Obamas Remarks on GM and Auto Industry

Earlierthe day The white House asked GM chairman and CEO Rick Wagoner to stepdown. Shares of GM fell as much as 25% after open on Monday.

In His response President Barack Obama said Monday his administration wilnot let the U.S. auto industry 'simply vanish' and is giving both Chrysler and General Motors more time to submit viable
 restructuring plans. But he said bankruptcy is an option for both companies. He said neither GM nor Chrysler has proposed enough changes to justify further bailouts and demanded more "painful concessions" to survive.

Read full text of Obamas Speech : Cnbc

Chances of Global stimulus Bleak ahead of G20 Meet

Leaders of the world's 20 largest industrialized and developing economies appear unlikely to make detailed calls for further economic stimulus measures when they meet Thursday.

Calls by U.S. Treasury Secretary Timothy Geithner earlier this month for the G20 to agree to provide an additional boost to spending plans met sharp resistance from Germany and other European countries.

British finance minister Alistair Darling, in a BBC interview on Sunday, downplayed chances that leaders would unveil a coordinated stimulus package.

"We are not saying everyone has to do the same thing at the same time on the same day," Darling said on the U.K broadcaster's "Politics Show." "But we must act together."

In an interview with the Financial Times published Monday, Obama played down reports of a rift between the United States and continental Europe over the direction of the G20 efforts.

German Chancellor Angela Merkel has said that spending too much money to revive global growth will create an unsustainable recovery, according to a published report.

In an interview published in Saturday's Financial Times, Merkel rejected calls to spend more public money in Germany as part of a coordinated stimulus for the global economy, saying that China can do much more to stimulate domestic demand.

Meanwhile, thousands of people marched through central London on Saturday as part of a campaign to challenge the G20 ahead of its meeting.

MarketS DailY - Mar 27

US Markets

Dow 7925		+174.75	(+2.25%)
Nasdaq 1587		+58.05	(+3.80%)
S&P 833		+18.98	(+2.33%)

Europe

FTSE 100 3925		+24.95	(+0.64%)
CAC 40 2892		-1.38	(-0.05%)
DAX 30 4259		+36.08	(+0.85%)

Asia at 9 30 AM

Nikkei 225 8720		+83.68	(+0.97%)
Hang Seng 14090		-18.87	(-0.13%)

Commodities

Light Crude (NYM)

54.34

(+1.57)

Gold (CMX)

942.20

(+4.20)

SGX Nifty 3075 +11 pts

News Today

* IBM's reported plans to lay off thousands of U.S. workers and outsource many of those jobs to India, even as the company angles for billions in stimulus money, doesn't sit well with employee rights advocates. full story

* Treasury Secretary Tim Geithner called for new rules Thursday that would allow regulators to police the darkest corners of the financial markets, including big hedge funds and derivatives trading.The U.S. also needs a single regulator to oversee the biggest financial firms, Geithner told the House Financial Services Committee in prepared testimony.

* France will ban bonuses and stock options for executives whose companies get government bailout money, the president's chief of staff said Thursday.

* Japan's core consumer price index manages to surprise analysts by posting a flat result and avoiding deflation, just barely.

* India's Inflation came at 30 year low of 0.27%.

* New Zealand Gross domestic product shrank 0.9 percent from a year earlier _ the biggest quarterly decline since 1992. The latest data from government body Statistics New Zealand confirmed the economy contracted each quarter of 2008 as the world financial crisis bit deeper.

* Billionaire Li Ka-shing, who predicted China’s stock-market bubble would burst in 2007, said the nation will lead a global economic
recovery and investors should consider buying shares and real estate.

MarketS DailY - Mar 26

US Markets

Dow 7750		+89.60	(+1.17%)
Nasdaq 1529		+12.43	(+0.82%)
S&P 814		+7.64	(+0.95%)

Europe

FTSE 100 3900		-11.21	(-0.29%)
CAC 40 2893		+19.06	(+0.66%)
DAX 30 4223		+35.93	(+0.86%)

Asia at 9 30 AM

Nikkei 225 8542		+62.12	(+0.73%)
Hang Seng 13904		+282.24	(+2.07%)

Commodities

Light Crude (NYM)

52.77

(-1.21)

Gold (CMX)

938.00

(+12.00)

SGX Nifty 3005 +12.5 pts

News Today

* Czech Prime Minister Mirek Topolanek shocked the normally civil European Parliament on Wednesday by warning that Washington's plans to fight the global economic crisis are "the way to hell.

* Data from the department had sales of US new homes rebounding by 4.7% last month after falling to a record low in January.

* Apax Partners, L&T, Tech Mahindra, Spice Group and IBM are among the ones to have qualified as potential suitors for Satyam

* British prime minister says in interview with Wall Street Journal Managing Editor Robert Thomson that protectionism poses key threat to rebound, downplays public scolding over spending from Bank of England chief King.

* In a glimmer of surprisingly upbeat economic data, US manufacturing orders for goods like metals, machines and military equipment rose last month for the first time after six months of declines, the government reported on Wednesday.The Commerce Department reported that orders for durable goods rose 3.4 percent in February after a downwardly revised 7.3 percent decline in January.

MarketS DailY - Mar 25

US Markets

Dow 7660		-115.65	(-1.49%)
Nasdaq 1517		-39.25	(-2.52%)
S&P 806		-16.67	(-2.03%)

Europe

FTSE 100 3911		-41.35	(-1.05%)
CAC 40 2874		+4.82	(+0.17%)
DAX 30 4187		+10.99	(+0.26%)

Asia at 9 30 AM

Nikkei 225 8489		+0.80	(+0.01%)
Hang Seng 13799		-111.57	(-0.80%)

Commodities

Light Crude (NYM)

53.98

(+0.18)

Gold (CMX)

923.80

(-28.70)

Market Data
Nifty resistance at 3035 / 3086 , support at 2894 / 2807
SGX Nifty 2946 + 30 pts

FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
24/3/09	2,077.60	1,575.84	501.76	1,290.55	1,483.54	-192.99

News Today

* U.S. President Obama presented a sober assessment of the state of the economy in his prime time news conference but insisted his administration has a strategy in place to "attack this crisis on all fronts." full story

* Fed's Bernanke and Treasury's Geithner flatly reject call from Chinese central bank chief Zhou Xiaochuan to drop the dollar as the world's key reserve currency.

* Exports from the world's second-largest economy sink by a record 49.4%, though a drop in imports swings balance to surplus.

* Gold falls farther as dollar regains ground , Oil close to $54.

* HDFC Bank has toppled ICICI Bank as the country's most valued private sector bank, after its shares surged over 6% on the Bombay Stock Exchange on Tuesday

China's top banker proposes new world currency

Timesonline :China’s central bank governor has issued a bold proposal to overhaul the global monetary system and one day replace the dollar as the world’s main reserve currency with the International Monetary Fund's (IMF) Special Drawing Right

Zhou Xiaochuan, governor of the People’s Bank of China, argued that what he called a super-sovereign reserve currency would not only eliminate the risks inherent in currencies such as the dollar, which are backed only by the credit of the issuing country and not by gold or silver, but would also make it possible to manage global liquidity.

The Special Drawing Right (SDR) is an international reserve asset created by the International Monetary Fund in 1969 that has the potential to act as a super-sovereign reserve currency, he said.

Careful not to refer explicitly to the dollar, Mr Zhou said: “The role of the SDR has not been put into full play due to limitations on its allocation and the scope of its uses. However, it serves as the light in the tunnel for the reform of the international monetary system

MarketS DailY - Mar 24

US Markets

Dow 7776		+497.48	(+6.84%)
Nasdaq 1556		+98.50	(+6.76%)
S&P 823		+54.38	(+7.08%)

Europe

FTSE 100 3953		+109.96	(+2.86%)
CAC 40 2870		+78.43	(+2.81%)
DAX 30 4176		+107.63	(+2.65%)

Asia at 9 30 AM

Nikkei 225 8332		+116.08	(+1.41%)
Hang Seng 13568		+120.83	(+0.90%)

Commodities

Light Crude (NYM)

53.80

(+1.73)

Gold (CMX)

952.50

(-3.70)

Market Data
Nifty resistance at 2976 / 3078 , support at 2890 /2800
SGX Nifty 2970 +25 pts

FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
23/3/09	1,466.95	1,090.72	376.23	1,177.45	800.94	376.51

News Today

* Wall Street shares skyrocketed on Monday as the market cheered a plan to clean up toxic assets clogging the balance sheets of US banks in a bid to stabilize the recession-hit economy.

* The Treasury presented its plan to draw private investors into partnership with a new federal entity to buy up risky assets.

* Russia’s latest budget seeks to spur economic growth in domestic sectors that do not depend heavily on high oil prices.

* Executives at American International Group have started giving back their bonus cash in full, according to New York Attorney General Andrew Cuomo. Of the top 10 highest earners, nine have returned their bonuses.

* Japan domestic auto sales to hit 32-year low in fiscal 2009.

* Japanese Central bank policymakers said as recently as last month that recovery could start late this year, but also hedge their bets by citing massive uncertainties.

*Templeton Asset Management Ltd’s Mark Mobius said the next “bull-market” rally in developing- nation equities has begun as stocks surged from Shanghai to Moscow on the US Treasury’s plan to revive the banking system.

* Prices of IT outsourcing services will shrink 5 to 20 per cent through 2010 due to the uncertain economic climate, IT budget constraints and competition between vendors, research firm Gartner said on Monday.

MarketS DailY - Mar 20

US Markets

Dow 7401		-85.78	(-1.15%)
Nasdaq 1483		-7.74	(-0.52%)
S&P 784		-10.31	(-1.30%)

Europe

FTSE 100 3817		+11.94	(+0.31%)
CAC 40 2777		+16.65	(+0.60%)
DAX 30 4043		+47.14	(+1.18%)

Asia at 9 30 AM

Nikkei 225 7946		-26.21	(-0.33%)
Hang Seng 12987		-144.25	(-1.10%)

Commodities

Light Crude (NYM)

51.61

(+3.47)

Gold (CMX)

958.80

(+69.70)

Market Data

SGX Nifty 2788 - 13 pts

FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
19/3/09	1,298.13	1,275.13	23.00	622.57	641.32	-18.75

News Today

* U.S. Treasury Secretary Timothy Geithner, confirmed the department did talk to Sen. Chris Dodd about a clause he put forth in the stimulus legislation that would have strictly limited executive bonuses. full story

* More than 1 million workers demonstrated in France Thursday to pressure the government to do more to combat the economic downturn.

* Spurred by anger over A.I.G. bonuses, the House voted 328 to 93 to levy a 90 percent tax on bonuses paid by any company owing more than $5 billion in bailout money.

* The Obama administration announced a $5 billion fund to guarantee payments to suppliers for products shipped to automakers.

* Oil jumped more than 7 percent Thursday to top $51 a barrel after the US Federal Reserve announced a new plan to fight recession and a weak dollar boosted commodities

* India’s inflation rate skidded to a record low of 0.44% in the first week of March, well on course for a widely expected move into deflationary zone.

MarketS DailY - Mar 19

US Markets

Dow 7487		+90.88	(+1.23%)
Nasdaq 1491		+29.11	(+1.99%)
S&P 794		+16.23	(+2.09%)

Europe

FTSE 100 3805		-52.11	(-1.35%)
CAC 40 2760		-6.94	(-0.25%)
DAX 30 3996		+8.55	(+0.21%)

Asia at 9 30 AM

Nikkei 225 7958		-14.46	(-0.18%)
Hang Seng 13060		-57.26	(-0.44%)

Commodities

Light Crude (NYM)

48.14

(-1.02)

Gold (CMX)

889.10

(-27.70)

Market Data
Nifty resistance at 2867 , support at 2754 ,2700.
SGX Nifty 2800 +21.5 pts

FII			DII
Trade Date	Buy	Sales	Net	Buy	Sales	Net
18/3/09	1,719.90	1,497.76	222.14	1,189.44	663.10	526.34

News Today

* The Federal Reserve announced Wednesday it would buy $300 billion of long-term Treasurys over the next six months in order to try and get credit flowing more freely again.

* The Fed also announced plans to buy an additional $750 billion in mortgage-backed securities, a move designed to lower mortgage rates.

*Troubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing. full story

*The number of people unemployed in the United Kingdom has topped 2 million for the first time in more than a decade, Britain's Office for National Statistics said Wednesday.