Sunday, March 23, 2008

Υπενθύμιση ΧΑΚ: Δεν θα διεξαχθούν χρημ. συναντήσεις στις 24 και 25/3

Υπενθύμιση ΧΑΚ: Δεν θα διεξαχθούν χρημ. συναντήσεις στις 24 και 25/3


Το Χρηματιστήριο Αξιών Κύπρου ανακοινώνει προς ενημέρωση του επενδυτικού κοινού και των συντελεστών της αγοράς, ότι ακολουθώντας τις αργίες που έχει καθορίσει το Δι-Ευρωπαϊκό Αυτοματοποιημένο Σύστημα Ταχείας Μεταφοράς Κεφαλαίων σε Συνεχή Χρόνο (Target/ Target 2, Trans-European, Automated, Real-time Gross Settlement Express Transfer System), το Συμβούλιο του ΧΑΚ έχει αποφασίσει ότι την Δευτέρα 24 Μαρτίου 2008, ημερομηνία κατά την οποία εορτάζεται το Πάσχα των Καθολικών, δεν θα διεξαχθεί χρηματιστηριακή συνάντηση και εκκαθάριση / χρηματικός διακανονισμός των χρηματιστηριακών συναλλαγών.

Σημειώνεται περαιτέρω ότι χρηματιστηριακή συνάντηση και εκκαθάριση / χρηματικός διακανονισμός των χρηματιστηριακών συναλλαγών δεν θα διεξαχθεί ούτε την Τρίτη 25 Μαρτίου 2008, η οποία είναι Δημόσια Αργία.

STOCKWATCH.COM.CY

Bank of America May Take $6.5 Billion Loss Provision

Bank of America May Take $6.5 Billion Loss Provision

March 22 (Bloomberg) -- Bank of America Corp., the second biggest U.S. bank by assets, may take a record $6.5 billion provision in the first quarter to cover possible future losses in its home equity and mortgage portfolios, Punk Ziegel and Co. analyst Richard Bove wrote.

Whether the two portfolios have that level of loss will depend on the economy and developments in the housing markets, Bove wrote in his e-mailed March 24 report. The bank, meanwhile, will experience only a shift in equity and still report a profit, he wrote. The Charlotte, North Carolina-based bank plans to release first-quarter results April 21.

``At the moment, I do not foresee the economy plunging to a level that will substantiate this reserve build,'' wrote Bove, who has a ``buy'' on the shares and doesn't own any of the stock. ``This is due to a belief that the change in the value of the dollar will stimulate growth and that the actions by the Federal Reserve will take effect.''

The world's biggest banks and securities firms have disclosed at least $195 billion in writedowns and credit losses since the start of 2007, as mortgage and debt markets seized up. Bove advised selling financial shares eight months ago, before they tumbled.

Countrywide Purchase

Bank of America plans to buy Countrywide Financial Corp., the biggest U.S. mortgage lender, in a stock swap originally valued at about $4 billion. Investors have speculated Bank of America may try to cancel or modify the accord because the housing market has continued to deteriorate.

The Fed has cut interest rates, agreed to accept a wider range of collateral on loans and extended credit to non-banks for the first time.

Bank of America is receiving payments for credit cards and mortgages from distressed households that are defaulting on home equity loans, Bove said. This indicates that people are trying to keep their homes, which conflicts with the premise that they are walking away and turning over their keys to the banks.

``Clearly they are trying to reach some accommodation to hold on to their houses and their credit ratings,'' Bove wrote. ``It is my impression that Bank of America is likely to accommodate these households under the theory that it makes no sense to repossess the house.''

Housing Eases

Housing is becoming affordable, Bove wrote, based on the research of Stuart Feldstein at SMR Research. Feldstein said the housing slump is bringing prices back in line with incomes, according to Bove's note.

The dividend may increase in August as the company's market share in the financial sector gains, margins benefit from wider spreads and costs are under control, Bove wrote.

Bank of America spokesman Scott Silvestri declined to comment. Bove delivered the report to Bloomberg News by e-mail today.

His 2008 estimate was reduced to $2.98 a share from $3.81, the 2009 estimate was cut to $3.96 from $4.30; and the 2010 estimate was reduced to $4.78 from $4.93, Bove wrote.

Bank of America rose $3.30, or 9 percent on March 20, to $41.86 in New York Stock Exchange composite trading.

Citigroup Inc. is the largest U.S. bank by assets, ahead of Bank of America.

BLOOMBERG

BOE Made `Tacit Agreement' on Bank Support, Sunday Times Says

BOE Made `Tacit Agreement' on Bank Support, Sunday Times Says

March 23 (Bloomberg) -- Bank of England Governor Mervyn King made a ``tacit agreement'' at a meeting last week with British lenders to provide bigger liquidity injections and accept a wider range of collateral to back loans, the Sunday Times said, without saying where it got the information.

King gave no precise commitments to U.K. banking executives when they met last week, the newspaper reported. He also didn't satisfy lenders' demands for an overhaul of the way the Bank of England provides emergency funding, the Sunday Times said. A spokesman for the Bank of England, who wouldn't be named, declined to comment on the report when contacted by Bloomberg.

King promised to try to limit the stigma attached to borrowing from the Bank of England, the newspaper said.

The governor also made it clear that while he has a duty to protect the financial system, his role does not stretch to propping up banks' profitability, the newspaper reported.

The Bank of England said yesterday it is ``not among'' central banks that the Financial Times said were contemplating the purchase of mortgage-backed securities to smooth lending to consumers after a worldwide surge in borrowing costs. The Federal Reserve also denied it was in discussions to buy such debt.

BLOOMBERG

Spending Probably Slowed, Home Sales Fell: U.S. Economy Preview

Spending Probably Slowed, Home Sales Fell: U.S. Economy Preview

March 23 (Bloomberg) -- Spending by American consumers slowed in February and home sales continued to drop, signaling the biggest housing slump in a generation has brought the U.S. expansion to a halt, economists said before reports this week.

Spending was up 0.1 percent last month, the smallest gain in more than a year, according to the median estimate of economists surveyed by Bloomberg News ahead of a Commerce Department report due March 28. Combined sales of new and existing homes dropped to the lowest level in at least nine years, government and private figures may also show.

``The economy is likely in the throes of recession,'' said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York. ``We will face a deteriorating labor market, weak household income creation and a pullback in consumer spending.''

The collapse in subprime lending will continue to ripple through the economy as property values fall, banks shut off access to credit and payrolls shrink. The worsening outlook indicates the Federal Reserve will keep lowering interest rates to stabilize financial markets and promote lending.

``Because market interest rates have been stubbornly sticky, the Fed probably has to make even more rate cuts,'' LaVorgna said.

The biggest job losses in five years and record fuel costs are eroding consumer confidence and spending. Retail sales unexpectedly fell in February, paced by declines in purchases of autos, furniture, appliances and restaurant meals. The 0.6 percent drop followed a 0.4 percent gain in January, the Commerce Department said March 13.

Services, Incomes

This week's Commerce Department spending report includes figures on purchases of services, such as utilities and medical care, not tracked by retail sales. The report is also forecast to show personal income rose 0.3 percent in February for a second month, according to the survey median.

The Fed last week lowered the benchmark overnight lending rate between banks by three-quarters of a percentage point to 2.25 percent. The rate has been reduced a total of 3 percentage points since September. Policy makers also said recent reports showed the economic outlook had ``weakened further.''

The cuts ``are definitely serious medicine for the economy which is very sick,'' Michael Jackson, chief executive officer of AutoNation Inc., the largest publicly traded U.S. car dealer, said in a March 19 interview with Bloomberg Television. ``The consumer is under extreme stress.''

Drop in Auto Sales

Jackson said he expected a ``double-digit'' decline in auto industry retail sales this year after decreases of 6 percent in each of the last two years.

The slump in home sales is also not abating. Purchases of existing houses fell 0.8 percent last month to an annual pace of 4.85 million, the lowest level since at least 1999, economists forecast the National Association of Realtors will report tomorrow. The group's combined figures for houses and condominiums go back only nine years.

Sales of new homes, due from the Commerce Department on March 26, fell to an annual pace of 579,000 in February, the fewest in 13 years, according to the survey median.

``We still have tight credit conditions and we still have widespread expectations that prices will fall, so that points to declines in both existing and new home sales,'' said Dana Saporta, an economist at Dresdner Kleinwort in New York.

Residential construction is down 29 percent since reaching a peak in the last three months of 2005, the biggest drop since 1982, according to figures from Commerce.

Prolonged Slump

The economy this quarter is projected to expand at a 0.1 percent pace, according to the median estimate of economists surveyed by Bloomberg News earlier this month.

The slump is likely to extend through the middle of the year, according to a forecast issued March 20 by the Paris-based Organization for Economic Cooperation and Development. The U.S. economy may not grow at all in the second quarter, the agency said.

Americans are growing more pessimistic as the economy falters. The Conference Board is scheduled to report on March 25 that its consumer confidence index fell this month to 73.8, the lowest reading since the start of the Iraq war five years ago, according to the survey median.

The Reuters/University of Michigan's final reading on sentiment for this month, due March 28, is projected to decline to a 16-year low of 70, the survey showed.

Finally, economists forecast orders for long-lasting goods, such as autos and machinery, rose 0.8 percent in February, led by a rebound in bookings for commercial aircraft. Excluding orders for transportation equipment, which tend to be volatile, the Commerce Department's March 26 report is forecast to show demand dropped 0.3 percent, a second consecutive decline.

BLOOMBERG

Bear Stearns could get higher JPMorgan bid: Barron's

Bear Stearns could get higher JPMorgan bid: Barron's

NEW YORK (Reuters) - Bear Stearns Cos (NYSE:BSC - News) could fetch a higher takeover bid from JPMorgan Chase & Co (NYSE:JPM - News), and at $6 its shares constitute a "reasonable speculative bet" that one will be forthcoming, Barron's said in in March 24 edition.


On March 16, the stricken Bear agreed to a $236 million all-stock buyout by JPMorgan, valuing the company at about $2 per share. That value has since risen to about $2.52 per share because JPMorgan stock has since risen.

Bear shares closed Thursday at $6.39, a premium to the merger price, because some investors hope the company will find another buyer or JPMorgan will increase its offer.

The merger requires shareholder approval. Some investors, including Joseph Lewis, who has lost some $1 billion on his Bear investment, have said the terms could be better.

Barron's said a sweetened JPMorgan offer is more likely than an alternative bid. It said few financial companies have the capacity to take on Bear's obligations, or would want to upset federal regulators that blessed the transaction. It also said private equity firms lack the means to make counterbids.

In addition, the newspaper said JPMorgan included deterrents to potential bidders, including an option to buy Bear's glittering Manhattan headquarters for $1.1 billion.

Barron's said JPMorgan isn't commenting, but might raise the price to clinch the merger and quell critics. It said JPMorgan could easily pay $1 billion to $2 billion more for Bear, especially after netting $1.3 billion of cash last week from Visa Inc's (NYSE:V - News) initial public offering.

REUTERS

TO AYΡΙΑΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)

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Existing Home Sales
Conference Board

ΜΕΣΟΠΡΟΘΕΣΜΗ ΕΠΕΝΔΥΣΗ...ΠΟΤΕ; (23/03/08)

Η ΑΠΟΨΗ ΜΑΣ ΕΙΝΑΙ ΟΤΙ ΒΡΙΣΚΟΜΑΣΤΕ ΑΚΟΜΗ ΣΕ ΕΠΙΚΙΝΔΥΝΟ ΚΑΙ ΡΙΨΟΚΙΝΔΥΝΟ ΣΗΜΕΙΟ. ΕΙΝΑΙ ΑΚΟΜΗ ΠΟΛΥ ΓΡΗΓΟΡΑ ΓΙΑ ΜΕΣΟΠΡΟΘΕΣΜΗ-ΜΑΚΡΟΠΡΟΘΕΣΜΗ ΕΠΕΝΔΥΣΗ ΛΟΓΩ ΤΩΝ ΚΑΚΩΝ ΜΑΚΡΟ-ΟΙΚΟΝΟΜΙΚΩΝ ΣΤΟΙΧΕΙΩΝ ΤΗΣ ΑΜΕΡΙΚΑΝΙΚΗΣ ΟΙΚΟΝΟΜΙΑΣ.

ΓΙΑ ΤΗΝ ΩΡΑ ΠΙΣΤΕΥΟΥΜΕ ΟΤΙ ΤΟ ΠΙΟ ΙΔΑΝΙΚΟ ΕΙΝΑΙ ΤΟ ''TRADING'' (ΜΕ ΠΟΛΥ ΒΡΑΧΥΠΡΟΘΕΣΜΟ ΟΡΙΖΟΝΤΑ) KAI ΣΕ ΣΥΓΚΕΚΡΙΜΕΝΕΣ ΗΜΕΡΕΣ (ΟΠΩΣ ΓΙΑ ΠΑΡΑΔΕΙΓΜΑ ΤΗΝ ΕΚΜΕΤΑΛΛΕΥΣΗ ΠΑΝΙΚΟΥ ΣΕ ΣΥΝΔΙΑΣΜΟ ΜΕ ΚΑΠΟΙΕΣ ΘΕΤΙΚΕΣ ΑΝΑΚΟΙΝΩΣΕΙΣ). ΝΑ ΜΗΝ ΞΕΧΝΑΜΕ ΕΠΙΣΗΣ ΟΤΙ ΘΑ ΧΡΕΙΑΣΤΕΙ ΤΟΥΛΑΧΙΣΤΟΝ ΕΝΑ ΕΞΑΜΗΝΟ ΓΙΑ ΝΑ ΑΠΟΔΩΣΟΥΝ ΟΙ ΠΡΟΣΦΑΤΕΣ ΜΕΙΩΣΕΙΣ ΤΩΝ ΑΜΕΡΙΚΑΝΙΚΩΝ ΕΠΙΤΟΚΙΩΝ.

ΑΝΑΜΕΝΟΥΜΕ ΣΤΙΣ ΑΡΧΕΣ ΤΟΥ ΔΕΥΤΕΡΟΥ ΕΞΑΜΗΝΟΥ (ΣΥΜΦΩΝΑ ΠΑΝΤΑ ΚΑΙ ΜΕ ΤΗΝ ΚΕΝΤΡΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΑΜΕΡΙΚΗΣ ''FED'') ΝΑ ΔΟΥΜΕ ΚΑΠΟΙΕΣ ΣΤΑΘΕΡΟΠΟΙΗΤΙΚΕΣ ΤΑΣΕΙΣ ΣΤΙΣ ΑΜΕΡΙΚΑΝΙΚΕΣ ΑΓΟΡΕΣ ΟΙ ΟΠΟΙΕΣ ΚΑΙ ΘΑ ΕΠΙΦΕΡΟΥΝ ΜΙΑ ΝΕΑ ΔΥΝΑΜΙΚΗ ΓΙΑ ΑΝΑΚΑΜΨΗ. ΚΑΠΟΥ ΕΚΕΙ ΠΙΣΤΕΥΟΥΜΕ ΠΩΣ ΘΑ ΗΤΑΝ ΩΡΙΜΟ ΚΑΙ ΣΥΝΕΤΟ ΝΑ ΤΟΠΟΘΕΤΗΘΟΥΜΕ ΜΕ ΜΕΣΟΠΡΟΘΕΣΜΟ ΟΡΙΖΟΝΤΑ.

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