Here are the top breaking stories of the day-
- Nikkei jumps 5.2 pct on US automakers bailout hope, Singapore and Hong Kong closed nearly +2%, India almost +1.5% while China was nearly flat.
- Federal investigators working through the weekend to unravel Bernard Madoff’s alleged $50 billion Ponzi scheme found evidence he ran an unregistered money-management business alongside his firm’s brokerage and investment-advisory subsidiaries, two people with knowledge of the inquiry said. Top Banks in Asia and Europe may lose billions.
- Toyota (TM) is expected to cut its sales goal by some one million vehicles for 2009, according to Reuters. AstraZeneca (AZN) has awarded a large contract to Infosys (INFY). Wall Street’s former investment banks are expected to report quarterly losses in coming sessions; The New York Post stated that Morgan Stanley (MS) could post a loss of roughly $1 billion. Honeywell (HON) reaffirmed its outlook for 2009, which is in-line with expectations.
- The biggest foreign-exchange strategists and investors say the best may be over for the dollar after a four-month, 24 percent rally.
- A key measure of business sentiment released on Monday foreshadowed more bad news ahead for the Japanese economy.
- Many investors are fleeing hedge funds and using the cash to cover losses on their other investments, leaving money managers struggling to cope with the rush.
- US interest rates could be cut to zero tomorrow, marking a historic moment for financial markets as the Federal Reserve, battling to prevent the credit crunch turning into an economic slump, takes monetary policy into uncharted waters.
- State-owned Bank of China’s Hong Kong subsidiary has turned to its parent for financial help as it warned profit for the year would “decrease considerably.”
- China said it plans to increase its money supply by 17% next year in a new effort to spur consumer spending and shield the country from a global downturn.
- Expectations of a financial stimulus for real estate sector helped India indices hold on to early gains. Indian Banks Association announced relief measures for small-ticket home buyers and for small and medium enterprises.
Profitable Trading, OP