Futures Trading News

Natural gas down for fourth day

2012-03-15T20:48:00.008-07:00

U.S. Henry Hub, NY spot gas down for fourth day | Reuters

NEW YORK, March 15 (Reuters) - U.S. spot

natural gas prices fell across the nation

for the fourth consecutive day on Thursday

as high supplies of the fuel coupled with

slack demand steered prices in key markets

further toward their 30-month lows.  Gas

bound for the U.S. benchmark Henry Hub

NG-W-HH fell another 6 cents, or nearly

3 percent, on Thursday to an average $2.07 per million British thermal units, its lowest price

since September 2009 when prices fell below $2, according to Reuters data.

Deal To Tap Oil Stockpile Denied

2012-03-15T20:46:00.001-07:00

OIL FUTURES: Crude Settles Slightly Lower; US Denies Deal To Tap Oil Stockpile - www.capital.gr

NEW YORK (Dow Jones) -- Oil futures prices were roiled Thursday by a report that the U.S. had reached an agreement to release oil from its emergency reserves -- only to be calmed less than an hour later by a White House denial. A relatively quiet morning was interrupted by a Reuters news service story that the U.K. expected the U.S. to act soon to release oil from the Strategic Petroleum Reserve -- or SPR, the nation's emergency oil stockpile -- in the face of rising prices. The report came a day after President Barack Obama and British Prime Minister David Cameron said they would keep open discussions about a possible release of oil reserves, a U.K. official familiar with the talks said.

Treasury Bonds Rebound

2012-03-15T16:50:00.001-07:00

Treasury Bonds Rebound From Biggest Selloff Since October - WSJ.com

NEW YORK (Dow Jones)--The embattled Treasury bond market showed some signs of life Thursday following the biggest two-day selloff since October.In late afternoon trade, the benchmark 10-year note clawed back most of its earlier losses, trading 2/32 lower to yield 2.281%. The 30-year bond was flat to yield 3.410%. Bond prices move inversely to their yields. Shorter-dated notes did better, with maturities from two years out to seven years posing moderate price gains. The two-year note was 2/32 higher to yield 0.366%.

Capital One has room to run

2012-03-15T15:25:00.001-07:00

Capital One Stock Should Rise as It Raises $1.25 Billion in Cash

We know that traveling Vikings and Jerry Stiller believe that consumers should put Capital One credit cards in their wallets. However, the bank's stock deserves a place in investors' portfolios. After Wednesday's closing bell, Capital One Financial (ticker: COF) announced it would offer $1.25 billion in common stock to partially finance its $2.6 billion acquisition of HSBC Holdings' (HBC) U.S. credit-card operations. Thursday morning the company said it would price the 24.4 million shares at $51.65 each.

iShares Silver Trust is completely tarnished

2012-03-15T15:20:00.001-07:00

Betting on Silver Fatigue

The iShares Silver Trust appears to be tarnished after rising about 20% this year alone. Since shares of the exchange-traded fund hit its 2012 high on Feb. 28, the price has edged lower and recent trading activity suggests interest in the metal is waning.

Sustainable Energy News: Cracking the glass ceiling: Its a start . . .

2012-03-15T14:37:00.001-07:00

Sustainable Energy News: Cracking the glass ceiling: Its a start . . .

Thursday marked International Women's Day, which means, among many other things, that GovernanceMetrics International (GMI) has published its annual Women on Boards report. The survey, which includes data on more than 4,300 companies in 45 countries, concludes that there has been "incremental improvement in most measures of female board representation" since GMI's 2011 report. This year's report marks some milestones for the representation of women on corporate boards, which, according to a 2010 report from GMI, "increases the conscientiousness of board oversight, and leads to more accurate value assessments." For the first time, "women hold more than one in ten board seats globally: 10.5% of the directors in our coverage universe are now women, a 0.7 percentage point increase from last year," according to this year's report.

Cocoa Slumps on Rain, Oil Pares Decline

2012-03-15T13:17:00.001-07:00

Cocoa Slumps on Rain, Oil Pares Decline: Commodities at Close - Bloomberg

Cocoa fell to a one-month low in New York as rains help boost crops in West Africa, bringing the market closer to a second surplus after forecasts for a shortage earlier this year. Sugar advanced.

IMF backs $36.56B Greek aid

2012-03-15T13:13:00.001-07:00

IMF backs $36.56B Greek aid; S&P rates new bonds but holds sovereign rating - The Washington Post

ATHENS, Greece — The International Monetary Fund on Thursday approved €28 billion ($36.56 billion) in funding for crisis-hit Greece over the next four years, while Standard and Poor’s said that the country’s new bonds were still vulnerable to a default.
An IMF’s executive board granted the immediate release of €1.65 billion ($2.15 billion) of these funds as part of the country’s second bailout, a statement said.

MF Trustee Wants to Distribute More Funds to Commodities Clients

2012-03-15T12:55:00.001-07:00

MF Trustee Seeks More Payments to Commodities Clients - WSJ.com

The trustee overseeing the liquidation of MF Global Holdings Ltd.'s MFGLQ 0.00% brokerage Thursday proposed additional payments to commodities clients of the failed broker-dealer, including the first to those with accounts frozen on non-U.S. exchanges. The trustee asked the bankruptcy judge overseeing MF Global to approve a further distribution of up to $685 million, adding about 10 cents on the dollar to the 72 cents already recovered by U.S. customers who held funds on deposit.

Dollar Near 4-Week High

2012-03-15T12:52:00.001-07:00

Dollar Near 4-Week High as Fed Raises Economic Assessment - Bloomberg

The dollar strengthened to an 11- month high against the yen after the Federal Reserve raised its outlook for U.S. growth, reducing expectations the central bank will begin a third round of bond purchases.
The yen fell for a second day versus the dollar as the extra yield received for holding Treasury two-year notes compared with Japanese debt increased to the most since July. Norway’s krone dropped to a one-month low as policy makers unexpectedly lowered interest rates. Britain’s pound rallied against most of its major peers as gilt yields rose to the highest in four months.

France Sells EU 8.46 Billion in Debt

2012-03-15T12:51:00.001-07:00

France Sells EU 8.46 Billion in Debt as Borrowing Costs Fall - Bloomberg

France sold 8.46 billion euros ($11.05 billion) of notes, with borrowing costs falling in yet another sign the European Central Bank’s increased lending is spurring investor demand for the region’s debt.
The notes sold were at the top end of the 8.5 billion euros targeted by Agence France Tresor, the country’s debt-management body. Earlier today, Spain sold 3 billion euros of bonds maturing in 2015, 2016 and 2018, the Bank of Spain said, less than its maximum target for the auction of 3.5 billion euros.

Jobless Claims in U.S. Decrease

2012-03-15T12:49:00.002-07:00

Jobless Claims in U.S. Decrease, Matching Four-Year Low - Bloomberg

Claims for jobless benefits dropped last week to match a four-year low, and U.S. consumer confidence rose to the highest since 2008, signaling an improving labor market may boost household spending. Applications for unemployment insurance payments fell by 14,000 to 351,000 in the period ended March 10, Labor Department figures showed today. The Bloomberg Consumer Comfort Index rose to minus 33.7 from minus 36.7 in the week ended March 11.

Gold Found By Saudi Billionaire’s May Spur Output

2012-03-15T11:10:00.001-07:00

Saudi Billionaire’s Gold Find May Spur Output - Businessweek

National Mining Corp., a closely held company owned by Saudi billionaire Mohammed al-Amoudi, said it found gold deposits in southern Ethiopia that may produce at least 10 metric tons a year, almost doubling national output. Exploration conducted over 15 years shows the Okote site in Ethiopia’s Oromia region has more than 550 tons of gold, of which 73 tons may be ready for extraction within 24 months, Chief Executive Officer Melaku Beza in an interview on March 12 in Addis Ababa, the capital. The company plans to invest $150 million in the initial phase of production, he said.

Man commodity algorithm fund allows human element

2012-03-15T09:48:00.002-07:00

Man commodity algorithm fund allows human element

(Reuters) - Asset manager Man Group aims to attract new institutional and wealthy retail clients with a commodity fund that uses hedge fund techniques and computer models, but in a traditional long-only format.

Risk on, risk off, help me, help you, help me, help you . . .

2012-03-15T09:40:00.001-07:00

Currency Risk Patterns Shifting - TheStreet

NEW YORK (BBH FX Strategy) -- One of the most important developments in the foreign exchange market is the fragmentation of the risk-on/risk-off matrix that was a key feature since the onset of the financial crisis.

MF Global March 12, 2012-Message Regarding Letters of Determination

2012-03-15T02:01:00.002-07:00

(MFG) Client Home

Message Regarding Letters of Determination

Date:

March 12, 2012

At this time, the Trustee has mailed letters of determination to a majority of former MF Global Inc. commodities customers who submitted claims to the Trustee by the January 31, 2012 deadline. Claims continue to be reviewed, and the Trustee will continue to issue determinations to claimants on a rolling basis.

Claimants who have questions about their letters of determinations are encouraged to call the Trustee’s dedicated Determination Call Center Hotline at 888.643.2169 (inside the United States) or 212.837.6038 (outside the United States). By calling the hotline, claimants may speak with a representative of the Trustee to discuss and possibly resolve any difference between the amount that was claimed and the amount that the Trustee allowed.

The Trustee's goal is to resolve questions or disputes regarding determinations informally over the phone whenever possible.

Jefferies to Buy MF Global Warehouse Receipts

2012-03-15T01:56:00.001-07:00

Jefferies to Buy MF Global Precious-Metals Assets - WSJ.com

Investment bank Jefferies Group Inc.'s commodities arm has agreed to buy the gold, silver and other precious-metals assets from the trustee liquidating MF Global Holdings Ltd.'s brokerage business.
James Giddens, the trustee overseeing the liquidation of MF Global's brokerage's commodities business, said in a court filing Monday that an offer from Jefferies Bache Financial Services Inc. is the "best available opportunity" to sell the remaining physical property under his control. Jefferies is buying the warehouse certificates—not the actual gold and silver bars—of MF Global's former commodities customers. At current market prices, those customers would get about $14.5 million from the sale of the certificates, a value of more than 99% of the aggregate current futures value of the metals underlying the certificates.

Daily Treasury Yield Curve Rates

2012-03-15T01:30:00.002-07:00

Daily Treasury Yield Curve Rates

Date	1 mo	3 mo	6 mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	20 yr	30 yr
03/01/12	0.07	0.08	0.13	0.18	0.30	0.43	0.89	1.44	2.03	2.80	3.15
03/02/12	0.06	0.07	0.12	0.17	0.28	0.41	0.84	1.38	1.99	2.77	3.11
03/05/12	0.07	0.08	0.14	0.17	0.31	0.43	0.87	1.40	2.00	2.78	3.13
03/06/12	0.06	0.08	0.13	0.17	0.30	0.40	0.83	1.35	1.96	2.73	3.08
03/07/12	0.06	0.08	0.14	0.18	0.30	0.42	0.85	1.37	1.98	2.76	3.12
03/08/12	0.07	0.08	0.14	0.18	0.32	0.44	0.89	1.41	2.03	2.82	3.18
03/09/12	0.06	0.09	0.13	0.18	0.33	0.46	0.90	1.43	2.04	2.83	3.19
03/12/12	0.05	0.09	0.15	0.18	0.33	0.47	0.92	1.43	2.04	2.82	3.17
03/13/12	0.06	0.08	0.15	0.20	0.35	0.51	0.99	1.52	2.14	2.92	3.26
03/14/12	0.08	0.09	0.15	0.21	0.40	0.60	1.13	1.69	2.29	3.08	3.43

Wednesday Mar 14, 2012

* 30-year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives to a 30-year rate. See Long-Term Average Rate for more information.
Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. As a result, there are no 20-year rates available for the time period January 1, 1987 through September 30, 1993.
Treasury Yield Curve Rates. These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The yield values are read from the yield curve at fixed maturities, currently 1, 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10 year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
Treasury Yield Curve Methodology. The Treasury yield curve is estimated daily using a cubic spline model. Inputs to the model are primarily bid-side yields for on-the-run Treasury securities. See our Treasury Yield Curve Methodology page for details.
Negative Yields and Nominal Constant Maturity Treasury Series Rates (CMTs). Current financial market conditions, in conjunction with extraordinary low levels of interest rates, have resulted in negative yields for some Treasury securities trading in the secondary market. Negative yields for Treasury securities most often reflect highly technical factors in Treasury markets related to the cash and repurchase agreement markets, and are at times unrelated to the time value of money.
As such, Treasury will restrict the use of negative input yields for securities used in deriving interest rates for the Treasury nominal Constant Maturity Treasury series (CMTs). Any CMT input points with negative yields will be reset to zero percent prior to use as inputs in the CMT derivation. This decision is consistent with Treasury not accepting negative yields in Treasury nominal security auctions.
In addition, given that CMTs are used in many statutorily and regulatory determined loan and credit programs as well as for setting interest rates on non-marketable government securities, establishing a floor of zero more accurately reflects borrowing costs related to various programs.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov.
For other Public Debt information contact (202) 504-3550

10-year yield hits 4 1/2-month high

2012-03-15T01:18:00.001-07:00

TREASURIES-Bonds extend losses, 10-year yield hits 4 1/2-month high | Reuters

(Reuters) - U.S. Treasuries extended their rout on Thursday, with the 10-year yield hitting a fresh 4 1/2 month high, as the Federal Reserve's brighter economic outlook and recent stock market strength drove investors out of U.S. debt.

Cocoa Rally Fading

2012-03-15T00:14:00.001-07:00

Cocoa Rally Fading as African Rains Erase Shortage: Commodities - Bloomberg

Rain across parched cocoa plantations in West Africa, which supplies 69 percent of the world’s beans, is leading analysts to pare forecasts for shortages, threatening the biggest rally in a year.

Its gonna be a bumpy landing!

2012-03-15T00:00:00.001-07:00

Chinese Economy Already in ‘Hard Landing,’ JPMorgan’s Mowat Says - Bloomberg

China’s economy is already in a so- called “hard landing,” according to Adrian Mowat, JPMorgan Chase & Co.’s chief Asian and emerging-market strategist.

Investor Hoarding Seen Taking Gold to 12th Annual Gain

2012-03-14T22:38:00.001-07:00

Gold Seen Heading for 12th Annual Gain on Investor Hoarding - Businessweek

Gold is poised for a 21 percent gain in 2012, extending its bull market to 12 consecutive years, as investors hoard record amounts and central banks expand reserves for the first time in a generation.

Bullion may rise to $1,897 an ounce in New York by Dec. 31 from $1,566.80 at the end of 2011, based on the average of 14 respondents in a survey at the Bloomberg Link Precious Metals Conference yesterday in New York. The rally that began in 2001 is the longest since at least 1920 in London, including a 10 percent gain last year.

Copper mining heiress’ jewelry going on the auction block in NYC - Copper been bery bery good to me!

2012-03-14T22:30:00.001-07:00

NEW YORK — Art deco jewelry belonging to a late Montana copper mining heiress is going on the auction block in New York City. Christie’s says the jewelry of Huguette Clark is expected to fetch up to $12 million on April 17.

The auction house says it’s believed the jewelry had been stored in a bank vault since the 1940s. The sale includes signed pieces by Cartier and Tiffany. Highlights include a 9-carat pink diamond ring and a 20-carat D-color diamond ring.

The reclusive Clark was 104 when she died last year at New York’s Beth Israel Medical Center. Her father was Sen. William A. Clark. He built one of America’s biggest fortunes of its day mining copper, building railroads and founding Las Vegas.

Dollar flexes muscles

2012-03-14T22:11:00.001-07:00

Dollar flexes muscles as yields surge | Reuters

(Reuters) - The dollar was holding hefty gains in Asia on Thursday after yet another stellar offshore session, as optimism about the U.S. economic recovery sparked a spike in Treasury yields. The two-year Treasury note yield hit its highest since July, lessening the attraction of using the dollar to fund carry trades and pushing the yen to lows not seen since April.

Italy sees strong bond sale

2012-03-14T21:57:00.001-07:00

UPDATE 2-Italy sees growing market favour after strong bond sale | Reuters

MILAN, March 14 (Reuters) - A successful bond auction by Italy on Wednesday cut the risk premium the country pays compared to Germany to issue 10-year debt and the head of the Italian debt management office said it could fall by much more by the end of the year.
Investors have looked more favourably on Italian sovereign debt in recent weeks, impressed by a reform push by Prime Minister Mario Monti, in contrast to increasing concern about Mediterranean neighbour Spain which is struggling to meet deficit pledges.

Natural Gas Futures End Lower

2012-03-14T20:21:00.001-07:00

US GAS: Futures End Lower On Mild Weather, High Inventories - WSJ.com

NEW YORK (Dow Jones)--Natural gas futures finished lower Wednesday, as mild weather and elevated gas inventories continued to pressure prices. Natural gas for April delivery settled down 1.5 cents, or 0.7%, at $2.284 a million British thermal units on the New York Mercantile Exchange. Futures retreated as focus remained on the slew of weather forecasts calling for above-normal temperatures through the end of March, a sign that the peak winter gas demand season is likely coming to an early close. On Thursday, the Energy Information Administration is expected to report a smaller-than-normal draw in natural gas inventories for the week ended Friday. Some analysts are projecting the first storage build of the year in the following week's report.

US import and export prices rise 0.4 percent in February

2012-03-14T17:13:00.002-07:00

U.S. Import and Export Price Indexes

U.S. import prices increased 0.4 percent in February, the U.S. Bureau of Labor Statistics reported today, as higher fuel prices more than offset declining nonfuel prices. The price index for imports was unchanged in the two previous months. U.S. export prices also rose 0.4 percent in February after a 0.2 percent advance in January.

The red and black

2012-03-14T17:09:00.002-07:00

MF Global U.K. says unclear whether brokerage faces shortfall

March 14 (Bloomberg) -- Directors of MF Global Holding Ltd.’s U.K. unit said they don’t know whether the brokerage is in the red or the black, leaving creditors such as JPMorgan Chase & Co. and Unipec Singapore Pte. uncertain how much they will recover. While the legally required “statement of affairs” from the directors showed about £1.87 billion ($2.93 billion) of assets, compared with liabilities of around £1.77 billion, the directors said they didn’t know how much some assets may be sold for, administrators KPMG LLP said today.

Precious metals started off at a sharply lower price level

2012-03-14T17:07:00.002-07:00

Gold prices fall after stress test, platinum regains premium

The midweek sessions in precious metals started off at sharply lower price levels in the wake of the sentiment that took gold post the Fed announcement that given current economic conditions it has opted to do nothing more than monitor the situation. Gold prices traded as low as just under the pivotal $1,650 support level (to which we alluded last week as ‘being in play’) overnight and they opened with heavy losses that swelled to over $31 an ounce, with the yellow metal touching the $1,641.00 mark in New York within the first half hour of trading action. Such values have not been manifest in circa two months and bring into question the application of the “consolidation” label as no longer applicable to the market.

The names is Bond, James Bond.

2012-03-14T15:06:00.003-07:00

Bond market sees a stronger economy

WASHINGTON—The bond market is betting on a stronger economy. Prices for U.S. Treasury debt plunged for the fifth straight trading session Wednesday, and the yield on the benchmark 10-year note spiked to its highest level since October.

Soybean futures are soaring while corn futures are not looking too bright

2012-03-14T15:02:00.003-07:00

Soybeans Climb to Six-Month High on Chinese Demand; Corn Slides

Soybean futures rose to a six-month high on signs of increasing demand from China and limited supplies from the U.S., where farmers may shift more land to growing corn and wheat. Corn prices fell. The U.S. inspected 15.07 million bushels of soybeans for export to China in the week ended March 8, almost seven times more than the same week last year, the government said March 12. The U.S. Department of Agriculture, which will update acreage estimates on March 30, said last month that soybean planting may be unchanged this year, while farmers boost corn seeding by 2.3 percent and wheat by 6.6 percent.

Soybean futures are soaring while corn futures are not looking too bright

2012-03-14T15:02:00.001-07:00

Soybeans Climb to Six-Month High on Chinese Demand; Corn Slides

UK Looking at 100-Year Bonds

2012-03-14T08:17:00.001-07:00

UK Looking at 100-Year Bonds to Lock in Low Rates - ABC News

Britain is looking at ways of taking advantage of the country's super-low borrowing costs by considering the launch of bonds that would be repaid over 100 years, a senior Treasury official said Wednesday.

MF Global Trustee Attacked by US Senate

2012-03-14T08:14:00.001-07:00

MF Global Trustee Attacked by US Senate Over 'Outrageous' Bonuses | ValueWalk

MF Global Holdings Ltd. is the latest company to fail which is now awarding its top management team bonuses. Unlike the mutli-million follar bonuses for senior management at the too big to fail banks, the MF Global bonuses have only been a paltry few hundred thousand dollars. That has not prevented outrage from both parties in the Senate who have attacked the bonuses to management of the former $40 billion company (in terms of assets).

The Commodities That Move The Stock Markets

2012-03-14T08:12:00.001-07:00

Commodities That Move The Markets

The daily movements in the world's equity markets are influenced by a multitude of factors, ranging from large institutional block trades and program trading to earnings and economic reports. However, one factor that is frequently overlooked is the influence of commodity prices. In fact, fluctuating commodity prices can have a tremendous impact on the earnings of public companies and, by extension, the markets. Read on to learn more about this relationship and why it matters to investors.

Commodities Predict Market Movement

2012-03-14T08:10:00.001-07:00

How Commodities Predict Market Movement

Copper is more than the main ingredient in wire and gold is more than what we wear on our fingers and around our necks. These commodities, along with others like oil and grains, are used by investors to gauge the health and short-term direction of the market, but how does it work? What do commodity prices tell us that we can use as traders?

Gas Futures Bounce Back - Again.

2012-03-14T01:05:00.001-07:00

Gas Futures Bounce Back - WSJ.com

Natural gas for April delivery settled up three cents, or 1.3%, at $2.299 a million British thermal units on the New York Mercantile Exchange. Futures sold off early in the session and remained negative most of the day, but began to bounce back in the early afternoon after support held up at $2.204 a million British thermal units, near the close set Feb. 15, 2002. Prices turned positive just before the end of trading.

Riskless Return Ranking

2012-03-13T21:53:00.002-07:00

Indian Funds Best Gold Deal as Producers Trail: Riskless Return - Bloomberg

As investors from George Soros to John Paulson snapped up bullion amid a decade-long rally, the best gold investment of the past two years was found in India, where funds tracking the metal surged while avoiding the stock market swings that hurt mining companies. The BLOOMBERG RISKLESS RETURN RANKING shows India’s Reliance Gold fund returned 4 percent in the two years ended yesterday when adjusting for price swings, leading a group of exchange-traded products from the country that top a list of 44 gold-related investments, data compiled by Bloomberg show. Globally, ETFs provided the best risk-adjusted returns and company shares the worst.

ADP Makes an Expensive Turkish Landing

2012-03-13T18:04:00.003-07:00

HEARD ON THE STREET: ADP Makes an Expensive Turkish Landing - WSJ.com

What price growth? European companies like Aéroports de Paris are keen to expand into vibrant emerging markets, as domestic economies stutter. The airport operator is paying $874 million for a 38% stake in Turkey-listed TAV Havalimanlari, whose airports have more than doubled passenger volumes in the last five years. But investors should question why ADP is paying a 32% premium for a deal that doesn't give it a seat at the controls.

The Bond Yield Conundrum

2012-03-13T18:01:00.001-07:00

HEARD ON THE STREET: Explaining the Bond Yield Conundrum - WSJ.com

Are safe-haven bond markets on another planet? Risk appetite has come roaring back in 2012 as central banks have provided huge amounts of liquidity, economic data have been better than expected and the euro-zone crisis has receded—with Greece avoiding a disorderly default. But there has been no corresponding selloff in German bunds, U.S. Treasurys and U.K. gilts.

Falling Off the Commodity Supercycle

2012-03-13T17:59:00.001-07:00

HEARD ON THE STREET: Falling Off the Commodity Supercycle - WSJ.com

Discussion of the supposed commodity "supercycle" tends to focus more on the "super" and less on the "cycle." But all true cycles eventually head down. This one could turn in 2014.
The current commodity supercycle can be dated to 1999. The major commodity indexes all hit their lows for the last 20 years early that year or in late 1998. Since then, the S&P GSCI index has risen fivefold, albeit with some wild swings.

The U.S. corn market got the sale it was looking for Tuesday

2012-03-13T17:56:00.001-07:00

China Believed to Make Corn Purchase - WSJ.com

The U.S. Department of Agriculture reported private exporters sold 240,000 metric tons of U.S. corn for delivery to unknown destinations. Commodity traders widely believed the buyer was China. If so, it would be the nation's largest corn purchase this year amid surging demand and rising domestic prices.

No Surprise in Fed’s Statement; Gold Stays Put

2012-03-13T17:31:00.001-07:00

Fed’s Statement Just As Expected; Gold Stays Glum - Focus on Funds - Barrons.com

With U.S. Federal Reserve officials staying the course in Tuesday’s Federal Open Market Committee statement, stocks have kept their gains and mostly shrugged. But the same isn’t true for gold. In an increasingly familiar pattern, gold futures are at session lows and the SPDR Gold Trust (GLD) is down 1% at $163.36 after the FOMC gave no hint of its thoughts, neither “pro” nor “con,” on a third round of so-called quantitative easing, or any potential follow-up for last year’s “Operation Twist.” As we wrote this morning, gold appears increasingly vulnerable to signs that central banks are backing off the easy-money spigot. No news is, apparently, bad news for gold bugs. Eventually, when central bankers start turning the spigot off, gold buyers who piled in seeking refuge from the threat of runaway inflation will need to make a decision. That bout of inflation, so far, has come nowhere near materializing.

Italian-Law International Bonds Interest Paid By Greece

2012-03-13T16:36:00.001-07:00

Greece Says It Paid Interest Due on 1999 Italian-Law International Bonds - Bloomberg

Greece, which last week carried out the biggest sovereign debt restructuring, said it paid the interest due on one of its international bonds yesterday. The nation has 183 million euros ($240 million) of 5 percent bonds due March 2019 outstanding, that were issued in 1999 and pay interest on March 11. The payment date for the 9.1 million euros of interest fell on a Sunday, so the coupons were paid “the next good business day,” Petros Christodoulou, director general of the Athens-based Greek Debt Management Office, said in an e-mailed statement.

Europe's emissions trading scheme torn apart by critics

2012-03-13T14:01:00.001-07:00

EU Emissions Trading Scheme Assailed at FAA Conference

Critics vented frustration with Europe’s emissions trading scheme (ETS) during the FAA Forecast Conference March 8 in Washington, D.C. Leading the chorus of criticism, U.S. Transportation Secretary Ray LaHood hinted that the U.S. government is considering “enforcement measures” to counter the European Union regulation.

The stock market posted it's best day of the year

2012-03-13T13:58:00.001-07:00

Wall Street rallies in best day this year as banks fly | Reuters

(Reuters) - The stock market posted its best day this year, with Tuesday's late spark coming from JPMorgan Chase & Co after the bank announced it will raise its dividend. Stocks gained throughout the session, helped by stronger-than-expected retail sales and benign comments from the Federal Reserve, which said recent strains on financial markets were easing.

FCStone and IB Commodity Operations fined $260,000

2012-03-13T12:55:00.001-07:00

FCStone and IB Commodity Operations fined for supervision violations

Washington, DC -- The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against FCStone, LLC, a Chicago-based registered futures commission merchant, and Commodity Operations Inc., formerly a registered introducing broker in New York, for failing to diligently supervise the account of a floor broker. The CFTC order requires FCStone and Commodity Operations jointly and severally to pay a $260,000 civil monetary penalty and to cease and desist from violating CFTC regulations governing diligent supervision.

MBF Clearing sued by CFTC

2012-03-13T12:51:00.002-07:00

MBF clearing sued by CFTC, accused of not segregating funds

March 13 (Bloomberg) -- MBF Clearing Corp. was sued by the Commodity Futures Trading Commission and accused of failing properly to segregate customer accounts from its own and of violating the Commodity Exchange Act. MBF employees from September 2008 to March 2010 deposited $30 million to $60 million in customer funds into a U.S. government money market fund at JPMorgan Chase & Co. without properly segregating them, the CFTC alleged today in a complaint in federal court in New York.

CFTC Orders Goldman Sachs to pay $7 million

2012-03-13T12:47:00.001-07:00

Goldman Sachs Execution & Clearing to pay $7 million for supervision failures

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that Goldman Sachs Execution & Clearing, L.P. (GSEC), a registered futures commission merchant based in New York, N.Y., agreed to pay a $5.5 million civil monetary penalty and $1.5 million in disgorgement to settle CFTC charges that it failed to diligently supervise accounts that it carried from about May 2007 to December 2009. The CFTC order also requires GSEC to cease and desist from violating CFTC regulations requiring diligent supervision. Additionally, the order states that GSEC represented in its settlement offer that it has made changes in light of the events discussed in the order, including implementing enhanced supervision policies, procedures, and training.

Greece upgraded

2012-03-13T12:45:00.001-07:00

Greece upgraded as Fitch says debt swap reduces default risk

March 13 (Bloomberg) -- Greece’s credit rating was lifted out of the default category by Fitch Ratings on optimism that a debt swap will reduce the risk that the country eventually reneges on its obligations.
Greece was raised four levels to B- from restricted default and given a stable outlook by Fitch, according to an e-mailed statement today in London. New government bonds have a B-rating, while debt that is not governed by Greek law has a C rating pending settlement on April 11, Fitch said.

Is the Harm Caused by MF Global Permanent?

2012-03-13T12:39:00.001-07:00

US futures group: unclear if MF Global harm permanent | Reuters

(Reuters) - The head of the U.S. Futures Industry Association said on Tuesday it was difficult to tell whether the sector had been permanently damaged by the failure of broker MF Global, which shook traders' confidence in the markets.

Corn rallies on export optimism

2012-03-12T23:38:00.007-07:00

GRAINS-Corn rallies on firm cash markets, export optimism | Reuters

CHICAGO, March 12 (Reuters)

- U.S. corn futures
climbed for a second

straight session on Monday as

tight supplies of grain harvested last autumn and strong cash markets

rallied the benchmark May contract more than 2 percent, the strongest

gain in nearly three months.

Bond Trading Revives Banks

2012-03-12T23:33:00.001-07:00

Bond Trading Revives Banks - WSJ.com

One of Wall Street's most important profit engines is revving back up. Rising appetites for borrowing and investing are fueling a bond market revival, lifting revenue at Wall Street firms that took a beating last year. For the first time in a year, traders and bankers are optimistic about the future following a dark second half of 2011. Layoffs, pay cuts and public outrage against the financial industry undermined morale at banks and securities firms, while economic malaise throttled banking and trading businesses.

But with investors and companies putting more money to work, the mood is brightening.

Gains in the financial firms' fixed-income businesses, which can account for as much as half of revenue, are putting companies including Goldman Sachs Group Inc., Morgan Stanley and the J.P. Morgan unit of J.P. Morgan Chase & Co. on track to report their strongest numbers since the first quarter of 2011, said bankers and analysts.

New Greek Bonds, Same Old Doubts Prices of New Debt Keep the Country Deep in the Realm of Highly Speculative Investments; an 18.6% Yield

2012-03-12T23:26:00.001-07:00

New Greek Bond Prices Heavily Discounted - WSJ.com

LONDON—Greece's new government bonds, issued as part of the country's huge debt restructuring, hit the market Monday—and confirmed that few investors think Greek prospects are bright. Even though the exchange, when fully completed, will cut €100 billion, or about $130 billion, off of Greece's debt stock and lower its interest payments on much of the rest, there is still broad pessimism that Greece will ever pay it all back. Yields on the new Greek bonds are the highest in the euro zone; the shortest-dated Greek bond, which matures in 11 years, was yielding 18.6% on Monday, according to Tradeweb.

Beware the ides of March

2012-03-12T23:13:00.000-07:00

Commodities, financials turn on jobs data, Greek bailout

"Beware the Ides of March." In the William Shakespeare play, a soothsayer warns Julius Caesar, but Caesar pays no heed and is ceremoniously killed. I will play the role of the soothsayer here, warning the investing public to beware the Ides of March. The markets are susceptible to changes in the global financial environment as evidenced by the reports of a resolution of the Greek debt crisis and an improved labor situation.

EBC's bond-buying program is currently on life support

2012-03-12T13:34:00.001-07:00

ECB just barely dips toe into bond markets

(Reuters) - The European Central Bank showed that its bond-buying program is on life-support rather than dead as it spent a meager 27 million euros on government bonds after a three-week pause, ECB data showed on Monday. Traders have said the ECB had stepped in to buy small amounts of Portuguese government bonds in secondary debt markets, halting a steep rise in the country's debt yields.

Copper falls for the first time in four days

2012-03-12T13:30:00.001-07:00

Copper falls after 3-day rally, hurt by dollar, growth

(Reuters) - Copper fell for the first time in four days on Monday, pressured by an early rally in the dollar versus the euro and by worries global growth may be slowing, which could hurt demand for industrial metals. China, which accounts for 40 percent of the world's copper demand, posted its largest trade deficit in at least a decade. That spurred worries of slower growth in the world's second largest economy.

Greece pushes through the biggest sovereign restructuring in history,

2012-03-12T12:38:00.001-07:00

Portugal yield at 13% says Greek deal not unique

March 12 (Bloomberg) -- The good news is Greece won’t default on March 20, and 10-year borrowing costs for Spain and Italy dropped below 5%. The bad news is similar-maturity Portuguese bonds still yield more than 13%. Last week, Greece pushed through the biggest sovereign restructuring in history, with private holders forgiving more than 100 billion euros ($131 billion) of debt, a condition for the nation to win the bailout it needs to repay 14.5 billion euros of debt coming due next week.

When will high gas prices impact stocks?

2012-03-12T11:43:00.001-07:00

Stocks Ignore Surging Gas Prices. Will it Last?

Crude-oil prices remain well above $100 a barrel, gas prices are on the rise and economists worry surging energy costs could undermine the economic recovery. That said, the stock market has shown relatively few signs of giving up this year’s sharp gains.

It's the end of the road for smaller hedge funds

2012-03-12T11:26:00.001-07:00

Smaller hedge funds reach the end of the road

The hedge fund industry faces a wave of consolidation this year, with some management firms seeking a buyer and many more shutting down, after failing to recover losses incurred during the financial crisis. Peter Clarke, chief executive of listed hedge fund manager Man Group, said: “A lot of people are looking for the shelter of a bigger firm, the level of activity is very, very high. A large proportion [of the hedge fund industry] is sub-scale, and institutional investors want scale.

China's trade deficit dropped to a 22-year low on factory output

2012-03-12T11:21:00.000-07:00

Oil hit by falling China trade deficit

China's trade deficit dropped to a 22-year low on lower factory output and weaker retail sales rating concerns that China may be heading for a hard landing. According to Bloomberg News, Eeports from China rose 18.4% last month from a year earlier, while imports gained 39.6%. Analysts forecast a 31.1% increase in overseas sales and that inbound shipments would rise 31.8%, based on estimates from Bloomberg News surveys. Oil prices fell hard after the number but it is really unclear that this is actually bullish or bearish for prices.

Vietnam set to unload more coffee

2012-03-12T08:21:00.001-07:00

Asia Softs-Vietnam set to unload more coffee, sugar premiums steady | Agricultural Commodities | Reuters

SINGAPORE, March 12 (Reuters) - Vietnam, the world's largest robusta producer, could unload more beans to the physical market this week on worries that London futures may fall further because of the prospect of a record global crop, dealers said on Monday. World coffee production is projected to rise to all time high at 146 million (60-kg) bags in 2012/13, up 11 million bags from 2011/12, CoffeeNetwork analyst Andrea Thompson said on Friday.

Dollar holds gains in Asia

2012-03-11T21:54:00.001-07:00

Dollar holds gains post-jobs data; Fed, BOJ eyed | Reuters

(Reuters) - The dollar hovered around three-week highs against a basket of major currencies in Asia on Monday, having gained ground late last week after upbeat U.S. jobs data was seen lessening the chance of fresh stimulus from the Federal Reserve this week.

Euro Zone Debt - Not All Toxic

2012-03-11T21:49:00.001-07:00

Bond Opportunity Amid Debt Debacle - WSJ.com

Against what would appear to be insurmountable odds, and in the midst of a once-in-a-generation sovereign-debt debacle, the European corporate bond market is thriving. And according to industry experts, that is not at all surprising.

Greece Defaults - World Does Not End

2012-03-11T21:44:00.001-07:00

Review & Outlook: Greece's Credit Non-Event - WSJ.com

So after all the weeks of angst and protest, Greece was able to restructure its debt. But it couldn't do so without imposing losses on unwilling creditors, and so late Friday the International Swaps and Derivatives Association declared that Greece had defaulted at last, triggering among other things credit default swaps on Greek debt. The world did not end. Credit default swaps (CDS) are a form of insurance against a bond defaulting. They are private contracts between private parties, even if the bond insured against is issued by a government.

Beware the Safety Catch for Bond Buyers - There Is No Perfect Hedge

2012-03-11T21:42:00.001-07:00

HEARD ON THE STREET: Beware the Safety Catch for Bond Buyers - WSJ.com

There is no such thing as a perfect hedge. That is one lesson from Greece's debt exchange, even if the maneuver triggers a form of insurance meant to protect bondholders from losses.
An initial attempt by Greece to circumvent that insurance has raised lasting doubts about how effective it is for hedging sovereign debt. It turns out, though, that investors can't always count on credit default swaps for protection in even seemingly safe areas like U.S. corporate bonds.

India Ends Cotton Export Ban

2012-03-11T21:35:00.001-07:00

India Decides to End Cotton-Export Ban After Protests From Growers, China - Bloomberg

India, the world’s second-biggest cotton producer, scrapped a one-week-old ban on exports of the fiber after protests from growers, traders and China, the nation’s largest customer. Prices dropped.
“Keeping in view the interests of the farmers, industry, trade, a balanced view has been considered by the Group of Ministers to roll back the ban,” Trade Minister Anand Sharma said in an e-mailed statement yesterday.

Turkish Banks Expand Lending

2012-03-11T21:21:00.001-07:00

Covered Bond Debut Lures UniCredit as Banks Expand Lending: Turkey Credit - Bloomberg

Turkish banks are winning the confidence of Italy’s biggest lender as it leads the nation’s first sale of asset-back securities known as covered bonds. UniCredit SpA’s Turkish joint venture is underwriting a program for Istanbul-based Sekerbank TAS (SKBNK) to raise 800 million liras ($448 million) through arranging the sale of securities backed by loans to small and medium-sized businesses in Turkey. UniCredit bought 117.6 million liras of the covered bonds to sell on to foreign lenders after underwriting the equivalent of 408 million liras of the same debt last year, Sekerbank said in a March 8 filing with the Istanbul Stock Exchange.

Coffee falls as record crop looms

2012-03-11T21:11:00.001-07:00

SOFTS-Arabica coffee falls as record coffee crop looms | Reuters

NEW YORK/LONDON, March 9 (Reuters) - Arabica coffee futures on ICE Friday retreated toward the 16-month low set earlier this week as prospects of a record global crop in 2012/13 threw the market on the defensive. ICE cocoa extended the gains from its technically driven surge of Thursday, while sugar drifted lower in dull dealings.

Hedge Funds: A Day Late and a Dollar Short?

2012-03-11T20:42:00.001-07:00

Hedge Funds Trim Bullish Bets Before Prices Rally on Economy: Commodities - Bloomberg

Hedge funds reduced bets on higher commodity prices for the first time in seven weeks after China cut its growth target, just as prices rallied on signs the U.S. economy is improving and Greece is containing its debt crisis. Money managers reduced combined bullish positions across 18 U.S. futures and options by 1.1 percent to 1.17 million contracts in the week ended March 6, Commodity Futures Trading Commission data show. Investors cut bets on copper by the most in two months and those on oil by the most since December. China uses more copper and energy than any other nation.

MF Global Rattles Traders' Cage

2012-03-11T20:10:00.001-07:00

MF Global Case Rattles World of Futures - WSJ.com

The closely knit futures industry has confronted scandals before, but the collapse of MF Global Holdings Ltd. still has seasoned brokers and exchange officials on edge. Confusion over what went wrong at MF Global and how it could have been prevented have prompted some of the world's biggest agricultural trading firms to consider dumping brokerage middlemen and bringing their business in-house, to avoid being caught up in another such debacle.

Currency Trading at $5 Trillion a Day

2012-03-11T13:58:00.002-07:00

Currency Trading at $5 Trillion a Day Surpassed Pre-Lehman High, BIS Says - Bloomberg

Currency trading may have risen to a record $5 trillion a day in September, surpassing the peak reached before Lehman Brothers (LEHMQ) Holdings Inc.’s collapse in 2008, according to the Bank for International Settlements. Trading then declined to about $4.7 billion a day in October and is likely to have fallen considerably in early 2012, the Basel, Switzerland-based bank said in a report. The BIS said it derived its estimates from supplementing the data in its foreign-exchange survey, which is undertaken every three years, with information collected from central banks and electronic- trading platforms.

Continued drought in West Texas could help Arkansas farmers

2012-03-11T13:09:00.001-07:00

Corn rising as cotton declines in Arkansas

JONESBORO, Ark. - For the 2012 crop year, corn and cotton acreage in Arkansas may converge at the 600,000-acre mark, but from different directions, according to Scott Stiles of Jonesboro, Extension economist for the University of Arkansas System Division of Agriculture. "The recent National Cotton Council survey indicated that Arkansas' 2012 cotton acreage may dip to 619,000, down from 680,000 last year," Stiles told the University of Arkansas Extension service. "Questions remain as to how many corn acres we will gain in the state. Last year we had 560,000. The most recent high in corn acreage was 610,000 in 2007."

Goodbye Greece, Hello . . . Iceland?

2012-03-11T12:41:00.001-07:00

Iceland Will Adopt Euro or Other Currency, Prime Minister Says - Bloomberg

Iceland will either adopt the euro after joining the European Union or drop the krona and unilaterally adopt another currency as “the situation can’t remain unchanged,” said Prime Minister Johanna Sigurdardottir. “The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country or become a member of the EU,” Sigurdardottir said in a speech delivered at a Social Democrat Alliance party convention today in Reykjavik, the capital. EU membership will allow Iceland to “cooperate with EU countries as a sovereign nation, which has a say in the decision and policy making in all fields of cooperation.”

The pros and cons of an all electronic cashless society

2012-03-11T11:58:00.001-07:00

The pros and cons of ditching cash for electronic currency - The Washington Post

I was quite intrigued by the mobile money world Wolman advocates in his book “The End of Money: Counterfeiters, Preachers, Techies, Dreamers — and the Coming Cashless Society.”

Can a case be made for paying bonuses at MF Global? MF What?

2012-03-11T01:31:00.001-08:00

Conflicts are no bonus

The story has been making the rounds of various wire services and MF Global forums. Obviously and appropriately this is causing outrage by those involved with MF Global, particularly those that are still waiting for their money to be returned. The outrage is fair but we have seen this before with bankrupt firms like American Insurance Group (AIG). However, there is a more disturbing element to this. The decision on any bonuses received apparently will be made by MFGH trustee Louis Freeh. Freeh has been negotiating what information he will release to the various Federal investigators looking into the MF Global mess. It has always seemed odd to us that with an ongoing criminal investigation a government appointed trustee can determine what information he will release, particularly when you examine the different roles the two trustees are playing.

Robert Charles' Current Barclay's Hedge Performance Report

2012-03-10T14:15:00.001-08:00

Robert Charles' Current Barclay's Hedge Performance Report

Robert Charles's Updated Barclay's Hedge Performance Report Thru February 2012

2012-03-10T13:18:00.006-08:00

Research on Hedge Funds, Fund of Funds, and Managed Futures | Alternative Investments

Barclay’s Managed Futures (CTA) Database Contains Comprehensive and Up-to-Date Information on 1153 CTA Programs - Incuding Robert Charles' Diversified Trading Program.

Gold Wagers Hit $131 Billion

2012-03-10T09:27:00.002-08:00

Gold Bulls Strengthen as Wagers Hit $131 Billion - Businessweek

Gold traders are the most bullish in four months after investors accumulated more metal than ever and hedge funds raised bets on gains to a five-month high. Sixteen of 23 analysts surveyed by Bloomberg expect prices to gain next week and one was neutral, the highest proportion since Nov. 11. Investors increased their holdings in exchange- traded products backed by bullion for seven consecutive weeks and now hold 2,407 metric tons valued at $131 billion, data compiled by Bloomberg show.

Oil Risks Worsening EU Recession

2012-03-10T09:24:00.001-08:00

Draghi Oil Dilemma Risks Worsening Recession: Euro Credit - Bloomberg

European Central Bank President Mario Draghi is trapped between accelerating inflation and slowing growth, making it hard for him to defend countries such as Italy and Spain from the ravages of recession. The central bank yesterday revised its inflation forecast for the euro area to an average rate of 2.4 percent this year, up from a December prediction for prices to rise by 2 percent. The new projections show the economy may contract 0.1 percent, down from a previous forecast for 0.3 percent growth.

Hedge Fund News Snapshot

2012-03-10T08:44:00.001-08:00

HFMWeek Daily Snapshot - 9 March | Hedge Fund Manager

Goldman Sachs began this month unwinding its investments in hedge funds to comply with the Volcker Rule’s ban on banks holding more than 3% of the assets of any single fund, the WSJ reports. The process will take more than two years. It will redeem up to 10% of its stakes in certain hedge funds each quarter over ten consecutive quarters, starting in March 2012 and ending in June 2014. Goldman detailed its plans in a correspondence with the SEC last June. The regulator asked the bank to disclose the extent to which hedge fund and private-equity investing had been terminated or disposed of as well as steps the firm planned to take.

Illinois man charged with commodities fraud of over $1 million from at least 18 individuals

2012-03-09T20:00:00.003-08:00

CFTC charges Ill. man with commodity pool fraud

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a civil enforcement action against Christopher Varlesi of Chicago, Ill., individually and doing business as Gold Coast Futures and Forex (Gold Coast). The CFTC is charging Varlesi with fraudulently operating a commodity pool to trade commodity futures and off-exchange foreign currency (forex) contracts. The CFTC complaint also charges Varlesi with making false statements to pool participants, misappropriating pool funds, and failing to register as a commodity pool operator. On March 8, 2012, U.S. District Court Judge Robert M. Dow, Jr. entered an emergency ex parte restraining order freezing Varlesi’s assets. The order also prohibits him from destroying or altering books and records. The judge set a hearing date for March 15, 2012.

Bonuses recommended for MF Global Holdings executives

2012-03-09T19:57:00.001-08:00

MF Global Holdings executives to get bonuses if court approves

March 9 (Bloomberg) -- The MF Global Holdings Ltd. executives who oversaw the company before it failed last year should get bonuses this year if a bankruptcy court approves, said Frank Piantidosi, an adviser working with the trustee, Louis Freeh. The compensation packages are still being prepared, and would apply to three top executives: Bradley Abelow, Chief Operating Officer; Laurie Ferber, General Counsel and Henri J. Steenkamp, Chief Financial Officer, Piantidosi of Freeh Group International Solutions LLC said in an e-mail.
“The value that Brad, Henri and Laurie bring by helping to liquidate and recover assets for the estate outweighs the cost to retain them,” Piantidosi said. It would cost more to replace them with outside consultants less familiar with MF Global’s operations, he said.

CFTC to boost high-frequency trading firm oversight

2012-03-09T19:28:00.001-08:00

Boost high-frequency trading firm oversight, CFTC’s Chilton says

March 9 (Bloomberg) -- Creating a registration category for high-frequency trading firms that buy and sell rapidly will help U.S. regulators determine whether new rules should be imposed on them as a group, according to Bart Chilton, a Democrat at the Commodity Futures Trading Commission (CFTC). Private automated trading companies and units in banks that rely on split-second timing to implement strategies should register as high-frequency traders so regulators know who they are and what they’re doing, CFTC Commissioner Chilton said in an interview during a TradeTech conference in New York yesterday. While banks and brokers are already regulated, some proprietary firms aren’t overseen by anyone, he said.

Gross reduces Treasuries

2012-03-09T19:25:00.001-08:00

Gross reduces Treasuries for first time in year from fund

March 9 (Bloomberg) -- Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., cut holdings of Treasuries last month for the first time since eliminating the securities from his portfolio in February 2011. Gross raised the proportion of U.S. government securities in Pimco’s $252 billion Total Return Fund to 37 percent of assets, from 38 percent in January, according to a report on the company’s website. He raised mortgages to 52 from 50 percent, the highest level since June 2009. Pimco doesn’t comment directly on monthly changes in its portfolio holdings. U.S. government-backed mortgage bonds have returned 0.59 percentage point more than similar-duration Treasuries this year through yesterday, according to Barclays Capital index data. Mortgages have gained in part on speculation the Federal Reserve may expand purchases of the securities as part of its stimulus measures to keep the economic recovery going.

Latest Financial News Headlines

2012-03-09T18:51:00.001-08:00

News Viewer - MarketWatch

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Prices fall after government data show the U.S. economy added more jobs than analysts had expected last month. Full Story

10 Year Treasury Note

2.03 0.00 0.00%

30 Year Treasury Bond

3.19 +0.00 +0.13%

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Dow ends 0.4% lower for week
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Nasdaq Composite rises 18 points to 2,988
4:02p

S&P 500 adds 5 points to 1,371
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Dow industrials up 15 points at 12,923
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Pandora’s mobile-advertising market bane
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Gold settles 0.8% higher at $1,711.50 an ounce
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Natural Gas Bounces off 10 Year Low

2012-03-09T18:42:00.001-08:00

US GAS: Futures Bounce Off 10-Year Low In Down Weak - WSJ.com

NEW YORK (Dow Jones)--Natural-gas futures settled 2.3% higher Friday, but the market remains pessimistic with prices just pennies above 10-year lows. The modest gain followed selloffs that sent prices down to the lowest level since mid-February 2002 in each of the past two days. Friday's book-squaring isn't a sign of recovery, traders said. "This doesn't change the picture, we're going to grind lower" especially as demand typically eases in the spring, said Gene McGillian, analyst and broker at Tradition Energy in Stamford, Conn. "There's nothing on the horizon to suggest a rally is in the works."

NYSE Euronext Volume Rises on Cocoa

2012-03-09T13:26:00.001-08:00

NYSE Euronext Commodities Trading Rises in February on Cocoa - Bloomberg

Commodities daily trading on NYSE Euronext (NYX) advanced 0.7 percent in February from a year earlier as increased buying and selling of cocoa and sugar futures and options compensated for a drop in wheat trading.
Daily trading averaged 87,440 commodity contracts on NYSE Liffe in Europe last month, up from 86,830 contracts in February 2011, online data published by the exchange today showed. Daily trading jumped 16 percent from January.

ISDA Activates Greek Credit-Default Swaps

2012-03-09T13:14:00.002-08:00

Greek Credit-Default Swaps Are Activated - NYTimes.com

Greece’s debt restructuring will prompt payouts on credit-default swaps tied to the country’s government bonds. The decision by the International Swaps and Derivatives Association ends months of speculation that Greece’s default might not set off the swaps, a result that could have undermined their role as insurance against debt defaults.

Is a War With Iran Already Priced Into Oil?

2012-03-09T13:08:00.001-08:00

Have Oil Speculators Already Priced In War With Iran? - Businessweek

The last time the price of Brent crude closed below $100 a barrel was Oct. 6, 2011. It’s since gone up nearly 30 percent, to a high of $126.20 on March 1. Tensions over Iran’s nuclear program have people spooked that a potential attack would disrupt the country’s 2.2 million barrels of daily oil exports. And so money has been pouring into oil futures contracts, driving up the price without any significant change in the underlying supply-and-demand fundamentals. Only the threat of one.

So who’s buying?

March 6, 2012 Commitments of Traders Charts

2012-03-09T13:02:00.001-08:00

Current Commitments of Traders Charts

Based on CFTC weekly report.
(Weekly as of October 2000.)
08 Mar 11 - 06 Mar 12

Battle over gold in a house of God

2012-03-09T12:57:00.001-08:00

In India, battle continues over Hindu temple's riches - latimes.com

Nothing inspires passions and paranoia like a disputed fortune, and this one not only belongs to a god, but also is worth an estimated $21 billion, more than India's annual education budget.

Latest Market News Headlines

2012-03-09T07:44:00.005-08:00

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10 Year Treasury Note

2.05 +0.04 +1.74%

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Bond investors skeptical of jobs gains
10:11a
Stocks rise, gold slides on U.S. jobs report
10:07a
Ann, Aeropostale up; Quiksilver drops on loss
10:06a
Best U.S. employment growth in 12 years
10:02a
Anadarko tops energy gainers on Algeria tax deal
10:00a
U.S. wholesale inventories up 0.4% in January

How to arbitrage volatility

2012-03-08T23:19:00.002-08:00

Paul Wilmott on Quantitative Finance, Chapter 12, How to arbitrage volatility - YouTube

Learne how to make money by trading on the differences between actual and implied volatility. One choice you have to make is whether to hedge using implied or actual volatility; they have different consequences in final profits and how you get there.

The Latest Market News and Headlines For March 8, 2012

2012-03-08T22:32:00.004-08:00

News Viewer - MarketWatch

News Viewer

Latest News Top Stories Market Pulse Realtime Headlines Blogs

1:15a
Greece to activate collective action clause:report
1:08a
Greece says 85.8% accept bond swap offer:reports
1:08a
Japanese stocks close at best level since August
1:02a
Nikkei Stock Average closes up 1.7% at 9,929.74
12:58a
China Jan-Feb industrial output below estimates
12:55a
Australian shares gain on Greek optimism
12:35a
China Jan-Feb retail sales +14.7% on-year
12:35a
China Jan-Feb industrial output +11.4% on-year
12:16a
Dollar gains versus major rivals
12:12a
Australia's S&P/ASX 200 closes up 1% at 4,212.00
12:06a
Japan's Nikkei Stock Average hits 10,000
12:02a
Don’t count on stocks as an inflation hedge
12:02a
Be prepared for the eviction process
12:02a
Greece travel today: hotel deals, strike delays
12:01a
5 of the world’s cheapest dividend-paying stocks
12:01a
Silver’s fresh swings call for a winning strategy
12:00a
For Yelp investors, it’s look out below
12:00a
Education pays off for investors and students
3/8
Gold rises above $1,700 in Asian trading
3/8
Australia’s battle against floods in pictures
3/8
Asia markets rise, Japanese stocks jump
3/8
China Feb consumer price rise weakens to 3.2%
3/8
Toray to boost carbon fiber production
3/8
China Communications makes strong debut
3/8
Videogame sales slide again in February
3/8
Buy the bulwarks
3/8
Stocks to watch Friday: Starbucks, Carnival
3/8
Zynga makes pitch to game developers
3/8
Plantronics launches 1M share buyback plan
3/8
Ebay CEO received compensation increase last year
3/8
Hong Kong shares advance in early trading
3/8
China Feb consumer prices up 3.2%, below estimates
3/8
China February producer prices at 0.0% on year
3/8
China Feb. consumer prices rise 3.2% on year
3/8
Hong Kong's Hang Seng Index up 0.1%
3/8
Exxon chief sees oil markets well-supplied
3/8
Taking the high ground on China hukou reform
3/8
Brazilian stocks rise after deep interest-rate cut
3/8
China still has inflation pressure: regulator
3/8
China rates reportedly ripe for liberalization
3/8
Shanghai tightens rules on stock debuts
3/8
Westpac taps Frazis to lead St George Bank
3/8
Qantas ends Malaysian Airlines JV talks
3/8
Insurance Australia to cut 600 jobs
3/8
Chalco planning private share placement
3/8
Singapore Airlines offers unpaid leave to pilots
3/8
Australia swings to trade deficit in January
3/8
Australia posts Jan trade deficit of A$673 mln
3/8
What Netflix CEO Hastings should be doing
3/8
Japanese shares climb sharply in early trading
3/8
Dollar buys 81.57 yen
3/8
Nikkei Stock Average up 1.5% at 9,911.07
3/8
Quiksilver loss widens; shares slide
3/8
Aeropostale bet falls 69% as margins weaken
3/8
Sun Life sets targets 20-fold rise in earnings
3/8
Palladio, Sator extend offer deadline on Premafin
3/8
Dow Chemical CEO: less need to go offshore
3/8
Verisign: Internet domain names grew 2.7%
3/8
ILFC signals aircraft charges under stress tests
3/8
Verizon Wireless to shut help sites, cut jobs
3/8
ILFC signals aircraft charges under stress tests
3/8
Comtech profit falls 64% as revenue declines
3/8
Ulta profit jumps 54%; $1 dividend declared
3/8
Molycorp agrees to acquire Neo Material
3/8
Renren swings to profit; ad sales slump
3/8
Boston Scientific to buy maker of defibrillators
3/8
At&T said to hold talks on sale of Yellow Pages
3/8
Facebook adds 25 new banks to IPO underwriters
3/8
Citi CEO Pandit's compensation valued at $15 mln
3/8
Starbucks unveils single-cup coffee brewer
3/8
After Greece, 10-year yields may hit 4-month high
3/8
Australian shares advance in early trading
3/8
S&P/ASX 200 index up 0.4% at 4,185.70
3/8
Cerus's French connection
3/8
Green Mountain off late-session lows, down 15%
3/8
Starbucks downplays Green Mtn. Keurig competition
3/8
When stock funds sneeze, investors shiver
3/8
House OKs jobs bill in strong bipartisan vote
3/8
Starbucks will continue Green Mt. relationship
3/8
Altera narrows Q1 outlook
3/8
Smith & Wesson swings to Q3 profit
3/8
Starbucks shares rise, TI declines after hours
3/8
Financial stocks rise as Greece fears ease
3/8
Greek bond swap concluded successfully
3/8
Texas Instruments cuts view, shares slip
3/8
Updates, advisories and surprises
3/8
Starbucks up, Green Mountain dives after hours
3/8
U.S. stocks rise with outlook for Greece debt swap
3/8
Thursday’s biggest gaining and declining stocks
3/8
Starbucks shares extend gains, up 3.2%
3/8
Euro zone’s woes can’t dampen car party
3/8
Zumiez Q4 profit rises 25% on strong sales growth
3/8
Texas Instruments cuts outlook citing weak demand
3/8
Exxon dips on production view; energy stocks up
3/8
Aeropostale profit falls, offers weak outlook
3/8
TI lowers Q1 rev outlook to $2.99 bln-$3.11 bln
3/8
Texas Instruments sees Q1 EPS of 15c-19c
3/8
Senate kills attempt to approve Keystone pipeline
3/8
Starbucks shares edge up 0.6% after hours
3/8
Green Mountain Coffee shares slide 19% after hours
3/8
Starbucks to sell single-cup coffee brewer
3/8
Senate kills attempt to approve Keystone pipeline
3/8
Markets see Greek drama ending … maybe
3/8
U.S. stocks rise on confidence in Greek debt swap
3/8
Techs join rally on Greece optimism
3/8
Aeropostale Q4 revenue $808.4 mln vs $839.3 mln
3/8
Aeropostale Q4 profit 32c a share vs 95c a share
3/8
Nasdaq Composite rises 1.2% to 2,970
3/8
Dow industrials rise 71 points to 12,908
3/8
Zumiez Q4 revenue $183.9 mln vs $156.2 mln
3/8
S&P 500 adds 1% to 1,366
3/8
Solar-flare blues
3/8
Dow industrials rise 71 points to 12,908
3/8
Zumiez Q4 net income 60c vs 49c
3/8
U.S. stocks close higher on Greek swap hopes
3/8
Oil gains on optimism over Greece deal
3/8
UPS shares gain on report of imminent TNT deal
3/8
Treasurys fall on Greece debt-deal optimism
3/8
U.S. stocks rise to session highs; Dow up 91 pts
3/8
Dollar falls on optimism over Greece, ECB
3/8
Job gains seen topping 200,000 in February
3/8
Six tricks to spend less, save more for retirement
3/8
Solar storm could disrupt travel, power grids
3/8
Don’t sit there, seize the momentum
3/8
Thursday’s biggest gaining and declining stocks
3/8
Trick yourself into spending less, saving more
3/8
Gold up on optimism over Greek-debt deal
3/8
Oil ends higher; natural gas at 10-year low
3/8
Oil ends 0.4% higher at $106.58 a barrel
3/8
What Pat Robertson and Willie Nelson have in common
3/8
Starbucks steams past $50 a share
3/8
McDonald's: Buying on the dip
3/8
Post-bubble first: Household debt climbs
3/8
Canadian stocks rise on Greece debt deal hopes
3/8
Americans borrow for college, not for housing
3/8
Canada hot stocks: NAL, Trinidad, Dollarama
3/8
Gold ends 0.9% higher on Greek hopes
3/8
Time Inc. hires Bain & Co. to aid growth plans
3/8
Gold settles 0.9% higher at $1,698.70/oz
3/8
U.S. worried about job data leak: report
3/8
Euro gains won't last; Curry sees drop to $1.262
3/8
Exxon says 2012 production to decline 3%
3/8
Abbott's FreeStyle glucose monitor has FDA nod
3/8
Ffender guitars seek spotlight in IPO
3/8
General Dynamics names Novakovic President
3/8
House OKs bill aimed at growing small companies
3/8
House OKs bill aimed at growing small companies
3/8
Clock running down on the great Greek bond swap
3/8
Solar storm bears down on Earth
3/8
Resource stocks lift FTSE 100; Greek deal in focus
3/8
FHA commissioner says agency won’t need bailout
3/8
Participation in Greek debt deal over 75%: AP
3/8
European stocks rally as Greek debt deal looms
3/8
Japan’s tsunami, quake reverberate one year later
3/8
Q4 household debt up 0.3%: Fed flow-of-funds data
3/8
Household debt gain first since Q2 2008
3/8
Mortgage debt fell 1.5% in Q4
3/8
2011 total nonfinancial debt was $38.3 trillion
3/8
Q4 corporate cash stockpile at $2.2 trillion
3/8
U.S. stocks drift higher on Greece swap hopes
3/8
Household debt up for first time since recession
3/8
Q4 household debt up 0.3%: Fed flow-of-funds data
3/8
Household debt gain first since Q2 2008
3/8
Mortgage debt fell 1.5% in Q4
3/8
2011 total nonfinancial debt was $38.3 trillion
3/8
Q4 corporate cash stockpile at $2.2 trillion
3/8
Greek bond participation rate tops 75%: WSJ
3/8
ECB to again accept Greek bonds as collateral
3/8
75% of private investors OK Greek debt deal: WSJ
3/8
Treasury sells $6 bln AIG shares; AIG buys half
3/8
Plunge protection team hedging on Greece
3/8
DKSH offering may revive Europe's IPO market
3/8
Draghi hails LTRO, puts onus on banks, politicians
3/8
LVMH watch brands expect strong sales for 2012
3/8
Nationstar Mortgage opens down 3.1% post-IPO
3/8
Freddie Mac: Mortgage rates dropped over past week
3/8
Exxon: 2012 production to decline 3%
3/8
S&P: Potential downgrades slip 0.8% in Feb.
3/8
Apache CEO: Natural gas prices seen as stable
3/8
UCPS: Lenovo agrees to recall 50,500 computers
3/8
Exxon Mobil's 5-year development price tag: $185B
3/8
Rite Aid's same-store sales up for month, quarter
3/8
Weaker sales hit Stein Mart's profit; shares fall
3/8
Coach jumps after CEO says business trending well
3/8
Kirkland's drops 5% in wake of results, outlook
3/8
Treasury to sell $66 billion next week
3/8
Hi-Tech Pharmacal's shares fall following results
3/8
Navistar's shares down 5% amid production issues
3/8
Dynegy's loss widens on charge, lower prices
3/8
CIT buys $200 million portfolio of aircraft loans
3/8
Biggest solar storm in five years hits Earth
3/8
Natural gas back at 10-year lows after supply data
3/8
U.S. jobless claims rise to five-week high
3/8
15-year fixed-rate mortgage hits record low
3/8
Natural gas futures turn lower after supply data
3/8
Natural gas supplies down 80 bln cubic feet: EIA
3/8
Plunge protection team hedging on Greece
3/8
Bulls and bears vie for near-term trend
3/8
Canadian stocks up on interest rates, commodities
3/8
McDonald's drops 3% on February sales report
3/8
Currency war to enter new phase with China action, strategist says
3/8
Hot Topic jumps; Williams-Sonoma drops
3/8
30-year mortgage rate declines to 3.88%
3/8
30-year mortgage rate declines to 3.88%
3/8
AIG off as U.S. sells shares, but financials rise
3/8
Draghi: EU banks using 'avatars' for LTRO
3/8
ETF targets yield seekers with emerging market corporate bonds
3/8
Williams-Sonoma profit up, shares dip on outlook
3/8
Techs join broad market rally led by Cisco, Apple
3/8
U.S. stocks rise on Greek debt-swap hopes
3/8
Will Iceland decide to go loonie?
3/8
Exxon sees about $37 bln cap spending through 2016
3/8
McDonald's falls 3.2%, worst on S&P 500
3/8
Coach shares rise 2.7%, best on S&P 500
3/8
Draghi: some EU banks using 'avatars' to borrow
3/8
Treasury sets AIG offering price at $29 per share
3/8
Nasdaq Composite adds 21 points to 2,956
3/8
S&P 500 gains 9 points to 1,362
3/8
Dow industrials up 68 points at 12,904
3/8
U.S. stocks start higher on Greek debt hopes
3/8
U.S. sets AIG offering price at $29 per share
3/8
ECB's Draghi: EU recovery to be gradual
3/8
AIG shares drop 2.8% in preopen trade
3/8
Rite-Aid same-store sales rise 1.9%
3/8
AmEx, Morgan Stanley launch co-branded credit card
3/8
Amylin prices 13 mln shares for total of $203 mln
3/8
Tech, consumer sectors still overbought
3/8
European stocks rally on Greek-debt-deal hopes
3/8
Williams-Sonoma wary about full year results
3/8
U.S. stock futures rise on Greece deal optimism
3/8
ECB's Draghi: 'nonstandard measures temporary'
3/8
Rite Aid Feb. same-store sales rose 3.1%
3/8
McDonald's Feb. global same-store sales grow 7.5%
3/8
John Wiley profit rose 38% amid lower expenses
3/8
Latin America seen very dependent on commodities
3/8
Draghi: LTROs have been 'unquestionable success'
3/8
Draghi: progess on fiscal consolidation in EU
3/8
European blue chips up dividends to woo investors
3/8
Nokia CEO received compensation valued at EUR7.94M
3/8
Risks to EU outlook relate to commodity prices
3/8
Inflation will stay above 2% in 2012: ECB
3/8
Draghi: LTRO should continue to support euro zone
3/8
Pharma M&A activity rising as generics star
3/8
Draghi: all non-standard measures are temporary
3/8
Draghi: significant improvement in last 3 months
3/8
Stock futures stay higher after jobless claims
3/8
Draghi: committed to maintaining price stability
3/8
European stocks stay higher after jobless claims
3/8
ECB's Draghi: outlook subject to downside risk
3/8
Dollar, Treasurys stay down after jobless claims
3/8
ECB's Draghi: outlook subject to downside risk
3/8
Jobless claims, Greece debt, ECB in focus
3/8
Draghi's ECB news conference underway in Frankfurt
3/8
Dollar, Treasurys stay down after jobless claims
3/8
Nasdaq 100 futures up 15.75 points to 2,624.5
3/8
S&P 500 futures up 9.70 points to 1,362.5
3/8
Dow futures up 69 points to 12,910
3/8
Weekly U.S. jobless claims rise 8,000 to 362,000
3/8
Four-week claims average edges up 250 to 355,000
3/8
Continuing claims climb 10,000 to 3.42 million
3/8
U.S. weekly jobless claims climb 8,000 to 362,000
3/8
Weekly U.S. jobless claims rise 8,000 to 362,000
3/8
Four-week claims average edges up 250 to 355,000
3/8
ECB press conference about to start in Frankfurt
3/8
Fender Musical Instruments files $200 million IPO
3/8
McDonald's global same-store sales rise 7.5%
3/8
McDonald's U.S. same-store sales up 11%
3/8
McDonald's Feb. global comp sales up 7.5%
3/8
Coming up: Weekly jobless claims
3/8
Stein Mart profit falls as sales dip
3/8
U.S. stock futures hold gains as ECB holds rates
3/8
Stein Mart Q4 adj net 15c vs. 25c
3/8
Stein Mart Q4 net 13c vs. 42c
3/8
European Central Bank leaves refi rate at 1%
3/8
European Central Bank leaves refi rate at 1%
3/8
Navistar loss widens, sees adjusted 2012 profit
3/8
Feb. layoff announcements fall 3%: Challenger
3/8
Navistar Q1 loss of $2.19 vs. loss of 8c
3/8
Apple, publishers face book price suit: Report
3/8
DJIA futures up 100 points to 12,942
3/8
Swiss central bank posts $14.8 bln 2011 profit
3/8
U.S may sue Apple, publishers for book prices: WSJ
3/8
Bank of England leaves rates, asset buys unchanged
3/8
Bank of England keeps asset buys at 325 bln pounds
3/8
Bank of England leaves key rate unchanged at 0.5%
3/8
Stocks to watch Thursday: Crown Castle, Amag
3/8
Williams-Sonoma Q4 rev up 6.1% to $1.27 bln
3/8
Williams-Sonoma Q4 profit $1.17 a shr vs. $1.05
3/8
Delhaize sees continued challenges in 2012
3/8
BMW lifts dividend as 2011 profit surges
3/8
Italy bond yield lowest since June on Greek swap
3/8
60% of Greek bondholders ready to swap: report
3/8
China to begin deliveries of C919 jetliner in 2016
3/8
Barclays sees no Portugal debt write-down in 2012
3/8
Asian markets rally to end 3-day losing streak
3/8
Aviva profit lifted by UK, Europe performance
3/8
Europe stocks higher; EADS, Renault up
3/8
German DAX 30 index up 0.7% to 6,720.46
3/8
Klepierre up 4% after BNP sells stake
3/8
EADS up 7.8% after net profit beats forecasts
3/8
Klepierre up 4% after BNP sells stake
3/8
Renault up 3.3% after broker upgrade
3/8
Delhaize down 3.8% after net profit drops
3/8
French CAC 40 index up 0.6% to 3,412.48
3/8
FTSE 100 index up 0.5% to 5,819.12
3/8
Stoxx Europe 600 index up 0.3% to 260.76
3/8
Morrison profits ahead, predicts challenging year
3/8
BBVA doubles Catalonia market share with Unnim buy
3/8
Delhaize profit off 48%, speeds up store remodels
3/8
Iliad maintains objectives after fall in profit
3/8
Premier Oil to abandon Bluebell exploration well
3/8
ING launches debt swap offer ahead of divestments
3/8
Xstrata to buy Sukunka coal deposit from Talisman
3/8
BNP Paribas to sell Klepierre stake for EUR1.5B
3/8
Scor 2011 profit falls 21%, holds dividend at €1.1
3/8
BG Group to sell 20% stake in gas project: report
3/8
Ex-ECB Stark: Bank's balance sheet 'alarming'
3/8
Arkema lifts guidance after strong 2011 performanc
3/8
Deutsche Post sees growth in 2012, Postbank weighs
3/8
EADS see sales up as jetliner demand soars
3/8
Henkel reaches 2011 goals, backs 2012 view
3/8
T-Mobile beefing up network to lure iPhone
3/8
Air France-KLM braces for tough '12 after loss
3/8
JCDecaux net profit up 22.7%, good start to 2012
3/8
Carrefour cuts dividend, capex as profit falls
3/8
Heard On The Street: U.S. LNG not Japan's cure-all
3/8
Anheuser-Busch Inbev upbeat as profit jumps
3/8
Fragrance plans Singapore listing of hotels arm
3/8
Bank Indonesia keeps overnight rate at 5.75%
3/8
Japan's Sumco to raise Y45B via stock offering
3/8
Global funds overweight Greater China stocks:HSBC
3/8
Mcdonald's Japan Feb same-store sales down 1.2%
3/8
Taiwan Semiconductor to recruit 2,000 new staff
3/8
Australian regulator queries Woolworths pub buys
3/8
Carrefour 2011 net profit down 14% to EUR371M
3/8
Carrefour 2011 sales up 0.9% to EUR81.3B
3/8
Gold bugs digging out, again
3/8
Gold nudges up ahead of Greek bond swap deal
3/8
Mitsui, Sumitomo to integrate Japan fertilizer ops
3/8
S&P/ASX 200 closes up 0.7% at 4,171.00
3/8
China to make yuan loans to Bric nations: FT
3/8
Punish the bankers? We’re still rewarding them
3/8
Is Apple vs. Amazon winner-take-all battle?
3/8
Labor costs becoming a challenge to Fed, companies

Forbes' Billionaire Boys & Girls Club

2012-03-08T17:59:00.001-08:00

Forbes unveils tech billionaires - 08 Mar 2012 - CRN UK News

Ninety of the world's dollar billionaires made their fortune in technology, according to Forbes' 2012 Rich List, although falling share prices have hit the pockets of some high-profile entrants including Larry Ellison. Microsoft founder Bill Gates was pipped to the top spot for a third year by Carlos Slim but is closing in on the Mexican telecoms magnate after his worth rose by $5bn (£3.2bn) to $61bn.

Greek bond swap gives rescue effort hope

2012-03-08T17:45:00.001-08:00

Greek bond swap success lifts rescue hopes | Reuters

(Reuters) - Greece successfully closed a bond swap offer aimed at reducing its colossal debt pile and averting a chaotic default that would pitch the euro zone into a fresh crisis.

The bond ETF wave

2012-03-08T17:41:00.001-08:00

Investors ride the bond ETF wave | Reuters

(Reuters) - With more than 170 bond exchange-traded funds now on the market, investors are finding no shortage of ways to use them. First introduced 10 years ago and relatively unknown until 2008, investors have been pouring money in ever since - assets under management have increased almost 38 percent over the last year to $194.7 billion, according to the Investment Company Institute.

Ratio opportunities in the grain markets

2012-03-08T10:43:00.001-08:00

Directionless grain markets offer opportunities

Wheat prices have traditionally commanded a premium over corn prices. Both grains can be used as a carbohydrate feed for livestock and fowl, but wheat is used primarily for human consumption. Wheat becomes animal feed only when wheat prices become competitive with corn prices. Chart 1 tracks this relationship going back to the early 1970s. Over the past few years, wheat supplies were abundant, while corn supplies were relatively scarce. Hence the wheat/corn spread fell to zero and beyond.

Public Futures Funds Results For January 2012

2012-03-08T10:24:00.001-08:00

Public Funds January 2012