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Weekend Edition (May 29-31) It's Time for the Fed to Reload Frontline Real Rates and Gold 7 Zeal Will the Fed's Slow-Mo Approach Backfire? Morgenson (NYT) Hey Greenspan, Duisenberg, and Fukui: Alchemy Is Junk Science (& Junk Economics Too) Northern Trust Shouldn't Greenspan Quit While He's Ahead? NYT (R) Companies, time has come to pay for those options HC Dollar could be jostled by OPEC news CBS Cough Up More For Your Coffee NYP Bank of Ireland Chief Soden Quits After Violating Company Internet Policy Bl Borrowing boom set to force up interest rates Times Online Borrowers must face up to home truths Times Online China to punish currency speculation PD
Friday May 28 April Personal Spending Rises 0.3%; Incomes Rise 0.6% Bloomberg BEA OPEC May Consider Oil Quotas Suspension Reuters The Great Oil Debate Morgan Stanley (Roach) Monthly FX Outlook CIBC PDF Fed's Chief Spoilsport Becomes Mr. Accommodation Bloomberg Market Downtrend Intact Comstock Is the Market Poised to Tumble? Schaffers WiFi hotspots not all that hot Mecury News Public WiFi hotspots are turning into the latest example of what are sometimes called ”zero billion dollar'' markets” Fidelity manager: I made mistakes Reuters Use of credit options has exploded this year FT Fannie Mae inquiry widens FT Fannie Mae CEO Franklin Raines is Porker of the Month CAGW Ex-Rite Aid boss gets 8-year prison term AP Citigroup fined $70 million AP Pension funds sue Royal Dutch, Shell AP IPO sales see more fizzle than sizzle USAT When 'IT' Stands for Interrogation Smart Money Telecom files for bankruptcy Boston Globe Paul Allen Loses Another One NYP American raises cargo rates to compensate for fuel costs AP Cost of jet fuel is trouble, says NWA official Det Free P High fuel costs wing Frontier Rocky MN Nortel faces deadline for continued support from EDC Globe & Mail First trial not high profile, but may show a lot Houston Chron Enron creditors approve its plan to emerge from bankruptcy BL Enron Buffalo spammer jailed TheRegister Food for Thought: The Big Mac Index CFO Coeur d'Alene offers to buy Wheaton CBSM China’s growth is good news for gold, says Merrill duo CityWire Individuals to directly buy, sell bullion in China People’s Daily Analyst: Farm Subsidies Still A Cash Crop For The Rich and Famous Heritage China May Be a Prisoner of Greenspan's Fed Bloomberg Desert find does little to ease China's oil worries Times Online Cooling China's economy and red-hot oil prices Asia Times China turns the hose on currency speculators and car finance market SMH Is property in Hong Kong set for a fall? IHT (Bloomberg) Japan's Jobless Rate Is Unchanged; Spending Surges Bloomberg Big Hopes Survive the Decline in Emerging Markets Bloomberg Riding the buy-to-let wave BBC Dollar-linked countries urged to unpeg currency Gulf News Argentina to Have Debt Restructuring Plan Next Week Bloomberg Citigroup apology for Ł750m error lifts RSA Independent PetroChina makes the biggest oil discovery in decade People’s Daily Yukos Market Value Falls by $3Bln MosNews May Sell Assets UPI Court awaits richest Russian Cox If Oil Supplies Were Disrupted, Then ... NYT (R) The Oil “Crisis” of 2004 Cin To Tell the Truth NYT (R) (Krugman)
Thursday May 27 Doing the Fed's dirty work CNN/Money Wall Street has already done some of the heavy lifting for the Fed. Greenspan a White House regular CNN/Money Fed chairman has visited Pennsylvania Avenue more frequently since Bush took office. Fixed-rate mortgages resume climb AP First-Quarter Gross Domestic Product Grew at a 4.4% Rate Bloomberg BEA Initial Jobless Claims Fell 3,000 to 344,000 Last Week Bloomberg Futures Now See June Interest Rate Hike Reuters Dollar remains pegged back by oil price fears FT Oil Lower = Stocks Up? CNN Dlr Sharply Lower On Rumoured Hedge Fund Selling FX Fed Fudged Accounting After 911, Says Bank Big NYP (Crudele) Bush prolongs the Greenspan agony TheStreet Unknowingly, Snow held stake in mortgage companies TD While Snow has been receiving periodic financial statements during the past year showing that he owned the mortgage-company bonds, Snow did not bother to open the statements, his spokesman said. Snow Asks Inspector to Review His GSE Bond Holdings BL Snow yesterday said he was unaware that he owned about $10 million in Fannie Mae and Freddie Mac bonds for 15 months Schiff's Bear Market Necessities Reuters Schiff joked that he is dismissed as an oddball on the fringes by some in the mainstream of the markets Bulls and bears are both right, investors say Reuters Many see as a cyclical bull market in a secular bear. Growth signals turn yellow MSN ECRI One of the better economic forecasters around says the economy will slow dramatically over the next three to six months Nasdaq letters stick to bearish bent CBSM The Housing Bubble GoldMoney Bad Combo for New Housing - Demand Down and Supply Up Northern Trust Shorts in the Utilities Sector Schaffers U.S.: Mexico to the rescue on oil Reuters The High Price of No Inflation Etherzone Reality vs. Govt. Statistics The Impact of Higher Oil Prices NYT (R) Doc Oil shock likely to herald world recession within next 10 years IN Rising inflation due to profit margins/energy, not labor costs EPI Controlling Energy Costs on the Factory Floor NYT (R) Scotia’s Commodity Price Index Jumps to Record High PDF Gas Pains Up Sales of Hydrids, Beat up SUVS NYP Gas increases pushing up prices of some other goods Gannett Fuel costs spur $10 hike for United, American tickets ChicagoST Steel: Short supply has towns worried. . . Boston Globe The price of shredded steel has jumped from $95 a ton to about $300 a ton in three months Exxon CEO: We're not gouging Reuters Chicago city council OKs city's first-ever outlet Reuters RCN files for bankruptcy Reuters Trump bailout progressing, overdue bond payment likely AP Topps Fined $1.9M Over Pokemon Pricing AP Aetna sues Abbott over 478% Norvir price rise FT Problems with AOL accounting leave Dick Parsons in a tight spot BWeek Empire Financial, CEO get Wells Notice from SEC Reuters SEC fights for overcharged fund buyers USAT SEC probes money managers over IPO allocations -WSJ Reuters Ingram: Why target just Grasso? Globe & Mail Some investors question pay of bank chief Lewis AP Wealthy investors sue Alex. Brown over losses Baltimore Sun The list of angry investors includes some of the brightest names in American industry. Elite Bankers Now Pulling Plug On US Economy & Currency! Federal Observer Gold vs. the USDX: Is the USD Topping Out ? RBC PDF Gold still glitters MorningStar Short-term indicators point to higher price for bullion Merrill sees gold trade in $370-390 range in near term CBSM Newmont sees second half gold recovery TheAge Dutch Ctrl Bank To Sell 100 Tons Gold In Next 5 Yrs DJ European Commission assesses threat to oil supplies FT Emerging Markets: Pricing in the Fed Morgan Stanley Inflation targeting back on BOJ agenda Asahi Retail woes hit Japan's recovery BBC The March on Moscow Economist Caveat emptor is a phrase that might have been specifically invented for investors in Russia The Price of a Worthless Government Moscow Times Bank moves to quell fears of interest rates doubling TIme O No slowdown in UK housing market BBC Stamp duty rise could end house price inflation FT Playing the China Card on the Street Business Week China: Bank cards taking up 20% of total consumption People’s Daily Failed Bank Depositors Want Vekselberg's Eggs Moscow Time Wall Street wary of Argentina bond price rise Reuters Cubans Hit With Wave of Price Hikes APs Fuel costs put Asia airlines in a bind IHT (Bloomberg) Soaring soybean prices hurt tofu makers Japan Times Diageo to raise price of Guinness IHT (Bloomberg) O'Donoghue warns against drink price increase Ireland Online UAE: Cement shortage sparks black market trend Khaleej Times EU agrees to France's Alstom rescue Guardian Yukos warns that gov’s tax claims could force the company into bankruptcy AP Did Someone Say Bubble? Macleans A Bubble Ready To Burst Canada's rocketing real estate market is defying pessimists -- heck, it's defying realists
Wednesday May 26 New Home Sales Have Biggest Drop Since January 1994 Bloomberg Census April Durables Orders Fall 2.9%; Ex-Transport. Fall 2.1% B Census T’s Gain Secular Bear Markets Not Uncommon Comstock Abu Ghraib and the Dow North Wishing Upon a Star Puplava Stagflation makes a comeback CBSM (Kellner) Which airline is next? CNN/Money Fuel crisis could be the beginning of end of one or more of the nation's major carriers June: swoon or boom? CNN/Money Election Year Chart Chart of the Day It has typically been an up month in election years since '52. But this is no typical election year. Mortgage Applications Fall Again Reuters MBAA Mass. condo prices hit record Boston Globe Home-buying spree Rocky MN Punishing credit card rates? Just wait CNN/Money The noose around credit card holders may tighten after the Fed hikes rates Credit card late fees continue to climb MSNBC Drug prices rising faster than other inflation AP Stormy Conditions May Dampen Emerging Mkt Debt Issuance Dow Jones Hedge funds take in record in first quarter-TASS Reuters Hedge funds smell trouble, dump stocks, buy oil Reuters Boss departs with zillions, his enabler is lingering on Baltirmore Sun We could call CEO-pay consultants the handmaidens of munificence, except they're not very maidenly. Schwab to cut trading commissions R Cuts May Slash Bottom Line TStreet At Nortel, All the Straws Are Short Business Week Adding to the telecom-equipment maker's woes: It could soon be in default of a $326 million guarantee by Export Development Canada GE Launches Biggest IPO in Two Years CFO Flat Debut CBSM Furious Grasso to counter-sue over $189m pay claims Indepen Spitzer Vs. Grasso--For Love Or Money Forbes The Public Should Be Outraged - Not Grasso NYP Grasso's delusional self- defense, outlined in The Wall Street Journal yesterday, would be laughable if it weren't so pathetic. NASD fines former Merrill analyst Phua Young Reuters Young issued research recommending that investors buy the stock despite characterizing the company as a "totally unmitigated disaster" Wellington Management under SEC investigation JSO (NYT) Ex-star banker Quattrone asks for new trial AP Ex-Rite Aid exec sentenced in scandal AP CA Offers $10 Mln to Settle Probe Reuters Amazon.com's Bezos ducks questions on Toysrus.com suit Seattle Times Conoco refuses Saudi offer of extra oil -trader Reuters SEC Fines Approaching 2003 Levels CFO Gold seen soaring to more than $1,000 an ounce by end of decade G&M Droke ~ Paul ~ Willie ~ Auerback EU says switch oil from dollar to currency basket Reuters China economists: change yuan peg CBSM Report suggests peg to basket of currencies The Calm Before the Storm Morgan Stanley (Xie) The period of the Fed raising interest rates usually precedes emerging-market crises. In the current cycle, the Fed has kept interest rates lower and longer than in any previous cycle. China: Soft Landing or Bust? Mises China: The Unplannable, Planned Economy AEI (Makin) China Producer Prices Climb 5% on Rising Investments Bloomberg Wuhan Steel Wins Approval for 9 Bln Yuan Share Sale Bloomberg Great Wall of Unknowns WP Yen Trades at 2-Week High; Trade Report Shows Economic Growth Bloomberg Bank of England Follows `Gradualism' With Rates Bloomberg (Berry) Don't bank on your house for retirement income CityWire Brazil: Unemployment exceeds 13 percent UPI Ryanair says it won't pay back state subsidies FT O'Leary, Ryanair chief executive, said that the Belgian authorities had written to the airline demanding the repayment of around 3M. “We have written back to say fuck off” New fears of financial crisis as Jarvis delays its results Independent Interpol seeks help against counterfeiters FT AP: Terrorists Planning Summer Attack AP
Tuesday May 25 Crude eases as market ponders Saudi plan FT Bond jury out on effects of oil FT Oil, gasoline surges to new high AP Speculators blamed FT Oil close to record as markets scorn Saudi offer to up output FT No respite from sky-high gas prices Globe & Mail “It is a huge derivatives casino right now. When prices start to fall, there is going to be just one massive hedging collapse.” Gasoline price increases fire up inflation worries AP In today’s dollars, oil hit a peak of around $80/barrel in the early 1980s and gasoline sold for the equivalent of $2.85/gallon. 'Gas roots' protest over pump prices CS Monitor NIMBY pressures . . . and oil slicks Washington Timesl Electricity-type probe into gas prices SF Gate Fuel Costs Squeeze UAL Rocky MN FedEx Freight hikes rates 5.9% TT U.S. Notes May Advance on Speculation Rising Oil Price Will Curb Growth BL The Bear's Lair: Empty mansions UPI High-yield securities may have hit their peak, an indicator says CC (NYT) Is gold's gut check over? CBSM The Road to $1,000 GoldenBar Second quarter will be hedge barometer Mineweb Rising oil prices + rising interest rates = end of the bull market? Business Times Google, just say no to lockups CBSM The other day, my cleaning woman said she was going to bid on Google. Krispy Kreme Posts First Net Loss Reuters Spitzer files suit against Grasso, NYSE, Langone AP Full Text Who’s (Mis) Leading Whom? AG Gives McCall A Pass NYP Prosecutors bring new charges against Ebbers AP Ernst & Young investigated over tax shelter endorsements Times Online Judge rules tobacco case can go forward FT T-Stocks Hit ~ S&P Comments Toys R Us Sues Amazon.com TheStreet China's quest for secure energy supplies FT Chinese Bank gets derivatives green light CDaily China to issue new T-bonds 'Slowdown likely to raise bad loans of smaller banks' China Daily Brewers flock to China with eye to future Reuters Rising oil prices may stunt growth and prolong deflation, Tanigaki says Kyodo Mortgage lenders 'not in favour of doubled rates' FT Euroland: When Rates Rise (Part 1) Morgan Stanley (Roach) German Inflation Speeds to Most in More Than 2 Years Bloomberg Mexico's Silver Mines Lose Luster From Falling China Demand Bloomberg Resona racks up 1.66 trillion yen net loss Japan Times Alstom crisis drags on and on FT Transcript Of Bush Speech AP Delusions of Triumph NYT (R) (Krugman)
Monday May 24 Oil Price Settles at New High AP Average GasPrice Hits New Record WP Spitzer to Sue Former NYSE Head Grasso Reuters What Could We Be Missing? Morgan Stanley (Roach) Holy cow! $3.62 for a gallon of milk? AP 3 reasons Dell shares are sliding MSN (Fleck) Breaking Monetary Policy into Pieces Hussman A No Win Scenario Cross Currents The moribund markets are all about the 'multiple' G&M (Ingram) 70% of the market's rise between 1980 and 2000 came not from profit growth but from higher price-earnings ratios. What happens when the reverse occurs? US stock charts mirror the 1930s AME The chart of the US stock market from the mid-1920s to early 1930s is almost a mirror image of that seen from the mid-1990s to date. All Bubbles eventually burst Russell Flash Bubbles 321 Are equities heading for a bumpy ride? Telegraph Housing Markets Brace For Impact NYP As margin debt builds, investors should be wary CBSM Mortgage Lenders Getting More Creative AP Junk bond bubble starts to deflate FT A rash of cancelled debt deals underscores the cold reality that the days of easy money are gone. Junk: Traders expect a doubling of borrowing costs by 2005 Bloomberg Inflation was real, but deflation only illusion HChron (Burns) New Forecast Says Inflation May Get Worse AP NABE Profits Do Not Cause High Prices Mises Personal bankruptcies in U.S. increase 2.8% AP US Courts Going Public Without Profits or a Product? Yes, in 2004 NYT (R) Insiders Are Selling Like It's 1999 NYT (R) When Times Are Good, Forecasting is Easy NYP A growing number of analysts, despite how badly they were misled just a few years back, are herding along for the ride, predicting stock prices based on these long-term earnings projections. Greenspan, his limo rides, and the future of interest rates CS Monitor On the road and in the red CS Monitor Higher prices and longer loans are pushing new-car buyers into a debt spiral Automotive hedge fund to launch in July FT Your debt may cost you more if the Fed hikes rates CNN/Money It seems everyone is buying into the dollar-store discount craze Knight Ridder As more people shop on credit, stores rack up profits on high interest and fees Flash memory prices slump as market showdown looms Reuters “We are beginning to see the oligopoly between Toshiba and Samsung hang on to the last stages of its life” Cisco and FASB: Options Showdown CFO Shell cuts oil reserves again Reuters Sarbanes-Oxley Forces Options Exercise CFO Money, Murk, & Muck NYP (Byron) Watch Out For Central Bank Sales Gold-Eagle Gold bullion securities begin to attract investor attention Reuters Nasdaq to close China office - reports CBSM China: Oil Price May Drop Sharply Morgan S (Xie) China: The World's Powerhouse NewsWeek But what if its economy is caught in a bubble? Behind the mask Economist Hailed as the business opportunity of the century, China is bound to disappoint. Is inflation Japan's next battle? IHT (BL) Japan grows 'much slower' than Tokyo suggests FT Top Japan banks in profit, but recovery looks fragile Reuters Rising rates will put Brown's boast to the test Independent (King) Mortgage rates 'must be doubled' BBC Interest rates will have to double to avoid the property market spiralling out of control then crashing Have analysts learned their lesson? This is London Gold producers going public in Hong Kong China Daily Ship carrying 4,190 cars sinks off Singapore Reuters Bush to spell out Iraq plan, major fighting flares Reuters Big hurdles loom with handover CS Monitor
G7 pleads for lower oil prices BBCÂ G7 Full Text Reuters Crude Oil Falls as Saudi Arabia Promises to Raise Production BL Saudi bid to puncture oil price bubble may fail Reuters Dissent in OPEC on Saudi Arabia's pledge Reuters To Fret or Not to Fret NYT (R)Â What, Me Worry? SMoney (Luskin) Will Gas/Energy Prices Hurt the Economy? AP
Weekend Edition (May 22-23) Wall Street avoids a meltdown, but can't make progress AFP G7 Ministers Will Ask Oil Producers to Raise Output Bloomberg Alan’s View On Inflation Perils Bush NYP Inflation Accommodation PBear (Noland) The Sleaziest Journalism on Earth Mauldin Gold Boiling in Oil 3 Zeal What a Week: Fear Factor Multiplies TheStreet OPEC: Wait until June CNN Oil cartel ministers delay decision on production; dodge discussion of Saudi boost proposal. Still at its mercy Economist The world economy remains vulnerable to the price of oil Look who gets rich on $40-a-barrel oil CBSM Fallout may be worse than 1929 market crash Miami Herald (CEPR.net) Baker The Cheap Credit Crutch NewsWeek House buying spree likely to bring new interest rate rise Guardian China feasts on Canada's resources Globe & Mail Canada: Household Credit Analysis CIBC PDF The economic sheriff who stood up to inflation Boston Globe Paul Volcker : The Making of a Financial Legend Amazon
Friday May 21 Forensic Expert Charged With Lying in Martha Stewart Case ~ MSO Surges Prices at Gas Pump Hit $2.02/gallon-AAA Reuters Saudis to Increase Oil Production by 8%, Propose Higher OPEC Quotas BL Oil price hovers near recent high Reuters OPEC maintains it's powerless Fears of dwindling oil supply unfounded? Scotsman High gas prices create dilemma Washington Times High gas prices fuel lifestyle changes News Tribune Gas prices may spawn new pirates Denver Post When driving is a living, gas prices hit even harder USAT Fed fiddles as inflation roars to life Larry Kudlow (Reg) Ultimately, all these price movements are driven by excess liquidity supplied by the central bank...Supply-siders have every reason to be concerned that the Fed has waited too long to rein in unusually easy money. Flashback: Dead-wrong inflation hawks Jan 9, 2004 Liberal Keynesian politicians and their academic advisors predicted inflation in the 1980s. They were dead wrong. Some of the very same voices are again predicting inflation now. They will be dead wrong again. Bernanke: Fed Won't Rush Hikes IDB Bernanke’s Remarks on Gradualism F Dollar Softens on Dovish Fed Talk FT Fed Funds at 4 Percent? Not Until Year-End 2005, Survey Shows Bloomberg The Case For Deflation (Continued) Comstock PIMCO's Gross sees deflation risk Reuters Let the Market Do the Talking... Gold-Eagle (Rostenko) Dollar bets come home to roost IHT (NYT) Norris Risk Management' Is in the Eye of the Beholder Bloomberg (Baum) The Political Stock Market Project Syndicate (Shiller) Wi-Fi Service Market Braces For Fallout From Cometa Failure IBD “Wi-Fi service providers are living in a dream world. Many if not all of them will never be earnings-positive." High gas prices tarnish SUV's appeal CS Monitor Sales for large models fell 15 percent from a year ago Mortgage rush leaves some homeowners overexposed Chicago Tribune Lenders seeking to squeeze every last drop out of the housing boom are rolling out increasingly exotic and risky mortgages that bring inflated housing prices within reach of less-qualified buyers Median price of housing in county hits record Sign-On SD Home buyers scrambling to outrun rising interest rates... Average home price tops half-million Davis Enterprise “It used to be that in a situation like that, buyers would say they'd pay $1,000 or $2,000 over the asking price. But we have recently seen people paying as much as $50,000 over the asking price Manufactured-home dealerships have been hammered in recent years Spokane “It put people into homes who really shouldn’t have been there” Pundits In War of Words NYP A little feud is brewing between BusinessWeek chief economist Michael Mandel, author of the new book "Rational Exuberance," and Princeton economist and regular New York Times columnist Paul Krugman. Options Today, Restatement Tomorrow? Business Week SSRN (R) Swanson and his team found a direct correlation between large numbers of in-the-money stock options held by CEOs and an increased likelihood of an accounting restatement. Wall Street Pay Soars; Directors Earn $1 Million as Signing Bonuses Double BL Bezos got in on Google for six cents a share ST (Bloom) Halliburton struggles with millstone around its neck HChron Xcel shareholders fume over bonuses RockyMN Qwest settlement a 'scam' RockyMN Union at SBC Launches Strike in 13 States Reuters Strong Capital and founder to pay $140 million for trading abuses ST (WP) Apparel Maker CFO's Background Unravels CFO CIBC to repay millions in customer fees CP LCD shortage threatens new games handhelds Reuters Chip equipment orders jump 111% Reuters SEMI NYSE Short Interest Dips NYSE U.S. stocks funds have outflows of $200 mln for week ended May 19 TT India and China -- Bumps in the Road MStanley (Roach) Booming China Devouring Raw Materials WP Print The construction frenzy that is crowning China's cities with skyscrapers and laying the works for modern industry has transformed it from a minor consumer of raw materials into a country that absorbed roughly half the world's cement production last year, one-third of its steel, one-fifth of its aluminum and nearly one-fourth of its copper. China's current water shortage CE China Is Global Economy's 800-Pound Gorilla Bloomberg China's energy appetite fuels record prices FT China's Energy supply 'dwindling' BBC Real estate fever needs a cure China Daily As to the causes for driving up property prices, many point to so-called "Wenzhou property-buying gangs." China's gold market posts shining growth CD The lure of China's new rich IHT (Bloomberg) Brazil's Lula, Losing Support at Home, Seeks Recovery in China Bloomberg Brazil's Central Bank Begins Taking the Heat Bloomberg UK household debt hits Ł1 trillion This is Money “Our borrow-now-pay-later culture has resulted in a new milestone for borrowing. The debt bubble facing the British public is truly awesome.” Slowdown Or Crash? FindaProperty OEF Going, going ... The Age Property prices are dropping, auctions are failing and buyers are suing to get out of contracts. The property party is over No Mas: The Coming Argentinian Meltdown Mises Venezuela: Strange figures from the Central Bank VCrisis South Korea bails out borrowers BBC Plan to assist millions of consumers who have built up huge credit card debts M'bishi Motors gets $4 billion bailout CBSM Sells Stake to Phoenix Amid Loss S.Korea to Indict Samsung Exec Reuters Shanghai property mogul stands trial Shenzhen Daily Moscow Government May Be Implicated in Sibir Energy Scandal MosNews
Oil prices pressuring the Fed SF Chron The Fed and Pavlov's Sheep Gold-Eagle Satire: Fed Chairman celebrates 100th birthday 321
Thursday May 20 Strong, firm to pay $140M in settlement CNN/Money The Longer You Play, The More You Lose Sunday Times U.S. May Philadelphia Fed Factory Index Falls to 23.8 Bloomberg Intel Balks at a Request to Expense Stock Options NYT (R) "It is Mr. Barrett's view that this is such a divisive issue, with roughly equal support on both sides, that it doesn't make sense to make a change at this time'' Fitch to keep negative outlook on Japan Reuters What lies ahead in global oil crisis CBSM The U.S. Leading Index Edges Up in April Conference Board U.S. Initial Jobless Claims Rose 12,000 to 345,000 Bloomberg Circus Game Pimco (Gross) Prediction: The future of the USA stock market UCLA (Sornette) May 15 Hiistory books will record the true cost of Greenspan's cheap money policy Inde Alan Greenspan Is No William McChesney Martin Forbes Alan’s Re-nomination: Pride Goeth Before A Fall? NT PDF The Short View: The Fed's big challenge NYT (FT) (R) Underwriting Exuberance Gold-Eagle Larry Kudlow insisted we're in a "boom" that would actually be helped out if the Fed got some backbone and started raising rates in half-point chunks; something he insisted would actually benefit the market. What goes up... CBSM Market recovery may take longer yet Crude Oil Gains as Gasoline Reaches Record on Shortage Concerns Bloomberg OPEC May Approve Saudi Plan to Boost Oil Quotas Bloomberg OPEC: oil prices out of our control Reuters Will We Run Out of Energy? Mises PreMarket: Oil could foul stocks CNN U.S. Treasuries May Fall; Inflation Concerns Curb Debt Demand Bloomberg Bulls, Biases, and Hard Facts Elliott Wave Fears over banks' lending to hedge funds FT Regulators try to stop silver rumors CBSM "(For) anybody who is a true believer that silver is manipulated and believes that with a religious fever, I'm sure this won't have much affect" CBOT to challenge Nymex on metals FT Profiling the new 'irrational investor' CBSM Six mental traps investors blindly fall into, over and over Selling Short Fannie Mae, Ligand and XM Satellite Bloomberg Unprofitable companies turn to IPOs USAT Of 11 companies scheduled to go public the next two weeks, seven lost money last year and six bled red in the first quarter. Backlash on Stock-Option Bill CFO FASB Release The proposed House legislation ''harms the credibility of America's system for providing transparent and unbiased financial information to investors,'' says the head of FASB's parent corporation. Intel Shareholders Vote for Options Expensing AP Don't pin hopes on HP Globe & Mail (Ingram) Several Airlines Up Fares to Offset Fuel Prices Reuters Amex faces charges over fund sales FT Former Enron exec pleads to inside trading AP Suits against ex-NYSE chief to come next week FT Honeywell faces possible criminal charges FT Five protesters arrested at Halliburton meeting Reuters Funds need to wake up and smell the cynicism USAT Sarbox Costs ''Unpredictable,'' Still Rising CFO China voices caution on rate increases IHT (Bloom) Is China's $1.4 trillion economy growing too fast? MSNBC United Kingdom: A Little More, a Little Earlier Morgan Stanley Italian May Consumer Confidence Falls to 10-Year Low Bloomberg Blair's Profitless Prosperity Sidelines Investors Bloomberg $1Bln of 'Suspicious' Sodbiznes Deals Moscow Times The Central Bank revoked the bank's license on Thursday for breaking banking and money laundering laws, and unidentified gunmen took over the Moscow-based lender's offices Tuesday...tthe gunmen were suspected of shredding documents Jailed Tycoons Circle Wagons Moscow Times Coup fells Rentokil chairman Guardian A breather for Yukos in tax fight IHT (NYT) General Tells Congress Iraq Mission at 'Vulnerable' Point AFP
Wednesday May 19 Gold futures rise as much as $8 an ounce CBSM Bush rejects calls to tap oil reserves Reuters The Bubbles Mr. Greenspan has Created! Faber Interest Rates in One Lesson North The officially licensed counterfeiters gave the T-bill market a shot in the arm. They still are doing this. Bush Nominates Greenspan for Fifth Term AP If Fed doesnâ€t act soon, the markets could see real trouble Jubak Fed: Rate Rises Coming, But Slowly Reuters Oil prices likely to keep rates low USAT Special Report: Gas Pains CNN/Money So why wouldn't oil prices rocket? Sydney Morning Herald Up, Up and Away ABC Ongoing Rise of Gas Prices Hurts Consumer Spending, Could Slow Economic Growth Atlanta Fed Misses the Point Comstock Fraud and Deception is the order of the Day! Financial Sense Continental raises fares to pay for fuel CBSM Food retailers likely to raise prices Dow Jones Mortgage Applications Dropped Last Week Reuters MBAA FBI probes Cisco code possible theft FT Three investment firms fined over IPO deals AP The 3 firms neither admitted to nor denied the allegations in their settlements Martha Fades to Black Business Week Gold, Touted as Shelter, Gets Caught Up in Storms BL Precious-metals funds rank as the best performing category of mutual funds over the last three years by almost 2-to-1 over their nearest competitor. They also stand as the worst performing group of funds for 2004 to date by almost 3-to-1 over the next biggest loser. Gold prices seen shining in coming months Globe & Mail CFTC: No silver market manipulation Reuters CFTC LetterPDF Butler: It is hard to imagine a more bullish conclusion and document than what the CFTC has just produced IR Fast Forward Four Quarters - ‘BOJ Seeking Stronger Yen?’ NTrust “The dollar could be in for a tumble next year if central banks, led by the BOJ, cut back on their purchases of dollars as they no longer resist the appreciation in their home currencies.” China: Growth of fixed asset investment slows down Xinhuanet Beijing may raise rates to prevent overheating Guardian Bottleneck in China threatens soyabean market FT Old Reflexes Hurting 2 Asian Economic Giants NYT (R) From India to Korea, Politics Spooks Markets Bloomberg India: Equity funds bore brunt of Monday mayhem Rediff Bank of England Says Rates May Need to Rise Faster Bloomberg Venture capitalists warn of pension disaster Times Online Europe: Rough markets threaten IPOs FT Venezuela 1st Qtr GDP Grew Record 29.8 Percent on Oil Rebound Bloomberg World Bank warns on Iraq reconstruction BBC Economic oasis flourishes despite Mideast tensions FT Bailout to leave Paris with third of Alstom IHT Sodbiznesbank Locks Out Depositors Scores of depositors lining up outside Sodbiznesbank's headquarters demanding the return of their money Tuesday. The Central Bank pulled the bank's license last week....It was unclear how the Sodbiznesbank affair might affect the public's trust in the banking system. Central Bank Blacklists Sodbiznesbank’s Management Mosnews
Tuesday May 18 Lessons on rates from '94 fiasco Boston Globe Housing Starts Fell 2.1% to 1.969 Million Rate in April Bloomberg Census Where have you gone, Rosy Scenario? CBSM (Kellner) It is nothing short of amazing that there are economists out there who are still looking for strong growth in the months ahead. Housing market is just a bubble waiting to pop HChron (Baker) OPEC prepares for emergency talks AP Facing up to the reality of a new oil crisis AME Average Gasoline Price Tops $2 a Gallon Reuters Taxi, trucking, airline and delivery companies are raising prices U IMF talks down oil price surge danger BizWorld 1987 Warnings Revisited SH Fahrenheit 451 321 On The US Dollar Squeeze Thesis Financial Sense What's Really Eating the Markets? U.S. Debt TheStreet A gigantic credit bust is about to happen in America. The prospect of that, not political or international events, is what's driving the stock market down. Retirees drastically underestimate health care costs NCPA Study: Offshoring of U.S. jobs accelerating AP U.S. Questions More Halliburton Bills Reuters SEC accuses Lucent of $1bn dotcom era fraud Guardian Nortel Probe Turns Criminal CFO Ford Credit to Cut Branches, Shift Jobs Reuters Fannie Mae average duration gap widens in April Reuters Guilty Plea in Phony Google IPO NYP Deutsche junk bond deal blows up NYP India's Gandhi Trying to Back Out of PM Job Reuters A day after their greatest loss in history, shares on the Bombay exchange extended morning gains, jumping almost 10 percent higher on the news before closing up 8.25 percent Shattered and broke on Dalal Street Express I “Everyone expected a decline in the Sensex. Why couldn’t the authorities have met on Sunday to prepare?” Huge margin calls triggered free fall Rediff Cascading margin calls forced speculators and big investors to keep selling in order to raise cash. Coverage: Bloodbath on Dalal Street! Rediff How much did the czars lose? TofIndia RBI forms task force to monitor markets TodIndia India Bullion markets saw huge volumes Sify http://www.bseindia.com/ Rate fears, oil hikes savage Asian markets Business Times Europe - All: Back to the Seventies? Morgan Stanley Japanese GDP Grew at Annual 5.6% Pace in 1st Qtr Bloomberg China: Credit support for projects in 10 industries suspended People’s Daily Chinese flocking to gaming tables of Burma's sin city Independent China's Congested Ports Delay Deliveries, Curb Growth Bloomberg “It's typical for shipping lines to wait about 10 days to have cargoes of raw materials unloaded in China because they're so backed up” Asia Honeymoons in Scary Shadow of Global Risks Bloomberg It's futile to talk about a common Asian bond market as long as central banks dutifully hand over the region's savings to the U.S. Treasury. Living in the shadow of Ming Sydney Morning Herald
Monday May 17 Brutal Monday on Street CNN/Money The NY Fed May Empire State Index Eases Reuters NYF Dow drops triple digits CBSM Stock futures set for rocky start CBSM $, Stocks Fall After Crude Surges, Iraqi Leader Is Killed Bloom $ Falls Versus Yen, Euro in Asia on HSBC Bombing in Turkey B Gold Prices Jump in London After Bomb Attacks in Turkey, Iraq Oil Hits Fresh High, Asia Stocks Drop Reuters Stocks are Not Thermometers Hussman Shocks and Landings Morgan Stanley (Roach) Fed announces that they expect a stock market crash any day now McH (Pg3) Oh, they didn't "speak" the words, no sage quote from a Fed governor or the venerable Chairman, but their actions did the talking. We are not going to see new highs in stocks MSN (Fleck) Russell on Bonds & Gold Gold-Eagle Death Metal Obscene Prophets Take it from Hu He and Buffett's pig - inflation isn't dead, it was only resting Tele Don't Let the Fed Catch You Flat-Footed WSJ Some Analysts Salute Markets for Already Raising Rates NYT (R) Next financial bubble may hit close to home Philly Inquirer Credit card rewards can help pay mortgage USAT The Funk On The Street Business Week Investors have too much faith, say hedge funds FT Investors, Issuers Flee Junk-Bond Market CFO Contagion is back and the damage is in junk FT Apologies for so much gloom on a Monday, but someone has to provide an antidote to Wall Street's perpetual good news machine. Treasury Notes Set to Resume Declines ~ Gold May Gain Bloomberg In-Vest-Ment Worries NYP (Byron) Intel's Big Shift After Hitting Technical Wall NYT (R) DPL Removes Top Three Execs After Probe Reuters Mutual funds face minimal scrutiny Knight Ridder Senate Passes Measure To End Bias Against Investments In Gold, Silver Reid London police thwart $70M gold robbery AP Indian Markets Crash on Turmoil Reuters Nikkei Below 10,500, Hits 3-Mth Low ~ Eurostocks Sink 2 Pct to 2004 Low R China's Bubble Trouble CS Monitor Asian Ministers Say Oil Prices, U.S. Rates Are Risks Bloomberg Behind the volatility lie opportunity and fear Independent (King) UFJ to shed half its bad loans by March Asahi Brussels warns IASB over derivatives rules FT Powell says his assertions were wrong ST
Weekend Edition (May 15-16) Fannie Mae faces more income issues CBSM Low Rates, High Expectations NYT (R) (Grant) It’s Time To Cross Over Financial Sense Market's stall may not be just temporary JS Online Time Bomb Corrigan The Summer Swoon: A Dearth of Value Frontline NASDAQ Nation North Wisdom of Jesse Livermore 8 ZEAL Money and The Flip-side of Speculator De-leveraging PBear (Noland) Inflation Consciousness Stirs Bugos Richebacher Gold: The China Syndrome Ing Go Gently Into The Night? CIBC PDF Oil Prices And Harbingers Of Doom Forbes Rate Fears Stir the Bears on Wall Street AP Risky bet for techs? CNN/Money Tech companies are building up inventories, citing healthy demand. But what if the economy cools? Junk bonds hit by prospect of higher rates FT Freddie Mac, Fannie Mae Are Fast-Growing No Longer WP When Citigroup Met WorldCom NYT (R) (Morgenson) Vivendi chief investigated over bond purchase FT Alarm bells ringing on bankrupt China World Net Daily Assurances on China's Economy Belie Doubt Reuters BOK's Park Says Rate Rise Wouldn't Curb Inflation Bloomberg US trade panel approves duties on Chinese TV sets Reuters
Friday May 14 Oil Prices Reach a 21-Year High Today Reuters WSJ: Russian bond market faces major crunch GTR Fund Flows Mirror the Markets TheStreet How Buffett Invests When Bargain Ideas are Scarce Bloomberg U.S. Grand Jury Subpoenas Nortel Records Reuters Industrial Output Stronger Than Expected Reuters FED Michigan Sentiment Index Holds at 94.2 in May, MNS Says Bloomberg Consumer Prices Rise 0.2% Bloomberg BLS Rate hike agenda depends on CPI data Reuters Oil at $41 All-Time High on Supply Fear Reuters Opec defends oil quota Times Online Markets are braced for long stay above $40 FT A Crude Shock NYT (R) (Krugman) So far, the current world oil crunch doesn't look at all like the crises of 1973 or 1979. That's why it's so scary. Mr. Reflation Forbes If Kubarych's inflation jeremiads sound something like those of Henry Kaufman, known in his heyday as Dr. Doom, there's a reason. U.S. pump prices hit all-time high again Reuters Economists Aren't Overly Worried about Rising Fuel Prices, but Consumers Are Dallas Morning News Bill Coming Due - Energy Fuels Inflation Fears NYP "These prices are economy wreckers. The emergency is here and now." Nova Scotia set to force oil companies to provide 48hrs notice of gas hikes G&M OECD says the oil price angst is getting too crude Age (Bloom) "A lot of the comments we've had on oil belong to the category of overreaction, and it's not helpful for public confidence" The Long Road Morgan Stanley (Roach) Fed Appears Certain to Raise Rate by .25 Percent Bloomberg (Berry) Tech stock worries permeate market USA Today 'Fear' markers send mixed signal CBSM If the so-called options market "fear" gauge is an accurate barometer, bearishness has infiltrated the broader stock market. The 4-1/4% solution CBSM Fed funds may hit 3.5% next year CNN/M A professor of economics at Miami University of Ohio, Seiver expects "rates to go up faster and farther than the Wall Street consensus." Only 31 Jobs Added in 29 Months! Comstock Al-Addin’s Lamp Corrigan Take lid off inside sales before IPOs IHT (NYT) Who's not going to get hurt when housing prices collapse? Slate House Bill Would Impede FASB CFO :The bill would require companies to expense only stock options granted to the CEO and the next four highest-paid officers” Wave of Tax Shelters Could be Unleashed in Coming Weeks Accounting Web “The House bill would send the message that the widely criticized style of income shifting associated with WorldCom and Tyco in order to avoid state taxes is just fine with Congress” Consumer debt is skyrocketing. What does that mean for the U.S.? FLance-Star Building big houses boosts plywood industry AP U.S. airlines face crisis, despite big bailouts IHT (NYT) How many lives does game industry have left? Cox Dell's Income Up 22%, but Analysts Concerned About Chip Costs, Inventory AP Cisco Board OKs Up to $5 Billion in Stock Repurchases TheStreet Pfizer fined for false advertising Reuters Riggs Fined $25 Mln in Laundering Probe Reuters Five metals brokers convicted of bank fraud FT 3 of 7 alleged in scam land in custody Miami Herald Former Rite Aid CEO could serve up to 10 years in prison AP Black in fight to get his legal bills paid TStar Black Days Indeed Economist 'Money Honey' leaves NYSE floor AP “I'm still a little teary-eyed over it. I really don't want to leave, but I want to put more energy into doing some of these other things." Maria Bartiromo Celebrates Ten Years at the NYSE NYSE New flaw takes Wi-Fi off the air Register Gold: The 50% Principle Russell OTC derivatives statistics at end-December 2003 BIS PDF The bonds from Brazil Economist Markets everywhere have fallen as the day nears when the Federal Reserve raises rates. Hardest hit have been emerging-market bonds May 11: The echoes of history Buttonwood China's April Inflation: Fastest Pace in 7 Years Bloom The Hang Seng China Enterprises Index dropped as much as 4% today, taking its slide in the past month to about 20%. China's molten-hot industry a mixed blessing for Canada Globe & Mail “When you hear people talking about getting out of the chicken-producing business amid the bird-flu crisis to invest in steel, you have an idea how hot the investment sentiment is” Shanda IPO falls $110m short of target FT Turkey, Russia, Brazil Bonds Fall Before U.S. Inflation Report Bloomberg Sensex crashes 333 points; biggest fall in 7 years Rediff Nifty also fell 8 per cent, the biggest intra-day fall in its history India Times Foreign Funds Won't Flee New Government? Dow Jones Germany falls deeper into stability pact breach Guardian Higher Costs To Hurt Nestle Malaysia Dow Jones Mitsubishi eyes private equity for bail-out Age Witching hour approaches for insolvent Air Canada T-Star World Bank Corruption May Exceed $100 Billion Reuters Defense official estimates '05 war budget will top $50 billion AP Iraq's Central Bank Plan Goes Beyond Basics Bloomberg Iraq Contractors Fight Thinning Ranks, High Insurance Saddam lawyer suing UK for prisoner abuse UPI
Thursday May 13 Greenspan to students: Music was first love AP U.S. Oil Price Hits $41 on Global Growth Reuters Dollar Trades Higher Dow Jones The euro suffered earlier Thursday after Saudi Arabian Monetary Agency vice central bank governor Muhammad Al-Jasser suggested it's not yet a major reserve currency. Rates spike to eight-month high CBSM Homebuyers flock to adjustables as fixed-loans jump China Releases Mixed Report Card on Effort to Slow Roaring Growth AP Producer Prices Rise 0.7%; Core Rate Rises 0.2% Bloom BLS Retail Sales Fall 0.5%; Ex-Autos Decrease 0.1% Bloom Census Initial Jobless Claims Increased to 331,000 Last Week Bloomberg Treasuries Yields: Fresh Highs After Data Reuters ”In our view, the table above is proof that the mania endures” Cross Currents Why do people fall in love with stocks? Cuban Great Grump has a sunny side CBSM Corporate Bond Issuance at 18-Month Low CFO Opec undecided over oil increase BBC “OPEC Powerless” R Oil Holds Above $40 a Barrel for 3rd Day Reuters Feeling for Oil's Ceiling TheStreet “I think that $45 area is going to do the job and lighten up the demand a little bit” Hubbert's Peak goes global CBSM Why the coming oil crisis will be structural Whose pocketbooks are hit by $2 gas prices CS Monitor Gas prices hitting SUV sales? CNN Natural gas storage firms subpoenaed in probe-WSJ Reuters Attacks from the Periphery PBear Real World Economics: Was the boom just an echo? Pioneer Press Bond Funds Head for Biggest Losses Since 1990 Bloomberg Most corporate pensions remain underfunded -survey Reuters Companies Must Issue Pension Warnings CFO PBGC The Rise (and Fall?) of Housing Schaeffers Drop the Hammer on Homebuilders? Business Week People throw out common sense in rush to buy homes Mecury News (R) You don't go deep-sea diving with just a snorkel. Sorry to say, that's what folks are doing today. The water could get darker, and colder, than they think. Housing bubble has definitely not burst SCruz Sentinel Top Housing Markets Freddie Mac chief says company growth to slow-WSJ Reuters Optimism, Facts, Thorns ... and "Rosie scenario"? Elliott Wave CEO Pay Continues To Soar CBSM Cisco's story doesn't add up CNN/Money Networking giant's good news predictions should be taken with some cautious salt. Jefferson furniture maker closing AP Partial settlement reached in Enron case USAT Gap finds worldwide labor violations Reuters Wal-Mart Profit Up; Gas Prices Worry CEO Reuters States May Bear Brunt of `New Imperialism' Bloomberg “Colossus'' is compelling and statistics-laden. Read it if you want to know why we win the war, and lose the peace, and why your taxes are going to go up. Book: Colossus: The Price of America's Empire Amazon China's Industrial Production, Money Supply Grow 19% Bloomberg Is China's economic miracle in meltdown? BBC China's banks are technically insolvent, with bad debts making up 45% of their loans, according to Standard & Poor's. China's Bubble Tempers Korean Investment Korea Times New economic giants India and China give a twist to the global recovery Inde This year alone China is adding as much new generating capacity as the entire installed capacity of the UK. Rates must rise to halt inflation, says Bank Times Online Whiskey Gauge Shows South Korea's Debt Hangover Bloomberg Korea's whiskey consumption is a barometer of how confident the country's 48 million people are feeling about the economy. India industrial production jumps 6.9% IHT (BL)
US trade gap fuels fears over global economy FT Economists had hoped the fall in the dollar of nearly 30 per cent since its 2001 peak would help close the ballooning US trade gap.
Wednesday May 12 March Trade Gap Widens to Record $46 Billion Bloomberg Bush taking time to renominate Fed chief Greenspan Reuters “The longer the White House waits to reappoint him, the more it will invite speculation that the appointment is being held up to lean on him over hiking rates so close to the election” A Highly Significant Market Breakdown Comstock Oil Demand to Rise the Most in 16 Years, IEA Say Bloomberg U.S. gas prices to hit $2.03 a gallon Reuters EIA Release Oil isn't the only fossil fuel that's in crisis Slate What's the cause behind rising gas prices: differing views Scripps How soaring gas prices affect everyday life ST The Threat of Rising Interest Rates North Deny, Deny, Deny, $2.65 Billion Forbes Back to the '70s CNN/Money Disco, bell-bottoms and the Eagles may not make a comeback, but lousy stock market returns might. U.S. consumer debt Globe & Mail A one-percentage-point rise in rates reduces U.S. consumer cash flow by nearly $200-billion. Housing bets SacBee Bill Ick lost big in the stock market four years ago but says he's since more than recouped those losses playing Sacramento's housing market Home Loan Refinancings Fall as Rates Rise Reuters No Partying Like It's 1999 Newsweek More investors opting off roller coaster AP The struggle to pay rent is about to get harder CS Monitor For many Americans the claim of an economic recovery is laughable TomPaine Hollinger may sue Perle and Kissinger Times Online Basel II rules pose sweeping changes for banks Reuters There is nothing new under the sun, particularly in accountancy TO Sarbanes-Oxley is turning into the Y2K of accountancy Bank of England hikes inflation forecast, paving way for more rate rises AFP Japan Sold a Record 14.8 Trillion Yen in 1st Qtr Bloomberg Russian stocks slide, wiping out 2004 gain IHT India: Waning FII flows ring alarm The Telegraph GoldSpring Requests Delisting From Berlin Bremen Stock Exchange PM Listing Took Place Without Knowledge, Consent Or Cooperation From Company Or Officers And Directors; China: Public toilets in capital attract investment Xinhuanet Analysis: US dream for Iraq in doubt BBC Video shows beheading of American captive in Iraq CNN
Tuesday May 11 Exported Inflation and Crises Financial Sense Oil futures end above $40 for first time since Oct 90 CBS U.S. Panel Asks Probe of Bank Mutual Fund `Conflicts' Bloomberg Oil Rebounds on OPEC Capacity Doubts Reuters China to tighten monetary policy Xinhuanet Europe Think Tank Sees U.S. Rates Rising Reuters OECD economic Outlook Is a U.S. Bond Crash Coming? Cycle Pro Is the Tightening Cycle Likely to Be Different From 1994? Northern Trust PDF Schaeffer is long-term bearish Schaeffers What Are They Smoking At The Labor Department? NYP (Crudele) Don’t get too excited about all those new jobs that were supposed to have been created in April. Oil kingdom 'in chaos' unnerves markets and threatens health of g-economy IND Indonesia warns of high oil prices through summer FT “There is not much Opec can do.” Kuwait Says OPEC Not to Blame for Oil Price Spike Reuters OPEC is not to blame for a spike in oil prices...most oil producer cartel members were pumping oil well over their official quotas to keep the markets calm. Fed's Olson concerned over real estate lending Reuters Cassandras & the Optimists Gold-Eagle Buffett’s Dollar Bet Goes Bad? NYP The legendary investor bungled an $18 billion bet on a weaker U.S. dollar last quarter, and lost as much as $600 million in five weeks...the positions have produced more investment gains than losses to date Wage Rage CS Monitor Average weekly wages in 2003 for nonmanagement workers in private industry were actually $116 lower than 30 years before Missing their cut Boston Globe Companies are profiting, but workers aren't seeing it in their paychecks Inflation Returns, with Different Causes This Time Miami Herald Increase in Plywood Prices Revive Mills AP Ice cream prices heat up for summer AP Builders say buyers hurt by rising cost of materials Bradenton Herald Construction booms even as prices for material soar Alaska Journal Home prices in region continue to surge Baltimore Sun Home prices still climbing on Valley Isle Star Bulletin Analysts Fear Bubble on Biotechnology IPOs E-Commerce Times Atlanta Fed paper urges tough GSE oversight Reuters Fannie Mae Says Its Equity Fell by $1.6 Billion in First Quarter NYT Delta Air May Seek Bankruptcy If It Can't Cut Costs Bloomberg Revlon to Sell Debt as Interest Rates Rise, Slowing Issuance Bloomberg Anyone who placed debt last week is glad they did versus doing it later The Bear's Lair: The Google gross-out UPI For a start, Google doesn't actually make any money, if you value the company on a "going concern" basis and take account of stock option issuance. EDS Considers Cutting Dividend AP MCI to cut a further 7,500 jobs FT Ford gives dealers incentive to move F-150s Reuters Churchill Downs to Restate Revenues CFO The racetrack owner determines that ''different horses for different courses'' shouldn't apply to its accounting practices. IBM to launch Microsoft software bypass FT Former Cendant executives accused of inflating earnings AP Morgan Stanley may face action by Wash. state -WSJ Reuters Martha may play layoff card Reuters Report: Stewart's lawyers to argue she should be spared jail time to avoid job cuts at her company Former Reliant trader to pay $25,000 in fines H Chron Black 'plundered company to fund his extravagance (and pay his wife's tips)' Inde NYSE Response: Apology? Fuggedaboudit NYP Tax refunds falling short of most hopes BS Physical demand picks up, India slows down Reuters Premiums for gold bars in Asia are at their highest this year China: Administrative Tightening Measures -- Now on Prices MS (Xie) China fears prompt outflows from Asia FT Largest weekly outflow since UBS began keeping records in 1998 Manic Monday on Asia stock markets Asian Times One broker in Seoul told reporters it was "worse than the Asian crisis". South Korea feeling pinch from 'China shock' AFP S. Korean Govt Holds Emergency Meeting on Stock Market Crash Yonhap South Korea takes quick steps to control markets AFP "Institutional investors will be asked to hold off excessive stop-loss selling of their shares" Will China export a slowdown? IHT (Bloomberg) Steel price drops 17% as slowdown bid pays off Xinhua Is East Asian Currency a Pipe Dream? Bloomberg Individuals join online-trading bandwagon Japan Times Recovery of Japanese share prices tied to rising tide of Internet investors Brazil markets slammed again by U.S. rate outlook Reuters Latinamerican markets collapse MercoPress How Scary Is The Aussie Dollar's Dive? Business Week Qantas: fuel surcharge "due to a substantial rise in jet fuel prices." Dow Jones Italy escapes Euro budget rap BBC Dr Doom predicts looming gloom for the Swiss Swiss Info Faber says the standard of living in Switzerland will go down and that adjusting to the situation will be a painful process for many people. Russian gold, forex reserves down $734 mln in April Interfax ECB's Issing says central banks should not try to 'prick' asset price bubbles AFX EU eyes first WTO action against China over coke Reuters UBS fined for issuing dollars to Cuba Swiss Info Another conspiracy hunt Globe & Mail (Ingram) The federal Competition Bureau said recently that it is conducting yet another investigation into collusion in the gasoline business in Canada Canada a money-laundering haven: agency G&M There are more active terrorist groups operating in the country than anywhere else in the world Chiquita paid alleged terror groups Reuters
Behind dip on Wall St. is sheer fear Det FP
Monday May 10 U.S. stocks tumble as rate fears push Dow below 10,000 CBSM Even doubters see June rate hike CBSM The last three holdouts on Wall Street have surrendered. Treasuries Steady, Carry Trade Unravels Reuters Rate fears batter global markets BBC Brace yourself, Wall St.! CNN Debt traders fear 'meltdown' aftermath FT “The last time we saw something like this was in 1998 during the Russian crisis." Turkey, Brazil Lead Third Day of Emerging-Market Bond Declines Bloomberg Emerging bond sale frenzy seen slowing Reuters Worst Emerging-Market Bond Drop in 5 Years Bloomberg Could a crash be coming? CBSM (on Russell) Global Wild Cards Morgan Stanley (Roach) Fed to Tighten in June; Storm Clouds Ahead? Morgan Stanley Softly approach might prove to be Greenspan’s ruin TO The Fed has lost the bond market’s confidence Fleck People are starting to believe the inflation they see, not what Alan Greenspan tells them. That old Greenspan magic seems to be fading Guardian The Trillion Dollar Question: Interest Rates Kitco (Russell) US trade deficits and foreign debt: problems or symptoms? Brookesnews Rate level is no yardstick to predict the future Independent (King) The Coming Slowdown Hoisington PDF Managing a Portfolio of Risks Hussman Inflation fears on the rise again SF Gate US furniture makers to risk lifting prices FT Price Hikes for Milk Are Bad News for Chocolate Makers/Lovers ABC Saudi Oil Minister Calls on OPEC to Boost Output Bloomberg Oil May Rise Above $40 This Week, Survey Shows Bloom Sabotage Hits Iraq's Southern Oil Exports Reuters Gas Prices Jump 10 Cents to $1.93/Gallon Reuters Pump Price Pain Percolates CBS Gas theft needles area merchants Baltimore Sun Gas Thefts Rising In Rock Hill WSOCTV Texas War tab swamps Bush’s estimate SF Gate Spending projection: $150 billion by 2005 Can Schwarzenegger tame states $17 billion shortfall? AP Zoos Grappling With Lions, Tigers and Deficits FoxNews State might seek more gambling money Chicago Sun Times Big raises not coming for workers COX JobWatch The Looming Property Crash Gold-Eagle Fewer Government Bailouts for GSEs? CFO Fannie's 10-Q filing to reveal missing data FT Fannie To Avoid Restating Results After Accord With SEC Dow Jones Nortel in Default of Financial Reporting Rules CFO Citigroup to take $4.95B charge CNN Settlement Hits Citigroup in Pre-Trade R Gray Outlook At MSO NYP Prince pasta firm may file Ch. 11 Reuters Grasso: Street Fighting Man Newsweek "If I give back a dime, that's an admission of guilt. I can't do that. But if they say I'm an honorable man and I did nothing wrong, it's the end of the issue. If not, let's go to war." Inbox Inquiries NYP CEOs still riding the gravy train CST The Quattrone Conviction Mises Quattrone's past returns to haunt him Denver Post Schwab cuts headquarters in half American CBJ Ebookers to cut 270 jobs Reuters Feeling lucky? Watch out for IPO hype Silicon Valley/SJ BJ Gold Falls to Six-Month Low in London as Dollar Strengthens Bloomberg Gold Price Revised UBS PDF Gold May Rise, Survey Says Bloom Nikkei suffers biggest daily loss since 9/11 FT Asian Stocks Have Biggest Plunge in 2 1/2 Years Bloomberg China's Plan to Raise Rates, Tame Growth May Hurt World Economy Bloomberg Will China's boom end in a crash? Taipei Times (NYN) China caps provincial price hikes amid inflation fears Reuters U.S. presses China on currency reform Reuters German deficit may breach EU fiscal rules again, admits Eichel FT Shareholder group tackles big business over bosses' options Times Online What's a poor investor to do when houses, bonds and shares are dogged by the bears? Independent India sees the tip of the foreign cash iceberg FT Public continues to lose millions to evolving illegal schemes Chicago Tribune
Weekend Edition (May 8-9) Charts: Inflated Anxieties CIBC PDF Illusions Financial Sense (Puplava) Faltering "Financial Sphere" PBear (Noland) A Mass of Alpha Frontline (Mauldin) Emerging debt-Prices collapse after U.S. jobs data Reuters “The only people who should invest in emerging-market debt are those who need a loss for tax purposes” Economist Feb 3, 04 "Market Monitor"-Bernie Schaeffer NBR Hollinger lawsuit against Black increases Globe & Mail US Airways May File Second Bankruptcy NYP Personal bankruptcies at 10-year high Independent Be happy, says Dr Doom Guardian “When you hear people talk of a new era, you know you are in huge trouble” Olympics' cost pushes Greece over EU deficit limits IHT (BL) More petrol price rises on way Guardian Fear for growth as oil futures hit $40 a barrel Inde Chart U.S. planning for Israeli strike at Iran UPI
Friday May 7 Oil Hits $40, First Time Since Gulf War Reuters Payrolls up 288K Bloomberg BLS - T’s Fall - $ Surges - Gold drops Measured Bubbles Morgan Stanley (Roach) Double Bubble Cross Currents Market Again in No-Win Situation Comstock The Fed's Inflationary Cocktail 321 The 'New Economists' and the Great Depression of the 1970s Mises Emerging-Market Bonds Have Biggest One-Day Decline Since 2002 Bloomberg Oil Price Update: Still Higher and More Uncertain Morgan Stanley The Oil Crunch NYT (R) (Krugman) On Brink of $40 Reuters Gas prices at another record high Newsday More pipeline problems could further affect gas prices RenoG Fears that oil price is fuelling inflation FT Gold Stock Valuations Zeal Will Gold Hold Its Luster? IW Rates on 30-year mortgages rise for a 7th week USAT Freddie, Fannie are risks - Fed's Poole CBS Fannie Mae Is Ordered to Restate Some Losses NYT (R) Google urged not to become “fat, dumb and lazy” Times Online Krispy Kreme Warns on Profits Reuters Martha's media company posts loss AP Big Three Automakers Beef Up Incentives Reuters InfraSource chops IPO in half to get it done CBS Does Morningstar's upcoming IPO deserve a 5-star rating? CBS Spitzer insurance probe wider than thought WSJ SEC accuses Pimco firms of fraud in trading probe AP NYSE Banishes All Signs of Grasso NYP Microsoft's Sales Growth Limited by Delays in Windows Upgrades Bloomberg Intel to 'ditch' Pentium 4 core after Prescott TheRegister KPMG Must Reveal Tax-Shelter Clients CFO U.S. stock funds have inflows of $600 mln CBSM Bank lifts rates and signals more increases to come Independent China Anxiously Seeks a Soft Economic Landing NYT (R) Alternative 3 big threats to China’s economic miracle MSN (Jubak) China auto production up 25 percent in first quarter AFP Asian economies to suffer from soaring price of oil Business Times Jasdaq chief to resign over unreported Yahoo trading Japan Times Buyers of Philippine sovereign bonds beware Dow Jones Bush Apologizes for Abuse, Backs Rumsfeld Reuters
Greenspan’s Dire warning on deficit AP
Thursday May 6 Greenspan Warns on Trade, Budget Gap Reuters “The United States economy appears to have been pressing a number of historic limits in recent years without experiencing the types of financial disruption that almost surely would have arisen in decades past...” Greenspan’s Remarks FED IMF's Rato Urges Action on U.S. Deficits Reuters U.S. Initial Jobless Claims Fell to 315,000 Last Week Bloomberg Productivity, Labor Costs Rise Reuters BLS Treasury Yields Hit Two-Yr Highs on Data Reuters Expect Big Job Boost for April NYP (Crudele) Inept politicians a financial threat CBSM (Farrell) The looming oil crisis will dwarf 73 CBSM (Erdman) Near $40/B A disruption of Saudi supply: "event to which no one has an answer." Higher oil could be here to stay Globe & Mail (Ingram) Analysis of the Impact of High Oil Prices on Global Economy IEA Book: The Coming Oil Crisis Amazon Is inflation lurking around the corner? Or is it already here? USAT Inflation, Then Rising Rates Industry Week Inflation Trends and The Federal Reserve BofA PDF Margin Lending Goes Mainstream, Again Business Week Four years after the bubble burst, investors are stepping up their borrowing to buy stocks Retail Sales Slow After Strong Easter Reuters Citigroup Says SEC Is Probing its Losses in Argentina Bloomberg Lea Fastow to Plead Guilty in Tax Case AP Fannie courts SEC on accounting Reuters Quarterly report shows squeeze at Trump casinos IHT (NYT) eBay Wants More Options but Balks on Expensing TheStreet The Stock-Option Myth Business Week Study indicates that they do little to lift the performance of rank-and-file workers Disney accused of censorship FT Adidas will put microprocessor in shoe CNN/M Early Picasso fetches a record $104m FT AG ending Grasso probe Newsday Now he's getting ready to slap a lawsuit on the former New York Stock Exchange chairman NYSE's Thain Calls $36M Grasso Pay Reserve Conservative DJ NYSE Reports Net Income of $49.6 Million in 2003 NYSE China: Gauging the Coming Adjustment Morgan Stanley (Roach) China's Demand for African Oil Helps Boost Gasoline Prices Bloomberg Korea on alert over Chinese slowdown Korea Herald Bank of England raises rates to 4.25 per cent FT Failure to raise rates ‘would wrong-foot City’ Times Online Abbey's pre-emptive strike with mortgage rate rise Guardian Mortgages follow buyers to the grave Times Online Leading lenders are offering deals that will last until a prospective homeowner is over the age of 100 Thailand: Visa moves to ease concerns over consumer-finance bubble TheNation Bush Seeks $25 Billion More for Iraq, Afghanistan Reuters The White House had long insisted it would not need extra money until next year Treasury to Offer 2 Inflation-Indexed Notes to Help Finance National Debt AP Why Bush Didn't Apologize Slate Car Bomb Blasts Entrance to Baghdad's Green Zone Reuters
Wednesday May 5 Oil Surges to New Highs on Security Fears Reuters Services Index Reaches Record in April Bloomberg ISM Prepare for worst, market seer warns MSN Stewart and Ex-Broker Bacanovic Denied a New Trial Bloomberg Li may sell Priceline.com stake Bloomberg A Brave New World Pimco (McCulley) China and the Fed: twin piques Economist China and America are both about to start tightening monetary policy to ward off inflation. Financial-market traders have reasons to worry Mortgaged to the hilt, betting rates stay low IHT (NYT) "I may think a person is being allowed to borrow too much. But if the computer tells them they're approved, what can you tell them?" Oil Prices Hold Strong Near 13-Year High Reuters Oil boils: Letters expect more CBSM OPEC's shocking oil reserve boondoggle Asia Times The FOMC Statement: Something For Everyone Comstock Fed Drops `Patient'; Now the Question Is, When? Bloomberg (Berry) Last-chancers lift mortgage demand Reuters Economic Parasitism -- a liquidity crisis coming? Daily Reckoning For Wall Street, signs that the '90s are over CS Monitor States Spend Tobacco Settlement on Budget Shortfalls Heartland Workers charged $16 billion to federal credit cards in 2003 Washington Times SEC Sues Former Controller CFO No rush for gold anymore in uncertain times Mineweb Seven tips for avoiding 'Googlebay' CBSM The Coming Profit Shock Morgan Stanley (XIe) The Chinese Syndrome In Reverse? Asia Times Fears of boom going bust loom in China Chicago Tribune China's appetite for metals seen largely intact Reuters Rate rise 'inevitable' after triple whammy Times Online Australia's Macfarlane Leaves Punchbowl Out Bloomberg Emerging market debt: worst month in April since the Argentine debt crisis FT Recurrence of Financial Crisis Warned Korean Times Bankruptcy warning for Alitalia BBC BAE chairman named in 'slush fund' files Guardian London Bankers Splurge on $169 Chablis, Gems as Profits Return BL Greek capital hit by triple blast BBC
Tuesday May 4 FOMC Statement FED At this juncture, with inflation low and resource use slack, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Layoffs in April Rise 6.1 Percent AP March Factory Orders Rise 4.3%; Ex-Transport Rise 4.4% Bloomberg Census Translating word of the Fed to man Boston Globe As a member of a Federal Reserve advisory panel in the mid-90s, economist Ken Mayland noticed only two books in the Fed's board room in Washington, D.C. One was a thesaurus. Cheap money era is ending This is London The Fed's oil slick CNN/Money Fed Should Have Raised Rates by Now, Buffett, Pimco's Gross Say Bloomberg The Fed should lift its benchmark rate to 2.5 percent and `”they should get there quick and not with baby steps” Fed Won't Raise, Just Move Rhetorically Closer Bloomberg (Berry) Slower Growth, Higher Inflation Puts Fed in a Squeeze NYP (Crudele) Six in 10 Americans Confident in Greenspanâ€s Economic Leadership Gallup Will Asia Get Jumpy When Fed Loses Patience? Bloomberg Pray that China's bubble won't burst IHT (NYT-Friedman) If the China bubble bursts, it will be the mother of all burst bubbles. Completing the Top! Gold-Eagle A Record Buying Binge vs a Record Selling Binge: Who's Right? Eliott Wave The Bear's Lair: The demographic dilemma UPI Aging Population/Growth in Retirees Will Impact Investing Landscape PRN Soaring health care costs squeeze states Stateline Free Market Medicine Paul Social Security bailout left out longer life factor HChron (Burns) Oil Price Hits Highest Level Since 1990 Reuters Pump price going up again Rocky Mountain News Many save on food to buy gasoline Baltimore Sun Why Are Gas Prices Climbing? New American Consumer goods prices edge higher USAT Big jump in farm prices filters down to area stores Boston Globe Manufacturing survey: Inflation pressures highest in 10 years in Midwest AP The Deflation Dog Didn't Bite After All Mises Taxpayers and Consumers are being Milked NCPA Milk will cost 60 cents more this week than last, and twice as much as it did last year -- because the U.S. government has decreed it. 'Hedge funds are an accident waiting to happen' ST (R) NASD Warns on Mortgage Risks AP NASD Release Gates agrees to pay $800,000 penalty for Icos investment S-Times Coke criticism just fizz, Buffett says AP Airline executives predict some carriers will fail AP US fund criticises Google's share structure FT Two biggest U.S. futures marts post record volume Reuters Viet Nam imports more than 15 tonnes of gold in four months VNA Barclays and JP Morgan front runners for gold seat Independent Euro Rises to a 2-Week High Bloom Gold Up Ahead of Fed Kitco - Reuters What Warren Buffett wants you to know CNN/Money Sasser worm creates havoc TheRegister When China brakes, the world slows MSN (Jubak) When China's economy sneezes ... Asia Times Whoâ€ll pick up the pieces when the bubble bursts? Sunday Herald AIM to battle Nasdaq for floats by Chinese growth companies Independent Slow growth in Europe's economic old age Independent (King) British Borrowing continues to soar Times Online Statistics watchdog demands end to government spinning Times Online Shell signs 'Mother of all outsourcing deals' TheRegister Iraq Costs Surge, May Force Bush to Shuffle Funds, Seek More Bloomberg China Confirms 3 More SARS Cases DPA
Monday May 3 US SWAPS-Long end pushes wider, anticipating FOMC Reuters CSFB's Quattrone Convicted of Obstruction, Tampering Bloomberg GM delays April sales report due to glitch Reuters Ford's Sales Slip DJ April ISM Manufacturing Index Falls to 62.4 From 62.5 Bloomberg ISM Construction Spending Rose 1.5% in March to Record Pace Bloom Census Second guessing Mr Greenspan FT Fed Speaks, Jobs Report Provides Accompaniment Baum Fed, mindful of jolt in 94, exercises caution on rate rise AP Fed May Lay Groundwork for Rate Hike Reuters Rates can't remain low much longer Det Free Press Buffett warns inflation 'heating up' AP U.S. Readies World for Higher Interest Rates AFP “Back in 1994, the Federal Reserve surprised the market by pushing the interest rate to six percent from three percent in a year. The mortgage market almost melted, Orange County went bankrupt and the Mexican peso crisis ensued..." Alan probably goes into a cold sweat when he thinks about China overheating B When China Sneezes... Morgan Stanley (Roach) Commodity markets are no different from any other markets: If you take away the major demand spark, pricing should follow -- possibly with a vengeance. Investors finally may be waking up MSN (Fleck) The harsh reality of how overvalued stocks really are -- and how the Fed’s overvalued reputation has led them astray -- is setting in at last. It's Dark, and We're Wearing Sunglasses Hussman Russell On The Bear Market Gold-Eagle The Dollar: What Goes Up... Business Week May: FX Outlook Scotia PDF Its revival has relieved the world's central bankers of a major worry. Sooner or later, however, they know the decline will resume Debt risks are a time bomb set to explode Herald Net The market for credit derivatives such as CDOs is expanding rapidly, and the lack of an integrated risk model becomes more critical each day. In the Spinoff Sunshine, Storms Are Easy to Forget NYT (R) (Morgenson) Turnaround in Advertising Doesn't Extend to Magazines NYT (R) It's Better (and Worse) Than You Think CFO Nearly half of the finance executives we surveyed report that they still feel pressure from their superiors to use aggressive accounting to make results look better. Another brick in the wall (of worry) CBSM The average investment newsletter editor is just as bearish today as he was when the Iraq war began, 14 months ago Skittish Investors Toss Their Chips TheStreet Teenagers are facing the worst summer job market in decades USAT “If anything like this happened to the adult workforce, you'd call it a depression. It's that severe." Virginia tax hike could lead to higher taxes elsewhere Stateline Anti-tax groups fear the first major tax hike in nearly two decades in the Old Dominion may have a ripple effect in other states. UAE: OPEC could boost oil output Reuters Bulls dominate crude price forecasting Financial Post “Though most analysts believe the inexorable rise of crude prices must end some time, no one is willing to predict just when the bubble will burst” Oil: Still crucial and perilous Guardian The Case for a Genuine Gold Dollar Mises Put my money on gold, not dollars Sunday Times Hugo warns that US debt will make markets unstable Analyst still bullish on Gold MoneyWeb Gold May Rise as Fed Likely to Leave Rates Unchanged BL Precious metals are getting set to go for gold Independent Buffett Increases Bet Against Dollar, Looks for Acquisitions BL Joy and worry in land of the 'Oracle' Newsday “They are experts more in sales than financial management or wealth creation” Buffett aligns himself with Kerry Times Online Time for US rates to rise - Buffett SMH Consolidated banking statistics for 4Q03 BIS Bank Failures in Mature Economies BIS Report: Grand Jury to Probe Coke Reuters UBS braced for Fed punishment FT NYSE’s No-Tell Nortel NYP NYSE Sets Aside $36 Mln to Cover Severance for Grasso Bloomberg Beware IPO snake in Google's Garden of Eden Toronto Star Angry Google cuts Goldman out of IPO Reuters Bank of America Uses Own Home Loans to Beat UBS, Bear in CMOs Bloom U.S. Is Losing Its Dominance in the Sciences NYT (R) Liquid armor RMN China's Turn to Take Away Party's Punch Bowl Bloomberg Global View: The Chinese century begins UPI Corruption probe into China Life BBC China seeks to rein in rising fuel prices IHT (Bloomberg) Volkswagen Plans to Build Plant in China Reuters Anheuser-Busch buys Chinese stake CBSM Twilight is falling...and Brown's successor may have that morning-after feeling In Will intervention-happy BOJ see new risks as danger or deja vu? Japan Times Aristocrat investors sue the company SMH
Weekend Edition (May 1-2) The Character Of Slack Contrary Investor Financial Markets Forecast and Analysis SH Silver Corrects or Crashes? Zeal Federal Reserve Miracle? PBear (Noland) Building on the Bubble The New America The Yield Curve, Part 7 Frontline (Mauldin) Keep Partying Like It’s 1999? Northern Trust PDF The deficit debate CNN/Money The Conventional Wisdom -- Then and Now Elliott Wave Harsh lessons don't dim new investors' faith St. Louis Post-Dispatch The Case for Privatizing Fannie Mae and Freddie Mac Grows Stronger AEI How Much Longer Will We Be Conned by `Talent?' Bloomberg Hollinger Inc. to Delay Results, Meeting Reuters PepsiCo Faces SEC Complaint in Kmart Probe TheStreet Trump to delay a payment Newsday Pimco's Bill Gross Battles Regulators, Shaky Market Bloomberg Fidelity patriarch sells $184M in stock Reuters SARS: China confirms fresh case CNN
What a Week: Bets Are Unraveling TheStreet Sell in May? Volatile week costs Nasdaq 6.3%, Dow 2.4% CBSM Gold's monthly loss tops $40 CBSM
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