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Business Title: Stocks, Oil Gain on Economic Optimism; Pound, Treasuries Fall March 2 (Bloomberg) -- Stocks and oil rose, while 10-year Treasuries dropped, as India’s economy improved and speculation grew that the European Union will bail out Greece as the nation prepares further plans to cut its deficit. The MSCI Emerging Markets Index climbed 1.3 percent at 11:27 a.m. in New York. The Standard & Poor’s 500 Index advanced 0.6 percent to an almost six-week high of 1,122.36. The pound fell for a sixth day, extending its longest run of declines since October 2008, on concern a widening budget deficit will weaken the currency. Oil rallied 1.7 percent to $80 a barrel in New York. The benchmark 10-year Treasury note’s yield rose 3 basis points to 3.64 percent. India’s government reported increases in manufacturing and exports, while Mark Mobius, who oversees $34 billion at Templeton Asset Management Ltd., said the nation’s shares may outpace emerging markets. Gains in U.S. equities came as a $3 billion share buyback plan at Qualcomm Inc. and a takeover offer for Terra Industries Inc. helped bolster optimism stocks will continue to rally. “Investors come back to the market when things start to improve,” said Madelynn Matlock, the Cincinnati-based manager of the Huntington International Equity Fund at Huntington Asset Advisors, which oversees $15 billion. “The Indian economy is growing at a pretty good rate. In addition, having any sort of agreement that keeps Greece solidly in the European Union is a positive. It helps build confidence.” The S&P 500, which yesterday erased its 2010 loss, climbed for a third day. More than 460 companies in the benchmark gauge for U.S. equities have reported quarterly earnings since Jan. 11 and about 75 percent have beaten analysts’ estimates, according to Bloomberg data. Qualcomm rallied 5.3 percent and Terra Industries advanced 11 percent. Emerging Markets The MSCI Emerging Markets Index has gained 4 percent in the past three days, the biggest rally since the beginning of December. The Bombay Stock Exchange Sensitive Index jumped 2.1 percent today. The government said exports rose for a third month in January, advancing 11.5 percent, after a report yesterday showed the biggest increase in industrial production in more than a year. “India’s macroeconomic fundamentals have significantly improved,” Mobius said in an interview posted on the Web site of Templeton, a unit of San Mateo, California-based Franklin Resources Inc. The investment firm’s biggest holdings are in Brazil, India and China, Mobius said. Greek Debt Gains Greek government bonds rose for a third day after Amadeu Altafaj, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, said in Brussels that officials are “looking forward to see measures that can give us a clear idea on the gap and how to cover that gap.” Rehn held talks yesterday in Athens with Greek officials on the budget deficit. The Greek government will announce as much as 4.8 billion euros ($6.5 billion) of additional deficit cuts tomorrow, bowing to pressure from the European Union to tame the region’s biggest shortfall, a person familiar with the plan said. The new measures will include higher tobacco, alcohol and sales taxes and deeper cuts in public workers’ bonus payments, said the person, who declined to be identified because the details aren’t public. The 10-year Greek bond yield declined 9 basis points to 6.18 percent and touched a two-week low of 6.08 percent. Greece’s benchmark ASE Index climbed 2.7 percent, while National Bank of Greece SA, the nation’s biggest lender, advanced to a one-month high in Athens. ‘Longstanding Fear’ The pound weakened against 15 of its 16 most-traded counterparts. The U.K. Conservatives’ lead over Prime Minister Gordon Brown’s Labour Party narrowed to five percentage points in a poll published late yesterday, adding to signs Britain may have its first minority government since 1974. The election race has tightened over the past month after the economy emerged from recession and Conservative warnings of years of “austerity” to tackle the deficit frightened some voters. “The longstanding fear we’ve had is that speculators will target the U.K. at some point, given the perilous state of public finances,” Jim Reid, a strategist at Deutsche Bank AG in London, wrote in a research note. “The currency is slowly but surely taking the strain, but this and gilt yields are certainly worth keeping an eye on as we approach a pivotal election.” The 10-year gilt rose, with the yield falling 5 basis points to 4.02 percent. Europe’s Stoxx 600 Index advanced 0.7 percent. PSA Peugeot Citroen, Europe’s second-biggest carmaker, led advances in auto shares, gaining 3.3 percent in Paris after saying the year started better than forecast. Deutsche Lufthansa AG led airlines higher, rising 3.7 percent in Frankfurt after reporting a narrower-than-expected loss. The MSCI Asia Pacific Index gained 0.9 percent. South Korea’s Samsung Electronics Co., the world’s biggest maker of computer memory chips, and Japan’s Nintendo Co., which manufactures the Wii game console, gained more than 3 percent. Australia’s S&P/ASX 200 Index increased 0.3 percent. The index briefly pared gains after the nation’s central bank raised its benchmark interest rate.
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#1. To: Badeye (#0)
(Edited)
Just keeping you up to date, Boof. I know how concerned you are.
Day 9 of Packrat refusing to register here. Day 7 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
EU is sinking, and they are only moving the deck chairs...
my anti groupie can't get through life without me.
I predicted this 10 years ago when they started ignoring their own rules for membership. You couple that to the fact that France cannot take being a secondary player and the end was a foregone comclusion.
Day 9 of Packrat refusing to register here. Day 7 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
So higher oil prices are now bullish? So if oil goes back to $147 a barrel that is "good for the economy". Wow, surreal.
Goldi-Lox: You're one dumb-fucking bitch.
Commodity prices do well in a recoverning or expanding economy. Econ 101, dude[tte]
Day 10 of Packrat refusing to register here. Day 8 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Nope. But it cold be indicative of how the economy is performing.
Day 10 of Packrat refusing to register here. Day 8 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
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