Federal Reserve Keeps Interest Rates Low; Sees Economy Improving; Will Keep Buying Bonds
UBS AG
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Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
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UBS reported a bigger-than-expected third-quarter pretax loss of 726 million Swiss francs ($624.8 million) on Tuesday, but said it expected to turn in a group profit in the last quarter.
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Markets dealing with several issues this morning. 1) The S&P/Case Shiller Home Price Index August fell 4.4% year over year. This is the biggest decline since the series began 6 years ago. The index is a composite that tracks twenty U.S. cities.
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Here are my morning thoughts: Markets: The entire Street is expecting a 25 basis point cut in the Fed funds rate, and at least that much in the discount rate. A small but vocal minority believe that a 50 basis point cut is more appropriate, given the evidence of a slower economy and the recent return of a choppier credit market.
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Stocks closed broadly higher as expectations of a Fed rate cut offset concerns about the dollar hitting new lows and oil reaching new highs.
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The latest warning by UBS that it may face more writedowns, as well as last week's announcement by Merrill Lynch that it would have to write down $8.4 billion, show that the weakness in the financial sector is set to continue, analysts told CNBC Monday.
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A flood of economics and earnings reports will quickly dominate the week; already there are a few companies sounding familiar themes. 1) Subprime bleeds into the current quarter for financials. UBS saying their third-quarter loss would be in line with the lowered guidance they gave earlier this month.
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Ahead of the Fed, stocks are holding onto higher ground as oil breaks another record and the dollar flounders. But the high interest story on Wall Street is the behind-the-scenes intrigue at Merrill Lynch as its board struggles to orchestrate the departure and replacement of Merrill Lynch CEO Stan O'Neal.
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Piper Jaffray, an investment bank focused on midsized companies, on Wednesday said third-quarter operating profit fell 49 percent, hurt by turmoil in credit markets.
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Citigroup said third-quarter profit fell 57 percent, hurt by losses and writedowns for subprime and leveraged loans, fixed-income trading and weakness in its consumer business.
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The time is “absolutely right” for the financials, Cramer said. And UBS is in the sweet spot.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
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Is it time to get more bullish on the economy? That much awaited jobs number today certainly drove some of the recession scare out of the markets, but it hasn't really changed the picture for slowing growth so far.
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The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said that global head of fixed income, currencies & commodities, has left the firm.
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Hard to say what the Dow really represents as a proxy for broader markets - but the S&P is not far from its all time high and that should send a clear enough signal that these equity markets want to go higher. The technicians like the longer term trend lines and so far there is no hint that we retest the August lows.
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Here are my midday observations: 1) one reason the market has little upside today is strategists and analysts are now realizing the effect that cuts in bank earnings are having on overall profit projections for the third quarter.
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Deutsche Bank expects net profit to rise to more than $2 billion in the third quarter and is sticking to its 2008 targets, despite big hits from global credit market problems, it said Wednesday.
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Stocks are waffling and a lot of the talk is focused on Friday's employment report. Traders are also watching this morning's 10 a.m. release of the Institute for Supply Management's non-manufacturing index.
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Citigroup said it would buy out minority shareholders in scandal-hit Japanese brokerage Nikko Cordial for $4.6 billion, as part of the financial giant's push into the world's second-largest economy.
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Good morning. Here's what I see for today: 1) We have been talking about the "decoupling" of the U.S. economy from the global economy--not that the U.S. isn't important to global growth (of course it is); but that the world is not as dependent on the U.S. consumer as it had been in the past.
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Markets around the world rocked on after yesterday's record setting session on Wall Street and U.S. stocks are set to move moderately higher on the open. Merger activity tops the news with an offer from Canada's TD Bank Financial Group's to buy Commerce Bank for $8.5 Billion.
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