
-931 Opening
| Last | Change | % Chg | |
| DJIA | 13932.99 | 52.91 | 0.38 |
| Nasdaq | 3138.86 | 7.69 | 0.25 |
| S&P 500 | 1501.48 | 5.77 | 0.39 |
-BBN Top 10- Estee Lauder, buy, TM, buy on FY13, Master Card buy on dividend, JC Penny (sell), Yum Brands sell on poison chicken in China, Zynga, Buy on BAC upgrade, Sirius, sell, Blackberry, buy on sales, and Walt Disney, hold on EPS, number 1, DELL.
-EL PAÍS hands over PP treasurer’s secret papers to prosecutors.
-German’s Say Nein to weaker Euro
German vice-Chancellor Rösler warns against a weaker euro, says “Goal must be to increase competitiveness”, after meeting with French Finance Minister.
-Dell going private at $13.65.
I plan on taking the money and running. Its worth more but not the time. Odd, I bought the DELL IPO, and now own it at the end.
-Quote of the Day
“It is all untrue, except for some things”
Spanish PM Rajoy to Merkel, ROFL.
-Obama’s Muslim Fanatic Pal Mursi down Egypt: In Mursi’s first 100 days, 88 people were tortured and 34 were extrajudicially murdered in Egyptian police stations
-Dollar Bull Wanted by Asians Badly
Expectations of an end to ultra-easy U.S. monetary policy are likely to set in during the second-half of 2013, triggering a bull run in the dollar that could last for five years, says independent economist Andy Xie. And this, he argues, could lead to a “crisis” in emerging markets as hot money inflows unwind.The U.S. economy has begun to show signs of life again – with factory activity touching a nine-month high in January – prompting talks about an end to the Federal Reserve’s quantitative easing program.Xie forecasts the dollar index – which measures the performance of the greenback against a basket of currencies – will rise to 100 in the next three years, a 25 percent rise from current levels around 80 on relative strength in the world’s largest economy.”The dollar bull market tends to trigger crises in emerging economies. This time is likely to be the same,” the former Morgan Stanley economist said, citing the Latin American debt crisis in the 1980s and the Asian Financial Crisis in 1997, during which a rise in the U.S. dollar against local currencies led to a spike in interest payments on external debt. CNBC
Triple deficits, jobless recovery and record debt, do not a dollar bull make. Kind of WS fantasy that is being pushed by FED as well to keep commodities down.
-Goldman Sachs VP Cohn: “No one has solved the European economic issue for me yet.. No one’s given me an explanation of how we’re really going to create growth in Greece, or in Spain, or in other peripheral countries.”
-Argentine Foreign Minister-’Falklands will be under our control in 20 years’.DT
-Chinese frigate locks radar on Japanese navy vessel
-ETN: Eaton also closed on its roughly $11.8 billion acquisition of Cooper Industries in November as it looks to vastly expand its power management portfolio and electrical business.Eaton reported a profit of $179 million, or 46 cents a share, down from $362 million, or $1.07 a share, a year earlier. Excluding items such as integration and acquisition costs, per-share earnings fell to 82 cents from $1.08. Sales jumped 7.4% to $4.33 billion, of which Cooper contributed $470 million.Analysts polled by Thomson Reuters had most recently forecast per-share earnings of 93 cents on revenue of $4.36 billion.Operating margin fell to 2% from 9.7%.Electrical sales in the Americas climbed 2.9% to $1.15 billion while electrical sales in the rest of the world rose 1.7% to $711 million. Hydraulics sales fell 1.7% and aerospace sales increased 1%. Truck sales were down 26% and the automotive segment posted a 7.8% sales decrease.
-Boise Cascade: IPO seen 11.8M shares at $18 to $20
-Futures
| utures Index | Value | % Change | Open | High | Low | Time |
|---|---|---|---|---|---|---|
| Americas Futures | ||||||
| DJIA INDEX FUTURE Mar13 | 13,894.00 | +0.35% | 13,842.00 | 13,924.00 | 13,841.00 | 08:21:42 |
| S&P 500 FUTURE Mar13 | 1,499.80 | +0.43% | 1,492.50 | 1,501.60 | 1,492.50 | 08:23:07 |
| NASDAQ 100 FUTURE Mar13 | 2,722.25 | +0.41% | 2,709.75 | 2,725.00 | 2,709.75 | 08:21:42 |
- President Hollande commented that Europe was leaving Euro currency too vulnerable to variations and needed an exchange rate policy. He noted that the worst of the EMU crisis had passed but not all lessons learned as national interests precede that of Europe. He stressed that surplus countries needed to increase their economies.
- Spain PM Rajoy admits some of the things reported about him in the press were true during meeting with German Chancellor Merkel- El Pais
- Riksbank commented that the economic activity weakened in winter period particularly in export sector and saw few concrete signs of an upturn in economy. It noted that the retail sector was more stable. The strong SEK currency level was squeezing profitability of exporters while new orders for sector were low. Company survey stated plans to continue cutting workforce in Q1.
- Japan Econ Panel member Ito: Inflation target means bold easing in place until 2% target achieved. Must be mindful of weak yen and JGB when fighting deflation. He noted that the recent price action of strong KRW (won) and Euro currencies suggested a rise in risk appetite
- Bank of Japan (BoJ) Gov Shirakawa announced he would to step down on March 19th along with two Deputy governors. One month early.
- Analysts see China Jan CPI falling to 1.8% from 7-month high 2.5% in Dec as tighter food supply issues that exacerbated prior inflation data normalize – Shanghai Daily
- G20 meeting on Feb 25th not expected to deal with currency wars, Japan unlikely to be singled out regarding its currency – press
- Netherlands, Finland and Germany said to have sought to bring forward measures to impose losses on senior bank bondholders. Proposals would bring forward the timeframe on the ‘bail in’ to 2015. German press
- IMF: Spain is making major progress on reforming the banking sector, Spain bad bank (Sareb) needs a long-term business plan
- Trani investigators said to probe 5 banks outside Italy related to Euribor. Banks include Barclays, Deutsche Bank, HSBC, RBS, and SocGen.
- FED’s Fisher (hawk; non voter): Impact on employment from the QE program is ‘questionable’; Believe that 3% GDP growth in 2013 is possible
- Pres Obama signs law temporarily suspending debt ceiling until May – financial press
-816 Europe Bounces
Better than expected EU and German Services PMI stabilized markets. Italy had its 20 th straight month of contraction in their Service PMI
Europe Session Economic Release Summary
(CH) Swiss Dec Trade Balance (CHF): 1.0B v 2.0Be; Real Exports M/M: -1.5% v 5.5% prior; Real Imports M/M: 5.5% v 4.5% prior
(IE) Ireland Jan NCB Services PMI: 56.8 v 55.8 prior; (highest since Aug 2007)
(FI) Finland Nov GDP Indicator WD: -1.2% v -0.7% prior
(SE) Sweden Jan PMI Services: 52.4 v 51.2e
(CZ) Czech Dec Retail Sales Y/Y: -5.1% v -5.7%e
(EU) ECB: €116M borrowed in overnight loan facility vs. €7.0M prior; €176.2B parked in deposit facility vs. €181.0B prior
(ES) Spain Jan Services PMI: 47.0 v 44.2e
(TW) Taiwan Jan Foreign Exchange Reserves: $406.6B v $403.2B prior
(SE) Sweden Dec Service Production M/M: 0.7% v 0.7% prior; Y/Y: 2.2% v -0.1%e
(IT) Italy Jan PMI Services: 43.9 v 45.8e (20th straight contraction); Employment Index: 41.9 v 43.7 prior (lowest reading in 15 years since series began)
(FR) France Jan Final PMI Services: 43.6 v 43.6e; lowest since March 2009 and 6th straight monthly contraction
(DE) Germany Jan Final PMI Services: 55.7 v 55.3e; second month of growth
(EU) Euro Zone Jan Final PMI Services: 48.6 v 48.3e (highest seen March 2012); PMI Composite: 48.6 v 48.2e
(DE) Germany Dec machinery orders +4.0% y/y (Domestic +1% y/y, Foreign +5% y/y) – VDMA
(UK) Jan PMI Services: 51.5 v 49.5e, highest reading since Sept 2012
(ZA) South Africa Q4 Unemployment Rate: 24.9% v 25.7%e
(EU) Euro Zone Dec Retail Sales M/M: -0.8% v -0.5%e; Y/Y: -3.4% v -1.4%e
(BR) Brazil Jan FGV Inflation: 0.3% v 0.3%e
(IT) Italy Jan Preliminary CPI (NIC incl. tobacco) M/M: 0.2% v 0.2%e; Y/Y: 2.2% v 2.2%e
(IT) Italy Jan Preliminary CPI Harmonized M/M: -2.0% v -1.9%e; Y/Y: 2.4% v 2.6%e
(RO) Romania Central left Interest Rate unchanged at 5.25%
Equities
| Country: Index | Last | Change | % Chg |
| Europe Dow | 1753.70 | 10.18 | 0.58 |
| Stoxx Europe 50 | 2617.91 | 17.69 | 0.68 |
| Stoxx Europe 600 | 285.48 | 1.58 | 0.56 |
| Euro Stoxx 50 | 2647.61 | 22.44 | 0.85 |
| Euro Stoxx | 264.32 | 1.51 | 0.57 |
| Austria: ATX Index | 2385.90 | 0.56 | 0.02 |
| Belgium: Bel-20 | 2521.61 | 15.38 | 0.61 |
| Denmark: OMX Copenhagen 20 | 550.41 | 2.66 | 0.49 |
| Estonia: OMX Tallinn | 756.03 | -12.46 | -1.62 |
| Finland: OMX Helsinki | 6083.50 | -0.21 | 0.00 |
| France: CAC 40 | 3694.04 | 34.13 | 0.93 |
| Germany: DAX | 7652.54 | 14.31 | 0.19 |
| Greece: Athens General | 1015.05 | 19.75 | 1.98 |
| Greece: DJ Greece TSM | 767.85 | 14.76 | 1.96 |
| Greece: FTSE/ATHEX 20 | 341.85 | 7.20 | 2.15 |
| Iceland: OMX Iceland All-Share | 756.34 | 5.02 | 0.67 |
| Ireland: ISEQ Overall | 3536.80 | -6.57 | -0.19 |
| Italy: FTSE MIB | 16713.32 | 174.32 | 1.05 |
| Latvia: OMX Riga | 397.40 | -1.55 | -0.39 |
| Lithuania: OMX Vilnius | 371.20 | -2.24 | -0.60 |
| Netherlands: AEX | 348.79 | -0.90 | -0.26 |
| Norway: OSE All-Share | 514.96 | -2.60 | -0.50 |
| Portugal: PSI 20 | 6185.70 | 49.30 | 0.80 |
| Russia: DJ Russia Titans | 6592.91 | 12.90 | 0.20 |
| Spain: IBEX 35 | 8045.10 | 125.50 | 1.58 |
| Sweden: OMX Stockholm | 363.62 | 2.39 | 0.66 |
| Switzerland: Swiss Market | 7397.38 | 34.66 | 0.47 |
| UK: FTSE 100 | 6280.82 | 33.98 | 0.54 |
| UK: FTSE 250 | 13198.16 | 21.14 | 0.16 |
| UK: FTSE AIM All-Share | 737.90 | -0.03 | 0.00 |
Bonds
German 10y 1.67+0.05, – 3.40%
Italy 10yr 4.39-0.03, 0.73%
Spain 10yr 5.35-0.071.35%
U.K. 10yr 2.13+0.05, 2.32%
| EUR/USD | 1.3539 | +0.0025 | +0.18% | |||
| GBP/USD | 1.5738 | -0.0025 | -0.16% | |||
| USD/JPY | 93.44 | +1.06 | +1.15% | |||
| USD/CHF | 0.9080 | -0.0003 | -0.04% | |||
| AUD/USD | 1.0391 | -0.0048 | -0.46% | |||
| USD/CAD | 0.9979 | -0.0009 | -0.09% | |||
| EUR/GBP | 0.8602 | +0.0030 | +0.34% |
| Gold | 1676.65 | +0.25 | +0.01% | |||
| Silver | 31.892 | +0.176 | +0.55% | |||
| Copper | 3.768 | -0.000 | -0.01% | |||
| Crude Oil | 96.73 | +0.56 | +0.59% | |||
| Natural Gas | 3.349 | +0.034 | +1.01% | |||
| US Cotton No.2 | 81.30 | -0.45 | -0.54% | |||
| US Coffee C | 144.28 | -0.30 | -0.21% |
-Market Watch
|
Major Stock Indexes
|
8:12 a.m. EST 02/05/13Treasurys
8:03 a.m. EST 02/05/13Futures
8:12 a.m. EST 02/05/13Currencies
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-Asia Close
Mainland China markets recovered from their sell off and rallied into the close. China Services PMI was robust.
| Country: Index | Last | Change | % Chg |
| Asia Dow | 3000.75 | -46.43 | -1.52 |
| DJ Asia-Pacific TSM | 1340.50 | -19.77 | -1.45 |
| Australia: All Ordinaries* | 4902.60 | -26.50 | -0.54 |
| Australia: S&P/ASX* | 4882.70 | -24.80 | -0.51 |
| China: DJ CBN China 600* | 22759.61 | 195.24 | 0.87 |
| China: DJ Shanghai* | 311.27 | 1.95 | 0.63 |
| China: Shanghai Composite* | 2433.13 | 4.98 | 0.21 |
| China: Shenzhen Composite* | 947.00 | 11.20 | 1.20 |
| China: Shanghai 50* | 2068.95 | 3.56 | 0.17 |
| Hong Kong: Hang Seng* | 23148.53 | -536.48 | -2.27 |
| India: BSE Sensex* | 19659.82 | -91.37 | -0.46 |
| India: S&P CNX Nifty* | 5956.90 | -30.35 | -0.51 |
| Indonesia: JSX Index* | 4479.44 | -11.12 | -0.25 |
| Indonesia: JSX BISNIS 27* | 387.36 | -0.80 | -0.21 |
| Indonesia: JSX Islamic* | 609.59 | 0.90 | 0.15 |
| Indonesia: JSX LQ-45* | 766.85 | -1.36 | -0.18 |
| Indonesia: PEFINDO-25* | 475.41 | -6.99 | -1.45 |
| Indonesia: SRI-KEHATI* | 243.76 | -0.09 | -0.04 |
| Japan: DJ Japan TSM* | 585.29 | -9.78 | -1.64 |
| Japan: Nikkei Average* | 11046.92 | -213.43 | -1.90 |
| Japan: TOPIX Index* | 939.70 | -16.05 | -1.68 |
| Malaysia: DJ Malaysia TSM* | 3035.98 | -6.72 | -0.22 |
| Malaysia: FTSE Bursa Malaysia KLCI* | 1633.35 | -1.20 | -0.07 |
| New Zealand: NZX 50* | 4211.95 | -34.45 | -0.81 |
| S. Korea: KOSPI* | 1938.18 | -15.03 | -0.77 |
| S. Korea: KOSPI 50* | 1671.40 | -12.35 | -0.73 |
| S. Korea: KOSPI 100* | 1933.53 | -15.79 | -0.81 |
| S. Korea: KOSPI 200 Composite* | 254.82 | -2.07 | -0.81 |
| Singapore: FTSE Straits Times* | 3272.66 | -24.71 | -0.75 |
| Taiwan: TAIEX* | 7886.94 | -36.22 | -0.46 |
| Thailand: SET* | 1505.72 | -0.65 | -0.04 |
-UBS 4Q Net loss CHF1.89 BLN v CHF2.16 estimate BLN loss
-Jim Rickards @JamesGRickards
Just got my corporate medical insurance renewal. Up 7%. Broker said I was “lucky;” most were up 20%. Inflation is 2%. Way to go
-NIESR (UK forecasting outfit): Economic output per person in the UK will not recover its pre-crisis peak until 2018, a full decade after the recession struck, according to one of the country’s top forecasting bodies. DT
-Jew to be sworn in as Archbishop of Canterbury
They are everywhere!! Not that I object to him being a Jew, it is just I doubt his sincerity. Jewry after failing to snuff out the life of the Orthodox Church under communism in Russia, decided to subvert it from within. A Jewish Bishop for a Jewish Crown. Fair Dinkum. Well at least he has a wife unlike the last English queer.
-Sodomite Tory Party Comes out of Queer Closet.
Osborne, Hague and May join forces to declare allowing gay marriage ‘the right thing to do at the right time’. DT
Just like in Sodom.
-ECB told to double its staff to handle banking Regulation. FT
-Obama puts trade at heart of agenda- US has two large negotiations on its plate with EU and Asia. FT
-Liberty Global set for Virgin Media bid.Move for $20bn UK cable operator could spark Malone-Murdoch clash. FT
-Obama meets CEOs over immigration push. Goldman, Yahoo, Marriott and Coke chiefs among White House guests. FT
- China National Bureau of Stats : China to widen PMI sample to better reflect manufacturing . China top four banks Jan new yuan loans seen around CNY370B. Analysts see China Jan CPI falling to 1.8% from 7-month high 2.5% in Dec as tighter food supply issues that exacerbated prior inflation data normalize – Shanghai Daily. China’s National Development and Reform Commission (NDRC): 2012 crude oil consumption increase accelerated 4.9% to 476.1M tons from 3.3% increase in 2011. CD, SP, XH
- Japan PM Abe: BOJ will decide policy; govt accord will not undermine BOJ independence
- Monetary Authority of Singapore (MAS) Managing Director Menon: Need to avoid competitive devaluation and protectionist measures . Press.
- Goldman Chief Economist Hatzius: Fed will continue asset purchases in 2013, repeat of U.S. debt ceiling crisis looks likely, politics could boost European risk premium
-Regulators could force British banks to raise billions in fresh capital as part of a review of how the firms assess the riskiness of their assets. WSJ
- 2358 Asia
European uncertainty carried over from the USA trading session to Asia. In Italy, bond yields soared after former Prime Minister Silvio Berlusconi pledged to cut taxes and repay a reviled real estate tax if his countrymen give him his old job back. Communist-left rival Pier Luigi Bersani countered those points by promising to spend EUR7.5 billion on public works projects if elected. In Spain, the PM Rajoy, his government and party remains mired in political scandal involving and secret payments and kickbacks. Italy and Spain are the EU’s third- and fourth-largest economies.
Hong Kong’s Hang Seng plunged 1.7% to 23285 , while the Shanghai Composite slid 0.4% to 2410 after Sinopec (SNP), China’s 2nd largest oil company, announced a $3.1 billion secondary share offering. Sinopec said it will use the proceeds to bolster production assets. Sinopec, like PetroChina (PTR)is state-controlled. China’s HSBC Services PMI rose from 51.7 to 54.0 in Jan..
Japan’s Nikkei is down 1.7 pc to 11070 although the Y/D was traded flat for the session.
The Reserve Bank of Australia opted against another interest rate cut at its meeting today. On Monday, official data showed that building approvals in Australia dropped 4.4% in December, disappointing expectations for a 1% rise, after a 3.4% increase the previous month. Australian Bureau of Statistics said that Australia’s January trade balance rose to a seasonally adjusted AUD -0.43billion from AUD-2.79billion in December. Job advertisements in Australia fell 0.90% in January, following a 2.80% decline the previous month. The ASX is down -.22 pc to 4896.
South Korea started 3 day naval drills with the USA near North Korea. The Kospi is down .5 % to 1943.
Gold, silver , copper and oil traded flat.
European and USA futures point to a slight rise at the opening.
Economic Release Summary
(AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH TARGET RATE UNCHANGED AT 3.00%, AS EXPECTED
(AU) AUSTRALIA DEC TRADE BALANCE (A$): -427M V -800ME (smallest deficit in 6 months; 12th month of deficit)
(AU) AUSTRALIA Q4 HOUSE PRICE INDEX Q/Q: 1.6% V 0.3%E; Y/Y: 2.1% V 0.9%E
(AU) AUSTRALIA JAN AIG PERFORMANCE OF SERVICE INDEX: 45.3 V 43.2 PRIOR (12th month of contraction)
(NZ) NEW ZEALAND Q4 AVERAGE HOURLY EARNINGS Q/Q: -0.4% V +0.4%E; PRIVATE WAGES EX-OVERTIME Q/Q: 0.5% V 0.5%E; PRIVATE WAGES INCLUDING OVERTIME Q/Q: 0.6% V 0.5%E
(CN) CHINA JAN HSBC SERVICES PMI: 54.0 V 51.7 PRIOR (four-month high)
(KR) SOUTH KOREA JAN FOREIGN EXCHANGE RESERVES: $328.9B V $327.0B PRIOR
(PH) PHILIPPINES JAN CONSUMER PRICE INDEX (CPI) M/M: 0.5% V 0.6%E (5-month high); Y/Y: 3.0% V 3.0%E (3-month high); CORE CPI Y/Y: 3.6% V 3.1%E
(HK) HONG KONG JAN PURCHASING MANAGERS INDEX (PMI): 52.5 V 51.7 PRIOR
(ID) INDONESIA Q4 GDP CONSTANT PRICE Q/Q: -1.4% V -1.3%E; Y/Y: 6.2% V 6.2%E; ANNUAL GDP 2012: 6.2% v 6.3%E
(IN) INDIA JAN MARKIT SERVICES PMI: 57.5 V 55.6 PRIOR (multi-month high)
(UK) UK JAN BRC SALES LFL Y/Y: 1.9% V 0.3% PRIOR (highest since Dec 2011)
Equities
| Country: Index | Last | Change | % Chg |
| Asia Dow | 3018.11 | -29.07 | -0.95 |
| DJ Asia-Pacific TSM | 1349.41 | -10.86 | -0.80 |
| Australia: All Ordinaries | 4915.20 | -13.90 | -0.28 |
| Australia: S&P/ASX | 4896.50 | -11.00 | -0.22 |
| China: DJ CBN China 600 | 22601.73 | 37.36 | 0.17 |
| China: DJ Shanghai | 309.05 | -0.27 | -0.09 |
| China: Shanghai Composite | 2418.35 | -9.80 | -0.40 |
| China: Shenzhen Composite | 941.00 | 5.20 | 0.56 |
| China: Shanghai 50 | 2054.72 | -10.68 | -0.52 |
| Hong Kong: Hang Seng | 23285.29 | -399.72 | -1.69 |
| India: BSE Sensex | 19689.92 | -61.27 | -0.31 |
| India: S&P CNX Nifty | 5960.05 | -27.20 | -0.45 |
| Indonesia: JSX Index | 4474.54 | -16.03 | -0.36 |
| Indonesia: JSX BISNIS 27 | 386.85 | -1.31 | -0.34 |
| Indonesia: JSX Islamic | 606.91 | -1.78 | -0.29 |
| Indonesia: JSX LQ-45 | 765.67 | -2.54 | -0.33 |
| Indonesia: PEFINDO-25 | 474.73 | -7.67 | -1.59 |
| Indonesia: SRI-KEHATI | 243.38 | -0.47 | -0.19 |
| Japan: DJ Japan TSM | 587.78 | -7.29 | -1.23 |
| Japan: Nikkei Average | 11070.10 | -190.25 | -1.69 |
| Japan: TOPIX Index | 944.18 | -11.57 | -1.21 |
| Malaysia: DJ Malaysia TSM | 3034.77 | -7.93 | -0.26 |
| Malaysia: FTSE Bursa Malaysia KLCI | 1632.09 | -2.46 | -0.15 |
| New Zealand: NZX 50* | 4211.95 | -34.45 | -0.81 |
| S. Korea: KOSPI | 1943.91 | -9.30 | -0.48 |
| S. Korea: KOSPI 50 | 1677.12 | -6.63 | -0.39 |
| S. Korea: KOSPI 100 | 1940.22 | -9.10 | -0.47 |
| S. Korea: KOSPI 200 Composite | 255.64 | -1.25 | -0.49 |
| Singapore: FTSE Straits Times | 3271.48 | -25.89 | -0.79 |
| Taiwan: TAIEX | 7881.69 | -41.47 | -0.52 |
| Thailand: SET | 1501.84 | -4.53 | -0.30 |
| Gold | 1675.55 | -0.85 | -0.05% | |||
| Silver | 31.735 | +0.019 | +0.06% | |||
| Copper | 3.769 | +0.002 | +0.06% | |||
| Crude Oil | 96.06 | -0.10 | -0.11% | |||
| Natural Gas | 3.329 | +0.011 | +0.32% | |||
| US Cotton No.2 | 81.70 | +0.09 | +0.11% | |||
| US Coffee C | 144.57 | -3.05 | -2.07% |
| EUR/USD | 1.3489 | -0.0025 | -0.18% | |||
| GBP/USD | 1.5751 | -0.0012 | -0.08% | |||
| USD/JPY | 92.38 | +0.01 | +0.01% | |||
| USD/CHF | 0.9102 | +0.0020 | +0.21% | |||
| AUD/USD | 1.0399 | -0.0038 | -0.37% | |||
| USD/CAD | 0.9992 | +0.0003 | +0.04% | |||
| EUR/GBP | 0.8564 | -0.0009 | -0.10% |
Bonds
Japan 10yr 0.80-0.02, 1.97%
U.S. 10yr 1.96+0.00, 0.06%
CDS
| Price | Change | %Change | ||
|---|---|---|---|---|
| AUT CDS 5-YR | 45.215 | -0.115 | -0.25% | |
| BEL CDS 5-YR | 77.015 | 0.015 | 0.02% | |
| CHN CDS 5-YR | 173.57 | 19.34 | 12.54% | |
| DEN CDS 5Y | 31.85 | 0.185 | 0.58% | |
| DUBAI CDS 5Y | 224.995 | — | UNCH | 0% |
| EGY CDS 5Y | 528.225 | — | UNCH | 0% |
| FIN CDS 5YR | 30.175 | 0.505 | 1.70% | |
| FRANCE CDS 5YR | 88.59 | 0.09 | 0.10% | |
| GER CDS 5YR | 43.93 | 0.44 | 1.01% | |
| GRE CDS 5YR | 4578.8999 | 68.90 | 1.53% | |
| HUN CDS 5YR | 303.53 | 1.625 | 0.54% | |
| INA CDS 5-YR | 151.685 | 0.14 | 0.09% | |
| IRE CDS 5Y | 203.885 | -2.125 | -1.03% | |
| ITA CDS 5YR | 272.22 | 1.14 | 0.42% | |
| JPN CDS 5YR | 76.50 | 2.575 | 3.48% | |
| KOR CDS 5YR | 72.63 | -1.15 | -1.56% | |
| NED CDS 5YR | 54.00 | 1.035 | 1.95% | |
| PAN CDS 5-YR | 97.00 | -1.12 | -1.14% | |
| POR CDS 5-YR | 410.37 | -2.07 | -0.50% | |
| SVK CDS 5YR | 95.00 | — | UNCH | 0% |
| ESP CDS 5YR | 290.935 | -0.03 | -0.01% | |
| SWE CDS 5-YR | 19.74 | 0.67 | 3.51% | |
| SUI CDS 5Y | 40.00 | — | UNCH | 0% |
| UK CDS 5Y | 52.215 | 0.215 | 0.41% | |
| US CDS 5Y | 42.70 | 0.20 | 0.47% |
-Aussie Housing Bubble to be popped by Crown?
Australian homebuilders are resorting to discounts, gift cards and help with mortgage payments to lure reticent buyers.Stockland (SGP), Australia’s biggest residential developer, is giving rebates and gift cards of as much as A$30,000 ($31,300) in Victoria, Queensland and New South Wales states. Devine Ltd. (DVN) is matching deposits in South Australia and taking over mortgage payments for as long as a year in Melbourne. Peet Ltd. (PPC) has been offering discounts of as much as A$50,000 in Western Australia, Queensland and Victoria. BBN
Developers desperate to get out at top and not get stuck with over valued land/properties.
-Joe Biden: France and the U.S. agreed on the need to hand over Mali military operations to a United Nations mission when it is “prudent.”
-The ROK and the US began a three-day joint naval exercise, which was interpreted by Chinese analysts as a further provocation against the DPRK. CD-Australia’s imports outpaced exports by A$427 million ($446 million), led by stronger iron-ore shipments, from a revised A$2.79 billion deficit in November, the Bureau of Statistics said in a report in Sydney today. A separate report showed house prices advanced 1.6 percent in the three months through December, the most since mid-2010.
-Hewlett-Packard Co. (HPQ) will start selling its first Chromebook laptop, entering the market for low-priced portable computers running an operating system from Google Inc. (GOOG) that emphasizes working on the Web.The HP Pavilion 14 Chromebook has a 14-inch screen, 16- gigabyte solid-state drive and Intel Corp. (INTC) processor. It also comes with 100 gigabytes of free storage on the online Google Drive service for two years, which ordinarily costs about $120. The laptop goes on sale today in the U.S., with a starting price of about $330, the company said in a statement. BBN
-Dell Inc. (DELL)’s board plans to meet tonight to vote on an offer to take the company private for about $24 billion, said people with knowledge of the matter.The deal may be announced early tomorrow morning in the U.S., said the people, who asked not to be identified because the process is private. The offer values Dell at $13.50 to $13.75 a share, said two of the people. The Round Rock, Texas- based personal-computer maker closed at $13.27 today, for a market value of about $23 billion. BBN
-After Hours
YUM: Reports Q4 $0.83 v $0.81e, R$4.15B v $4.13Be; cuts FY13 EPS guidance to “mid-single digit decline” vs. +10% prior guidance; -5.4% afterhours
BIDU: Reports Q4 $1.31 v $1.29e, R$1.02B v $939Me; -5.9% afterhours
HIG: Reports Q4 $0.54 v $0.29e, R$7.74B v $5.61Be; -0.7% afterhours
-Geopolitical Headliners
-Economic Calendar
Service PMIs today.
| Time | Cur. | Imp. | Event | Actual | Forecast | Previous | |
|---|---|---|---|---|---|---|---|
| 00:00 | INR | Indian HSBC Services PMI | 55.6 | ||||
| 02:00 | CHF | Trade Balance | 2.740B | 2.900B | |||
| 03:13 | EUR | Spanish Services PMI | 44.1 | 44.3 | |||
| 03:45 | EUR | Italian Services PMI | 45.8 | 45.6 | |||
| 03:48 | EUR | French Markit Comp. PMI | 42.70 | ||||
| 03:50 | EUR | French Services PMI | 43.6 | 43.6 | |||
| 03:55 | EUR | German Services PMI | 55.3 | 55.3 | |||
| 04:00 | EUR | Services PMI | 48.3 | 48.3 | |||
| 04:30 | ZAR | South African Unemployment Rate | 25.50% | ||||
| 04:30 | GBP | Services PMI | 49.8 | 48.9 | |||
| 05:00 | EUR | Retail Sales (MoM) | -0.5% | 0.1% | |||
| 05:00 | EUR | Italian CPI (YoY) | 2.2% | 2.3% | |||
| 05:00 | EUR | Italian CPI (MoM) | 0.2% | 0.2% | |||
| 08:55 | USD | Redbook (MoM) | -0.50% | ||||
| 10:00 | USD | IBD/TIPP Economic Optimism | 46.0 | 46.5 | |||
| 10:00 | USD | ISM Non-Manufacturing Index | 55.2 | 55.7 | |||
| 11:30 | USD | 4-Week Bill Auction | 0.035% | ||||
| 11:30 | USD | 52-Week Bill Auction | 0.140% | ||||
| 16:30 | USD | API Weekly Crude Stock | 2.75M | 4.16M | |||
| 16:30 | USD | API Weekly Gasoline Stock | 1.90M | 2.37M | |||
| 19:01 | GBP | BRC Shop Price Index (YoY) | 1.5% | ||||
| 19:30 | AUD | Retail Sales (MoM) | 0.3% | -0.1% | |||
Newslinks
-Service Industries Sustain Gain as U.S. Hiring Climbs: Economy
-Bet on USA pays off for German Car Maker
http://wheels.blogs.nytimes.com/2013/02/05/new-york-to-washington-on-one-gallon-of-gas/?src=recg
-ECB Balance Sheet Shrinks to 11-Month Low as Banks Repay Loans
-World Risks ‘Perfect Storm’ on Capital Flows, Carstens (Mexican Central bank) Says
-Rajoy Scandal Threatens Europe
http://www.businessweek.com/articles/2013-02-04/spains-rajoy-scandal-threatens-europes-fragile-peace
-China Conducts Reverse Repos before New Year Holiday
-Goldman Sachs, Gohn-Europe has fundamental problems
-Carney Seeks Escape Velocity at BOE
-Draghi Knew of MP problems- Source
http://uk.reuters.com/article/2013/02/04/uk-italy-montepaschi-draghi-idUKBRE9130LP20130204
-Yale Suing Poor Students over loans
-China Navy Radar locks on Japan Vessel
-USA homes sell in 2 weeks on short supply
-The White House’s budget is late. Here’s their excuse
-Senators ask Obama for legal basis for targeted killings of Americans
-Accusations Against Jain: LIBOR Probe Could Cost Deutsche Bank Billions
-Hagel likely to be confirmed as next U.S. defense chief despite GOP lashing
http://news.xinhuanet.com/english/world/2013-02/04/c_132148359.htm
-Tangle of Ties Binds SEC’s Top Ranks
-China’s Resolve to Be Tested Over North Korea Sanctions
-Mongolia $1.25/Day Labor Amid $4K Purses Stirs Discontent
-RBA Signals Room to Ease Further After Holding Key Rate at 3%
-Masonic Jewish Founder of Secular Turkey a British Agent
As Belloc said, every Jew should be regarded as an agent of the English Empire
http://www.atajew.com/2000/05/british-agent.html
-Dreamliner crisis: Boeing seeks test flight for 787
http://www.bbc.co.uk/news/business-21332256#?utm_source=twitterfeed&utm_medium=twitter
-USA to Sue S&P
http://www.usatoday.com/story/money/business/2013/02/04/sp-to-face-justice-dept-suit/1891103/
No more ‘real’ money in Canada, they can’t even afford a copper.
