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Strategies - In Mutual Fund Flows, a Worrying Sign for Stocks - NYTimes.com

  • MUTUAL fund investors have remained skeptical about the stock market rally over the last eight months, holding back on their purchases of domestic equity funds. That isn’t a promising sign for the stock market.

Stock funds suffer more withdrawals Mark Hulbert - MarketWatch

  • Consider the data, courtesy of TrimTabs Investment Research of Sausalito, CA: For the month of November, during which the Dow Jones Industrial Average rose an impressive 6.5%, the net withdrawal from domestic equity mutual funds amounted to $12.1 billion.
  • All told, therefore, from the beginning of March through the end of November, net withdrawals amounted to $25 billion.
  • 2 more annotations...

U.S. stocks regain rise, tugged by jobs, dollar - MarketWatch

  • "They're only bullish until the bill comes due," in the form of a dollar rally that causes them to unwind "carry" trades in which they've sold greenbacks to finance bets in other assets.
  • The dollar rallied following the jobs report, reflecting the conventional wisdom that a strong economy tends to support a country's currency over the long haul.
  • 1 more annotations...
03 Dec 09

BofA Set to Repay Taxpayers - WSJ.com

  • "We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest," said Kenneth D. Lewis, Bank of America's president and chief executive.
  • As one of the seven companies that received "extraordinary assistance" from the government, Bank of America has been subject to tougher restrictions than other financial firms, including having pay set and reviewed by Kenneth Feinberg, the Treasury's special master for compensation. Those restrictions have complicated the search for Mr. Lewis's successor.

Goldman Takes Offensive on Pay - WSJ.com

  • Goldman officials described the meetings, which began in October and have been attended in many cases by President and Chief Operating Officer Gary Cohn or Chief Financial Officer David Viniar, as an effort to explain why its pay levels are reasonable given the company's performance and receive feedback from key stakeholders.

FT.com / Capital Markets - Longer-dated bonds reflect optimism

  • In turn, governments, banks and corporates are keen to lock in longer-term debt for stability, to reduce the risk of refinancing in the shorter term, should the economic outlook deteriorate.

FT.com / Capital Markets - Fears grow about overheated US debt market

  • Some of the most controversial financing practices of the credit-bubble years – from cov lite loans to Pik toggle notes and dividend recap exercises – have returned to Wall Street, stoking fears that debt markets are growing overheated.

FT.com / Comment - Credit markets left with unpleasant aftertaste

  • Thus the risk is that in the aftermath of the Dubai saga, investors will rethink their exposure to a wide range of quasi-sovereign and sovereign entities. If that prompts them to demand a premium to offset their rising sense of uncertainty, borrowing costs will rise – at a time when many quasi-sovereign borrowers can ill afford it.
02 Dec 09

FT.com / In depth - Banks face $10bn monolines charges

  • Ambac and MBIA, which guarantee more than $1,000bn of bonds, raised cash earlier this year to prop up their capital bases, damaged by exposure to mortgage-backed bonds.
01 Dec 09

Judge to Question SEC on Inside-Trader Settlement - WSJ.com

  • The Securities and Exchange Commission will face questions from a U.S. judge Tuesday over its proposed settlement with an alleged inside trader, the latest sign of judicial resistance to how the agency handles probes of wrongdoing.
  • Last month's ruling came two days after the judge approved the SEC's proposed settlement. Without admitting or denying wrongdoing, Mr. Hashemi agreed to pay a total of $875,000, including allegedly improper gains he made on shares of Nova Chemicals Corp. plus a penalty.

U.A.E. Leaders Try to Ease Concerns Over Dubai - WSJ.com

  • Stocks in Dubai and Abu Dhabi fell sharply for a second day. The Dubai Financial Market's main index closed down 5.6% Tuesday, after falling 7.3% the previous day. Abu Dhabi shares closed 3.6% lower. Shares in Qatar and Kuwait were also hit, with benchmark measures down 8.3% and 2.7% respectively.
  • Investors are recoiling after Dubai's government said Monday that it isn't responsible for the debts of its wholly state-owned conglomerate Dubai World, which is seeking a standstill with creditors on $26 billion of debt.
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Double dip warning - Paul Krugman Blog - NYTimes.com

  • But it has been clear for a while that it’s a serious possibility, for two reasons. First, a large part of the growth we’ve had has been driven by the stimulus — but the stimulus has already had its maximum impact on the growth of GDP, will hit its maximum impact on the level of GDP in the middle of next year, and then will begin to fade out. Second, the rise in manufacturing production is to a large extent an inventory bounce — and this, too, will fade out in the quarters ahead.

Technicals Look Like '03 All Over Again - WSJ.com

  • But the extent of federal involvement back then pales in comparison to the Obama administration's massive stimulus programs.
  • "Fundamentals are far worse today," he added. "Back in 2002-2003, excluding tech, most segments of the market were doing fairly well."

Things to come - Paul Krugman Blog - NYTimes.com

  • These losses will be worse because Obama, by pursuing a uniformly pro-banker policy without even a gesture to popular anger over the bailouts, has ceded populist energy to the right and demoralized the movement that brought him to power.
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