Corker: Payday lenders not exempted in bank bill
Posted on March 10, 2010
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Contrary to some reports, there will be no special exemptions for payday lenders in sweeping bank reform legislation under consideration on Capitol Hill, says a key lawmaker.
Bond Report: Treasurys edge down before sale of 10-year notes
Posted on March 10, 2010
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Treasury prices slide on concern that sale of 10-year notes won’t be as well-received as 3-year notes.
Europe Markets: Miners, oil lift European shares
Posted on March 10, 2010
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European shares extend gains as oil futures rally in response to data showing tighter-than-expected U.S. fuel inventories.
Treasury receives record bids for 10-year notes
Posted on March 10, 2010
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NEW YORK (MarketWatch) — The Treasury Department sold billion in 10-year notes on Wednesday at a yield of 3.735%.The auction is a reopening, meaning the debt sold will carry the same coupon and maturity date as the original securities issued quarterly. Bidders offered to buy 3.45 times the amount of debt being sold, the highest since at least 1995 and compared to an average of 2.85 at the last for reopenings of 10-year notes. Indirect bidders, a class of investors that includes foreign central banks, bought 35.1%, compared to an average of 41.7% of the last four reopenings. Direct bidders, which include domestic money managers, purchased another 17.5%, versus 8.5%, on average. Yields on 2-year notes , which move inversely to prices, pared an increase after the auction but remained up by 2 basis points to 0.90%.
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Gold, metals turn lower along with oil
Posted on March 10, 2010
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NEW YORK (MarketWatch) — Gold and metals futures turned lower on Wednesday, losing early momentum provided by strong Chinese import data and tracking a move in crude oil. Gold for April delivery was last down , or 1.4%, at ,106.30 an ounce in electronic trade, after rising as high as ,128.30 in morning trade. Copper for April delivery fell 5 cents, or 1.4%, to .36 a pound. Analysts also put the latest Chinese data in the context of a possible revaluation of the Chinese yuan and recent officials’ comments that China’s ability to buy gold is limited.
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Oil turns lower after failing to breach 2010 highs
Posted on March 10, 2010
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NEW YORK (MarketWatch) — Crude oil futures turned lower on Wednesday, after a move towards crude’s highest level of 2010 failed to hold in light of a continued weak picture for U.S. demand. Crude oil for April delivery was last down 32 cents, or 0.4%, at .17 a barrel in electronic trade. Crude earlier jumped as high as .12 a barrel, its highest level since it reached .25 a barrel, its highest 2010 level, on Jan. 8.
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Five Democrat Senators introduce Volcker rule bill
Posted on March 10, 2010
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WASHINGTON (MarketWatch) - Big commercial banks would be barred from speculative investments in stocks and derivatives and prohibited from owning hedge funds or private equity firms, according to legislation introduced Wednesday by five senators. “There is a place for high-risk speculation on the prices of stocks or securities, but these bets can no longer be allowed to threaten our entire financial system,” said Sen. Jeff Merkley, D-Ore., a key sponsor. “Taxpayers should never again be told that they have to save bankers from their bad bets.” The bill would also require big investment banks that do not own commercial institutions to set aside additional capital and it prohibits investment banks from betting against packages of loans they sell to clients. The bill is based on a proposal dubbed the “Volcker rule” after former Federal Reserve Chairman Paul Volcker, who chairs Obama’s economic-advisory panel and was a key backer of the measures.
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Stocks trim advance as equities stay in range
Posted on March 10, 2010
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NEW YORK (MarketWatch) — U.S. stocks pared their gains Wednesday, as investors reverted to the indecisive trading pattern of recent days. “Don’t be surprised by a range the next few days as the market consolidates recent gains,” said Nick Kalivas, vice president of financial research at MF Global. The Dow Jones Industrial Average fell 21.31 points to 10,543.07. The S&P 500 Index was up 1.57 points at 1,142.02, and the Nasdaq Composite Index gained 11.27 points to 2,351.87.
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Investec to enter FTSE 100, Resolution to exit
Posted on March 10, 2010
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LONDON (MarketWatch) — U.K. insurance group Resolution has been ejected from the FTSE 100, to be replaced by Anglo-South African bank Investec , the FTSE Group announced as part of its quarterly reshuffle. The changes go into effect on March 22.
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Dow turns lower; S&P, Nasdaq pare gains
Posted on March 10, 2010
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NEW YORK (Reuters) - The Dow slipped into negative territory at midday on Wednesday, while the Nasdaq and S&P 500 pared gains as a rise in financial shares was offset by declines in energy shares.
