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Today's Economic Data Highlights - Consumer Credit And The Fed

From Goldman

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Daily Highlights: 9.8.2010

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British Pound Rallies Against The U.S. Dollar Ahead Of The BoE Interest Rate Decision

Fundamental Headlines
• Global-Bank Deal Targets Reserves– Wall Street Journal
• Yen Extends Climb Against Dollar – Wall Street Journal
• Eurozone Worries Linger Over Markets – Financial Times
•Greek Debt Deals Hidden From EU Probed as 400% Yield Gap Shows Bond Doubts – Bloomberg
• Swiss Franc Reaches Record Versus Euro on Concern Banks, Economy Struggle – Bloomberg
EUR/USD: The trade balance in Europe’s largest economy scaled back to 13.5 billion … [visit site to read more]

British Pound Rallies Against the U.S. Dollar Ahead of the BoE Interest Rate Decision

All major currencies were up against the U.S. dollar overnight, with the British pound leading the way, climbing some 0.71 percent ahead of the Bank of England interest rate decision.

South Korea cautiously penalizes Iran

Seeking wiggle room between their allies in Washington and their business partners in Tehran, Seoul unveiled measures tied to United Nations penalties over the Iranian nuclear program and squeezed an Iranian bank in South Korea without formally closing it.

Maritime Collision Fuels China-Japan Row

A Chinese vessel's run-in with Japan's coast guard in disputed waters sparked a diplomatic feud between Beijing and Tokyo, highlighting a growing political rift.

Chinese Shipbuilder a Hit on Taiwan Market

Yangzijiang Shipbuilding, the first Chinese company to list in Taiwan, rose by 7% on its trading debut, boding well for other mainland companies that may consider listing on the island.

Profile: Dove World Outreach Center - BBC News

Reuters Profile: Dove World Outreach CenterBBC NewsThe plan by the Dove World Outreach Center, a small evangelical church in the US state of Florida, to burn Korans on 11 September has drawn worldwide condemnation. Its pastor, the Reverend Terry Jones, says that as an American Christian he has a right ...Clinton: Planned Koran Burning a 'Disrespectful Act'Voice of America

USDJPY: Stay Flat, Looking For Buying Opportunities

PIMCO Ranks Fourth In ETF Advisor Loyalty

PIMCO was ranked fourth amongst ETF providers in advisor loyalty by a report that also had Vanguard coming in on the top of that ranking, followed by iShares and State Street’s SPDRs. The report was produced by Cogent Research, a Cambridge-based research firm, in August and was called the 2010 Advisor BrandscapeTM.
Vanguard displaced iShares from the top spot which it occupied in 2009, while State Street maintained its 3rd place ranking. However, the surprise entrant was PIMCO, given that it … [visit site to read more]

Managers Named for Woori Finance Sale

South Korea named three firms to manage the sale of its 57% stake in Woori Finance, valued at $5.09 billion, in a move to push forward the privatization of the country's largest financial holding company.

Foster's Rejects Bid for Wine Unit

Foster's rejected a cash offer for its wine business from a private equity firm and instead is pushing ahead with a demerger of its beer and wine divisions.

Chinese Shipbuilder a Hit on Taiwan Market

Yangzijiang Shipbuilding, the first Chinese company to list in Taiwan, rose by 7% on its trading debut, boding well for other mainland companies that may consider listing on the island.

Prison Attack Frees Nigeria Extremists

About 800 inmates escaped from a prison holding Muslim extremists in Nigeria during a sunset attack by gunmen who are believed to be members of a radical sect.

South Korea cautiously penalizes Iran

Maritime Collision Fuels China-Japan Row

A Chinese vessel's run-in with Japan's coast guard in disputed waters sparked a diplomatic feud between Beijing and Tokyo, highlighting a growing political rift.

USDJPY: Stay Flat, Looking For Buying Opportunities

Forex Technical and Fundamental Forecasts for September

EURUSD: Euro US Dollar Exchange Rate Forecast
USDJPY: US Dollar Japanese Yen Exchange Rate Forecast
GBPUSD: British Pound US Dollar Exchange Rate Forecast
USDCHF: US Dollar Swiss Franc Exchange Rate Forecast
USDCAD: US Dollar Canadian Dollar Exchange Rate Forecast
AUDUSD: Australian Dollar US Dollar Exchange Rate Forecast
NZDUSD: New Zealand Dollar US Dollar Exchange Rate Forecast

Arkansas Best upgraded to "buy"

NEW YORK, September 7 (newratings.com) - Analysts at Stifel Nicolaus & Company upgrade Arkansas Best Corp (ticker: ABFS) from "hold" to "buy." The target price is set to $30. [more]

Pioneer Natural Resources upgraded to "outperform"

NEW YORK, September 7 (newratings.com) - Analysts at Friedman Billings upgrade Pioneer Natural Resources (ticker: PXD) from "market perform" to "outperform." The target price is set to $85. [more]

Laugh Out Loud: Jobs …

… [visit site to read more]

Praxair Rejects CADE Allegations

Praxair Inc.’s (NYSE:PX) Brazilian subsidiary, White Martins was fined R$2.2 billion (US$1.3 billion) by the Brazilian Administrative Council for Economic Defense (CADE) for its alleged anticompetitive activity in Brazil. Apart from Praxair, the council imposed fines on four other industrial gas companies in Brazil .

Reaction of disbelief followed after the fines were imposed and Praxair and White Martins both rejected the charges, asserting that these allegations are baseless and without … [visit site to read more]

When Social Mores And Free Markets Collide

I would like to try something different for a change this Labor Day long weekend. In these pages I have been an advocate of examining assumptions so that a modeler can understand the weaknesses of his models. With that thought in mind, here are a thought experiment that I would like to conduct. Bear in mind that there are no right or wrong answers, only better answers about yourself and your world views.
The plight of the Chilean miners
Economists generally like free markets as they … [visit site to read more]

Boeing Dreams Big

Boeing Company (NYSE:BA), with a steady recovery in the U.S. and Canadian economies, dreams big for its commercial airlines business. The bullishness was reflected in Boeing’s 2010 North America (U.S. and Canada) market outlook forecast on September 2, 2010. Boeing forecasts that air carriers in North America will take delivery of about 7,200 new airplanes over the next 20 years at an investment of $700 billion.
Paradigm Shift
Boeing forecast a paradigm shift to the fortunes of the U.S. and … [visit site to read more]

US Housing Dip Deepens As Artificial Support Wanes

The Double-Dip recession I’ve been predicting for some time is deepening. And nowhere is the emergence of this powerful economic force more clear than in the housing market.
All the fresh economic data confirms that home sales are weakening … home inventories are rising … and home price pressure is building.
Meanwhile, we’re seeing a fresh rise in early-stage mortgage delinquencies after a multi-quarter respite. Credit demand is contracting for real estate and other loans. And … [visit site to read more]

Pat Dorsey: Competitive Advantages For Superior Companies

Pat Dorsey, CFA, is Director of Equity Research at Morningstar, Inc. He played an integral part in the development of the Morningstar Rating for stocks, as well as Morningstar’s economic moat ratings. Dorsey is also the author of three excellent books;The Five Rules for Successful Stock Investing:, and The Little Book That Builds Wealth.Heholds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan … [visit site to read more]

Colombia: World’s #1 Stock Market

The chart above shows the MSCI Colombia Stock Market Index, monthly back to 1993 (data here). Over almost every time horizon up to ten years, the returns for the Colombia stock market are the higest in the world:
YTD: 43.4%
One-Year: 67.2%
Three-Year: 25.1%
Five-Year: 25.8% (second to Indonesia’s at 27.6%)
Ten-Year: … [visit site to read more]

Walter Projects Lower Sales In 2010

Premier coal producer and exporter Walter Energy (NYSE:WLT) slashed its fiscal 2010 coking coal sales guidance to 7.2 – 7.5 million tons, from the previous guidance range of 7.7 – 7.9 million tons. This lower guidance results from poorer expectations of coking coal production volumes in 2010.

Walter expects coking coal production volumes to total about 1.8 million tons in the third quarter of 2010 at nearly $60 per ton. The company is, however, maintaining its coking coal sales … [visit site to read more]

Has The Fed Run Out Of Ammunition To Resuscitate The U.S. Economy?

Over the past several years, the Federal Reserve and the U.S. government have tried everything that they can think of to stimulate this dead horse of an economy but nothing has worked. The Fed has slashed the federal funds rate to record low levels, mortgage rates have been pushed to all-time lows and the U.S. government has spent hundreds of billions of dollars in an effort to get the economy going. But despite all these of these extraordinary efforts, the U.S. economy continues to … [visit site to read more]

Honeywell Wins Contract

A group company of Honeywell International Inc. (NYSE:HON), UOP LLC, has been selected to provide its process technology for the conversion of biomass to transportation fuels in Rentech Inc.’s Rialto Renewable Energy Center.
UOP LLC is a worldwide leading provider of process technology used to transform petroleum feedstocks to fuels and chemicals and has even developed a variety of methods to create high-quality, drop-in green fuels from natural feedstocks.
UOP LLC’s hydroprocessing technology … [visit site to read more]