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Back to The Headlines

Monday March 8, 2010 - 16:27:44 GMT
Trade the News Staff - www.tradethenews.com/freetrial.asp?gv

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Forex Blog - US Market Update (Trade the News)

Monday, March 08, 2010 11:23:30 AM

 US Market Update

 

***Economic Data***
- (CL) Chile Feb Trade Balance: $1.3B v $2.0Be; Total Exports: $4.9B v $5.9B prior; Total Imports: $3.5B v $3.8B prior:
- (CA) Canada Feb Housing Starts: 196.7K v 190Ke

- Markets opened very slightly higher this morning and have been trading sideways just above the unchanged mark in the first hour and a half of trading. Volume is notably light; while there have been no economic data releases to speak of. Crude is around even at $82, while gold is essentially unchanged at $1,135. President Obama is scheduled to speak on healthcare later this morning, with indications that the president will excoriate the health insurance industry as part of his ongoing campaign to move forward on healthcare reform legislation.

- Just a week after it sold off its AIA unit to the UK's Prudential, AIG said it would sell its foreign life insurance unit to MetLife for about $15.5B as the firm continues to raise funds to repay Govt aid. MetLife said it would pay $6.8B in cash and about $8.7B in equity for the unit, noting that the deal would increase its 2011 operating EPS by $0.45-0.55, excluding one-time expenses. Note that the equity component of the deal will give AIG around a 14% ownership stake in MetLife, with a convertible share component possibly pushing this up to 20% over time. Commentators noted that the proceeds from the two deals should let AIG pay down much of its debt to the Fed, although the US Treasury will still hold a 80% equity stake in the firm. Both MET and AIG are up around 5% in early trading.

- In other equity news, US-listed Chinese solar name Yingli Green is down 6% in the early going after missing earnings estimates by a hair and reporting a much reduced quarterly gross margin. The firm did offer a bullish outlook on its FY10 gross margin performance. US-listed ADRs of AstraZeneca are off 2% after a Phase II/III study in colorectal cancer missed its primary endpoint.

- The greenback maintained a marginally softer tone against the European pairs in a very subdued New York morning. With a dearth of economic releases or central bank speak, the focus has been on analysts notes. There was early dealer chatter on Goldman's March US nonfarm payroll outlook, with the firm projecting a +275K number (comprising an underlying trend assumption for March of 50k, a weather snapback of 100k, and census hiring of 125k). Anxiety over European peripherals continues to subside for the time being. Portugal provided a roadmap for its austerity package for 2010-13. The country is looking to cut its deficit-to-GDP ratio to 2.8% by 2013. The draft plans noted that spending cuts would account for 49-50% of the planned deficit reduction, revenue measures would make up 15-16% of the reduction and economic growth would do the rest. The New York Fed announced it was to expand the number of firms participating in reverse repo facility, stating that no inferences should be drawn regarding monetary policy from the move.

 

 

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