Monday Morning a Bit Higher: Dow + 11 NASDAQ Also Up
Monday Morning a Bit Higher: Dow + 11 NASDAQ Also Up
The big story of the weekend was the failure of the G-20 to come to any agreement on the ongoing currency war. The IMF is now being asked to deal with rising protectionist tensions between China, the U.S., and others, which look set to continue.
The currency war is one of our stories to watch, China’s State Reserves Bureau has made .5 billion on a copper play started in the wake of the financial crisis. The investment assumed emerging markets would bounce back after the financial crisis, and now China has made significant profits on their acquisitions.China’s national offshore oil corporation, CNOOC, just paid .1 billion for a position in Chesapeake Energy’s South Texas shale field. There are some doubts over whether or not the U.S. government will allow the investment in the field to go through.
IMF Chief Dominic Strauss-Kahn expressed the fund’s willingness to extend the period of Greece’s loan, if other European partners in the deal agree. Strauss-Kahn is confident in Greece’s progress, but also feels the country may be hit by a slowdown in the world economy.New competition is emerging to BHP Biliton’s bid for Potash with Canada’s Ontario Teachers Pension Fund and Singapore sovereign wealth fund Temasek expressing interest.
Here’s why Potash is such a big deal .The Norwegian oil company Statoil and Talisman have gone in on a joint venture worth .325 billion to invest in a Texas shale gas project. The purchase if for 95,000 acres of land from Enduring Resources. Prices for corn have risen to a 2-year high on the back of a U.S. announcement that supplies would be much lower than expected. Some are suggesting this is another sign we are moving into a food crisis
Economists Peter Diamond, Dale Mortenson, and Christopher Pissarides have all won the Nobel Prize for Economics. Peter Diamond is a recent nominee to the U.S. Federal Reserve board.
The U.S. bond market is closed for the Columbus Day holiday.
Bonus: Lindsay Lohan is being treated for cocaine addiction at the Betty Ford Clinic, according to Radar sources who claim that is her primary problem.
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