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Friday, March 12 2010  |  09:35 EDT  | 
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Market Currents Today - Friday, March 12, 2010
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  • 09:30 AM At the open: Dow +0.22% to 10635. S&P +0.15% to 1152. Nasdaq +0.29% to 2375.
    Treasurys: 30-year -0.26%. 10-yr -0.25%. 5-yr -0.17%.
    Commodities: Crude +0.45% to $82.48. Gold -0.05% to $1107.70.
    Currencies: Euro +0.47% vs. dollar. Yen -0.41%. Pound +0.6%. Comment!
  • 09:25 AM Germany and France are willing to take the lead in secretive negotiations and pledge €30B in a €55B bailout of Greece. The pair are working on a scenario that would prop up a teetering Greece through a mix of credit guarantees and government bond purchases. (source) Comment!
  • 09:20 AM It could take 20 years to put eurozone finances back on a sustainable path, according to a research note from the ECB yesterday, which urged governments to shore up their budgets. "Even with average consolidation efforts of 0.5 points of GDP per year, the return to the pre-crisis euro area debt ratio is likely to take two decades," the central bank wrote. Comment!
  • 09:15 AM Stock futures advance after retail sales posted strong gains in February despite snowstorms. "Stocks should rally because it's clear that credit conditions and globalization are improving, despite the concerns in the U.S. labor market." Dollar weaker, commodities up, Treasurys down. Later today: consumer sentiment, business inventories. Comment!
  • 09:10 AM Surging economic activity in China and Asian emerging markets causes the International Energy Agency to hike 2010 oil demand forecasts. Its monthly report predicts oil demand will average 86.6M barrels a day this year, or 1.6M per day more than in 2009. Comment!
  • 09:05 AM Buyout firm KKR files to list its shares on the NYSE. KKR first filed for an IPO in July 2007, but was unable to pull off a deal after the markets seized up. The firm has been publicly traded in Amsterdam since October after executing a "backdoor IPO." Comment!
  • 09:00 AM On the hour: S&P +0.44%. 10-yr -0.29%. Euro +0.56% vs. dollar. Crude +1.21% to $83.10. Gold +0.43% to $1113.00. Comment!
  • 09:00 AM Premarket gainers: XOMA +9%. POT +8%. IRE +7%. KIRK +7%. IPI +7%. AGU +7%. LTXC +6%. ARO +6%. MOS +6%. PGNX +6%. RFMD +6%. ATPG +5%. CAGC +5%. ABK +4%. SNV +4%. NBG +4%. AIB +4%. SQM +4%.
    Losers: PSUN -14%. AYR -6%. SWHC -6%. MWA -5%. CF -4%. Comment!
  • 08:55 AM Japan PM Yukio Hatoyama makes a rare call for "firm steps" to stem the rising yen after recent advances hit exporters' earnings. Hatoyama is concerned recent strength is giving a misleading impression of Japan's still struggling economy. (ETF:FXY) 1 Comment
  • 08:49 AM A Chinese minister makes the government's strongest statement yet on Google's (GOOG) future in the country, warning it will have to bear the consequences if its follows through on its pledge to stop censoring its Chinese search site. Comment!
  • 08:42 AM Euro area industrial output rose 1.7% in January, the strongest monthly gain on record, and more than double economist consensus of 0.7%. December figures were also revised up to show a monthly gain of 0.6% from a previous -1.7%. Year-on-year production rose 1.4%, the first yearly increase since April 2008. Comment!
  • 08:33 AM Stock futures tick higher and Treasurys drop following strong retail data. Dow +0.3% to 10639. S&P +0.3% to 1154. 30-year Tsy -0.53% to 117-16. 10-year -0.38%. 5-year -0.3%. 2-year -0.09%. Comment!
  • 08:30 AM Feb. Retail Sales: +0.3% vs. -0.3% expected, +0.1% in January (revised from +0.5%). Ex-auto +0.8% vs. +0.1% expected, +0.6% prior. 14 Comments
  • 08:28 AM AIG (AIG) will reportedly recoup $45M in controversial retention payments it made to employees in 2009. Employees have agreed to give back $40M, and the remaining $5M will be deducted from 2010 payments that were earmarked for former AIG employees. Comment!
  • 08:20 AM Antitrust regulators promise to rigorously review the proposed deal between Comcast (CMCSA) and NBC (GE). Lawmakers expressed concern yesterday that combining content and distribution in one company could leave consumers with less programming and higher prices. Comment!
  • 08:17 AM Novavax (NVAX): Q4 EPS of -$0.15 misses by $0.09. Shares -4% premarket. (PR) Comment!
  • 08:12 AM The NHTSA may ask for more authority to regulate the auto industry, saying its current powers may be outdated given the modern technology used in cars. But one lawmaker says the NHTSA's problems have more to do with "ineptitude" and underfunding than insufficient powers. Comment!
  • 08:04 AM The U.K.'s Brown and France's Sarkozy will meet today to try to reach a compromise on proposed EU financial reforms. Responding to U.S. concerns, a senior EU official says the decision to act on hedge funds is consistent with a G-20 commitment to reinforce transparency in the financial system. Comment!
  • 08:00 AM On the hour: S&P +0.2%. 10-yr -0.13%. Euro +0.64% vs. dollar. Crude +0.71% to $82.69. Gold +0.87% to $1117.80. 1 Comment
  • 07:59 AM AnnTaylor (ANN): Q4 EPS of $0.05 beats by $0.06. Revenue of $469M (-2.9%) vs. $472M. Shares -2.8% premarket. (PR) Comment!
  • 07:55 AM Obama reportedly plans to tap Janet Yellen to be vice chairman of the Fed Board. Yellen has been president of the San Francisco Fed since 2004 and a strong supporter of Bernanke's policies. Comment!
  • 07:47 AM A recovery in U.S. exports is being threatened by a shipping bottleneck that has left goods sitting in warehouses and shipping containers for weeks. Following a sharp drop in shipping rates during the recession, carriers idled ships and cut routes, and have not yet reversed these measures. 2 Comments
  • 07:39 AM The U.S.'s triple-A credit is at risk, warns S&P. If there's no credible plan to reduce spending, "external creditors could reduce their U.S. dollar holdings, especially if they conclude that eurozone members are adopting stronger macroeconomic policies." A hit to the dollar's status as a global reserve currency could "weigh on the triple A rating of the U.S." 6 Comments
  • 07:31 AM Stop making the yuan a political issue, China warns the U.S., and focus on boosting your exports instead of blaming other countries. The comments come as the U.S. mulls labeling China a "currency manipulator" and following Obama's call for China to move to a "more market-oriented exchange rate." 2 Comments
  • 07:23 AM The fertilizer war comes to an end. Yara International says it won't raise its $4.1B offer for Terra Industries (TRA) to meet CF Industries' (CF) "superior" $4.7B offer. CF can now move forward with its plans to acquire Terra. (see also) Comment!
  • 07:15 AM Agrium (AGU) abandons its bid for CF Industries (CF), ending one part of the fertilizer war that's been going on for more than a year and bringing CF Industries one step closer to a deal with Terra Industries (TRA). (previously) Comment!
  • 07:00 AM On the hour: S&P +0.2%. 10-yr -0.07%. Euro +0.76% vs. dollar. Crude +0.69% to $82.68. Gold +0.79% to $1117.00. Comment!
  • 06:00 AM Overseas: Japan +0.8%. Hong Kong -0.1%. China -1.2%. India flat. London +0.3%. Paris +0.6%. Frankfurt +0.6%. 1 Comment
  • 01:55 AM A senior official says Obama will tap SF Fed's Janet Yellen for the central bank's No. 2 slot, to replace the retiring Donald Kohn. She's considered an inflation dove and would join at a critical time, with three vacancies fo fill at the Fed. The other two names are also settled, but unknown - which may set up a joint confirmation hearing. 2 Comments
  • 12:05 AM Notable earnings before Friday's open: ANN, NVAX Comment!
  • 12:00 AM Friday's economic calendar:
    8:30 Retail Sales
    9:55 Reuters/UofM Consumer Sentiment
    10:00 Business Inventories Comment!
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