Growth in the U.S. Probably Picked Up on Gains in Spending, Exports. The economy in the U.S. probably grew at a faster pace in the fourth quarter, driven by the biggest gain in consumer spending in four years and rising exports, economists projected a report today will show. Gross domestic product rose at a 3.5 percent annual pace, up from a 2.6 percent rate in the previous three months, according to the median estimate of 85 economists surveyed by Bloomberg News.
Facebook Overvalued at $50 Billion in Global Poll of Investors. Facebook Inc. isn’t worth $50 billion, according to a poll of global investors that shows skepticism about Goldman Sachs Group Inc.’s recent estimate of the largest social-networking site’s value and concern that a bubble may be forming in the technology sector. Sixty-nine percent of investors say Facebook is overvalued after Goldman Sachs invested $450 million in a deal that put the company’s worth at $50 billion, according to the quarterly poll of 1,000 Bloomberg customers who are investors, traders or analysts. Only 10 percent of respondents say Facebook’s valuation is appropriate; 4 percent say it’s worth more. The Bloomberg Global Poll conducted Jan. 21-24 shows that investors disagree with Goldman Sachs’ assessment that Facebook is worth more than Web pioneers such as Yahoo! Inc., the biggest web portal, and eBay Inc., owner of the biggest online retail marketplace.
Oil Heads for Biggest Weekly Drop Since August on Slowing Demand. Oil headed for its biggest weekly decline in New York since August amid concern that the pace of fuel demand recovery in the U.S., the biggest crude-consuming nation, may falter. “Crude should be down near $80 a barrel given that world out there is awash with oil,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney. Futures are 4.4 percent lower for the week, the biggest drop since the week ended Aug. 13.
Cameron Says U.K. Is Determined to Kill Off Debt 'Specter'. Prime Minister David Cameron will reassert his commitment to eliminating Britain’s budget deficit amid criticism that his plans are choking economic recovery. British banks, households and the government all need to reduce their indebtedness to restore a balanced economy, Cameron will tell the World Economic Forum in Davos, Switzerland today. “Our first priority is to kill off the specter of massive sovereign debts,” Cameron will say, according to remarks released by his office in London. “We can’t just flick on the switch of government spending or pump the bubble back up.”
Nanya Technology, Hynix Lead Computer-Memory Chipmakers Higher on Prices. Nanya Technology Corp. led memory- chip makers higher after the benchmark spot price for dynamic random access memory chips surged the most since July. Nanya jumped 6.1 percent to NT$18.30 as of 12:29 p.m. in Taipei. Japan’s Elpida Memory Inc., the world’s third-largest maker of computer memory chips, rose 2.5 percent to 1,220 yen. Samsung Electronics Co., the largest manufacturer, gained 1.1 percent to 1.005 million won in Seoul as it reported a 13 percent increase in fourth-quarter profit. The spot price for DRAM prices rose 7.6 percent yesterday, the biggest increase since July 24, according to data compiled by TrendForce Corp.’s DramExchange. Prices climbed to the highest level since Dec. 22 yesterday.
Report Details Wall Street Crisis. Twelve of the 13 largest U.S. financial institutions "were at risk of failure" at the depth of the 2008 financial crisis, while at least 50 hedge funds tried to capitalize on it, according to a report released Thursday by a U.S. panel investigating how the financial system unraveled. The report quantifies a huge run on the bank at Morgan Stanley(MS), describes the alleged trading practices of a secretive hedge fund and tallies the number of such funds betting against U.S. homeowners.
Trader Racks Up a Second Epic Gain. Hedge-fund manager John Paulson personally netted more than $5 billion in profits in 2010—likely the largest one-year haul in investing history, trumping the nearly $4 billion he made with his "short" bets against subprime mortgages in 2007. Mr. Paulson's take, described by investors and people close to investment firm Paulson & Co., shows how profits continue to pile up for elite hedge-fund managers. Appaloosa Management founder David Tepper and Bridgewater Associates chief Ray Dalio each personally made between $2 billion and $3 billion last year, according to investors and people familiar with the situation. James Simons, founder of Renaissance Technologies LLC, also produced profits in that range, say investors in his firm.
Secret to Bank's Comeback: A Rich Uncle Named Sam. As the nation's banks try to recover from about $493 billion in loan losses, BankUnited is emerging as a case study of how government largess in the wake of the crisis has allowed certain institutions to thrive.
Small Gold Trader Makes Big Splash. A huge trade by a tiny hedge fund has sent shudders through the gold market. Thanks to the nature of futures trading, Daniel Shak's $10 million hedge fund held gold contracts valued at more than $850 million, more than 10% of the main U.S. futures market, and the equivalent of South Africa's annual gold production. But as gold prices started falling this year, the trade, which was a combination of being long and short gold contracts—bets that prices will both rise and fall—started going bad. Monday, he liquidated his position, and is returning money to clients.
Arab Unrest Spreading. The popular unrest sweeping across the Middle East sent thousands of protesters into the streets of Yemen and drew an exiled opposition leader home to riot-wracked Egypt, as questions mounted over who will benefit from the convulsions in the Arab world.
EU Gives Details on Talks Over Fund. Euro-zone governments will increase the lending capacity of their bailout fund and make it more flexible, but governments won't raise its current €440 billion in guarantees, European Economics Commissioner Olli Rehn said in an interview Thursday. The likely decision may raise questions about whether there will be enough in the pot to ease doubts about the fund's ability to provide emergency finance for Portugal, Spain and other countries that might need it.
Pick for Labor Board Opposed by Business. Some of the same business groups President Barack Obama is courting with his regulatory review and support for a corporate-tax overhaul said Thursday they would fight his renomination of former union lawyer Craig Becker to the National Labor Relations Board. Mr. Obama put Mr. Becker on the NLRB in March using a recess appointment after his nomination failed to get 60 votes needed to overcome a Republican-led Senate filibuster in February. That appointment expires at the end of this year. On Wednesday, Mr. Obama nominated him to a term that would expire in December 2014. Unions applauded the move Thursday, calling Mr. Becker a "highly respected and qualified" candidate who will back workers' rights. Business groups, which consider Mr. Becker too sympathetic to unions, including his former employers at the AFL-CIO and the Service Employees International Union, said their objections haven't softened. The battle over Mr. Becker has become a proxy for the debate over the role of unions in the economy.
China Starts Trial Property Tax to Cool Market. China announced details of a long-awaited property tax in two of its largest urban centers, but the move intended to crack down on speculation and curb rising prices that are fueling public anger was relatively mild and analysts said it would have only a limited impact on investment. The trial tax, the closest thing yet to the style of tax levied annually on residential property in countries like the U.S., will be applied differently in Chongqing and Shanghai, apparently to see which one works best, before being rolled out across the country.
Detroit News:
Auto Czar Bloom to Head White House Manufacturing Efforts. Ron Bloom, the former labor adviser and investment banker who has been the administration's auto czar since July 2009, will end his autos tenure as he moves to the White House. On Thursday, President Barack Obama named Bloom to a new White House position overseeing manufacturing policy.
Reuters:
Egypt Arrests Muslim Brotherhood Leaders. Egypt rounded up members of the Muslim Brotherhood including at least eight senior leaders of the group ahead of planned countrywide protests on Friday, a lawyer representing the detained men said.
Apple(AAPL), RIM(RIMM), ZTE Won in Booming Q4 Cellphone Market. North American smartphone vendors Apple and RIM , along with low-cost Chinese producer ZTE , emerged as the biggest winners on the booming cellphone market in final quarter of 2010. Research firm IDC estimated the global handset market grew last quarter 18 percent from a year ago, while Strategy Analytics said growth was at 16 percent.
Amazon(AMZN) Margins Squeezed by Costs, Shares Plunge. Amazon.com investors got a wake-up call on Thursday when the world's biggest online retailer said its profit margins were sliding as it spends money on massive new distribution centers and acquisitions. The company also reported slightly lower-than-expected sales for the fourth quarter, which includes the holiday season, as it offered discounts and free shipping to attract customers. Amazon's shares, which had gained 5.2 percent earlier in the day, lost that advance and more to fall $16.46 lower than their close in after-hours trading.
Verizon(VZ) to Buy Terremark(TMRK) for $1.4 Billion. U.S. phone company Verizon Communications Inc plans to buy IT services provider Terremark Worldwide Inc in a deal worth $1.4 billion, the companies said on Thursday. The $19-per-share offer for Terremark represents a 35 percent premium over its closing price of $14.05 on Thursday. Terremark shares jumped to $19.06 after-hours.
SanDisk(SNDK) Revenue Forecast Exceeds Estimates. SanDisk Corp offered a forecast for the current quarter and 2011 above Wall Street's expectations, in a sign the flash memory supplier continues to benefit from strong demand for mobile devices.
Economic Information Daily:
China should raise interest rates to curb excess investment in the country, according to a report by Yan Kun, a researcher with the Chinese Academy of Social Sciences, and Zhang Peng, a researcher with the Ministry of Finance's research institute, published today.
China Daily:
China should focus on "economic quality" not simply expand the size of its economy, Zhang Monan, a researcher with the State Information Center, wrote in a commentary. The Asian nation's economic growth has been driven by domestic investment and exports, a model that is no longer sustainable, Zhang wrote. China should learn from Japan and improve its manufacturing sector by developing advanced technology, innovation and new products, Zhang said.
Evening Recommendations Citigroup:
Reiterated Buy on (POT), raised estimates, boosted target to $200.
Reiterated Buy on (TER), target $20.
Night Trading
Asian equity indices are -1.0% to +.25% on average.
Asia Ex-Japan Investment Grade CDS Index 109.50 +2.5 basis points.
Asia Pacific Sovereign CDS Index 119.50 +1.25 basis points.
The 4Q Employment Cost Index is estimated to rise +.5% versus a +.4% gain in 3Q.
Advance 4Q GDP is estimated to rise +3.5% versus a +2.6% gain in 3Q.
Advance 4Q GDP Price Index is estimated to rise +1.6% versus a +2.1% gain in 3Q.
Advance 4Q Core PCE is estimated to rise +.4% versus a +.5% gain in 3Q.
Advance 4Q Personal Consumption is estimated to rise +4.0% versus a +2.4% gain in 3Q.
9:55 am EST
Final Univ. of Mich. Consumer Confidence for January is estimated to rise to 73.3 versus a prior estimate of 72.7.
Upcoming Splits
(PRGS) 3-for-2
(FCX) 2-for-1
Other Potential Market Movers
The Treasury's Geithner speaking in Davos, could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by automaker and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
North American Investment Grade CDS Index 83.25 +1.30%
European Financial Sector CDS Index 142.50 bps +3.13%
Western Europe Sovereign Debt CDS Index 185.83 bps +3.34%
Emerging Market CDS Index 208.20 +2.91%
2-Year Swap Spread 20.0 +1 bp
TED Spread 15.0 -1 bp
Economic Gauges:
3-Month T-Bill Yield .14% -1 bp
Yield Curve 281.0 +2 bps
China Import Iron Ore Spot $185.60/Metric Tonne unch.
Citi US Economic Surprise Index +33.40 -9.4 points
10-Year TIPS Spread 2.25% -2 bps
Overseas Futures:
Nikkei Futures: Indicating +52 open in Japan
DAX Futures: Indicating +15 open in Germany
Portfolio:
Higher: On gains in my Retail, Ag and Tech long positions
Disclosed Trades: None
Market Exposure: 100% Net Long
BOTTOM LINE: Today's overall market action is bullish as the S&P 500 trades near session highs, despite recent equity gains, Japan's debt downgrade and worries over emerging markets inflation/riots. On the positive side, Road&Rail, Retail, REIT, HMO, I-Banking, Bank, Wireless, Internet and Defense shares are especially strong, rising more than 1.0% today. Cyclical shares are outperforming again. (IYR)/(XLF) are outperforming. Tech and Transport shares have also traded well throughout the day. Copper is rising +1.41% and lumber is rising +1.62%. US scrap steel prices have surged +14.3% over the last 5 days. The AAII % Bulls fell to 42.04 this week, while the % Bears rose to 34.29, which is a big positive. Oil and gold continue to trade very poorly considering recent positive economic data, equity gains, euro strength and rioting in the Middle-East. The 10-year yield is stable, falling -3 bps to 3.39%. On the negative side, Homebuilding, Construction, Telecom, Steel and Coal shares are under pressure, falling more than 1.0%. The UK sovereign cds is climbing +5.35% to 68.16 bps, the Belgium sovereign cds is rising +3.78% to 181.34 bps and the Japan sovereign cds is rising +2.69% to 81.64 bps. The UBS-Bloomberg Spot Ag Index is rising another +.51% to a new record high. US stocks continue to trade very well considering recent potential negative catalysts. The major averages are consolidating recent gains around key technical levels, which is a big positive. Moreover, various investor sentiment gauges are registering meaningful declines in bullishness, which is also a big positive. Any meaningful break above current technical levels in the major averages should lead to another wave of short-covering. (MSFT) just reported earnings early and the stock is rising into the close. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, earnings optimism, buyout speculation, falling energy prices, less financial/real estate sector pessimism and technical buying.
Business Investment Climbs, Housing Stabilizes. Companies ordered more equipment in December for a second month, showing business investment will continue to bolster the U.S. economic recovery into 2011. Bookings for capital goods like machinery and communications gear excluding aircraft climbed 1.4 percent after a 3.1 percent gain in November, the Commerce Department reported today in Washington. The index of pending home resales climbed 2 percent, more than forecast, after a 3.1 percent gain the prior month, figures from the National Association of Realtors showed. The median estimate in a Bloomberg News survey called for a 1 percent increase. Excluding transportation, bookings increased 0.5 percent after a 4.5 percent jump in November, which was stronger than previously estimated and the biggest gain in eight months. Demand for non-defense capital goods excluding aircraft, considered a proxy for future business investment, rose at a 9 percent annual rate in the three months ended in December compared with a 10 percent September three-month gain, indicating businesses continue to plan on updating equipment. The gain last month was led by an 11 percent advance in demand for machinery and a 3.6 percent increase in bookings for communications gear.
Initial Jobless Claims Rose Last Week to 454,000. More Americans than forecast filed first-time claims for unemployment insurance payments last week, indicating it will take time for the labor market to mend. Applications for jobless benefits increased by 51,000 to 454,000 in the week ended Jan. 22, Labor Department figures showed today. Economists forecast 405,000 claims, according to the median estimate in a Bloomberg News survey. The Labor Department official said winter weather in Alabama, Georgia, North Carolina and South Carolina in previous weeks kept people from filing claims. Those unemployed Americans ended up filing last week, boosting the claims number. “In addition to seasonal volatility, we have this extra effect in the numbers,” the Labor Department official said as the figures were released. The four-week moving average, a less-volatile measure, rose to 428,750 from 413,000. The unemployment rate among people eligible for benefits, which tends to track the jobless rate, rose to 3.2 percent in the week ended Jan. 15, today’s report showed. Fifty states and territories reported a decrease in claims, while three had an increase.
Hogs Surge to 24-Year High on Bets U.S. Pork Exports to Soar. Hog futures surged to the highest price in at least 24 years on signs that Asian demand for U.S. pork exports will surge as foot-and-mouth disease slashes South Korea’s livestock. The worst outbreak of foot-and-mouth disease in Asia for at least 50 years may get more severe as Lunar New Year holidays starting Feb. 2 spark a surge in travel, threatening to spread the virus, said Juan Lubroth, the chief veterinary officer at the United Nations’ Food and Agricultural Organization in Rome. Before today, hog prices gained 31 percent in the past year.
China Investment Head Gao Says Quantitative Easing Devaluing Paper Money. China Investment Corp. Vice Chairman Gao Xiqing said that central banks’ quantitative easing policies are hurting the value of money just one day after the Federal Reserve maintained plans to buy $600 billion of Treasuries. “You know money is gradually becoming not worth the paper it’s printed on,” Gao said at an event sponsored by HSBC Holdings Plc at the World Economic Forum in Davos, Switzerland today. Recent gains in commodity and food prices reflect the “long-term view” of investors that prices will accelerate, he said.
Oil Falls to Eight-Week Low in N.Y. After Jobless Claims Rise. Crude oil fell to an eight-week low in New York, and slid to a record discount versus London’s Brent, as a bigger-than-forecast gain in U.S. jobless claims bolstered concern that the economy will be slow to recover. Crude oil for March delivery tumbled $1.34, or 1.5 percent, to $85.99 a barrel at 12:33 p.m. on the New York Mercantile Exchange.
New York City Record for Snowiest Month May Fall by Week's End. New York City’s record for the snowiest month in history, set less than a year ago, may topple this weekend as more snow falls atop the 19 inches received overnight, forecasters said. A total of 36 inches (82 centimeters) has fallen in Central Park so far this month, beating the old January record of 27.4 inches in 1925, the National Weather Service said. The record for snowiest month in New York City history is 36.9 inches, set in February 2010, according to agency data.
Cotton Futures Rise By Daily Maximum Allowed on Import Demand. Cotton futures in New York advanced the 6-cent limit imposed by ICE Futures U.S., climbing to a record, on speculation import demand from China, the world’s biggest user of the fiber, will be sustained, tightening global supply. The March-delivery contract, the most active, climbed as much as 3.6 percent to the all-time high of $1.7283 a pound and was at $1.7282 a pound by 11:26 a.m. in London. Cotton prices have climbed 22 percent this year.
Under Armour(UA) Advances Most Since May After Raising 2011 Sales Forecast. Under Armour Inc., the sportswear maker, rose as much as 9 percent after increasing its sales forecast for the year. The company also announced its first cotton apparel line. Sales will be as much as $1.35 billion this year, surpassing guidance of $1.29 billion in October, the Baltimore- based company said today in a statement.
Industrial Companies Point to More Gains for S&P 500: Technical Analysis. Industrial companies in the Standard & Poor’s 500 Index appear poised for additional gains that would sustain the rally that sent the index to its highest close in more than two years yesterday, WJB Capital Group Inc. said. Of the index’s 10 groups, industrial companies and those that depend on consumer spending are the best indicators of its direction, John Roque, head of technical analysis at WJB Capital in New York, wrote in a report yesterday.
NYSE Hides Names of Stock Buyers, Sellers.Information about stock-market trades that used to flow through the floor of the New York Stock Exchange will now be kept secret from traders, thanks to a procedural change quietly implemented last week. In a move rankling the floor's denizens, names of buyers and sellers on the storied exchange's "book" of orders will no longer be visible to traders. Originally recorded in a physical book, the exchange's orders are now transmitted electronically.
Thousands Rally Against Yemen Regime. Thousands of Yemenis, inspired by the wave of activism spreading across the Middle East, marched through the capital demanding the removal of their longtime president, in one of the largest protests seen in this autocratic nation in years. The demonstrations, organized by a committee of opposition parties, wound through four central districts of the city, with protesters shouting for the removal of President Ali Abdullah Saleh, a key U.S. counterterrorism ally whose government has long been criticized by Yemenis for repression and corruption.
CNBC:
Low Rates Boost Commercial Real Estate: Starwood(HOT) CEO. Short interest rates in the United States and around the world have created a flow of funds into commercial real estate that's not necessarily natural, Barry Sternlicht, chairman and CEO of Starwood Capital Group, told CNBC on Thursday.
Business Insider:
The FCIC's Report On The Financial Crisis Is Out And It's HARSH!The FCIC's report on the causes of the financial crisis is out and while we haven't read it yet, looking over the Table of Contents, it's clear that the report's authors slam the finance industry. Click here to download the full report.
S&P Downgrades Japan. A shocker in the world of sovereign debt. S&P has cut the credit rating of Japan from AA to AA-. The yen dove on the news. VIA FT Alphaville, here's part of the statement from S&P:
Soarin' Netflix(NFLX) is No.2. The cable and satellite guys had better watch their backs. Netflix is now the second-largest video-subscription service in the US behind cable giant Comcast after it surged past the 20 million mark in total subscribers. The popular movie-rental company added 3.1 million customers in the fourth quarter, up 63 percent from a year ago and 18 percent from the prior period. The 20.01 million total also beat its 2010 forecast of between 19 million and 19.7 million. "The subscriber growth was off the charts and they see a healthy start to 2011," said Barton Crockett, senior entertainment analyst with Lazard Capital Markets. "These are the go-to guys for online video, and everyone wants it because they're buying iPads."
LA Times:
Obama's Clean-Energy Goals Have Industry Questioning Feasibility. Plans call for 1 million electric vehicles on the road within four years and 80% of the nation's power coming from green sources by 2035. Executives say the ability to get steady funding would help.
Cash-Strapped Bell to Consider Disbanding Police Department, Cutting Salaries and Benefits. City leaders in Bell will meet Thursday night to consider approving an action plan that would include deep cuts to salaries and benefits, elimination of the city's supplemental retirement plan and the possible disbanding of its police department, all as a means of avoiding bankruptcy.
Huffington Post:
Goldman Sachs(GS) Got Billions From AIG(AIG) For Its Own Account, Crisis Panel Finds. Goldman Sachs collected $2.9 billion from the American International Group as payout on a speculative trade it placed for the benefit of its own account, receiving the bulk of those funds after AIG received an enormous taxpayer rescue, according to the final report of an investigative panel appointed by Congress.
Boston Globe:
Auditor to Look at Evergreen Solar(ESLRD) Incentives as Part of Broader Review. State Auditor Suzanne Bump intends to review public subsidies for Evergreen Solar, the energy company that recently announced plans to shutter its Devens plant and move more 800 jobs elsewhere despite receiving millions of dollars in public funds, as part of a broader review of the state's entire system of tax incentives. With the Patrick administration saying it could recoup $13 million of the $31 million the state invested in Evergreen Solar, the News Service asked Bump if she was considering an examination of the public subsidies in the company. Bump's press secretary Christopher Thompson responded with a statement noting that before she took office, Bump had described reviewing the state's broad system of tax incentives as a priority.
Detroit Free Press:
White House Wants $7,500 Rebate for Plug-In, Electric Cars. The Obama administration announced several proposals Wednesday designed to boost sales of plug-in electric vehicles in the U.S. The White House wants to adopt a $7,500 rebate for plug-in or electric cars instead of a tax credit and a $200-million grant program for communities for electric vehicle infrastructure, such as charging stations. The proposals will be included in Obama's budget and must be approved by Congress.
Banking Technology:
Bloomberg Launches New Hedge Fund Tool Box. Bloomberg has launched Bloomberg Hedge Fund Tool Box (HBOX), a new platform to meet the growing number and needs of hedge funds. According to the Bloomberg, the HBOX solution built for fund managers, traders, operations and compliance professionals, integrates essential front-to-back office tools into one package for management of equity, fixed income and FX strategies across 65 countries globally. Through HBOX, fund managers can have an oversight of strategy management, risk and compliance, STP trade settlement, portfolio analysis, order management and electronic trading.
PC World:
Apple(AAPL) Introducing iPad in India. Apple will start offering the iPad in India on Friday, but its focus will be on sales through retailers, rather than bundling the device with service plans from mobile operators. The company has partnered with Bharat Sanchar Nigam (BSNL), a state-owned mobile services provider to offer 3G services for the iPad, according to a source who declined to be named. But the arrangement is not exclusive.
Dealbreaker:
STG Capital "Abruptly Closes."The tech-focused hedge fund apparently just started notifying people this morning, though investors have not been formally told yet. Performance has been “solid” and no explanation has been offered for the shuttering though some people are supposedly wondering if the fact that a former Galleon analyst had ties to the firm (albeit leaving several years back) had anything to do with the news.
Reuters:
DAVOS - Rich Corporations "Must Share Wealth" to Avoid Unrest. Poverty and unemployment reared their heads at the World Economic Forum on Thursday, with speakers urging the elite audience to bridge a growing gap between booming multinationals and the jobless poor. Greek Prime Minister George Papandreou, who also chairs the Socialist International group of centre-left parties, said the global crisis had led to an "unsustainable" race to the bottom in labour standards and social protection in developed nations. "Politically, I believe we are at a turning point where... there are signs in Europe of more nationalism, more racism, anti-Muslim, anti-semitism, fundamentalisms of all types", he said. "We need to look to a different model".
FACTBOX - Deepwater Rigs Moved Out of the Gulf of Mexico.n"> Some deepwater drilling rigs have moved out of the Gulf of Mexico to other markets, first due to a U.S. moratorium imposed last May after BP Plc's (BP.L) well blowout, and then because of the lack of permits that followed it.n"> Below are rigs contracted to work in the Gulf of Mexico that have been or will be moved to other regions.
ProLogis-AMB Merger Talks Boost Industrial REIT Shares. Shares in ProLogis (PLD) and AMB Property Corp (AMB) and peers rose on Thursday after the two largest publicly traded U.S. owners of warehouses and distribution centers said they were in merger talks.
China News:
China's central bank governor Zhou Xiaochuan said the nation's deposit rates should exceed inflation in the mid-term to protect individuals' savings.
China's Chongqing city will announce the launch of a property tax at 8 p.m. today.
