domingo, 25 de julho de 2010
sexta-feira, 23 de julho de 2010
7 de 91 bancos europeus nao passam no stress test? é pouco nao?
Germany gets flak over stress tests. The results of European stress tests, published on Friday, showed that just seven of 91 banks tested across the EU failed to achieve a tier one capital ratio of 6% once their balance sheets were exposed to a series of adverse scenarios for 2010 and 2011. However, Germany is getting flak from European regulators because six of the 14 German banks tested, including Deutsche Bank (DB) and Postbank, didn't provide the expected detailed breakdown of sovereign debt holdings. The non-disclosure is likely to fuel rumors that the banks have something to hide, adding to the market uncertainty that stress tests were meant to quell. Meanwhile, banks that passed the tests must now turn to their next challenge: raising billions of dollars in long-term funding tofinance new lending. Premarket: DB -2.65% (7:00 ET). monday 07/26/2010
(BN) EU Stress Tests Only Consider Trading Book Bond Loss 13 PM BRASILIA
EU Stress Tests Only Consider Trading Book Bond Loss (Update2)
2010-07-23 13:53:13.878 GMT
(Adds analyst comment in fourth paragraph.)
By Meera Louis
July 23 (Bloomberg) -- European stress tests on 91 banks
will take into account bank losses only on government bonds they
trade rather than those they hold to maturity, according to a
draft European Central Bank document.
"The haircuts are applied to the trading book portfolios
only, as no default assumption was considered," according to a
confidential document dated July 22 and titled "EU Stress Test
Exercise: Key Messages on Methodological Issues."
The tests will assume a loss of 23.1 percent on Greek debt,
14 percent of Portuguese bonds, 12.3 percent on Spanish debt,
and 4.7 percent on German state debt, according to the document
obtained by Bloomberg News. U.K. government bonds will be
subject to a 10 percent haircut, and France 5.9 percent.
The decision "allows banks to basically underestimate
their exposure to distressed peripheral debt," Brown Brothers
Harriman, the New York private bank founded almost 200 years
ago, said in a note to clients today. "By leaving out stress
tests on the banking book, then a true picture of bank balance
sheets will clearly not be obtained."
The tests assume the weighted average yield on euro-area
five-year government bonds will rise to 4.6 percent in 2011 from
2.7 percent at the end of 2009. The tests also include an
increase in the yield on five-year Greek government bonds to as
much as 13.9 percent after "interest rate shocks," the
document shows.
"The haircuts on government debt in the trading book
increase according to the introduction of sovereign risk, which
is modeled as an increase in government bond spreads in line
with market developments since the beginning of May 2010,"
according to the document.
Euro Weakens
European Union regulators are examining the strength of
banks to determine if they can survive potential losses on
sovereign-bond holdings. They are counting on the tests to
reassure investors about the health of financial institutions
from Germany's WestLB AG and Bayerische Landesbank to Spanish
savings banks as the debt crisis pummels the bonds of Greece,
Spain and Portugal.
The 54-member Bloomberg Europe Banks and Financial Services
Index traded down 1.1 percent at 2:38 p.m. London time. The euro
weakened against the dollar, sliding 0.6 percent to $1.2817.
The Committee of European Banking Supervisors, which is
overseeing the tests, is scheduled to release the criteria and
the results from 5 p.m. London time today. CEBS deputy secretary
general Patrick Amis declined to comment on the document,
referring questions to the ECB. The ECB declined to comment.
Related News and Information: Legal Functions and Filings: {BLAW
<GO>} More on European Regulators: {TNI MKTREG EUROPE <GO>}
Economic indicator watch: {ECOW EU <GO>} European economic
coverage: {TNI ECO EU <GO>}
--Editors: Edward Evans, Francis Harris
To contact the reporters on this story:
Meera Louis in Brussels at +32-2-237-4328 or
mlouis1@bloomberg.net;
To contact the editor responsible for this story:
Edward Evans at +44-207-073-3190 or eevans3@bloomberg.net.
2010-07-23 13:53:13.878 GMT
(Adds analyst comment in fourth paragraph.)
By Meera Louis
July 23 (Bloomberg) -- European stress tests on 91 banks
will take into account bank losses only on government bonds they
trade rather than those they hold to maturity, according to a
draft European Central Bank document.
"The haircuts are applied to the trading book portfolios
only, as no default assumption was considered," according to a
confidential document dated July 22 and titled "EU Stress Test
Exercise: Key Messages on Methodological Issues."
The tests will assume a loss of 23.1 percent on Greek debt,
14 percent of Portuguese bonds, 12.3 percent on Spanish debt,
and 4.7 percent on German state debt, according to the document
obtained by Bloomberg News. U.K. government bonds will be
subject to a 10 percent haircut, and France 5.9 percent.
The decision "allows banks to basically underestimate
their exposure to distressed peripheral debt," Brown Brothers
Harriman, the New York private bank founded almost 200 years
ago, said in a note to clients today. "By leaving out stress
tests on the banking book, then a true picture of bank balance
sheets will clearly not be obtained."
The tests assume the weighted average yield on euro-area
five-year government bonds will rise to 4.6 percent in 2011 from
2.7 percent at the end of 2009. The tests also include an
increase in the yield on five-year Greek government bonds to as
much as 13.9 percent after "interest rate shocks," the
document shows.
"The haircuts on government debt in the trading book
increase according to the introduction of sovereign risk, which
is modeled as an increase in government bond spreads in line
with market developments since the beginning of May 2010,"
according to the document.
Euro Weakens
European Union regulators are examining the strength of
banks to determine if they can survive potential losses on
sovereign-bond holdings. They are counting on the tests to
reassure investors about the health of financial institutions
from Germany's WestLB AG and Bayerische Landesbank to Spanish
savings banks as the debt crisis pummels the bonds of Greece,
Spain and Portugal.
The 54-member Bloomberg Europe Banks and Financial Services
Index traded down 1.1 percent at 2:38 p.m. London time. The euro
weakened against the dollar, sliding 0.6 percent to $1.2817.
The Committee of European Banking Supervisors, which is
overseeing the tests, is scheduled to release the criteria and
the results from 5 p.m. London time today. CEBS deputy secretary
general Patrick Amis declined to comment on the document,
referring questions to the ECB. The ECB declined to comment.
Related News and Information: Legal Functions and Filings: {BLAW
<GO>} More on European Regulators: {TNI MKTREG EUROPE <GO>}
Economic indicator watch: {ECOW EU <GO>} European economic
coverage: {TNI ECO EU <GO>}
--Editors: Edward Evans, Francis Harris
To contact the reporters on this story:
Meera Louis in Brussels at +32-2-237-4328 or
mlouis1@bloomberg.net;
To contact the editor responsible for this story:
Edward Evans at +44-207-073-3190 or eevans3@bloomberg.net.
quarta-feira, 7 de julho de 2010
(Bloomberg) Sell Bonds, Buy Precious Metals, Rice as ‘Refuge,’
Sell Bonds, Buy Precious Metals, Rice as 'Refuge,' Rogers Says
2010-07-07 10:49:06.466 GMT
By Ranjeetha Pakiam
July 7 (Bloomberg) -- Investors should sell bonds and buy
commodities like silver and rice as a "refuge" as the world
economy may continue having problems, Jim Rogers, chairman of
Rogers Holdings said.
"Bonds are not a good place to invest in," Rogers said at
a conference in Kuala Lumpur today. "You should own commodities
because that's your only refuge" whether it's silver or rice,
said Rogers, who predicted the start of the global commodities
rally in 1999.
Gold has gained 8.3 percent this year, leading advances in
precious metals, as investors seek haven assets to protect their
wealth amid concern the global economic recovery will falter.
Still, commodities overall capped their worst quarter in more
than a year on investors' concern that slower growth from China
to the U.S. will sap demand.
The best place to be is in commodities and other natural
resources, including precious metals like silver, platinum and
palladium, said Rogers, who co-founded the Quantum Hedge Fund in
1970. Commodities are good to buy as supply shortages are
already developing, the Singapore-based investor said.
Gold prices will rise to more than $2,000 per ounce, said
Rogers, without giving a timeframe. Bullion for immediate
delivery declined 0.4 percent at $1,187.85 an ounce at 6:34 p.m.
in Singapore. It reached a record $1,265.30 on June 21.
'Straight Up'
"I do own gold," he said. "Gold has been extremely
strong of late, but I'm not rushing out to buy gold. I don't
like to buy things that have been going straight up."
While gold has been trading at all-time highs, silver
remains 60 to 70 percent below its peak and is a better
investment, he said. Silver reached an all-time high of $50.35
in New York in 1980.
Silver for immediate delivery fell 1 percent to $17.6413 an
ounce at 6:22 p.m. Platinum dropped 0.6 percent to $1,507.68 and
palladium declined 1.2 percent to $433.35.
Still, agricultural commodities are better than metals as
prices are "very depressed," he said, pointing to sugar which
is 75 percent below its all-time high in 1974. Raw sugar for
October delivery slid 1.2 percent to 16.49 cents a pound on ICE
Futures U.S. in New York. It reached a record of 66 cents in
November 1974.
"Not many things are 75 percent cheaper that 36 years ago,
but that's true of sugar," Rogers said. "Agriculture
commodities are desperately cheap compared to 20, 30, 40 years
ago."
Rice futures on June 30 touched $9.55, the lowest price
since October, 2006, on rising production and declining demand.
The contract for September delivery gained 0.7 percent to $9.935
per 100 pounds on the Chicago Board of Trade at 6:15 p.m. in
Shanghai.
For Related News and Information:
--Editors: Barry Porter, Richard Dobson.
To contact the reporter responsible for this story:
Ranjeetha Pakiam in Kuala Lumpur at +603-2302-7856 or
rpakiam@bloomberg.net
To contact the editor responsible for this story:
Richard Dobson in Shanghai at +86-21-6104-7025 or
rdobson4@bloomberg.net
2010-07-07 10:49:06.466 GMT
By Ranjeetha Pakiam
July 7 (Bloomberg) -- Investors should sell bonds and buy
commodities like silver and rice as a "refuge" as the world
economy may continue having problems, Jim Rogers, chairman of
Rogers Holdings said.
"Bonds are not a good place to invest in," Rogers said at
a conference in Kuala Lumpur today. "You should own commodities
because that's your only refuge" whether it's silver or rice,
said Rogers, who predicted the start of the global commodities
rally in 1999.
Gold has gained 8.3 percent this year, leading advances in
precious metals, as investors seek haven assets to protect their
wealth amid concern the global economic recovery will falter.
Still, commodities overall capped their worst quarter in more
than a year on investors' concern that slower growth from China
to the U.S. will sap demand.
The best place to be is in commodities and other natural
resources, including precious metals like silver, platinum and
palladium, said Rogers, who co-founded the Quantum Hedge Fund in
1970. Commodities are good to buy as supply shortages are
already developing, the Singapore-based investor said.
Gold prices will rise to more than $2,000 per ounce, said
Rogers, without giving a timeframe. Bullion for immediate
delivery declined 0.4 percent at $1,187.85 an ounce at 6:34 p.m.
in Singapore. It reached a record $1,265.30 on June 21.
'Straight Up'
"I do own gold," he said. "Gold has been extremely
strong of late, but I'm not rushing out to buy gold. I don't
like to buy things that have been going straight up."
While gold has been trading at all-time highs, silver
remains 60 to 70 percent below its peak and is a better
investment, he said. Silver reached an all-time high of $50.35
in New York in 1980.
Silver for immediate delivery fell 1 percent to $17.6413 an
ounce at 6:22 p.m. Platinum dropped 0.6 percent to $1,507.68 and
palladium declined 1.2 percent to $433.35.
Still, agricultural commodities are better than metals as
prices are "very depressed," he said, pointing to sugar which
is 75 percent below its all-time high in 1974. Raw sugar for
October delivery slid 1.2 percent to 16.49 cents a pound on ICE
Futures U.S. in New York. It reached a record of 66 cents in
November 1974.
"Not many things are 75 percent cheaper that 36 years ago,
but that's true of sugar," Rogers said. "Agriculture
commodities are desperately cheap compared to 20, 30, 40 years
ago."
Rice futures on June 30 touched $9.55, the lowest price
since October, 2006, on rising production and declining demand.
The contract for September delivery gained 0.7 percent to $9.935
per 100 pounds on the Chicago Board of Trade at 6:15 p.m. in
Shanghai.
For Related News and Information:
--Editors: Barry Porter, Richard Dobson.
To contact the reporter responsible for this story:
Ranjeetha Pakiam in Kuala Lumpur at +603-2302-7856 or
rpakiam@bloomberg.net
To contact the editor responsible for this story:
Richard Dobson in Shanghai at +86-21-6104-7025 or
rdobson4@bloomberg.net
terça-feira, 6 de julho de 2010
Online job recruitment grew in 28 of 28 US cities surveyed last month by MONSTER
The Monster Employment Index is a broad and comprehensive monthly analysis of U.S. online job demand conducted by Monster Worldwide, Inc. (NASDAQ: MNST), the parent company of the leading global online careers property, Monsterï.
Based on a real-time review of millions of employer job opportunities culled from more than 1,500 Web sites, including a variety of corporate career sites, job boards and Monster, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide.
The Index counts job postings as an indicator of employer demand for employees or, in other words, job availability. Job postings are online advertisements placed by an employer looking to fill one or more vacant, or recently created, job positions.
July 1 (Bloomberg) -- Online job recruitment grew in 28 of 28 cities surveyed last month. The following table ranks online job availability by major metro area.
*T
=====================================================================
June May April March Feb. Jan. Dec.
2010 2010 2010 2010 2010 2010 2009
=====================================================================
Atlanta 93 88 90 84 78 66 71
Baltimore 54 49 51 46 44 38 42
Boston 81 79 78 66 62 52 57
Chicago 78 74 76 68 66 55 60
Cincinnati 84 75 73 69 65 54 56
Cleveland 100 91 91 88 80 70 75
Dallas 105 103 101 99 95 80 84
Denver 100 96 94 89 86 77 80
Detroit 91 79 78 72 70 57 63
Houston 118 114 111 107 104 97 98
Indianapolis 92 82 82 78 76 68 70
=====================================================================
June May April March Feb. Jan. Dec.
2010 2010 2010 2010 2010 2010 2009
=====================================================================
Kansas City 97 87 86 79 75 65 69
Los Angeles 69 67 67 61 58 51 54
Miami 78 75 76 72 69 59 62
Minneapolis 91 86 85 84 78 68 72
New York City 84 82 82 73 70 60 65
Orlando 60 53 50 50 44 36 39
Philadelphia 57 56 54 45 43 36 41
Phoenix 71 70 70 67 65 60 62
Pittsburgh 152 141 136 131 126 108 112
Portland 97 88 84 79 71 62 69
Sacramento 78 71 70 68 62 57 59
San Diego 74 70 71 69 65 60 62
San Francisco 76 73 73 68 66 58 61
Seattle 111 105 104 99 93 84 89
St. Louis 116 104 102 99 95 83 85
Tampa Bay 87 77 77 73 71 62 63
Washington DC 58 54 55 48 46 38 45
=====================================================================
June May April March Feb. Jan. Dec.
2010 2010 2010 2010 2010 2010 2009
=====================================================================
=====================================================================
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