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Ekonomi Saat Susah

August 13, 2010

Wall Street Tries to Sort Through Economic Reports


Stocks fell for a fourth straight day Friday after new economic statistics reinforced a picture of a sluggish recovery in the United States.

The economic reports, on business inventories, retail sales and the Consumer Price Index, were in much the same vein as those that Wall Street had been seeing throughout the week, including trade deficit figures that raised the likelihood that the estimate for second-quarter growth of 2.4 percent would be revised sharply lower.

As earnings season winds down, traders are increasingly relying on the indicators for some hint of how the American economy is performing. “But if you take the totality of the last couple of weeks, it is providing more concern over the strength of the recovery,” said Paul Ballew, a former Federal Reserve economist and a senior vice president for Nationwide Insurance.

At the close, the Dow Jones industrial average, which went into the red for the year on Wednesday, was down 16.80 points, or 0.16 percent, at 10,303.15. The broader Standard & Poor’s 500-stock index was 4.36 points, or 0.4 percent lower, at 1,079.25 and the Nasdaq composite index was down 16.79 points, or 0.77 percent at 2,173.48.

Interest rates were lower. The Treasury’s benchmark 10-year note rose 21/32, to 99 19/32, and the yield fell to 2.67 percent, from 2.75 percent late Thursday.

The Dow and the S.& P. were down more than 3 percent for the week, while the Nasdaq was down 5 percent.

Health care, technology and consumer discretionary stocks were 1 percent lower. Home Depot was down 30 cents, at $27.31, and Microsoft fell 9 cents, to $24.40. J. C. Penneywas down 98 cents, to $19.82. Kohl’s was down $1.51, to $44.99, and Nordstrom’s fell $2.39, to $31.05.

“Frankly we are in a consumer-driven slowdown right now and there is not much we can do in the short term to change that,” said Eric Beder, associate director of equity research for Brean Murray, Carret & Company. “With consumers worried about keeping their jobs, and looking at potential tax increases next year, there is no real impetus to buy right now.”

“Right now there is tremendous uncertainty in the market,” he added.

On Friday, retail inventories, which rose 0.8 percent in June, compared with 0.5 percent in May, were the latest indicator to point to weakening growth in the gross domestic product. Although an increase, analysts said that it was not enough to offset weaknesses in other sectors. Business inventories increased 0.3 percent in June over all, but sales fell 0.6 percent.

“This is further confirmation that the estimate of G.D.P. growth will be revised down,” the chief United States economist at HSBC, Kevin Logan, said of the inventory numbers. He estimated that total inventories for the quarter would be $25 billion less than initial government assumptions.

In another closely watched report, retail sales rose 0.4 percent in July, slightly less than expectations of a 0.5 percent increase. It came after a 0.3 percent decline in June. But when subtracting volatile gasoline and automobile sales, retail sales fell 0.1 percent in July.

Joshua Shapiro, the chief United States economist for MFR, said that the retail data showed a deceleration in the economy.

“Our own view is that the labor market recovery will be a grudging one, that consumers will enjoy only small gains in wages and salaries for some time, and that consumer spending growth will therefore be modest at best,” he said in a research note.

A statement Friday from the Commerce secretary, Gary Locke, underscored the administration’s concerns about the economy. Mr. Locke said that the retail sales figures showed the economy was growing at a more modest pace than the administration would like.

“The administration understands that too many Americans continue to struggle,” Mr. Locke said. “President Obama and this department are committed to continuing to promote policies that foster job creation and a strong and sustainable economy.”

In a third report, the Labor Department said that the Consumer Price Index, which is considered a benchmark measure of inflation, rose 0.3 percent in Julyon a seasonally adjusted basis, and 1.2 percent in the last 12 months.

If the volatile energy and food prices are subtracted, the core index, which is used to gauge inflation, rose 0.1 percent in July, after rising 0.2 percent in the previous month. The 12-month change in the core index remained at 0.9 percent for a fourth month. The numbers were in line with market expectations.

“It is evidence of a slow recovery with quite a bit of slack in terms of capacity,” Mr. Ballew said.

Consumer sentiment in August rose slightly above market expectations, to 69.6 in August, according to the Reuters and University of Michigan consumer sentiment index. It was 67.8 in July.

TOKYO, June 8, 2010 (AFP) 
 Pressure on the euro eased against major currencies Tuesday but the unit remained depressed a day after plunging to a four-year low on deepening fears over Europe's debt woes, dealers said.

The euro changed hands at 1.1960 dollars in Tokyo morning trade, up from 1.1919 in New York on Monday. Against the yen, it fetched 109.32 against 109.00 in New York.

On Monday, the European single currency had briefly plunged to 1.1876 dollars, its lowest level for more than four years.

The dollar gained ground against the Japanese currency, to 91.62 yen from 91.37 in New York.

"The market appears to have regained stability after a bout of sales of the euro ended," said Yosuke Hosokawa, head of the forex group at Chuo Mitsui Trust Bank.

"But no one can deny another bout of sales anytime in the near future," Hosokawa said. "Players are likely to continue keeping away from risky trades. Trading will remain sensitive for the time being."

Selling pressure on the euro mounted on Monday after an official from Hungary, bailed out in late 2008 by the European Union and International Monetary Fund, hinted that the country could be in the same boat as Greece.

Some analysts said investors were disappointed that a Group of 20 finance ministers meeting in South Korea over the weekend failed to seize the opportunity to soothe market concerns over the European debt turmoil.

Worries over the strength of the US economic recovery following disappointing jobs data last week also kept investors away from more risky currencies, traders said.

Wall Street tumbled Monday, with the Dow index closing at its lowest level of the year on concerns of a jobless US recovery and the European debt crisis.

June 4, 2010, 5:44 p.m. EDT Euro slumps to fresh four-year low versus greenback Dollar extends gains on weak payroll data; euro hits all-time low against Swissie By Carla Mozee & William L. Watts, MarketWatch LOS ANGELES (MarketWatch) -- The euro hit a four-year low against the U.S. dollar Friday, losing ground as weak U.S. payroll figures and mounting concerns about Hungary's fiscal situation prompted investors to run toward the relative safety of the greenback. Against the dollar, the euro (U.S.:CUR_EURUSD) traded at $1.1966, and fell to a four-year low of $1.1954, breaking the key level of $1.20 for the first time since late March 2006. The single currency traded at $1.2160 in late North American action on Thursday. For the week, the euro slumped 2.7%. CUR_EURUSD 1.1949, +0.0006, +0.0502% The dollar extended gains versus most major rivals other than the Japanese yen Friday after May U.S. nonfarm payrolls data showed a weaker-than-expected rise dominated by temporary government hiring. The dollar and Japanese yen tend to rise when risk appetite takes a hit, benefiting from the resulting safe-haven flows. "The next level [for the euro] I'll look at is the October 2005 low at $1.18," said Bruce Zaro, chief technical strategist at Delta Global Advisors. "Below that, you've got $1.09 in August of 2003. The trend has been confirmed negative on the euro and positive on the dollar." News Hub: Dow Below 10,000 as Stocks Slump A weak jobs report and fresh worries about the euro-zone's economy sparks selling in stocks; and solid gains in Treasurys and the dollar. Dow Jones Newswires' Paul Vigna joins the News Hub to discuss. He noted that an upside break for the euro would be above $1.26. "Anytime an asset is in a trend up or down, there are always small counter-trends. Those are profit-taking moves looking to short the euro or thinking it's undervalued," he said." The 431,000 increase in U.S. nonfarm payrolls reported by the Labor Department fell far short of the 538,000 consensus forecast produced by a survey of economists by MarketWatch. Moreover, 411,000 jobs were accounted for by hiring by the Census Bureau. Read about the jobs data. The move further weighed on European stocks and pushed U.S. stocks sharply lower. The S&P 500 Index (MARKET:SPX) finished with a 3.4% loss, and the Dow Jones Industrial Average (DOW:DJIA) tumbled 323 points, or 3.2% at 9,931.97. Read Market Snapshot. The euro was under pressure ahead of the jobs data, and analysts said remarks by a spokesman for Hungary Prime Minister Viktor Orbak added to weakness. Bloomberg reported that the spokesman warned that the economic situation was "grave" and that fears of a default were "no exaggeration." Read more about fears over Hungary's sovereign debt. "These developments are important because the losses on the Hungarian debt will likely be shouldered by European banks that are already about to be hit by a second wave of [write-downs]," said T.J. Marta, chief market strategist at Marta on the Markets. "This, in turn, means that financial intermediation generally and globally will take another hit." But Peter Rosenstreich, currency strategist at ACM in Geneva, said the euro's overall move lower was driven by a fall to a new all-time low versus the Swiss franc, after Swiss National Bank President Philipp Hildebrand made no mention of intervention in a speech in Interlaken, Switzerland. EARNINGSWATCH | Earnings, updates, warnings The SNB has in the past frequently intervened to slow the euro's slide, traders say. The SNB, while never commenting on reports of intervention, has stated repeatedly that it was committed to slowing the franc's rise versus the euro currency and viewed intervention as part of its monetary policy. Pressure had been building on the euro versus the dollar, "but when euro/Swiss hit the CHF1.4005 level and the SNB was nowhere to be seen, it just started taking out stops," Rosenstreich said. The euro fell to as low as CHF1.3863, and changed hands during the session at CHF1.3918, a loss of 1%. The yen was lower against major rivals Friday but steadied after the ruling Democratic Party of Japan elected Naoto Kan as its leader, all but assuring that he will formally assume the prime minister's role. The dollar (U.S.:CUR_USDYEN) fell versus the Japanese yen to trade at ¥91.88, down from ¥92.59 in North American trading late Thursday. The euro (REUTERS:CUR_EURYEN) changed hands at ¥110.00, down from ¥112.58 Thursday. The dollar index (BOARD:DXY) , which tracks the U.S. unit against a basket of six major currencies, rose 1.3% to 88.30. The British pound (U.S.:CUR_GBPUSD) bought $1.4453, down from $1.4611 Thursday. The yen had lost ground in earlier activity after Japan's ruling party confirmed the selection of Naoto Kan as its leader. Kan, who served as finance minister under the previous prime minister, Yukio Hatoyama, is known for having stated his preference for a weaker yen. But some analysts don't believe a Kan administration will lead to any significant changes to Japan's currency policies. "We do not think Japan's [foreign exchange] policy will change even if Kan becomes the next prime minister, given how he has been serving as finance minister in charge of FX policy already," Tohru Sasaki, chief foreign-exchange strategist for Japan at J.P. Morgan Securities in Tokyo, said in a research note ahead of the DPJ election. "If the change in Japan's prime minister is taking a part in driving current [Japanese yen] depreciation, at least that part of downward pressure on JPY should be only short-lived," Sasaki added. Hatoyama resigned Wednesday, as support for his government waned.

Growth momentum to top Europe's woes: Geithner

By Glenn Somerville and Emily Kaiser
5:51pm EDT

WASHINGTON (Reuters) - The global recovery had enough momentum before Europe's debt crisis struck to be able to weather it without being derailed, Treasury Secretary Timothy Geithner said on Thursday.

He also maintained that the United States, having acted early on broad financial reforms, had a banking system that was much better capitalized than others and said that put the United States in position to tell Europe how to tighten up on risky lending.

In an interview on CNBC television from Alaska, while en route to a Group of 20 meeting in Busan, Korea, on Friday and Saturday, Geithner played down fears Europe's woes will drag down U.S. and global growth.

"We have a moderate but pretty solid recovery in place" he said. "The world economy came into this period of concern about Europe with stronger underlying momentum and growth than many people expected, and we're in a much stronger position to get through this."

Geithner said finance ministers and central bankers heading for the G20 session share a commitment on the need for setting common standards across global financial markets that will constrain some of the risk-taking that helped fire the 2007-2008 U.S. financial crisis.


"Risk doesn't respect national boundaries, it's going to move to where the constraints are weakest," he said.

"We all have an important stake in making sure we have a strong set of consistent standards in place across these global markets, across these global institutions and what we're going to try to do in Korea is to try to make sure ... we're solidifying that consensus," Geithner added.

While the U.S. Treasury chief has resisted suggestions that the Obama administration has a set of prescriptions for Europe to follow, Geithner was straightforward in saying that the U.S. response to crisis was faster and more broad-based than Europe's has been so far.

"U.S. firms come into this -- because of the actions we took early in our crisis to recapitalize the financial system -- with much stronger capital positions than is true for most of their competitors around the world," he said.

"So I think the U.S. is in a very strong position ... to lead the world to much better-designed, more conservative constraints on risk-taking, including constraints on leverage," Geithner added.


The U.S. Treasury chief visited Britain and Germany last week en route home for a trip to China, discussing Europe's debt crisis with finance ministers and central bankers in London, Frankfurt and Germany.

There is concern that Europe's banking system is at risk because it holds much of the debt issued by the most indebted euro zone members like Greece, Portugal and Spain.

In response to a question about Friday's scheduled Labor Department report on May employment, Geithner said broad measures of U.S. economic activity show a gradual improvement in confidence that will eventually mean more hiring. But he did not say what he expected from the report.

Analysts surveyed by Reuters are forecasting 513,000 new jobs were created last month.

(Reporting by Glenn Somerville and Emily Kaiser; Editing by Kenneth Barry)

Energy shares propel Wall Street rebound 4:53pm EDT By Leah Schnurr NEW YORK (Reuters) - Stocks rallied on Wednesday as investors rushed back into beaten-down shares, led by energy, which bore the brunt of the sell-off a day earlier. The energy sector handily led the way up with the S&P energy index gaining 4.3 percent. Shares of Halliburton rose 12 percent after executives said the offshore oil industry had plenty of work even as the Obama administration imposed a six-month moratorium on deep-water drilling. While investors still are cautious about the outlook for energy stocks, "the genuine blood bath in the sector yesterday certainly seems to have drawn in some fundamental value seekers," said Craig Peckham, equity trading strategist at Jefferies & Company in New York. U.S.-listed shares of BP Plc (BP.L: Quote, Profile, Research, Stock Buzz)(BP.N: Quote, Profile, Research, Stock Buzz) climbed 3.1 percent to $37.66 even as the company hit a snag in its latest effort to halt the oil spill in the Gulf of Mexico. The stock is down close to 38 percent since the rig explosion on April 20. Major automakers posted double-digit U.S. sales gains in May from depressed levels a year earlier, including Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), which rose 3.9 percent to $11.85. The Dow Jones industrial average .DJI gained 225.52 points, or 2.25 percent, to 10,249.54. The Standard & Poor's 500 Index .SPX rose 27.67 points, or 2.58 percent, to 1,098.38. The Nasdaq Composite Index .IXIC climbed 58.74 points, or 2.64 percent, to 2,281.07. Investors also were encouraged by data showing pending sales of previously owned homes increased to a six-month high in April, though analysts pointed to a rush to take advantage of the home buyer's tax credit before it expired. The PHLX Oil Service Sector index climbed 5.5 percent with Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) rising to $23.68 and Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) gaining 8.8 percent to $56.31. "This is a bit of a relief recovery after yesterday and the strongest symptom of that is the action we're observing in the energy sector," said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors in Rochester, New York. Investors "are observing the large amount of market capitalization which has been destroyed across the industry and calculating that that damage is too large relative to the ultimate liability that we're going to see," said Creatura. United Airlines parent UAL Corp (UAUA.O: Quote, Profile, Research, Stock Buzz) jumped 12.6 percent to $21.78 after Bank of America-Merrill Lynch reinstated the company with a "buy" rating, saying it had good momentum whether or not it merged with Continental Airlines (CAL.N: Quote, Profile, Research, Stock Buzz). Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz) helped boost the Nasdaq, gaining 10.5 percent to $56.09 after the U.S. Food and Drug Administration approved the sale of its osteoporosis drug to help prevent fractures in post-menopausal women. About 9.08 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion. Advancing stocks outnumbered declining ones on the NYSE by 2,592 to 455, while on the Nasdaq, advancers beat decliners 2,162 to 519. (Reporting by Leah Schnurr; Editing by Kenneth Barry)
31/05/2010 - 15:00
Yes! Bursa Asia Siang Bangkit Lagi

INILAH.COM, Bangkok - Pasar saham Asia pada perdagangan Senin (31/5) siang mayoritas menagalami penguatan karena investor melepas berita lebih serius tentang goncangan keuangan Eropa di tengah sinyal berlanjutnya pemulihan ekonomi Asia.

Harga minyak mentah Asia juga naik di atas $ 74 per barel dan dolar menguat terhadap yen dan melemah terhadap euro. Pada Jumat, Dow Jones turun 1,2 persen ke 10.136,63 setelah Fitch Ratings menurunkan peringkat kredit Spanyol atau yang kedua dalam sebulan. Lembaga pemeringkat ini juga memperingatkan para investor terhadap masalah ekonomi jangka panjang yang masih dihadapi oleh negara-negara Eropa yang sarat utang.

Namun, berita tersebut untungnya tidak begitu mengejutkan para investor di Asia. Hal ini mengingat berita mengenai downgrade kredit Spanyol itu telah beredar selama beberapa waktu.

Pada awal perdagangan, saham-saham di Bursa Asia ini melemah untuk meudian beringsut naik di perdagangan siang. "Asia telah mempersiapkan diri terhadap downgrade kredit Spanyol ini," kata Francis Lun, manajer umum Fulbright Securities Ltd di Hong Kong seperti dikutip AP.

"Jadi pasar Asia saat ini cukup stabil bahkan .. sampai Bangkok" ujar Jackson Wong, manajer investasi di Tanrich Securities di Hong Kong menimpalkan seraya mengatakan dirinya melihat Asia masih cukup stabil meskipun beberapa investor gugup. "Momentum itu masih sisi positif," kata Wong.

Saham Nikkei 225 Jepang naik 45,13 poin atau 0,5 persen ke level 9.806,24 dipicu berita bahwa produksi industri negara perekonomian nomer 2 terbesaer di dunia ini mengalami peningkatan selama dua bulan berturut-turut di April, didorong oleh pertumbuhan produksi yang kuat di China dan Asia lainnya.

Indeks Kospi Korsel naik 0,8 persen menjadi 1.635,66 dan Taiwan naik 0,7 persen menjadi 7.349,65. Indeks S & P / ASX 200 Australia jatuh 0,3 persen menjadi 4.447,9 dan Hang Seng Hong Kong sedikit berubah di 19.763,98. Di Seoul, Ssangyong Motor Co melompat lebih dari 14 persen setelah beberapa perusahaan, termasuk India Mahindra & Mahindra Ltd, menyatakan minatnya untuk membeli pembuat SUV ini.

Saham Mitsubishi Corp Jepang turun 0,6 persen dan saham BHP Billiton Ltd Australia turun 1,2 persen. Eksportir Jepang diuntungkan oleh pelemahan yen. Saham Canon Inc naik 1,2 persen dan Nissan Motor Co naik 1,1 persen. Indeks S & P 500 jatuh 1,2 persen di New York pada hari Jumat, sedangkan indeks Nasdaq jatuh 0,9 persen.

Charles Plosser, Presiden Federal Reserve Bank of Philadelphia mengatakan Senin (31/5) bahwa Amerika Serikat masih memiliki prospek yang baik dan ia memperkirakan tidak akan terjadi lagi resesi kedua yang lebih dalam. "Prospek pertumbuhan kami tetap positif," katanya kepada wartawan di Seoul, dalam sebuah konferensi yang disponsori oleh Bank Sentral Korea Selatan. "Tapi jelas, gejolak keuangan di Eropa menyebabkan kita harus berhati-hati."

Pasar keuangan AS akan ditutup Senin (31/5) memperingati 'Memorial Day'. Dalam mata uang, dolar naik menjadi 91,54 ¥ dari ¥ 91,02. Euro naik menjadi $ 1,2318 dari $ 1,2272. Minyak mentah untuk pengiriman Juli naik 55 sen menjadi $ 74,52 dalam perdagangan elektronik di New York Mercantile Exchange. [cms]

Kamis, 27/05/2010 07:40:46 WIB Saham Eropa naik dari 8 bulan rendahnya Oleh: Bloomberg JAKARTA (Bloomberg): Saham Eropa mengalami rebound dari delapan bulan rendahnya seiring dengan investor yang berspekulasi bahwa penurunan baru-baru ini dapat mematangkan dan memperkuat perkiraan AS yang memicu tumbuhnya kepercayaan bahwa krisis utang Eropa tidak akan mengancam pertumbuhan ekonomi. BHP Billiton Ltd., perusahaan tambang terbesar di dunia, naik sebesar 5,3% seiring dengan naiknya permintaan barang tahan lama dan peningkatan harga rumah di AS. Credit Agricole SA memimpin keniakan saham keuangan dipicu oleh delegasi AS Barney Frank yang mengatakan bahwa sebuah proposal untuk membatasi pengunaan derivative oleh bank telah terlalu berlebihan. Swatch Group AG naik 6,2% setelah produsen jam tangan asal Swiss ini mengatakan bahwa penjualannya naik lebih dari 30% di kuartal pertama tahun ini. Stoxx Europe 600 Index naik sebesar 2,4% menjadi 237,74, kenaiakan terbesar dalam lebih dari dua minggu. Indeks acuan saham ini sempat turun sebesar 8,5% bulan ini, penurunan terbesar sejak Januari 2009. Berdasarkan data Bloomberg, penurunan ini telah membuat indeks tesebut diperdagangkan sebesar 14,3 kali dari kenaikan sejumlah saham perusahaan yang tercatat dalam indeks, mendekati nilai terendahnya sejak 2008. Indeks saham 18 negara di Eropa bagian barat diperdagangkan naik kemarin. FSTE 100 rebound sebesar 2% dan DAX Jerman naik sebesar 1,6% sementara CAC 40 Perancis juga naik sebesar 2,3%. Meningkatnya kekhawatiran terhadap sejumlah negara di Eropa yang akan mengalami kesulitan dalam menguarangi defisit dalam anggaran mereka tanpa menekan pemulihan ekonomi telah menghapus dana sekitar US$6 triliun dari pasar saham global bulan ini. Itali sepakat akan memotong anggarannya sebesar 24 miliar euro (US$30 miliar) kemarin, termasuk membekukan gaji bagi pegawai pemerintahan dan menarik pajak dari mereka yang selama ini menghindarinya. Meskipun banyak investor yang tengah fokus pada krisis utang Eropa, ekonomi global tetap terus meningkat. Laporan AS kemarin menunjukkan permintaan untuk barang tahan lama naik pada April untuk keempat kalinya dalam lima bulan dan pembelian rumah baru juga mengalami kenaikan ke tingkat tertinggi dalam dua tahun karena pembeli yang bergegas untuk memenuhi syarat kredit pajak pemerintah. Organization for Economic Cooperation and Development (OECD) mengatakan bahwa ekonomi dari 30 negara yang bergabung di dalamnya akan tumbuh sebesar 2,7% tahun ini, melebihi perkiraan bulan November tahun lalu yang hanya mencapai 1,9%, hal ini dikarenakan ekonomi negara-negara berkembang seperti China yang jumlah pembiayaan utangnya melebihi negara maju sehingga mendorong negara ini melakukan ekspansi global. BHP Billiton naik sebesar 3,5% menjadi 1.857, pence seiring dengan tembaga yang memimpin kenaikan di antara logam industri lain di London Mertal Exchange. Xstrata Plc juga mengalami kenaikan sebesar 5,7% menjadi 972,3 pence. Rio Tinto Group melonjak naik sebesar 7,3% menjadi 3.064,5 pence dari penurunan sebesar 3,5% kemarin. Perusahaan pertambangan terbesar ketiga di dunia mengatakan dalam pertemuan tahunan di Melbourne bahwa mereka mengharapkan permintaan komoditas China akan naik dalam kurun waktu 15 tahun kedepan. Credit Agricole, bank terbesar di Perancis, naik sebesar 2,8% menjaid 9,02 euro dan KBC Group NV, bank dan penjamin terbesar di Belgia secara nilai pasar, naik sebesar 5,4% menjadi 30,89 euro. Royal Bank of Scotland Group Plc juga naik sebesar 5,6% menjaid 45,1 pence dan Lloyds Banking Group Plcn naik sebesar 6,7% menjadi 53,91 pence. Credit Suisse mengupgrade kedua bank Inggris ini menjadi "baik" dari "netral," membuat saham kedua bank ini turun dalam empat minggu terakhir. Allied Irlandia Bank Plc naik 9,3% menjadi 99,1 sen euro, memulihkan 13% selloff kemarin. Gazeta Wyborcza melaporkan bahwa Departemen Keuangan Polandia akan membentuk kelompok yang akan menawar 70% saham di unit Bank Zachodni WBK SA di Polandia. (ln)

U.S. Stocks Recover From Rout as S&P 500 Holds Above Year’s Low

By Rita Nazareth

May 25 (Bloomberg) -- U.S. stocks erased losses in the final minutes of trading, with the Standard & Poor’s 500 Index wiping out a 3.1 percent drop, as the gauge rebounded from its 2010 low and Representative Barney Frank said a proposal to restrict banks’ use of derivatives “goes too far.”

The S&P 500 closed higher after briefly dropping below 1,050 and its February low of 1,044 and then recovering. The levels are watched by traders and analysts who make investment decisions based on charts. Goldman Sachs Group Inc. rose 4.3 percent to help the S&P 500 Financials Index erase a 3.4 percent drop. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. jumped at least 2.3 percent as a gauge of commodity producers reversed a 3.3 percent tumble.

“It was a technical rebound,” said James Paulsen, who helps oversee about $375 billion as chief investment strategist at Wells Capital Management in Minneapolis. “The stock market was oversold. We’ve breached so many levels so quickly. The economic recovery is still in place.”

The S&P 500 rose less than 0.1 percent to 1,074.03 at 4 p.m. in New York. It fell as low as 1,040.78 earlier, the weakest intraday level since Nov. 3, before rebounding and holding above 1,044. The Dow Jones Industrial Average slipped 22.82 points, or 0.2 percent, to 10,043.75 after plunging 292 points in the morning.

Earlier declines came after bank borrowing rate known as Libor rose for an 11th straight day and North Korea said it will sever ties with South Korea as tensions between the nations escalate. The U.S. announced plans yesterday to conduct anti- submarine exercises with South Korea following the March 26 torpedoing of the Asian nation’s warship.

‘Near-Term Oversold’

U.S. stocks are “oversold” and likely to rebound to a level short of this year’s intraday high of 1,219.80, according to Marc Faber, publisher of the Gloom, Boom & Doom report. The S&P 500 has slumped 12 percent from its 19-month high on April 23 amid concern the global economic rebound will be derailed as European governments struggle with swelling budget deficits.

“The market is near-term oversold,” Faber said in a Bloomberg Television interview today. “I don’t think we’ll go and make a new high above 1,219 on the S&P, but I think we can rally here somewhat.”

The VIX, as the Chicago Board Options Exchange Volatility Index is known, tumbled 9.7 percent to 34.61 after surging 14 percent to 43.73 earlier. The measure has jumped 57 percent in May, which would be the biggest monthly increase since Lehman Brothers Holdings Inc.’s collapse roiled markets in September 2008. The VIX has closed above 40 on 3.1 percent of days since 1990, according to data compiled by Bloomberg.

‘Bulls Were Inspired’

“Bulls were inspired to go back into the market,” said Michael O’Rourke, chief market strategist at BTIG LLC in Yardley, Pennsylvania, which serves institutional investors. “It’s tough to sustain that kind of drop without a strong a catalyst. We didn’t see a default. Korea is a secondary event until it escalates. Economic fundamentals are still intact.”

S&P 500 financial stocks rose 0.8 percent, reversing an earlier decline of as much as 3.4 percent. Goldman Sachs Group Inc. climbed 4.3 percent to $142.56. Bank of America Corp. rose 0.6 percent to $15.49 after sinking as much as 3.9 percent.

Representative Frank, who will lead congressional talks to produce a financial-regulation bill, said Senate language that would require commercial banks to wall off their swaps-trading operations “goes too far.” His comments today are the latest indication that the swaps-desk provision may not survive final negotiations over the legislation.

Concerns Intensify

Mohamed A. El-Erian, co-chief investment officer at Pacific Investment Management Co., said strains evident in Spain’s banking system are intensifying concern that the Greek debt crisis may spread, PBS reported.

“Banks have a way of amplifying shocks in the system,” El-Erian, whose company runs the world’s biggest bond fund, said in an interview with PBS’s Nightly Business Report posted on the U.S. public broadcaster’s website. Banks are “like the oil in your car. They link up so many different parts. The minute you introduce strains in the banking system, there’s always a fear that governments will be behind the curve and that you can get contagion. You can get widespread disruption.”

Raw-materials companies had the biggest gain in the S&P 500, rising 1.6 percent. Gold prices rose for a second day as investors sought a haven from a declining euro and plunging equities.

Freeport-McMoRan gained 3.1 percent to $67.62. Newmont rallied 2.3 percent to $53.54. Alcoa Inc. rose 1.9 percent to $11.30, after earlier slumping 4.8 percent.

AK Steel Upgrade

AK Steel Holding Corp. posted the biggest gain in the S&P 500, surging 11 percent to $15.06. The third-largest U.S. steelmaker by 2009 sales was raised to “neutral” from “underperform” at Bank of America.

AutoZone Inc. jumped 5.6 percent to $194.57. The biggest U.S. auto-parts retailer reported fiscal third-quarter profit of $4.12 a share, topping the average analyst estimate in a Bloomberg survey by 15 percent.

Genzyme Corp. rose 5.5 percent to $51.16. The largest maker of genetic disease medicines won U.S. Food and Drug Administration approval for a large-batch version of its Lumizyme drug for Pompe disease, a rare genetic disorder.Last Updated: May 25, 2010 17:06 EDT 

Japanese, Australian Stock Futures Drop on Europe Debt Concerns By Norie Kuboyama May 25 (Bloomberg) -- Japanese and Australian stock futures fell on signs European financial institutions are facing stress and rising borrowing costs stoked concern Europe’s debt crisis will stall the global economic recovery. American depositary receipts of Mizuho Financial Group Inc., Japan’s third-largest bank by market value, dropped 0.9 percent below the Tokyo close. Those of Canon Inc., a camera maker that counts Europe as its biggest market, fell 0.6 percent after the yen strengthened against the euro. ADRs of Australia & New Zealand Banking Group Ltd. slid 1.6 percent after the London interbank offered rate gained. “Europe is walking on land mines that have yet to explode,” said Fumiyuki Nakanishi, a strategist at Tokyo-based SMBC Friend Securities Co. “Investors are selling shares and adjusting their positions on concerns over European debt.” Yen-denominated futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 9,680 in Chicago yesterday, 0.9 percent lower than 9,770 in Singapore. They were bid in the pre- market at 9,650 as of 8:05 a.m. in Osaka. The Nikkei 225 closed at 9,758.40 yesterday. Futures on Australia’s S&P/ASX 200 Index fell 1.6 percent today. New Zealand’s NZX 50 Index slipped 0.5 percent. The MSCI Asia Pacific Index increased 0.3 percent yesterday, ending its six-day losing streak. The gauge has tumbled 13 percent from its high this year on April 15 over concern China’s steps to curb asset bubbles and mounting budget deficits in some European countries will derail global growth. Spanish Banks Futures on the Standard & Poor’s 500 Index fell 0.5 percent today. The gauge dropped 1.3 percent yesterday. Banks fell the most among S&P 500’s 24 industries, after the London interbank offered rate, or Libor, for three-month dollar loans advanced yesterday to 0.51 percent, the highest level since July 16, according to data from the British Bankers’ Association. Four Spanish savings banks submitted a proposal to the nation’s central bank to merge their businesses. The Bank of Spain is stepping up efforts to buttress or combine the weakest of Spain’s “cajas,” mutually owned banks that boosted lending more than fivefold during Spain’s economic boom and account for about half the country’s loans. The yen strengthened to as much as 111.10 per euro today from 112.65 at the 3 p.m. close of Tokyo stock trading yesterday. A stronger yen reduces the value of overseas sales at Japanese companies when repatriated.

Stocks, Oil Drop on U.S., Europe Growth Concern; Euro Rallies

By Masaki Kondo and Whitney Kisling

May 21 (Bloomberg) -- Stocks around the world plunged and commodities slumped as reports cast doubts on the strength of the U.S. economic recovery and European leaders struggled to contain the region’s debt crisis. The euro rallied.

The MSCI Asia Pacific Index lost 1.4 percent to 111.78 as of 9:07 a.m. in Tokyo. Japan’sNikkei 225 Stock Average sank 2.8 percent. Futures on the Standard & Poor’s 500 Index lost 0.4 percent after the index plunged 3.9 percent yesterday, its biggest drop since April 2009. Crude oil fell 1.4 percent to $69.85 a barrel in New York. Stocks dropped even as the euro rallied from a four-year low, climbing 0.3 percent to $1.2517.

Progress on a U.S. financial-reform bill added to volatility after jobless claims in the world’s largest economy unexpectedly increased to 471,000 last week and the Conference Board’s index of leading economic indicators posted a surprise drop of 0.1 percent. The slide came before the German parliament today votes on the country’s share of a $1 trillion bailout to halt a worsening sovereign debt crisis.

“Investors are avoiding risk in the face of Europe’s sovereign debt crisis,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “With no exit in sight for Europe’s problem, people are afraid a global financial crisis will erupt.”

Mazda Motor Corp., a carmaker that gets 73 percent of its revenue outside Japan, sank 4.2 percent as the dollar weakened against the yen. Nintendo Co., the world’s biggest maker of handheld game players, lost 2.4 percent. Japan Petroleum Exploration Co. slumped 2.4 percent after crude oil dropped.

S&P 500 Correction

Gauges of financial, industrial and commodity companies tumbled more than 4.4 percent each to lead declines in all 10 of the S&P 500’s main industry groups yesterday. Bank of America Corp., Alcoa Inc. and General Electric Co. dropped more than 5.7 percent as all 30 stocks in the Dow Jones Industrial Average fell, dragging the gauge down 376.36 points, or 3.6 percent, to 10,068.01 for its biggest tumble since March 5, 2009. Both the S&P 500 and Dow closed at their lowest levels since Feb. 10.

The plunge in stocks came as the Securities and Exchange Commission continues its autopsy of the chain reaction of selling that briefly erased $1 trillion in stock value on May 6. Kentucky Republican Senator Jim Bunning and Virginia Democrat Mark Warneryesterday said at a committee hearing that they were concerned the so-called flash crash could be repeated.

‘Question of Confidence’

“It’s a question of confidence,” said Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, which oversees $55 billion. The almost 1000-point decline in the Dow average on May 6 “not only rattled the confidence of investors, but everyday policymakers are digging in and not giving us answers as to what’s causing this problem.”

At 1,071.59, the S&P 500 is 24 percent below its level 10 years ago, just after the peak of the Internet bubble. The index is 17 percent below its level on May 18, 2001, and 3 percent above its closing price on the first trading day after the Sept. 11, 2001, terrorism attacks.

The rout came as initial jobless claims rose by 25,000 to 471,000 in the week ended May 15, exceeding the median forecast of economists surveyed by Bloomberg News and the highest level in a month, Labor Department figures showed. Losses accelerated in the regular session after the Conference Board’s index of leading economic indicators unexpectedly slumped 0.1 percent.

Naked-Short Ban

Stocks plunged this week as German Chancellor Angela Merkel’s unilateral effort to control what she called “destructive” markets rattled investors. The German ban on some bearish bets against financial companies and government bonds wasn’t replicated in other European states and European Central Bank council member Nout Wellink said Germany should have consulted other countries before introducing the ban.

The euro rallied against the dollar amid speculation the Swiss National Bank sought to support the franc drove traders to theorize that the European Central Bank may do the same for the shared currency.

The S&P 500 Financials Index tumbled 4.7 percent yesterday, with Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. pacing declines among all 79 companies. President Barack Obama said the financial regulation overhaul moving through Congress will help the economy and protect consumers by bringing greater accountability to Wall Street.

Emerging Markets Drop

The MSCI Emerging Markets Index fell 3.1 percent yesterday as Russia’s Micex Index dropped 4.3 percent and Turkey’s ISE National 100 Index lost 4.4 percent.

Ten-year Treasury yields sank to the lowest level of the year yesterday, down 15 basis points at 3.22 percent. The yield touched 3.2 percent yesterday, the lowest level since Dec. 1. Yields on British, French and German 10-year bonds lost at least eight basis points, while Italy’s and Spain’s rose at least five basis points.

The global slide in equities may worsen and inflows to Treasuries will increase amid concern that Europe’s debt crisis will derail global growth, said Mohamed A. El-Erian, chief executive officer of Pacific Investment Management Co.

“This is not a typical retracement,” El-Erian, 51, whose firm runs the world’s biggest bond fund, wrote in an e-mail. “We are in uncharted waters on account of several issues, including what is going on in Europe and other important structural regime changes. In economic terms, European developments are unambiguously bad for global growth.”

Kian Khawatirkan Eropa, Wall Street Melemah Investor saham khawatir pemangkasan anggaran di Eropa akan memperlambat pemulihan ekonomi SABTU, 15 MEI 2010, 07:36 WIB Renne R.A Kawilarang VIVAnews - Indeks-indeks harga saham di Wall Street dalam dua hari berturut-turut terus melemah. Para investor rupanya masih resah atas dampak penghematan besar-besaran sejumlah negara Eropa untuk mengantisipasi wabah krisis utang. Penghematan anggaran itu dipandang bisa memperlambat pemulihan ekonomi global. Di akhir transaksi Jumat sore waktu New York (Sabtu dini hari WIB), indeks harga saham industri Dow Jones turun 162,79 poin (1,5%) menjadi 10.620,16. Indeks Standard & Poor's 500 melemah 21,76 poin (1,9%) menjadi 1.135,68. Begitu pula dengan indeks komposit Nasdaq, turun 47,51 poin (2%) menjadi 2.346,85. Penurunan di Wall Street mengikuti anjloknya indeks harga saham di bursa-bursa utama Eropa, yang rata-rata turun hingga lebih dari 3%. Di sisi lain, kurs euro atas dolar juga turun hingga US$1,2355, atau rekor terendah dalam 19 bulan terakhir. Penurunan ini bersamaan dengan melemahnya kepercayaan pasar atas kesanggupan Eropa mengatasi masalah fiskal. Investor di lantai bursa menganggap serius langkah para pedagang valuta yang memindahkan aset mereka dari euro di sepanjang pekan ini. Pasalnya mereka khawatir bahwa bahwa penghematan anggaran di negara-negara yang bermasalah dengan utang - yaitu Yunani, Spanyol, dan Portugal - memiliki efek samping, yaitu melemahkan aktivitas ekonomi se-Eropa dan di tempat-tempat lain. Para pelaku pasar tampaknya sudah tidak lagi antusias dengan keputusan Uni Eropa, Eurozone, dan IMF awal pekan ini bahwa mereka menyiapkan dana siaga hampir US$1 triliun untuk menstabilkan kurs euro dari guncangan pasar. Namun, hari-hari selanjutnya kurs euro - yang digunakan secara bersama oleh 16 negara Eropa - atas dolar menurun tajam. Menguatnya dolar juga memukul harga minyak mentah dan komoditas lain. "[Masalah] Euro membuat pasar menjadi lemah," kata Uri Landesman, pengamat dari Platinum Partners di New York. "Jelasnya, situasi yang terjadi pada euro mencerminkan fakta bahwa para investor valuta tidak yakin atas efektifnya rencana bailout plus sejumlah penghematan," lanjut Landesman. Investor kini khawatir bahwa pemotongan anggaran belanja negara - sebagai syarat bagi pemerintah yang bersangkutan untuk mendapat pinjaman darurat (bail out) - akan memperlemah kemampuan negara-negara yang juga mulai mengalami krisis keuangan seperti Yunani, Spanyol dan Portugal, untuk keluar dari resesi. Bahkan, para pekerja di Spanyol dan Yunani berencana memprotes keputusan pemerintah masing-masing, yang berencana memangkas tunjangan pensiun dan anggaran lain. "Pemangkasan anggaran [austerity] itu merupakan anti pertumbuhan. Ada kemungkinan bahwa negara-negara itu akan kembali mengalami resesi," kata Linda Duessel, pengamat dari Federated Investors di Pittsburgh. (Associated Press) • VIVAnews

Jumat, 14/05/2010 07:11 WIB Dow Jones Kena Koreksi 113 Poin Nurul Qomariyah - detikFinance Foto: Reuters New York - Saham-saham di bursa Wall Street kembali melemah setelah keluarnya komentar dari perusahaan teknologi Cisco System Inc dan peritel Kohl's Corp, yang memunculkan lagi keragu-raguan investor seputar pemulihan ekonomi AS. Cisco mengeluarkan peringatan seputar masih lemahnya pasar tenaga kerja AS, sementara Kohl's mengaku belum yakin proses pemulihan sudah digengggam erat. Komentar itu langsung menyurutkan lagi mood investor yang sebelumnya juga sudah memburuk karena adanya krisis utang di Uni Eropa. Setelah mengeluarkan komentar tersebut, saham Cisco tercatat turun 4,5% dan Kohl's turun 5,8%. Data lain menunjukkan angka pekerja yang memasukkan klaim pengangguran turun tipis dibandingkan pekan lalu. Data itu gagal mendukung data kenaikan jumlah tenaga kerja sekaligus memberikan bayangan kepada investor bahwa tingkat pengangguran masih tinggi. Pada perdagangan Kamis (13/5/2010), indeks Dow Jones ditutup merosot 113,96 poin (1,05%) ke level 10.782,95. Indeks Standard & Poor's 500 juga melemah 14,23 poin (1,21%) ke level 1.157,44 dan Nasdaq melemah 30,66 poin (1,26%) ke level 2.394,36. Saham-saham sektor ritel memang mengalami tekanan dengan indeks ritel S&P tercatat turun 3%. Investor menantikan data penjualan ritel April yang akan dirilis pada Jumat ini. Investor sejauh ini masih mempertanyakan kekuatan konsumen, yang kini menyumbang dua pertiga aktivitas perekonomian. Tom Alexander, kepala Alexander Trading mengatakan, saham-saham ritel masih sangat tergantung pada pemulihan dan sensitif terhadap pelemahan ekonomi. "Itu akan selalu menjadi wilayah ekonomi yang dipertanyakan jika mereka mulai mempertanyakan masalah pemulihan," ujarnya seperti dikutip dari Reuters, Jumat (14/5/2010). Saham-saham sektor konstruksi juga melorot dengan indeks konstruksi Dow Jones anjlok 4%. Investor mengkhawatirkan prospek sektor tersebut setelah diterapkan pajak. Namun kemerosotan saham Dow Jones tertahan oleh kenaikan saham Alcoa hingga 2,7% setelah munculnya ekspektasi harga aluminium akan naik jika rencana China menurunkan tarif listrik pada akhirnya bisa memangkas suplai aluminium global. Perdagangan berjalan tidak terlalu ramai dengan transaksi di New York Stock Exchange hanya 8,85 miliar, di bawah rata-rata tahun lalu yang mencapai 9,65 miliar. (qom/qom)


May 10, 2010, 5:12 p.m. EDT

Stocks surge as Wall Street cheers European Union move

Indexes win back 2010 gains; Nasdaq Composite adds triple digits

By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks made their biggest one-day gain in 13 months Monday, re-establishing gains for the year, after an agreement on a nearly $1 trillion rescue plan to stabilize Europe lured investors back to a badly shaken market.

After last week's wipeout of gains made in 2010, the Dow Jones Industrial Average (INDEX:INDU) closed up 404.71 points, or 3.9%, to 10,785.14, its biggest daily gain since March 2009, and enough to bring it safely back into positive territory for the year.

So-called short investors bet that a stock price will fall."Shorts are caught in a big way today after Friday's poor action and thinking that the EU would be too slow to react. It's not a new ball game today, but it is a new inning," said Elliot Spar, market strategist at Stifel, Nicolaus & Co.

The European Union and the International Monetary Fund, shaken into action as the euro skidded to a 14-month low, late Sunday agreed to commit nearly $1 trillion toward a bailout fund to back European nations hit by debt woes. Aiming to stem any contagion arising from debt-ridden Greece was the catalyst for the Europeans' action. Read more on European rescue package.

Also, the Fed reopened a program that funnels dollars overseas through foreign central banks, which can then lend the currency to banks in their countries. Read more on central bank swap lines.

All of the Dow's 30 components climbed. Caterpillar Inc. (NYSE:CAT) shares rallied 7.4%, leading the index of established companies, followed by 6.9% gains in shares of Bank of America Corp. (NYSE:BAC) and General Electric Co. (NYSE:GE) .

Also bolstering the blue chips, Boeing Co. (NYSE:BA) rose 6.4% after Goldman Sachs hiked its rating on the commercial aircraft-manufacturer to conviction buy from neutral. See full story on Boeing.

Shares of discount giant Wal-Mart Stores Inc. (NYSE:WMT) lagged the broader index, up just 0.3%.

The S&P 500 Index (INDEX:SPX) closed up 48.85 points, or 4.4%, to 1,159.73, with all 10 of its industry groups rising.

Industrials and financials, two of the hardest hit by investor jitters over Europe's potential debt crisis, led the gains on the S&P 500.

Aflac Inc. (NYSE:AFL) shares rallied 12%. Shares of the insurer fell sharply last week after the company said it held nearly $2 billion in bonds tied to financial institutions in Greece and Portugal.

"While the volatility of last week has reawakened memories of the awful fourth quarter of 2008, it also appears to have spurred European policy makers into decisive and united action," said David Kelly, chief market strategist at J.P. Morgan Funds.Genworth Financial Inc.'s (NYSE:GNW) shares gained nearly 13%, while Marshall & Ilsley Corp. (NYSE:MI) shares rallied 12%. See Financial Stocks.

The Nasdaq Composite Index (NASDAQ:COMP) gained 109.03 points, or 4.81%, to 2,374.67 as the index's tech stocks, hit hard during last week's rout, came roaring back.

Apple Inc. (NASDAQ:AAPL) shares closed up 7.7%. Hewlett-Packard Co. (NYSE:HPQ) shares added 5.1%. Google Inc. (NASDAQ:GOOG) gained 5.8%.

For every stock on the decline, about 18 rose on the New York Stock Exchange, where nearly 1.9 billion shares traded. Composite volume exceeded 7.2 billion.

Among the few notable decliners, Dean Foods Co. (NYSE:DF) shares fell 28% after the diary goliath reported a sharply lower first-quarter profit and a lackluster earnings outlook. See more about margin pressure on milk business.

Europe unified

Markets also rocketed higher in Europe, where shares surged more than 6%, in their best single-day performance since late 2008. Read more about market stabilization.

"At long last, the European Union is putting its money where its mouth is," said Jack Ablin, chief investment officer at Harris Private Bank. "At the very least this buys them a lot of time. I don't think Greece is going to have to come back to the bond market anytime soon."

The European aid package includes new loan facilities. And the European Central Bank said it will buy bonds in the secondary market to ensure liquidity for "dysfunctional" market segments.

During the U.S. trading session, the euro moderated its advance against the U.S. dollar (CURR:CUR_EURUSD) , trading $1.2781 after crossing above the $1.30 level. See more on euro, dollar in Currencies.

"The 'save the euro' campaign announced yesterday worked for just a few hours as the euro is moving back to unchanged," noted Peter Boockvar, equity strategist at Miller Tabak.

"As long as the European Central Bank is in the new game of printing money and buying sovereign debt, the euro will remain under pressure," he said.

Treasury prices fell sharply, pulling yields on the benchmark 10-year note (U.S.:UST10Y) up 11 basis points at 3.54% -- their worst day since December. See Bond Report.

Gold futures fell after three days of gains, dropping $9.60 to end at $1,200.80 an ounce, while oil prices climbed $1.69 to $76.80 a barrel. See Metals Stocks for more on gold.

Markets around the world had plunged last week as worries mounted that Greece's debt troubles would spread across Europe and derail the global recovery.

The Dow declined 5.7% last week. The manic period reached its most crazed point on Thursday when the Dow fell nearly 1,000 points before recovering more than half of the loss before the final bell.

Euro zone agrees emergency steps to contain crisis Fri, May 7 2010 By Jan Strupczewski and Ilona Wissenbach BRUSSELS (Reuters) - Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal. The leaders of the 16 countries that use the single currency said after talks with the European Central Bank and the executive European Commission they were ready to take whatever steps were needed to protect the stability of the euro area. "We will defend the euro whatever it takes. We have several instruments at our disposal and we will use them," European Commission President Jose Manuel Barroso said after a euro zone summit in Brussels. He declined to give any details of the proposals, which will be presented to all 27 European Union finance ministers for approval on Sunday. Financial markets have been pounding euro zone countries with high deficits or debts as well as low economic growth, threatening to force Portugal, Spain and Ireland into a position where, like Greece, they would need to seek financial aid. Euro zone leaders, who have been accused of heightening market uncertainty with a lack of action, agreed in the face of rising market concern to accelerate budget cuts and ensure budget deficit targets are met this year. They agreed to sharpen EU budget rules and have more effective sanctions for rule-breakers, and to pay close attention to debt levels and competitiveness. They agreed they faces an extraordinary situation after giving their political approval to an EU-IMF deal to release 110 billion euros ($147 billion) to Greece over three years. They said they fully supported the European Central Bank in its actions to safeguard the stability of the euro zone. The leaders' statement said all euro area institutions, including the ECB, would use the "full range of means available to ensure the stability of the euro area." Asked whether the ECB was ready to buy bonds that need financial support, Barroso said he would not tell the ECB what to do but EU President Herman Van Rompuy said all euro zone institutions agreed "to use the full range of means available to ensure the stability of the euro area." "It is a time of emergency," an Italian spokesman quoted Italian Prime Minister Silvio Berlusconi as saying during the meeting in the Belgian capital. Fears that the emergency loans might not be enough to prevent a Greek default and avert a broader economic crisis kept world stocks near a three-month low, despite strong U.S. jobs data. Group of Seven finance ministers discussed the situation in a conference call after U.S. Federal Reserve officials expressed concern, and agreed to keep a close eye on the markets. U.S. President Barack Obama told German Chancellor Angela Merkel by telephone that he backed efforts to rescue Greece and said regulatory agencies were investigating an "unusual" sudden drop on U.S. markets on Thursday. "We agreed on the importance of a strong policy response by the affected countries and a strong financial response from the international community," Obama said. 
TIGHTER REGULATION Obama and Merkel spoke before the Brussels summit, at which the euro zone leaders formally approved the loan package which finance ministers backed last Sunday. But despite broad agreement on the need to tighten budget discipline, the euro zone leaders found agreement elusive on a crisis mechanism to protect other countries. "This is a systemic problem. It's a question of the stability of the euro," one EU official quoted ECB President Jean-Claude Trichet as saying during the meeting. Merkel, who presides over Europe's largest economy and has often been at odds with other EU leaders because of German public opposition to helping Greece, said she would not rule out reform of Union treaties to tighten budget rules. Other EU leaders have resisted such changes and the 27-country bloc has struggled for unity during the crisis, leading to accusations that its hesitancy has increased the uncertainty on the jittery financial markets. Hours before the meeting, the German parliament approved its share of the Greek rescue, the largest contribution by a euro zone country. The Dutch parliament also approved its part of the deal and Italy's cabinet has given initial approval. But five German academics filed a legal challenge to the package, reflecting widespread German public opposition to the measure. 
MARKET VOLATILITY Philadelphia Federal Reserve Bank President Charles Plosser said the crisis did not pose a huge risk to the United States, but this did not mean it could not evolve into one. "The challenges that Greece poses are at the moment primarily for Europe more broadly ... that can spill over to us in the form of a weaker market for our exports," he said. "The more direct danger is of course concerns about the financial markets and how they will behave. Pamela Cox, the World Bank's vice president for Latin America, said the region not was in danger of direct fallout from Greece and the euro zone's debt crisis. "But if there is a global contagion, Latin America will be affected," she said. Dismissing suggestions the euro zone was about to break up, European Central Bank Governing Council member Guy Quaden told a Belgian newspaper: "Portugal, Spain, Ireland or Italy are not in the same situation as Greece. Euribor bank-to-bank lending rates had earlier reached their highest level in almost four months and the euro traded close to a one-year trough. The market volatility could prompt China to move more slowly than expected to let its yuan currency appreciate, foreign exchange strategists said. Greece's parliament backed an austerity plan on Thursday but selling accelerated across markets after the ECB said it had not considered buying government bonds to ease Greece's debt crisis. European investment-grade corporate credit default swaps hit their widest levels in more than a year, and there was a rise in the premium that investors demand to buy peripheral euro government bonds rather than those issued by Germany. Greece's 30 billion euro ($40 billion) austerity bill imposes years of hard measures in return for the joint rescue by the EU and IMF, and has led to violent protests in Athens. (Additional reporting by Justyna Pawlak, Ilona Wissenbach, Philip Blenkinsop, John O'Donnell, George Matlock, Pedro Nicolaci da Costa; writing by Andrew Roche and Timothy Heritage; editing by David Stamp) 

May 6, 2010 Markets Plunge, Then Stage a Rebound By CHRISTINE HAUSER For a short time Thursday afternoon, Wall Street returned to the tumultuous days of 2008. In a moment of uncontrolled selling, major indexes fell nearly 9 percent. The Dow Jones industrial average tumbled more than 550 points in about five minutes, falling almost 1,000 points on the day. The Standard & Poor’s 500-stock index and the Nasdaq followed suit. Computer programs intensified the selloff as markets fell through trading limits. And then, almost as quickly, the markets recovered most of the decline. At the close, the Dow was down 347.80 or 3.2 percent, to 10,520.32. The S.&P. dropped 37.75 points, or 3.24 percent, to 1,128.15, and the Nasdaq was down 82.65 points, or 3.44 percent, to 2,319.64. One Dow component, Procter & Gamble, plunged from above $60 to $39.37 before bouncing back to close at $60.75, down about 2 percent on the day. The sharp drop in P.&G. stock was being investigated for indications of an errant trade that might have helped precipitate the frenzy. Another company, the consulting firm Accenture, saw its shares momentarily plummet from above $40 to pennies before rebounding. Nasdaq said later that it would void trades in which a stock moved more than 60 percent from its price at 2:40 p.m. The day’s uncertainty pushed the euro to its lowest level in 14 months, slipping to $1.2529 to the dollar at one point. The dollar’s rise sent commodities prices lower. Crude oil fell $2.81 to $77.16 a barrel. “I wish I had a definitive answer,” said William Fitzpatrick, an equities analyst at Optique Capital Management. “I think the information from Greece and Europe continues to get worse and that is what is weighing on investors.” But Peter Cardillo, the chief market economist of Avalon Partners, said there were a number of negative comments on Thursday about the Greek crisis expanding beyond Europe, including a remark, by James B. Bullard, president of the Federal Reserve Bank of St. Louis. Mr. Bullard said debt problems in Greece and other European countries posed a risk to the United States economic outlook. That aside, Mr. Cardillo said, “what really happened here, gold was going through the roof and the euro went down to 1.25. There was a lot of panic selling that came in and the market fell apart.” It was the third day of sharp declines. The Dow had already dropped 284 points on Tuesday and Wednesday. “I think three days makes a pattern, and we as investors grew complacent that every time we had a bad day we had a good day,” Jake Dollarhide, chief executive of Longbow Asset Management, said. “This is a terrible, terrible day.” In any event, Europe’s debt worried continued to play out Thursday, both on the streets and in legislative chambers. Greek lawmakers late Thursday approved a crucial austerity bill needed to tap into a $141.9 billion aid package from the 15 other countries that use the euro and the International Monetary Fund. And German lawmakers were expected to vote Friday on Berlin’s 22.4 billion-euro share of the bailout package. The Greek government needs $11.6 billion by May 19 to cover debt payments. But a resolution of its problems is considered only a temporary fix — similar issues are looming for Spain and Portugal, which both had their debt ratings downgraded in recent days. In London, the FTSE 100 was down 1.5 percent, the DAX in Frankfurt dropped 0.84 percent while the CAC-40 in Paris dropped 2.2 percent. Earlier on Thursday, investors listened to hear if the European Central Bank would announce measures — like buying Greek government bonds or even cutting rates — that would have calm the markets. “They would have loved to have seen something bold,” Phil Orlando, chief equity market strategist at Federated Investors, said of investors. “And certainly a cut in the rate would have qualified.” But the president of the central bank, Jean-Claude Trichet, said the subject of a drastic move to reassure markets, like buying government bonds directly, did not even come up at the bank’s regular monthly meeting Thursday, which was held in Lisbon. John G. Lonski, chief economist at Moody’s Capital Markets, said “Rightly or wrongly, investors were upset at the E.C.B. chairman’s comment that the situation regarding Greece was not discussed at today’s E.C.B. meeting.” In economic news, the Labor Department reported new claims for jobless benefits fell less than expected last week. And while productivity rose more than expected in the first quarter, much of it was the result of a drop in labor costs, which typically does not bode well for consumer spending. And the retailing industry collectively posted a 0.5 percent year-over-year sales increase at stores open at least a year, Thomson Reuters said. In April 2009, the industry suffered a 2.7 percent decline. Combined sales for March and April, however, rose 4.8 percent, Thomson Reuters said. Mr. Hogan characterized April retail sales as weak and “that is not helping”, Mr. Hogan said. Other economic data was “typically in line with the string that we have seen. It is in line and it is positive.”

Kamis, 06/05/2010 06:46 WIB Krisis Utang Yunani Terus Tekan Wall Street Nurul Qomariyah - detikFinance New York - Kejatuhan harga saham-saham terus berlanjut di bursa Wall Street, meski tidak separah sebelumnya. Investor masih mengkhawatirkan krisis utang dari Yunani bisa menular ke negara Eropa besar lainnya. Sentimen tersebut juga telah membuat euro semakin terpuruk ke titik terendahnya dalam 14 bulan terakhir. Investor kini beramai-ramai meninggalkan investasi yang berisiko dan menuju tempat investasi yang aman seperti dolar AS dan US Treasury. Di bursa Wall Street, saham-saham sumber daya alam dan industri yang sensitif terhadap pertumbuhan ekonomi terus terdesak. Saham-saham energi termasuk yang merosot seiring anjloknya harga minyak hingga di bawah US$ 80 per barel. Harga minyak tercatat ikut turun 3 dolar ke level US$ 79,97 per barel. "Fokusnya saat ini terutama adalah tentang bagaimana ini akan berlangsung di Eropa dan seberapa besar kerusakan yang akan terjadi," jelas Marc Pado, analis dari Cantor Fitzgerald & Co seperti dikutip dari Reuters, Kamis (6/5/2010). Pada perdagangan Rabu (5/5/2010), indeks Dow Jones ditutup melemah hingga 58,65 poin (0,54%) ke level 10.868,12. Indeks Standard & Poor's 500 juga melemah 7,73 poin (0,66%) ke level 1.165,87 dan Nasdaq melemah 21,96 poin (0,91%) ke level 2.402,29. Perdagangan berjalan sangat ramai dengan nilai transaksi perdagangan adalah yang paling besar sepanjang tahun ini. Transaksi perdagangan di New York Stock Exchange mencapai 12,33 miliar, di atas rata-rata tahun lalu yang mencapai 9,65 miliar. Namun pelemahan di bursa Wall Street ini lebih menciut ketimbang dibandingkan perdagangan Selasa, saat penurunan mencapai 2%. Kemerosotan di Wall Street juga lebih rendah dibandingkan bursa-bursa di Eropa. Indeks FTSEurofirst 300 tercatat turun hingga 1%. Michael James, analis senior dari Wedbush Morgan mengatakan, keinginan para pialang untuk mencari kesempatan beli telah menciptakan volatilitas. "Gambaran besarnya, investor AS ingin terus beropini bahwa koreksi adalah beli," ujar James. Saham-saham berkapitalisasi besar berhasil menahan laju kemerosotan besar, termasuk Wal-Mart Stores Inc yang turun 1,4% dan Coca-Cola yang turun 0,9%. Euro Terpuruk Mata uang tunggal euro tercatat merosot tajam akibat krisis utang Yunani yang belum juga usai meski Uni Eropa dan IMF sudah menegaskan akan memberikan bailout. Investor justru khawatir masalah tersebut akan menular ke negara Eropa lainnya. Pada perdagangan di New York, euro merosot lagi ke 1,2819 dolar, dibandingkan sebelimnya di level 1,2981 dolar. "Krisis utang Yunani secara tajam meningkatkan risiko resesi di Eropa," ujar Sam Stovall, analis dari Standard & Poor's Equity Research. (qom/qom)

24/02/2010 - 06:01
Duh! Wall Street Turun Tajam
Mosi Retnani Fajarwati

INILAH.COM, New York - Indeks turun tajam pada perdangan Selasa (23/2), usai indeks kepercayaan konsumen Februari diumumkan anjlok.

The Conference Board menyatakan, indeks kepercayaan konsumen turun menjadi 46 untuk Februari dari 56,5 pada bulan sebelumnya. Angka tersebut jauh dibawah ekspektasi para ekonom, yaitu 55.

Angka tersebut mengindikasikan penguatan ekonomi masih jauh. Angka diatas 90 mengartikan bahwa perekonomian telah solid berdiri. Konsumen merupakan faktor vital dalam perhitungan keadaan ekonomi, pasalnya menguasai lebih dari 2/3 aktivitas perekonomian.

Laporan tersebut datang di saat para investor mulai berpikir optimis akan keadaan ekonomi pekan lalu. Bursa AS telah reli dalam empat hari dipicu oleh kinerja perseroan yang positif, termasuk peritel, meningkatnya penjualan rumah serta produktivitas manufaktur.

Pada penutupan perdagangan Selasa, Dow Jones turun 100,97 poin (1%) ke 10.292,41, S&P 500 turun 13,41 poin (1,2%) ke 1.094,6, dan Nasdaq turun 28,59 (1,3%) ke 2.213,44. [mre]

EKONOMI 23/02/2010 - 05:12 Ragu-ragu, Wall Street Ditutup Naik Tipis (Istimewa) INILAH.COM, New York - Wall street Senin (22/2) keluar dari reli yang terjadi selama 4 hari berturut-turut setelah perusahaan konsumen besar berhati-hati memberikan prospek pertumbuhan ekonomi. Seperti diberitakan AP, pasar, yang telah membangkitkan optimisme sinyal ekonomi, berfluktuasi setelah Lowe's Cos. dan Campbell Soup Co melaporkan pendapatan mereka yang lebih tinggi tetapi investor memperingatkan bahwa pemulihan di sektor konsumen diprediksi masih akan lambat. Saham menarik dukungan dari berita bahwa perusahaan jasa ladang minyak Schlumberger Ltd telah sepakat untuk membeli Smith International Inc "Perusahaan Amerika menjadi berhati-hati dengan prediksi pendapatan mereka," kata Roy Williams, CEO Prestige Wealth Management Group. "Kekhawatiran muncul karena pemulihan sektor konsumen tidak terjadi secepat yang diharapkan para eksekutif," katanya. Perdagangan juga terfragmentasi karena para investor memburu saham mengikuti reli panjang yang terjadi pekan lalu. Dow Jones Industrial Average naik selama sepekan, terbaik sejak November di penguatan pendapatan dan laporan ekonomi yang kuat. "Saya tidak akan mengulas terlalu dalam mengenai hal ini," ujar Sam Stovall, kepala strategi investasi Standard & Poor's, Senin. "Ada beberapa saham minoritas yang mengalami profit taking." Tak lama sebelum penutupan, Dow naik 1,06 atau kurang dari 0,1 persen ke level 10.403.41. Standard & Poor's 500 indeks naik 0,89 poin atau 0,1 persen ke 1.110,06, sementara indeks komposit Nasdaq naik 0,73 atau kurang dari 0,1 persen ke level 2.244,60. [cms]


/02/2010 - 20:42
MSCI APAC Rontok 2,2% Akibat Diskonto AS
Vina Ramitha

INILAH.COM, Tokyo - Bursa Asia mengakhiri pekan ini di teritori negatif, membawa indeks MSCI Asia Pasifik (APAC) anjlok 2,2%. Aksi The Fed yang secara tak terduga menaikkan tingkat diskonto, memacu kekhawatiran terhambatnya pemulihan ekonomi.

Indeks MSCI APAC pada perdagangan Jumat (19/2), menukik tajam 2,2% ke 115,24 di Tokyo. Koreksi dipimpin saham perbankan dan komoditas. Dolar AS menyentuh level tertingginya atas euro dalam sembilan bulan terakhir. Sedangkan harga minyak mentah untuk pertama kalinya jatuh empat hari ini. Adapun indeks Standard & Poor 500 berjangka yang berakhir Maret, tergelincir 0,9% dan indeks Dow Jones Stoxx 600 di London turun 0,5% menjadi 247,80.

Bank Sentral AS The Fed menaikkan diskonto untuk pinjaman langsung, dari 0,5% ke 0,75%, pertama kalinya, lebih dari tiga tahun terakhir. Hal itu mengindikasikan kemunduran dari berbagai aksi yang selama ini dilakukan untuk mengatasi krisis finansial terburuk sejak Great Depression 1930-an.

Singapura pun menyatakan perekonomian negaranya tahun ini akan berekspansi lebih tinggi dari yang diprediksikan ekonom. Kondisi ini seakan menunjukkan bahwa pemulihan sudah berangsur terjadi dan mulai memaksa pemerintah menarik program stimulus masing-masing.

Produk domestik bruto Singapura tahun ini diprediksi naik 4,5-6,5%, setelah menyusut 2% pada 2009. Estimasi ini meningkat ketimbang prediksi sebelumnya yang menargetkan PDB akan berada di kisaran 3-5%. Indeks Strait Times Singapura melemah 12.05 poin (0.44%) ke 2.757,14

Indeks Hang Seng di Hong Kong merosot 2,6% dan indeks Nikkei 225 Jepang kehilangan 2,1%. Indeks Kospi jatuh 1,7% di Seoul menyusul kabar bahwa Korea Utara mendeklarasikan zona tembak lepas pantai barat laut dekat perbatasan Korea Selatan.

General Manager dan Ahli Strategi di Tachibana Securities Co., Kenichi Hirano, AS, mengatakan, saat ini AS sudah mengarah ke penarikan paket stimulusnya. Meskipun Ia menilai, tindakan itu diperlukan, namun hal ini tak mampu menghindari kekhawatiran investor. "Pasar pun merespon negatif," katanya kepada Bloomberg, Jumat (19/2).

Senada dengan Tomokazu Matsufuji, seorang broker di SBI Liquidity Market Co. Menurutnya, aksi The Fed merupakan kejutan yang menimbulkan spekulasi bahwa pemerintah akan menarik stimulus lebih awal dari yang mereka tetapkan. "Hal inilah yang membuat dolar AS meroket," ujarnya.

Namun, sentimen naiknya dolar ini tertahan spekulasi dari pejabat perbankan AS sendiri. Ada indikasi The Fed akan menaikkan suku bunga acuan tahun ini, setelah sebelumnya mengatakan akan mempertahankan rate rendah hingga akhir 2010. Meski demikian, pejabat perbankan meyakinkan bahwa sinyal-sinyal dari bank sentral tersebut bukan berarti pemerintah akan memberlakukan kebijakan pengetatan likuiditas.

Di antara beberapa saham yang jatuh adalah National Australia Bank Ltd., bank terbesar di negara tersebut, dengan 3,3% ke A$25,10. Perusahaan itu melaporkan keuntungan kuartal pertama di tahun fiskal ini yang tak berubah dibandingkan tahun sebelumnya. Pembuat piranti lunak keamanan di dunia, Trend Micro Inc., turun 4,2% ke 3.205 yen di Tokyo usai memprediksikan keuntungan yang lebih rendah.

Emiten komoditas juga ikut anjlok mengikuti turunnya harga minyak mentah, emas, dan tembaga. Penambang minyak lepas pantai terbesar China, Cnooc Ltd. turun 3,1% ke HK$11,86. Sementara perusahaan minyak terbesar negara itu, PetroChina Co. juga turun 2,1% ke HK$8,53. Lihir Gold Ltd. turun 3,2% ke A$2,70. Perusahaan emas terbesar kedua di Australia itu diturunkan ratingnya setelah memaparkan laporan keuangan, kemarin. [ast/mdr]

US stocks dip as investors mull rate move

  • From:AFP 
  • February 20, 2010 3:46am

Move's timing, 'understandably stunning'

US stocks dipped today as investors weighed the Federal Reserve's abrupt hike in the interest rate it charges banks for emergency loans, and benign consumer inflation data.

The Dow Jones Industrial Average fell 18.89 points (0.18 per cent) to 10,374.01 in early trades.

The technology-rich Nasdaq composite index dropped 4.69 points (0.21 per cent) to 2,237.02 and the broad-market Standard & Poor's 500 index shed 2.13 points (0.19 per cent) at 1,104.62.

"`We expect the stock and bond market reaction to the Fed announcement to be initially negative as investors see yesterday's action by the Fed as the first move in their strategy to normalise interest rates,'' said Fred Dickson of DA Davidson & Co.

The Fed announced after the market's closing bell yesterday that it was raising the rate on emergency loans to banks, known as the discount rate, by a quarter point to 0.75 per cent, effective today.

Related Coverage

In a statement, the Fed said its action was part of changes to terms of its so-called discount window lending programs "in light of continued improvement in financial market conditions''.

Some analysts pointed out that the move only surprised in terms of timing, noting that Fed chairman Ben Bernanke had already signalled that it was coming earlier in the month.

"The timing of the move is understandably stunning, but that does not mean it should have been considered surprising,'' said Patrick O'Hare at

Investors also sifted through Labor Department data on January consumer prices showing they inched up a less than expected 0.2 per cent amid the sluggish recovery from recession.

So-called "core'' consumer prices - excluding food and energy - fell 0.1 per cent in the first decline in 27 years.

The market pullback came after stocks rallied for a third day yesterday despite a mixed batch of economic data and disappointing earnings guidance and soft sales from retail giant Wal-Mart.

The Dow advanced 0.81 per cent, the Nasdaq rose 0.69 per cent and the S&P 500 added 0.66 per cent.

Rabu, 17/02/2010 07:09 WIB
Bursa Wall Street Penuh Gairah
Nurul Qomariyah - detikFinance 

Jakarta - Saham-saham di bursa Wall Street menguat setelah sempat libur panjang akhir pekan lalu. Kepercayaan investor kembali menguat setelah keluarnya data manufaktur regional.

Indeks aktivitas manufaktur wilayah New York tercatat terjadi ekspansi yang lebih cepat selama Februari.

Laporan keuangan Merck & Co yang cukup mengesankan juga menambah optimisme pasar. Saham Merck tercatat naik 2% setelah mencatatkan pendapatan di atas estimasi analis.

"Pendapatan-pendapatan cukup kuat dan orang-orang mulai percaya pemulihan ekonomi yang terlihat adalah nyata," ujar Angel Mata, analis dari Stifel Nicolaus Capital Markets seperti dikutip dari Reuters, Rabu (17/2/2010).

Pada perdagangan Selasa (16/2/2010), indeks Dow Jones ditutup menguat 169,67 poin (1,68%) ke level 10.268,81. Indeks Standard & Poor's 500 juga menguat 19,36 poin (1,80%) ke level 1.094,87 dan Nasdaq menguat 30,66 poin (1,40%) ke level 2.214,19.

Saham JPMorgan Chase tercatat menguat 2,88% setelah ada kabar akan membeli RBS Sempra Commodities yang sebagian sahamnya juga dibeli Royal Bank of Scotland senilai US$ 1,7 miliar.

Indeks Dow Jones juga tertopang oleh saham ExxonMobil yang menguat 2,28% seiring lonjakan harga minyak mentah dunia. 

Namun transaksi belum terlalu besar dengan volume di New York Stock Exchange hanya 7,59 miliar, di bawah rata-rata tahun lalu yang mencapai 9,65 miliar.

Europe Junk Bonds Shrug Off Greece to Beat U.S.: Credit Markets

By Bryan Keogh and Rodney Jefferson

Feb. 15 (Bloomberg) -- High-yield, high-risk corporate bonds in Europe are beating their U.S. counterparts in a sign investors expect Greece’s deficit crisis will be contained.

Junk bonds in Europe including hybrid securities issued by ABN Amro Bank NV and Spain’s Banco de Valencia SA have returned 2.26 percent this year, compared with a loss of 0.36 percent in the U.S., according to Bank of America Merrill Lynch index data. Even after the gains the securities still yield more than what investors can get in the U.S., offering a cushion against a slowing economy.

European lenders pledged support for Greece last week while it grapples with Europe’s biggest budget deficit as a percentage of gross domestic product, with German Chancellor Angela Merkel and her counterparts offering “determined and coordinated action.” London-based Barclays Capital, the most accurate forecaster in a 2009 Bloomberg News survey, said Feb. 12 that “spillover” to larger countries is unlikely.

“Greece is seen as more of a concern for the banks and investment-grade than for high yield,” said Martin Fridson, chief executive officer of New York-based money-management firm Fridson Investment Advisors. Fridson, who began his career as a corporate bond trader in 1976 and specializes in speculative- grade debt, said the gains are being bolstered by a “big influx” of money from countries including the U.S.

Yield Premiums

Elsewhere in credit markets, the extra yield investors demand to own company bonds instead of government debt widened 2 basis points last week to 171 basis points, while overall yields rose to 4.13 percent from 4.05 percent a day earlier, according to Bank of America Merrill Lynch’s Global Broad Market Corporate Index.

Sales of corporate bonds totaled $28.1 billion last week, or 54 percent below the average over the previous 52 weeks, according to data compiled by Bloomberg.

Globally, the number of “weakest links,” or borrowers rated B- and below with a “negative” outlook totaled 213 last week, unchanged from January and down from 265 a year ago, according to Standard & Poor’s. Their combined debt totals $197.5 billion. High-yield bonds are ranked below Baa3 by Moody’s Investors Service and BBB- by S&P.

No companies in Europe have defaulted this year, compared with 12 in the U.S., S&P said. BlackRock Inc., the world’s biggest asset manager, boosted its holdings of Greek bonds as it bets the European Union won’t allow the nation to default.

‘Too Much’ Worry

“They won’t allow a Lehman-type crisis,” said Michael Krautzberger, co-head of European fixed-income who helps oversee BlackRock’s $3.35 trillion of assets from London. “The market has worried too much about an imminent government default in Europe that will not happen because of the solidarity.”

European leaders are working on measures such as establishing a lending facility for Greece, with each country making a contribution according to its size, an EU official said last week on condition of anonymity. They stopped short of providing taxpayers’ money or diluting their demands for the country to cut its budget shortfall.

Greece, representing 2.7 percent of the euro region’s $13 trillion economy, posted a budget deficit of 12.7 percent of GDP in 2009, the highest in the euro’s 11-year history and more than four times the EU’s 3 percent limit.

The nation’s “fiscal situation is serious,” but it’s “not the final death knell” for Europe and “spillover to bigger countries such as Spain and Italy is preventable,” Barclays analysts including Julian Callow in London wrote in a research note Feb. 12.

U.K. Leads

Junk bonds issued by borrowers in the U.K., Europe’s second-largest economy, are leading the gains. They returned 3.6 percent, while debt sold by Spanish companies handed investors 1.13 percent, Merrill Lynch data show. Even high-yield notes issued by Greek companies rallied 2.08 percent this year.

Credit derivatives show the junk bonds may be poised to fall after the cost to protect the securities from default rose to a two-month high on Feb. 12.

The Markit iTraxx Crossover Index of credit-default swaps on 50 European companies climbed 19 basis points on Feb. 12 to 495, according to JPMorgan Chase & Co. The cost of protecting bank bonds from default also rose, as the Markit iTraxx Financial Index of 25 banks and insurers jumped 6 basis points to 103, or 1.03 percentage points.

Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements. A basis point on a contract protecting 10 million euros ($13.6 million) of debt from default for five years equals to 1,000 euros a year.

Bond Default

Defaults in Europe have been below expectations, according to Moody’s. The 12-month default rate fell to 9.6 percent in January from 10.3 percent the previous month, Moody’s said in a report Feb. 9. A year ago, the New York-based ratings company was predicting European defaults would peak at 19.6 percent in the final quarter of 2009.

Junk bonds and credit-default swaps are diverging because “99 percent of people you speak to don’t believe Greece is going to default, but people are still buying protection,” said Neil Murray, who oversees about 25 billion pounds ($39 billion) of corporate bonds as head of credit at Scottish Widows Investment Partnership in Edinburgh.

Investors demand an average 9.64 percent to own junk bonds in Europe, compared with 9.44 percent in the U.S., the smallest gap since January 2008, Merrill Lynch indexes show. The difference has shrunk from 1.27 percentage points at the end of 2009 and 8 percentage points in May.

Bond Bargains

“We still think you can buy reasonably good names at, say, 9 percent,” said Andrew Sutherland, who oversees 23 billion pounds of company bonds as head of credit at Standard Life Investments in Edinburgh.

European junk bonds in Europe rallied 77 percent in 2009, compared with 58 percent in the U.S., as credit and equity markets worldwide recovered from the worst financial and economic crisis since the 1930s.

The relative lack of new junk bonds issued in Europe also contributed to the outperformance, Fridson said. Companies have sold 5.58 billion euros of the debt in Europe this year, compared with a record $26.5 billion in the U.S., according to data compiled by Bloomberg.

This week, Vestas Wind Systems A/S, an unrated, Copenhagen- based company which is the world’s biggest maker of wind turbines, may sell bonds for the first time after meeting with fixed-income investors last week. Italian utility Acea SpA, which is rated A, or five levels above junk by S&P, hired banks to sell as much as 500 million euros of 10-year bonds, a banker involved in the deal said.

Menkeu Eropa bahas krisis Yunani

Senin, 15/02/2010 09:09:01 WIBOleh: Ratna Ariyanti
MADRID (Bloomberg): Para menteri keuangan Eropa hari ini bertemu menyusul desakan investor mengenai kejelasan langkah-langkah nyata yang akan diambil untuk menyelamatkan Yunani jika negara tersebut gagal meyakinkan pasar bahwa mereka mampu mengontrol lonjakan beban utang.

Menteri keuangan dari 16 negara Eropa direncanakan untuk bertemu pada pukul 5 petang di Brussels, Belgia. Pertemuan tersebut juga akan membicarakan mengenai pengganti Lucas Papademos, Vice President Bank Sentral Eropa, yang akan habis masa tugasnya pada Juni mendatang.

Jean-Claude Juncker, yang mengepalai kelompok menteri-menteri keuangan dari negara dengan mata uang euro, akan menggelar konferensi pers selepas pertemuan tersebut.

Besok, para menteri keuangan ini akan bergabung dengan menteri keuangan lainnya dari negara-negara Uni Eropa.

Investor kini tengah menunggu perkembangan lebih detail selepas dukungan kepada Yunani yang disampaikan pemimpin negara-negara Eropa dan apakah sokongan serupa juga akan diberikan untuk Portugal dan Spanyol.

Perlemahan euro masih terjadi menyusul kekhawatiran bahwa rencana pemberian bantuan terhadap Yunani tidak akan terealisir.

Stuart Thomson, Analis Ignis Asset Management di Skotlandia, mengatakan pasar menunggu penjelasan mengenai rencana antisipasi terhadap krisis berikutnya dan menginginkan adanya dukungan penuh dari negara-negara inti berupa penyediaan pinjaman untuk mengatasi defisit anggaran bagi Yunani.

Kanselir Jerman Angela Merkel dan pemimpin negara Uni Eropa lainnya telah menggelar pertemuan dan membahas dukungan bagi Yunani pada 11 Februari.

Pertemuan tersebut tidak memberikan rencana utuh mengenai skenario penyelamatan yang akan dilakukan jika Yunani mengalami kesulitan dalam mengatasi defisit anggaran sebesar 12,7%. (ln)
    Presiden: Pertumbuhan 4,5 % Bukan Datang Dari Langit

    11/02/2010 13:54:10 WIB
    Presiden Susilo Bambang Yudhoyono menyatakan pertumbuhan ekonomi 4,5 % yang dicapai pada 2009 bukan begitu datang dari "langit", tetapi hasil dari pertumbuhan dan kerja keras.

    Dalam pidatonya pada acara pemberian penghargaan Citra Bhakti Abdi Negara (CBAN) di Istana Negara,Jakarta, Kamis, Kepala Negara karena itu menyatakan keheranannya apabila masih ada pihak yang mengatakan pertumbuhan ekonomi Indonesia minus di berbagai sektor. 

    "Ekonomi tumbuh 4,5 % itu bukan datang dari "langit"(datang begitu saja, red), tetapi karena pertumbuhannya baik. Karena ada investasi, juga pengeluaran pemerintah. Di sisi lain, kalau tumbuh 4,5 % sektor riil juga pasti tumbuh, pertanian, industri, jasa, tidak mungkin minus," tuturnya. 

    Presiden meyakini dengan pertumbuhan ekonomi nasional 4,5 %, maka ekonomi daerah juga tumbuh dan bahkan ada beberapa daerah yang bisa melebihi angka pertumbuhan ekonomi nasional. 

    "Tidak mungkin ekonomi nasional tumbuh 4,5 % kalau daerah minus semua. Bahkan, ada yang melewati pertumbuhan nasional," ujarnya. 

    Dalam pidato yang dihadiri 42 bupati/walikota penerima penghargaan untuk kebijakan pelayanan publik terbaik itu, Presiden mengucapkan terima kasih atas sumbangan atau peranan pemerintah daerah mendorong pertumbuhan ekonomi nasional. 

    Menurut dia, pertumbuhan ekonomi nasional yang bisa tetap positif di tengah krisis keuangan yang mendera dunia, merupakan sumbangan dari pertumbuhan ekonomi daerah. 

    Kepala Negara mengajak para bupati/walikota untuk mempertahankan dan meningkatkan pertumbuhan ekonomi nasional yang dinilainya cukup baik di masa krisis keuangan global. 

    Selain memuji pertumbuhan ekonomi 2009, Presiden juga menilai angka inflasi 2,8 % pada 2009 sudah cukup baik dan terjaga. 

    Cadangan devisa sebesar 66,5 miliar dolar AS juga dinilainya adalah capaian tertinggi sepanjang sejarah. 

    "Kita ingin suatu saat cadangan devisa kita minimal 100 miliar dolar AS. Dengan demikian, lebih aman, lebih luas kita menghadapi goncangan baik di tingkat global maupun regional," demikian Presiden. (*)

    Stocks climb after EU pledges support for Greece Stocks rise after EU officials offer support for Greece; First-time jobless claims fall Buzz up! 0 Print Companies:Freeport-Mcmoran Copper Gold Inc.Pioneer Natural Resources Co.Torch Energy Royalty Trust AP - In this photo made Tuesday, Feb. 9, 2010, trader Sean Birks works on the floor of the New ... Related Quotes Symbol Price Change FCX 74.17 +3.14 PXD 47.33 +1.96 TRU 3.45 -0.19 By Tim Paradis, AP Business Writer , On Thursday February 11, 2010, 6:00 pm NEW YORK (AP) -- Relief about Europe's pledge to support Greece sent the stock market charging higher Thursday. The Dow Jones industrial average jumped 106 points as confidence grew that aid to Greece would extinguish one of the several threats that investors see to an economic recovery. The market's advance was broad-based, but energy and materials stocks logged some of the biggest gains after oil prices rose for a fourth day. A tame report on inflation in China suggested the country wouldn't have to move more aggressively to slow its economy. China's rapid economic expansion has been driving up demand for natural resources, and the benign signal on inflation there sent shares of materials companies higher. Oil and gas company Pioneer Natural Resources Co. and metals producer Freeport-McMoRan Copper & Gold Inc. each rose more than 4 percent. A drop in the dollar also helped to lift commodity prices, which are priced in dollars and become less expensive to foreign buyers when the dollar falls. Encouraging news about jobs in the U.S. also supported the stock market. The Labor Department said first-time claims for jobless benefits fell more than expected last week. Economists say a lasting economic recovery can't take hold without big gains in jobs. Analysts warned that a patch to Greece's finances won't necessarily be enough to restart a 10-month rally in stocks that stalled last month. Questions are still looming over the market about how the U.S. economy will fare after the government starts to unwind the supports it used to stabilize the financial system over the past two years. Stephen Wood, chief market strategist at Russell Investments, predicts that financial problems will continue to sideswipe the market. "Stories similar to Greece are not going to let up for a while," Wood said. Concerns about China's efforts to slow its rapid economic growth and questions about proposed regulatory changes in Washington for banks are still weighing on the market. The benchmark Standard & Poor's 500 index is down 6.2 percent from a 15-month high in mid-January. Fed Chairman Ben Bernanke on Wednesday outlined plans to begin to wean the economy from government aid. The market initially took the news poorly but then recovered later in the day as many analysts viewed the plans as a logical next step for policymakers. "What has really stood out is how negative sentiment has gotten and how quickly it got there. To me, it suggests a pretty skittish market," said Max Bublitz, chief strategist at SCM Advisors in San Francisco. Still, the brightening prospects for Greece managed to give stocks a bounce. Expectations had been building that a Thursday summit of European leaders would produce a solution for the problem. EU leaders said they would take steps to guard financial stability in Europe but did not offer details. The Dow rose 105.81, or 1.1 percent, to 10,144.19, its highest close in more than a week. The S&P 500 index rose 10.34, or 1 percent, to 1,078.47. The Nasdaq composite index rose 29.54, or 1.4 percent, to 2,177.41. Bond prices were mixed following weak demand at a government auction of 30-year Treasury notes. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.73 percent from 3.69 percent late Wednesday. Crude oil climbed 76 cents to $75.28 per barrel on the New York Mercantile Exchange. Gold also rose. Fred Fraenkel, chairman of investment policy Beacon Trust Company in Madison, N.J., said the concerns about Greece and countries like Portugal, Spain and Ireland are overblown. He contends that traders were simply nervous that the market had been rising too fast and wanted a pause. "It's pretty normal that people come up with lots of things to worry about," Fraenkel said. "None of the things are new. They're all pretty much things we've been watching unfold for the last year." The Labor Department said the number of newly laid-off workers seeking unemployment benefits fell by 43,000 to a seasonally adjusted 440,000, the lowest level in a month. Economists polled by Thomson Reuters had expected a more modest drop. The decrease came after claims rose in four of the previous five weeks. The recent rise in claims raised questions about whether an economic recovery would be sustainable. High unemployment is one of the biggest obstacles to a rebound. Economic news from China signaled that inflation eased in January. Consumer prices rose 1.5 percent, less than in December. The report brought speculation that China wouldn't have to slow its economy as a way to fight inflation. Reduced growth would cut into demand for foreign goods and materials. Among stocks, Pioneer Natural Resources rose $1.96, or 4.3 percent, to $47.33, while Freeport McMoran rose $3.14, or 4.4 percent, to $74.17. Energy stocks also gained after a buyout in the industry. Utility company FirstEnergy is acquiring rival power provider Allegheny Energy for about $4.7 billion in stock. It will also assume about $3.8 billion in debt. Allegheny jumped $2.53, or 12 percent, to $23.55, while FirstEnergy fell $1.87, or 4.5 percent, to $39.59. Three stocks rose for every one that fell on the New York Stock Exchange, where volume came to 4.4 billion shares compared with 4.3 billion Wednesday. The Russell 2000 index of smaller companies rose 9.64, or 1.6 percent, to 605.46. Britain's FTSE 100 rose 0.6 percent, Germany's DAX index fell 0.6 percent, and France's CAC-40 lost 0.5 percent. Japanese markets were closed for a holiday.

    February 10, 2010

    Europeans Discuss Aid for Greek Debt


    European nations are discussing various ways to help troubled Greece cope with its mountain of government debt, officials indicated Tuesday, as conflicting reports sent markets on a roller coaster ride, bolstering the faltering euro and contributing to a stock market rally that later pulled back from its heights.

    The specifics of any bailout remained unclear and officials played down reports that Germany and France had already agreed on a rescue plan for Greece.

    “This will be further discussed in the coming days,” Olli Rehn, who is about to take over as European economic affairs commissioner, said in an interview in Strasbourg. “We are talking about support in the broad sense of the word. I cannot specify it now. Solidarity goes both ways.”

    A strong rally on Wall Street faltered when a spokesman for Angela Merkel, Germany’s chancellor, said it was “wrong” that Berlin had already decided to provide financial assistance to Greece.

    At the same time, governments in Greece and Portugal, seeking to regain the confidence of bond market investors, vowed to carry out their planned austerity measures despite threats of strikes and political turmoil at home.

    In an interview in his residence on Tuesday, Portugal’s prime minister, José Sócrates, said he was committed to bringing the deficit within 3 percent of the nation’s annual economic output by 2013. “This government, as we have shown in the past, is determined, one, to bet on economic recovery, and two, to put the public finances in order.”

    The prime minister said Portugal did not need help from the European Union. “We don’t need anything from Brussels,” he said. “We know exactly what we will do. We don’t need any help; we will solve our problems.”

    As for Greece, a person in the German government with knowledge of the continuing negotiations, who did not have permission to comment publicly on them, confirmed that Germany was involved in direct consultations with the other 15 countries that use the euro over possible ways to help the Greek government. But he said any actions would take place “within a European framework.”

    “It's just about finding a way to potentially give Greece a little breathing room,” he said. He dismissed reports that Germany was considering a unilateral aid package for Greece. “The idea that we would go it alone is completely nuts.”

    Jean-Claude Trichet, the European Central Bank president, also fueled optimism among investors that Brussels was preparing some sort of concerted action when the news emerged that he was cutting short attendance at a conference in Australia to attend the planned summit meeting of European leaders on Thursday.

    Mr. Trichet will attend the meeting of the European Council called by Herman Van Rompuy, the European Union president, an E.C.B. spokesman said.

    Regina Schüller, a spokeswoman in Frankfurt for the E.C.B., said Mr. Trichet had been planning to attend the council meeting Thursday even before he left for Australia.

    “In order to make it back in time for the meeting he had to leave Sydney a day early,” she said. “It was pure logistics.”

    She had no comment on the reports that Europe was moving closer to a bailout of Greece.

    The E.C.B. president often participates in such summit meetings, which bring together the leaders of the 27 E.U. member states and the head of the European Commission, José Manuel Barroso, a former prime minister of Portugal. But this one is being held at an especially difficult time for the euro.

    Investors have grown wary of the feeble public finances of a number of countries that use the euro — particularly Greece, Portugal, Spain and, to a lesser extent, Italy — raising the fear that the entire currency system could come under attack. The currency has fallen by more than 9 percent against the dollar from a late November peak.

    Bilal Hafeez, global head of currency strategy at Deutsche Bank in London, noted Tuesday that net short positions had reached a record 43,741 on Feb. 2 on the Chicago Mercantile Exchange, up from a week earlier, when there were 39,539 net short contracts outstanding — meaning, in effect, that investors have made more than $7.5 billion in bets against the European currency.

    Everyone’s positioned for the euro to fall further,” Mr. Hafeez said. “But if there’s good news out of Europe, watch out for the euro to swing back up quite sharply on short covering,” he added, referring to the practice where traders who had sold, or shorted, the currency are forced to repurchase it to cover their positions.

    The euro rose 0.7 percent versus the dollar to trade at $1.3739. At one stage on Monday, the euro had hit a fresh eight-month low below $1.36. The euro also recovered 0.9 percent against the yen.

    While the meeting in Brussels was called to address a number of issues, including Europe’s longer-term economic competitiveness, Haiti and climate change, the E.C.B. spokesman said “economic problems in Greece and probably some other countries will be an important issue.”

    Meanwhile, Greece’s Socialist government, on the eve of the first nationwide strike against new austerity measures, insisted that it would move ahead as planned.

    Prime Minister George A. Papandreou told a cabinet meeting that the reforms “must go ahead now.”

    “Our primary duty now is to save the economy and reduce the debt, aiming to do so through the fairest possible solutions,” said Mr. Papandreou, who is to meet in Paris with French President Nicolas Sarkozy on Wednesday ahead of Thursday’s summit in Brussels.

    The Greek government announced that it was studying proposals to raise the average retirement age to 63 from 61 by 2015. A new pension law would forbid any voluntary exit from the system and establish a new fund to manage its reserves of €30 billion, or $41 billion.

    “These reforms are not just tinkering,” Labor Minister Andreas Loverdos told the parliamentary committee in charge of drafting the changes. “They constitute a major overhaul to make the system viable in the coming decades.”

    Under intense pressure from European Union partners and market speculation — which sharply hiked Greece’s borrowing costs — Mr. Papandreou’s center-left government has committed to a four-year austerity plan meant to tame a gaping budget deficit and soaring debt.

    The budget deficit for 2009 represents 12.7 percent of Greece’s annual economic output, more than four times the limit supposedly allowed by the E.U., while the public debt has exceeded 113 percent of its annual G.D.P.

    The measures announced so far have angered powerful labor unions, and civil servants have called a nationwide strike Wednesday. The walkout will affect state schools, hospitals, tax offices and local government offices, while all Greek airports will be closed to international and domestic flights. Private sector workers plan to walk off their jobs on Feb. 24 in a separate strike.

    The cost of insuring Greek debt using credit default swaps fell 19 percent, according to Markit, a data provider.

    The cost to insure Spanish, Portuguese and Italian debt fell by similar percentages, reflecting greater investor confidence the nations will be able to overcome their debt problems.

    At the same time, yields on Greek, Portuguese and Spanish sovereign debt dropped sharply. The yield on Greek 10-year debt fell to 6.3 percent, narrowing the spread with the benchmark German Bund.

    In Lisbon, Prime Minister Sócrates faces growing controversy over allegations that his government tried to meddle with the news media. Portugal's opposition on Tuesday voted to start hearings in Parliament on whether the government tried to remove troublesome journalists.

    Under normal circumstances, such a brouhaha would hardly attract notice outside of Portugal. But the controversy comes as Mr. Sócrates’s government is seeking to pass a 2010 budget that is crucial to controlling a deficit equal to 9.3 percent of the country’s G.D.P. The budget is also crucial to Mr. Sócrates’s party remaining in power.

    As in Greece, Portugal’s debt problems go hand in hand with a weak central government that has been unable or unwilling to impose financial discipline. Mr. Sócrates is trying to run Portugal with less than a majority in Parliament.

    Some economists argue that it is unfair to lump Portugal and Spain with Greece.

    “Spain and Portugal are in a different ballpark than Greece,” Erik F. Nielson, a top economist at Goldman Sachs, wrote in a note to investors. While Portugal needs to attack its deficit “in a much more aggressive manner,” the country is in a better position than Greece because it has less long-term debt coming due.

    Stephen Castle, Judy Dempsey, Rachel Donadio and Nicholas Kulish contributed reporting. 

    EKONOMI 09/02/2010 - 09:23 IHSG Masih akan Turun ( INILAH.COM, Jakarta - Pergerakan indeks pada hari ini diperkirakan akan mengalami penurunan di kisaran 2.398-2.555. Saat ini gejolak pasar modal meningkat akibat defisit anggaran di beberapa negara Eropa membengkak dan terancam gagal bayar. Demikian dikutip dari hasil riset Reliance Securities, Selasa (9/2). Saat ini Dow Jones berada di bawah 10.000 maka investor sebaiknya lebih fokus untuk mengurangi risiko kerugian yang lebih besar lagi. Indesk saham di Wall Street masih ditutup melemah di tengah kekhawatiran gagal bayarnya utang di Eropa. Mereka tidak dapat menstabilkan keuangan publik mereka, setelah menghabiskan dana besar-besaran untuk memerangi resesi. Saham sektor keuangan juga mendapat tekanan sehubungan dengan rencana Obama menerapkan aturan yang lebih ketat pada sektor ini untuk meredam pengambilan risiko besar-besaran. Namun investor khawatir rencana tersebut justru akan menggerus laba perusahaan sektor keuangan. Sementara minyak jenis WTI crude mengalami rebound tipis yang diperkirakan akan terjadi badai di pantai timur. Sebagian Virginia, Maryland, Pennsylvania dan Washington telah ditutupi dengan salu setebal tiga kaki. Harga minyak akan menguat merespon kondisi cuaca tersebut. [hid]

    Senin, 08 Februari 2010 | 12:10

    JAKARTA. Kondisi Indeks Harga Saham Gabungan (IHSG) semakin mengenaskan. Bahkan, pada hari ini, Bursa Efek Indonesia menjadi bursa yang terkoreksi paling dalam. Senin (8/2), hingga paruh pertama, indeks bertengger di 2.458,23, atau terkoreksi 2,41%. Perinciannya 138 saham turun, 23 saham naik, dan 42 saham tak mengalami perubahan.

    Nilai transaksi harian BEI tercatat Rp 1,88 triliun. Penurunan indeks banyak disebabkan oleh anjloknya saham-saham papan atas, seperti PT Indo Tambangraya Megah Tbk (ITMG) turun 4,65% menjadi Rp 28.700, PT Astra International Tbk (ASII) turun 3,06% menjadi Rp 33.300, PT Gudang Garam Tbk (GGRM) turun 4% menjadi Rp 24.000, PT Unilever Indonesia Tbk (UNVR) turun 4,46% menjadi Rp 10.700, PT Telekomunikasi Indonesia Tbk (TLKM) turun 2,79% menjadi Rp 8.700, dan PT Bumi Resources Tbk (BUMI) turun 4,08% menjadi Rp 2.350.

    Sebaliknya saham-saham yang mampu bertahan; PT Bukit Darmo Property Tbk (BKDP) naik 2,34% menjadi Rp 131, PT Humpuss Intermoda Transportasi Tbk (HITS) naik 1,69% menjadi Rp 600, dan PT Cowell Development Tbk (COWL) turun 1,35% menjadi Rp 375.

    Hendra Soeprajitno
    Wall Street cuts losses, closes up with techs, materials Angela Moon NEW YORK Fri Feb 5, 2010 5:20pm EST Related News European Factors-Shares to extend falls; U.S. data eyed 1:45am EST NEW YORK (Reuters) - Stocks erased a midday drop to end slightly higher on Friday, closing out a volatile week punctuated by mixed signals from the labor market data and growing anxiety over fiscal problems in Europe. Major indexes turned positive heading into the close, as investors scooped up shares in the technology and materials sectors -- two of the worst perforomers during the market's latest pullback. "It's bargain hunting in an oversold market," said Cleveland Rueckert, market analyst at Birinyi Associates in Stamford, Conneticut. "At least in the short term, selling was overdone." Earlier, the major indexes dropped more than 1 percent on the initial interpretation that January's payrolls data was another sign of a sluggish job market recovery, and concerns about the euro zone's sovereign debt problems persisted. U.S. employers unexpectedly cut 20,000 jobs in January, but the unemployment rate dropped to a five-month low of 9.7 percent, the Labor Department reported. The Dow Jones industrial average closed up 10.05 points, or 0.10 percent, at 10,012.23. The Standard & Poor's 500 Index ended up 3.08 points, or 0.29 percent, at 1,066.19. The Nasdaq Composite Index gained 15.69 points, or 0.74 percent, to close at 2,141.12. STOCKS' FOURTH WEEKLY SLIDE For the week, the Dow fell 0.6 percent, the S&P 500 slid 0.7 percent and the Nasdaq lost 0.3 percent, marking their fourth consecutive weekly drop. With some investors betting that the sell-off of recent days may have run its course, sectors that were beaten down headed higher late in the session. Cisco Systems and Intel Corp ranked among the Dow's top advancers, and helped the Nasdaq erase losses. Cisco rose 2.3 percent to close at $23.70 and Intel gained 2.4 percent to end at $19.47. Materials stocks also rebounded after falling throughout most of the day, with Alcoa Inc up 2.1 percent at $13.18. European policy-makers scrambled to reassure markets about the stability of the 16-nation currency bloc, and Portugal backed a law that may push its swollen deficit higher. The biggest losers included industrial shares, with General Electric Co off 1.6 percent at $15.79 and Boeing Co down 1.6 percent at $58.40. On Thursday, the Dow briefly slipped below the crucial 10,000 mark as stocks suffered their worst daily declines in more than nine months. Total volume of 12.44 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well above last year's estimated daily average of 9.65 billion. It was the heaviest trade since Dec 18. Declining stocks outnumbered advancing ones on the NYSE by a ratio of 17 to 13, while on the Nasdaq, about seven stocks rose for every six that fell. (Reporting by Angela Moon; editing by Jan Paschal) 
    Spain and Portugal fight to calm investors By Victor Mallet in Madrid and Peter Wise in Lisbon Published: February 5 2010 16:56 | Last updated: February 5 2010 19:47 Spanish and Portuguese leaders struggled to soothe nervous investors on Friday and limit the loss of confidence that has spread across southern Europe from the financial crisis in Greece. “We have control of the ship, we have a plan,” said María Teresa Fernández de la Vega, Spain’s deputy premier, hours after José Luis Rodríguez Zapatero, socialist prime minister, told a US audience in Washington: “Spain has a strong and solid financial system.” 
     EDITOR’S CHOICE Portugal near political crisis over debt - Feb-04 Gillian Tett: Race is on for Greece - Feb-04 In depth: Greece debt crisis - Jan-27 Portugal and Spain CDS prices at fresh high - Feb-04 Europe fears rock global markets - 
    Feb-05 In neighbouring Portugal, Fernando Teixeira dos Santos, finance minister in the minority socialist government, said he would use every means at his disposal to block financial transfers to Portuguese islands that exceeded the amounts set out in the government’s budget proposals. His comments follow approval by opposition parties of a regional finance bill that would increase funding to Madeira and the Azores, in spite of warnings that it would undermine plans to cut the budget deficit and send the wrong message to financial markets. Spanish business leaders, including César Alierta of Telefónica, one of the world’s biggest telecommunications groups, and Emilio Botín of Santander, the eurozone’s biggest bank, have thrown their weight behind Madrid’s attempts to restore confidence in the economy. “Comparing Spain to Greece is like comparing Real Madrid to Alcoyano,” said Mr Botín in a dismissive footballing reference contrasting the Madrid side with an obscure, second-division Spanish club. 
     Spanish and Portuguese debt and equity markets were hard hit by Greece-related doubts among investors, partly because Madrid and Lisbon ran up budget deficits to dampen the effects of the economic crisis and partly because of fears for eurozone cohesion. “The eurozone was never an optimal monetary zone,” said Juan José Toribio, economics professor at Iese Business School, noting that the common currency was not matched by common fiscal policies or full mobility of labour. He compared the infectious “ouzo effect” of Greece’s current problems to the Mexican “tequila crisis” of 1994. 
     Only last week, José Sócrates, Portugal’s socialist prime minister, approvingly quoted Paul Krugman, the Nobel prizewinning US economist for his comment that “deficits saved the world”. If governments do not run up deficits during a recession, Mr Sócrates said, they were not doing their job. The Portuguese budget deficit rose from 2.7 per cent of gross domestic product in 2008 to a record 9.3 per cent last year. Public debt is expected to hit a 20-year high of 85.4 per cent this year. Spain’s deficit rose to 11.4 per cent of GDP last year and its public debt, although low by eurozone standards, is rising. “The response to the crisis in Portugal and most other countries was extraordinarily imprudent,” said Fernando Branco, an economics professor at Lisbon’s Catholic University. “I was genuinely shocked by how the deficit restrictions imposed on Portugal by Europe were suddenly abandoned.” Mr Zapatero and Mr Sócrates, both under pressure from political opponents who sense an opportunity in the crisis, have argued in vain that their countries’ finances are better than those of Greece and no worse than those of the UK, the US and Ireland. 
     The markets are unimpressed, amid doubts that either government has the will or the power to push through the necessary fiscal reforms to cut their deficits and improve competitiveness. Elena Salgado, Spanish finance minister, plans to travel to London next week to help convince the world that Madrid will implement an austerity plan outlining €50bn ($68bn) of savings over four years
     Even in Spain, however, there are doubts about the plan, given the opposition of trade unions and of regional governments responsible for half the nation’s public spending. Unemployment has risen to nearly 19 per cent of the workforce. The Bank of Spain estimated that the economy shrank 0.1 per cent in the fourth quarter of last year, the seventh successive quarter of contraction. “In a country with such high unemployment, how will it be possible to reduce the public deficit?” asked Prof Toribio. “Spain does not have clear sources of economic recovery, which has to come from either internal or external demand.”

    Nikkei falls over 3 pct to 7-week low

    8:38pm EST

    TOKYO, Feb 5 (Reuters) - The Nikkei average fell more than 3 percent to hit its lowest in seven weeks on Friday, with exporters hurt by a stronger yen, while escalating sovereign debt problems in Europe dented investor confidence in riskier assets including equities.

    The benchmark Nikkei <.N225> slid 3.1 percent to 10,039.66, after falling as low as 10,036.33, its lowest since Dec. 18.

    The broader Topix <.TOPX> declined 2.4 percent to 888.94.

    Mitsui & Co <8031.T> and other resource-linked shares took a beating after a key commodities index saw its biggest daily loss in almost six months on Thursday, hit by a 5 percent fall in crude oil and a steep fall in gold. [COM/WRAP] (Reporting by Aiko Hayashi)

    Indeks Saham Urung Teruskan Penguatan Kamis, 04 Februari 2010 | 13:11 WIB TEMPO Interaktif, Jakarta - Indeks saham domestik gagal melanjutkan kenaikan setelah semua bursa regional pada perdagangan siang ini melemah seiring penurunan bursa Wall Street kemarin. Pada perdagangan sesi pertama Kamis (4/2) siang ini indeks harga saham gabungan ditutup pada level 2.601,359, atau turun tipis 3,19 poin (0,12 persen) dari posisi sehari sebelumnya di 2.604,549. Analis dari PT Panin Sekuritas, Muammad Alfatih, mengemukakan indeks kemarin berhasil menguat dari batas bawahnya di 2.580 dalam pola mendatar jangka pendek yang berpotensi membentuk segitia dengan batas atas terdekat di level 2.620. “Batas kuat selanjutnya ada di kisaran 2.644-2.660,” kata dia. Jika indeks mampu bertahan dari tekanan jual dan berada di atas 2.560, maka ada indikasi tren naik indeks sejak 10 Novemeber tahun lalu masih kuat. “Dan kemungkinan bakal mencapai level tertingginya yang baru lagi,” ucap Alfatih yang memprediksikan indeks saat ini masih akan berkisar di 2.560 hingga 2.640. Pada perdagangan siang ini, sebanyak 84 saham harganya turun, 64 saham naik, serta 54 saham lainnya tidak mengalami perubahan harga. Saham yang berpindah tangan mencapai 3,8 miliar unit dengan nilai transaksi Rp 1,76 triliun, serta frekuesi 42,4r7 ribu kali. Namun, investor asing justru mencatat pembelian bersih Rp 169,25 miliar. Saham Astra International jatuh Rp 400 menjadi Rp 35.250, Bank BRI turun Rp 50 menjadi RP 7.500, Telkom melemah Rp 50 menjadi Rp 9.300, Bank BRI turun Rp 50 menjadi Rp 4.625, Bank Danamon tergerus Rp 50 menjadi Rp 4.775, Indocement juga terkoreksi Rp 50 menjadi Rp 12.900, serta United Tractor jug tergelincir Rp 50 menjadi Rp 16.600 per saham. Bursa Hong Kong anjlok 1,55 persen yang memimpin pelemahan bursa regional siang ini. Bursa Tokyo merosot 0,83 persen, diikuti bursa India yang jatuh 0,76 persen, lalu bursa Singapura 0,72 persen, bursa Australai melemah 0,67 persen, bursa Shanghai 0,53 persen, serta bursa Taiwan juga melemah 0,13 persen. Seiring merosotnya indeks saham domestik, nilai tukar rupiah pada pukul 12.25 WIB berada di level 9.330 per dolar Amerika Serikat, atau melemah 35 poin dibandingkan penutupan kemarin di 9.295. Sidang dewan gubernur bank sentral kawasan Eropa (ECB) dan bank sentral Inggris (BoE) yang akan berlangsung sore ini membuat dolar AS kembali menguat terhadap mata uang utama dunia dan kawasan. VIVA B. KUSNANDAR

    Wall Street climbs for 2nd day on solid earnings, data Angela Moon NEW YORK Tue Feb 2, 2010 4:45pm EST Related News Gold extends gains late as dollar falls 5:00pm EST European shares rise in early trade; BP slides 5:29am EST KKR, Bain, TPG vie for M.Stanley CICC stake: sources 4:30am EST U.S. stock futures signal fall; Volcker eyed 4:28am EST FTSE down 0.3 percent; BP drops after results 4:25am EST Related Video Business Update: Toyota, Nikkei up 12:12am EST NEW YORK (Reuters) - Stocks rallied for a second day on Tuesday as better-than-expected earnings and encouraging data calmed investors after the market's recent sell-off. Rising sales of previously owned U.S. homes and robust earnings from bellwethers representing consumer and industrial businesses, including Whirlpool Corp and Cummins Inc, pointed to a steady rebound in demand. "The housing data, followed by the ISM data yesterday and the GDP last week, is making investors believe that the strength in the fourth quarter was not a fluke, and that the strength could be sustainable in the first quarter and beyond," said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville, Tennessee. The home builders received a double jolt of good news. In addition to a 1 percent gain in December pending sales of existing U.S. homes, D.R. Horton, one of the top five U.S. home builders, reported its first quarterly profit in almost three years. D.R. Horton's stock gained 10.9 percent to $13.21. The Dow Jones U.S. home construction index rose 6.5 percent. The Dow Jones industrial average rose 111.32 points, or 1.09 percent, to end at 10,296.85. The Standard & Poor's 500 Index gained 14.13 points, or 1.30 percent, to 1,103.32. The Nasdaq Composite Index advanced 18.86 points, or 0.87 percent, to 2,190.06. The S&P 500's gain was its biggest two-day percentage jump since October 2009, after falling 6.2 percent in the last three weeks of January. The day's home sales data followed a string of encouraging economic news, including Monday's data on the U.S. manufacturing sector from the Institute for Supply Management, and Friday's report on the economy's fourth-quarter growth. Shares of UPS added 0.4 percent to $58.62 after the world's largest package shipper by volume reported a drop in fourth-quarter profit, but forecast a sharp increase in 2010 earnings. Whirlpool Corp gained 8.1 percent to $82.23 after the appliance manufacturer reported a sharp increase in first-quarter earnings. Exposure to emerging markets helped major industrial companies Cummins Inc and Emerson Electric Co, post rosy quarterly earnings. Cummins' stock rose 8.8 percent to $51.09, while Emerson's stock jumped 10.1 percent to $46.77. The S&P 500 industrial sector index gained 1.9 percent. Inc slid for a second straight day, falling 0.6 percent to $118.12 and curbing the Nasdaq's advance. Traders continue to fear that a pricing battle that Amazon lost with book publisher Macmillan could hurt sales volume growth for its Kindle e-reader. In testimony before a Senate panel, White House adviser Paul Volcker urged Congress to rein in risky investing by big banks to help prevent them from becoming "too big to fail." Shares of JP Morgan Chase & Co rose 2.3 percent to close at $40.55 and ranked among the stocks giving the Dow its biggest boost, while Goldman Sachs' stock advanced 2.5 percent to $156.94. Credit card companies' shares rose following a positive broker comment on the sector, with American Express up 2.1 percent at $39.02, and Capital One Financial up 1.8 percent at $37.43. Volume was light on the New York Stock Exchange, with about 1.18 billion shares changing hands, well below last year's estimated daily average of 2.18 billion. But on the Nasdaq, about 2.50 billion shares traded, above last year's daily average of 1.63 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 4 to 1, while on the Nasdaq, about five stocks rose for every four that fell. (Reporting by Angela Moon; Editing by Jan Paschal)

    EKONOMI 02/02/2010 - 06:20 Yippi! Wall Street 'Hijau' Lagi Mosi Retnani Fajarwati INILAH.COM, New York - Data ekonomi yang positif mendongkrak indeks pada perdagangan Senin (1/2), harapan para investor pun pulih. Para investor sebelumnya pada pekan lalu telah mendapat sentimen positif, usai pemerintah menyatakan pertumbuhan ekonomi kuartal IV 2009 menguat diatas prediksi para analis, yaitu mencapai 5,7%. Sentimen terkuat pada awal pekan ini datang dari pernyataan Institute for Supply Management (ISM) yang melaporkan, indeks aktivitas manufaktur AS tumbuh pada level terkuat sejak Agustus 2004. ISM menyatan, indeks manufaktur naik menjadi 58,4 pada Januari dari 54,9 pada Desember tahun lalu. Angka tersebut berada diatas prediksi para analis yaitu 55,5. Di belahan dunia lain, Cina dan Eropa, kegiatan manufaktur juga bergerak menguat, dan menolong saham-saham industrial menguat. Sementara itu, Departemen Perdagangan menyatakan tingkat belanja konsumen menguat 0,2% pada Desember 2009. Pemerintah juga mengatakan, pendapatan personal menguat diatas ekspektasi pada Desember tahun lalu. Presiden Barack Obama meminta Kongres untuk menyetujui anggaran senilai US$3,83 triliun untuk melawan pengangguran dan perbaikan penerimaan pajak. Para investor juga terimbas laporan kinerja Exxon Mobil diatas ekspektasi. Dan ini mendongkrak saham-saham sektor energi. Pada penutupan perdagangan Senin, Dow Jones naik 118,2 poin (1,2%) ke 10.185,53. Ini merupakan gain terbesar sejak 4 Januari lalu. S&P 500 naik 15,32 poin (1,4%) ke 1.089,19 dan Nasdaq naik 23,85 poin (1,1%) ke 2.171,2. [mre]
    02/02/2010 - 08:02
    Pansus Century
    Pasar Keuangan Jangan Khawatir!
    Agustina Melani

    INILAH.COM, Jakarta - Pasar keuangan diprediksikan tidak akan terlalu kuatir dengan hasil panitia khusus Century (Pansus Century).

    "Ancaman pansus dapat dilihat dari 3 bulan lalu ada tapi akhir-akhir ini pasar keuangan melihat pansus akan antiklimaks sehingga pasar keuangan tidak kuatir lagi karena hasil pansus tidak akan membahayakan lagi," tutur Chief Economist Bank Mandiri Mirza Adityswara,pada acara Ikatan Pialang Efek Indonesia (IPEI), Senin (1/2) malam.

    Lebih lanjut ia mengatakan, koreksi yang ada di bursa saham Indonesia karena faktor global yaitu pernyataan presiden Amerika Serikat Barack Obama untuk mengetatkan aktifitas perbankan dengan membatasi membiayai hedge fund dan private equity.

    Sedangkan sentimen dalam negeri, pelaku pasar melihat pansus Century sudah reda. Pemanggilan para saksi terlihat apa yang diduga oleh pansus tidak ditemukan. "Penurunan indeks saham karena faktor regional dan indeks dow jones yang turun," tutur Mirza.

    Pengamat ekonomi Faisal Basri menilai pelaku pasar sudah mulai rasional. Hal ini dilihat dari indeks saham yang positif pada demo terkait 100 hari pemerintahan Presiden Susilo Bambang Yudhoyono dan Wakil Presiden Boediono di mana indeks saham ditutup positif. [san/cms]

    Selasa, 02/02/2010 08:32 WIB
    Polemik Bailout Bank Century Bukan Lagi Momok Investor
    Herdaru Purnomo - detikFinance 

     - Kasus Polemik Bank Century yang saat ini ditangani DPR melalui Pansus sudah tidak dianggap sebagai momok yang menakutkan bagi kalangan pelaku pasar modal. Pansus Hak Angket Kasus Bank Century diyakini akan berakhir anti klimaks.

    Kepala Ekonom Bank Mandiri, Mirza Adityaswara mengatakan ancaman yang dapat mengganggu stabilitas dipasar modal terhadap pemeriksaan bailout Bank Century sudah terjadi pada 3 bulan yang lalu.

    "Tiga bulan lalu sedikit membuat pasar bergejolak karena DPR memutuskan untuk menggunakan hak angket dalam menangani kasus Bank Century," ujar Mirza dalam diskusi Ikatan Pialang Efek yang bertemakan Menguji Bailout Bank century dari Perspektif Hukum, Politik dan Ekonomi di Hotel Nikko, Jakarta, Senin malam (01/02/2010).

    Mirza menjelaskan, adanya Pansus Hak Angket itu membuat adanya sebuah konflik internal antara pemerintah dengan wakil rakyat, sehingga dapat mengganggu kenyamanan berinvestasi.

    Namun Ia mengatakan, seiring dengan proses pemeriksaan oleh Pansus tersebut, investor di pasar modal tidak khawatir lagi. Karena jawaban-jawaban pihak pemerintah yang memaparkan sebuah kondisi dimana sewaktu bailout dilakukan menurut Mirza merupakan sebuah hal yang tepat.

    "Pasar sudah sangat pintar dalam menyaring informasi. Keterbukaan pemeriksaan di Pansus dinilai pasar tidak akan membahayakan stabilitas sistem keuangan," katanya.

    Ia menilai, politisasi kasus Century ini juga sudah sangat kental. "Seakan-akan mereka (Pansus) hanya mencari kesalahan-kesalahan saja," jelasnya.

    Apalagi, lanjut Mirza, Pansus tidak mempunyai sebuah keberanian untuk memanggil pelaku pasar modal serta industri perbankan yang dimana pada waktu itu merasakan sendiri krisis yang terjadi.

    Terkait melemahnya IHSG akhir-akhir ini di tengah isu pemakzulan Presiden, menurut Mirza tidak ada hubungannya.

    "Menurunnya IHSG beberapa hari belakangan itu murni diakibatkan oleh statement Presiden AS Barrack Obama yang menegaskan akan melarang bank-bank melakukan spekulasi di pasar modal. Serta melarang bank membiayai private equity dan hedge fund," papar Mirza.

    Senada dengan Mirza, Pengamat Ekonom Faisal Basri juga mengatakan pemeriksaan pansus sudah sangat jauh dari substansi. "Pasar tidak kaget menerima hal ini, DPR hanya mencari kesalahan-kesalahan saja. Maka dapat dikatakan akhirnya adalah anti klimaks," ungkapnya.

    Menurutnya, demo-demo yang terjadi beberapa hari kemarin juga sama sekali tidak mempengaruhi pasar. 

    "Malah kita lihat IHSG sempat menguat 50 poin. Padahal saat itu unjuk rasa terjadi hingga di daerah-daerah," kata Faisal.

    "Kasus Century oleh Pansus sudah dianggap masa bodoh oleh para pelaku," tambah Faisal.

    Menurut Faisal, hasil dari Pansus Hak Angket Bank Century seharusnya menghasilkan sebuah rekomendasi kepada pemerintah. Dimana mendorong pemerintah bersama-sama membuat sebuah payung untuk mengantisipasi krisis yang dapat terjadi kapanpun. 

    "Jika kasus Bank Century memang disinyalir ada sebuah pelanggaran, biarkan KPK yang menanganinya," tuturnya.

    Dengan dukungan Pansus sambung Faisal, KPK akan mendapatkan banyak data-data serta statement-statement dari narasumber selama proses pemeriksaan. 

    "Adanya Pansus seharusnya membuat kita mendapatkan sebuah pembelajaran yang berharga," tutup Faisal.

    Sementara Ikatan Pialang Efek Indonesia (IPEI) berpendapat bailout Bank Century merupakan hal yang tepat. Pengambilan kebijakan tersebut dinilai sangat tepat serta selaras dengan fungsi dan tanggung jawab dalam menjaga kestabilan perekonomian Indonesia.

    "Menurut hemat kami bailout yang dilakukan merupakan langkah preventif untuk tidak menjalarkan kepanikan psikologis dan pasar di sektor keuangan pada saat ditempuhnya kebijakan," ujanya.

    IPEI juga menilai proses penyelesaian kasus Bank Century secara politik oleh Pansus Bank Century saat ini merugikan kepentingan nasional. 

    "Karena tidak mempertontonkan kecukupan logika, etika dan estetika solusi politik bagi bangsa dan bernegaram" kata Saidu.

    Oleh karena itu, lanjut Saidu, IPEI mengharapkan Pansus dapat segera diselesaikan secara lebih arif, bijaksana dengan memperhatikan azas maslahat dan kepentingan rakyat Indonesia yang  lebih luas.

    "Dengan mengutamakan objektifitas, netralitas kebenaran dan keberpihakan pada kepentingan nasional sesuai dengan fungsi, tanggung jawab dan hakikatnya sebagai representasi kepentingan rakyat," paparnya.

    Sedangkan pengamat Hukum Erman Rajagukguk juga berpendapat KPK akan menjadi jalan akhir kasus Bank Century. "Karena KPK akan dapat menguak kasus tersebut tanpa adanya kepentingan instansi lain," jelasnya.


    Apo Itkjo,
    10 Nov 2008 00.47