Bloomberg:
- Former US Fed chairman Alan Greenspan said the “worst may well be over” for the US housing slowdown.
- US stocks rallied last week, pushing the Dow Jones Industrial Average to an all-time high, as oil fell the most since March.
- The US gasoline pump price fell another 14 cents in the past two weeks to $2.28 a gallon, Trilby Lundberg said, citing her survey of about 7,000 filling stations nationwide.
- Gold’s appeal is fading as slumping commodity prices reduce the appeal of the precious metal as a hedge against inflation.
- Crude oil is up .71 in NY after six members of OPEC agreed to cut production by 1 million barrels a day to help stem the slide in prices.
- Natural gas futures, the worst-performing commodity this year, may fall in New York as inventories rise further, straining storage capacity and forcing producers to shut down wells, according to a Bloomberg survey of analysts.
- Russian journalist Anna Politkovskaya, one of the most vocal critics of Russian President Putin, was gunned down in Moscow yesterday, the third execution-style killing in the past three weeks.
- Japan and China warned North Korea not to conduct a nuclear weapons test and agreed to improve their own relations as Prime Minister Abe made the first visit by a Japanese leader to Beijing in five years.
- The consumer spending spree that Prime Minster Abe and central banker Toshihiko Fukui are counting on to drive Japan’s economic growth may fizzle.
- Deutsche Telekom AG, Europe’s biggest phone company, plans to spend $2.7 billion over three years to build a high-speed mobile network in the US.
- The US dollar surged to the highest against the yen since March this week after a US government report showed a drop in unemployment to 5-year lows.
- President Bush proposed strengthening the No Child Left Behind law, saying he wasn’t to further improve the quality of US teachers and giv4e parents more options to flee failing schools.
- Wall Street and corporate America have found a potent champion in Washington to back their demands for reduced corporate regulation: Treasury Secretary, and former Goldman Sachs(GS) CEO, Henry Paulson.
- Merrill Lynch(MER) leads as hedge fund drive a resurgence in Wall Street research.
Wall Street Journal:
- Harrah’s Entertainment’s(HET) private equity bidders plan to borrow against the company’s real estate to fund their $15 billion takeover.
- Chicago Mercantile Exchange(CME), the top US futures market, and Deutsche Boerse AG have considered discussing a combination.
Time:
- Many in the US government are now convinced that Cuban leader Fidel Castro has terminal cancer and won’t return to power.
NY Times:
- If US cars had the same fuel efficiency as those in Europe, global oil demand would decline by 4 million barrels a day, equal to Iran’s production, the CEO of Eni SpA said.
- Ismail Haniya, the Palestinian prime minister from Hamas, vowed not to recognize Israel in a speech before thousands of supporters in a soccer stadium in Gaza City.
- Archer-Daniels-Midland(ADM) CEO Woertz said the company will work over the next decade to develop ways to make ethanol from agricultural waste, grasses and other materials besides corn.
Rocky Mountain News:
- UAL Corp. and JetBlue Airways(JBLU) both may be studying mergers with rival carriers as part of an industry wide consolidation, citing airline analysts.
LA Times:
- The Tribune Co.(TRB) has hardened its resistance to selling off individual assets, making a potential sale of the LA Times to local investors less likely.
Financial Times:
- Over 100 US technology companies are considering listing on London Stocks Exchange Plc’s Alternative Investment Market.
- Recent move by some hedge funds to outsource some so-called “middle office” functions to cut costs will help make the industry more transparent, citing the SEC.
- Starbucks(SBUX) will sell packaged coffee in UK supermarkets from next year as part of a distribution agreement with Kraft Foods(KFT).
Observer:
- Chicago Board of Trade CEO Dan will talk with London Metal Exchange chief Martin Abbott about a link-up at a meeting this week.
Automobilqoche:
- German carmakers DaimlerChrysler AG(DCX), BMW AG, Audi AG and Volkswagen AG plan to form an alliance to help market their new diesel engines in the US.
Khaleej Times:
- Oman’s budget for next year will be based on an average oil price of $40 a barrel.
Sunday Times:
- Al-Qaeda planned to kill the Australian and English cricket teams during the 2005 Ashes series using sarin nerve gas. Mohammad Sidique Khan and Shehzad Tanweer, who bombed the London Underground, were allegedly ordered to get jobs as stewards at the Edgbaston, Birmingham cricket ground and spray the lethal gas in the changing rooms.
Weekend Recommendations
Barron's:
- Made positive comments on (CSCO), (BID) and (WU).
Night Trading
Asian indices are -.25% to +.25% on average.
S&P 500 indicated -.15%
NASDAQ 100 indicated -.24%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (CAKE)/.28
- (EMMS)/.11
Upcoming Splits
- (ACH) 4-for-1
Economic Releases
- None note
BOTTOM LINE: Asian Indices are mostly lower on reports of a North Korea nuclear test. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the week.
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