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Some Parts Of EuropeTitle:
Dividends Are Sexier Than You Think
Last month, the dividend yields on American AAA corporations moved above the yield on 30-year Treasury bonds! That had never happened before.
Even after last week’s stock market rally (which pushed dividend yields lower), the stocks of America’s four AAA companies still yield about 3%, on average, which is not quite as high as the yield on 30-year Treasury bonds, but still much higher than the yield on every Treasury bond of 24 years or less.
So you’ve got an opportunity here to forgo the dubious promise of a bankrupt nation and to invest, instead, in some of the strongest companies on the planet — those that are most capable of expanding, those that are most able to respond to government caprice and move operations wherever they need to move them, those with the most cash on their ...
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Gold steady, market cautious before euro zone summit
Gold prices steadied on Monday, after posting their sharpest weekly rise in more than a month, as the dollar weakened and prospects brightened that European Union leaders will come up with a firm plan to tackle the euro zone debt crisis.
French President Nicholas Sarkozy and German Chancellor Angela Merkel will met to align their positions on closer fiscal integration of the region, before a European Central Bank meeting and a European Union summit later in the week.
"I think politicians across the board recognize there is a huge issue here that needs sorting out. Whether Europe can deliver is still an open question," said Natixis analyst Nic Brown. "There is likely to be a fair amount of volatility on the political front this week."
Spot gold dipped in and out of positive territory and ...
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November service sector growth slows
The economy showed signs it was decelerating, with an index of service activity pointing to slower growth in November while new orders for factory goods declined in October for the second straight month.
The Institute for Supply Management said on Monday its services index fell to 52.0 last month from 52.9 the month before. The reading was below economists' forecasts for 53.5, according to a Reuters survey.
The ISM reading stands in contrast to a more upbeat trend in recent data that has showed the United States bucking the global downturn. A reading above 50 indicates expansion in the sector.
"This is the first disappointing indicator we've seen in the last couple of weeks," said Cary Leahey, managing director at Decision Economics in New York.
"The economy has improved, it is still ...
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Gold dips, investors cautious before euro zone summit
(Reuters) - Gold prices dipped on Monday, after posting their sharpest weekly rise in more than a month, in cautious trading ahead of a meeting of European Union leaders to come up with a firm plan to tackle the euro zone debt crisis.
The two-year-old debt crisis has not only pushed a few euro zone nations to the brink of bankruptcy, but also threatened to split the single currency bloc and shake the global economy.
French President Nicholas Sarkozy and German Chancellor Angela Merkel will meet to align their positions on closer fiscal integration of the region, before a European Central Bank meeting and a European Union summit later in the week.
"I think politicians across the board recognize there is a huge issue here that needs sorting out. Whether Europe can deliver is still an open ...
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The key data queued from Asia this week
The Asian region is waiting for significant economic data, where the Reserve Bank of New Zealand (RBNZ) will announce the interest-rate decision along with the release of Australia's GDP, and finally the release of the Chinese CPI.
Starting with China's CPI, the annual consumer prices index (CPI) recorded a drop to 5.5% from a prior of 6.1%; however some forecasts suggest that the CPI will drop in November to 4.5%.
The world's second-largest economy reported a drop in manufacturing as the PMI index contracted at 49.0 from 50.4, increases speculations that the monetary policy board may ease some of the imposed tightening policies and follow the surprise reserve cut seen last week with an interest rate cut.
China's central bank announced its first cut in banks’ reserve requirements since ...
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Japanese Yen Lower Against Most Other Majors
The Japanese yen is lower against most of its major counterparts today, dropping as forex traders consider increased liquidity in global markets and successful bond auctions in Europe.
With forex traders concentrating on what’s happening in Europe, and hopeful about what’s next, the yen remains mostly lower today, even as equities struggle. Yen is down against the euro as successful bond auction in France and Spain provide some help for the 17-nation currency.
Also helping high beta currencies, and putting downward pressure on the yen, is the recent decision by the Chinese to cut reserve requirements, effective December 5th. This news, plus the increase in liquidity thanks to an agreement by several central banks to keep the US dollar cheaper, is providing support for higher yielders ...
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FX Pairs Consolidating after Central Bank Liquidity Rally
Successful bond auctions in Spain and France have kept the markets buoyant with Asian equities rallying, though this may be just be markets playing catch up with their American counterparts after yesterday's rally. European stocks are mixed while the major currencies appear to be consolidating. This is not surprising as we approach some important US data both this afternoon and tomorrow.
European bonds are up for the day with French 10-year bonds the best performers following decent bond auctions in both Spain and France. The move to increase USD liquidity has carried over into today but market players may be overlooking European data that was released this morning. Euro zone final manufacturing PMI was in-line with market expectations at 46.4 but is down for the sixth straight month ...
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Oil up above $107 on stock draws, Iran
(Reuters) - Oil crude futures rose above $107 on Thursday, helped by bigger-than-expected stock draws in the United States and tensions around Iran, while stronger German data offset some of the negative sentiment generated by Wednesday's poor bond auction.
Brent crude oil futures were up 68 cents to $107.70 a barrel by 1100 GMT. U.S. crude was up 40 cents at $96.57 a barrel. Trading volume is expected to be thin Thursday as the U.S. market is closed for the Thanksgiving holiday.
Crude stockpiles in the United States unexpectedly fell week-on-week by 6.2 million barrels as refinery rates rose and crude imports dropped
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Global shares slide on China flash PMI, U.S. growth fears
(Reuters) - Asian shares dropped more than 2 percent and U.S. index futures and oil also fell on Wednesday after a private survey showed China's factory sector shrank the most in 32 months and U.S. growth data was revised downwards, stoking fears about the faltering global economy.
European stocks were expected to follow suit and the euro slipped, hit by market talk based on a Belgian press report that the Franco-Belgian bailout of Dexia bank (DEXI.BR) -- the first casualty of the euro zone sovereign debt crisis -- was unraveling and could undermine France's AAA credit rating.
The dollar rose broadly and U.S. Treasury 10-year note futures climbed to a seven-week high as investors scurried for the relative safety of the U.S. currency.
The steep fall in the HSBC flash purchasing managers' ...
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