The ECB did exactly as expected and cut rates by 50 bps to 50%. The EUR has not moved much as this cut was already factored into the market. I really like this buying opportunity for the EUR mainly due to the fact that Trichet stated that the ECB may slow down the cuts to get a view of how the past cuts are working into the Euro economies.
Bad and good news out of JP Morgan Chase today as Diamond reported a 7 cent profit in Q4 which is a 76% fall but yet beat expectations. Diamond went on to say that they will not cut dividends. We may be heading into an area of separation in the financial sector as the good banks are standing out from the ....hate to say it...so let's say...struggling banks. I have seen US Bank take hits for just being in this business. Bank of America is getting some more cash from the government...$10B...as they find that Merrill has more troubled assets (are they still assets if they are severely troubled???) then anticipated. We stand at $192B in money given to 257 banks so far. Unbelievable.
I caught a bit yesterday of some jawboning out of a Democrat from Michigan regarding the appreciation of the Chinese currency. He stated that this new administration will not be a push-over like the Bush administration and they will consider taking action through the World Trade Organisation regarding currency manipulation. Yes, Obama talked about this in his election campaign but Clinton, the Secretary of State designate, only spoke of "high level engagement to continue". I have an opinion on this and I just don't feel that we are in a position to lay sanctions on China.
周末又要来临。。。
什麽样的公司才会固如金汤？苹果有250亿美刀的现金，没有债务，微软钞票也有200多亿，没有一分的债！但是他也在打算裁员，谣言说，会裁15，000，out of 91,000. 看下周四吧。这可是公司历史上首次澳。
