Top Ten Stories

Here are the top breaking stories  of the day-

  1. 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.
  2. 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.
  3. 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.
  4. The biggest foreign-exchange strategists and investors say the best may be over for the dollar after a four-month, 24 percent rally.
  5. A key measure of business sentiment released on Monday foreshadowed more bad news ahead for the Japanese economy.
  6. 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.
  7. 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.
  8. 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.”
  9. 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.
  10. 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






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