Obama's Team Is In 'Morbid Fear' Of A Eurozone Meltdown

Zeke Miller 

 Dec. 1, 2011

6:42 AM 

Image: The White House

In public, President Barack Obama has kept his cool about Europe, rarely speaking out on the subject other than to encourage his counterparts across the Atlantic to act swiftly to stave off catastrophe. But privately, the FT's Richard McGregor reports, Obama is in "morbid fear" of the crisis spreading the United States:

But behind the scenes, within both the administration and Mr Obama’s campaign team in Chicago, there is a morbid fear about a eurozone meltdown and its flow-on impact on the US economy and the president’s re-election chances.

“The thing that matters the most in determining the health of the US economy and job creation is what happens in Europe,” says a senior administration official.

Obama has slowly sharpened his language on the subject in recent days, calling for even faster coordinated action on the part of Europe, though he lacks the leverage to force an agreement. A U.S. bailout is off the table, amid opposition from Democrats and Republicans alike, and the independent Fed can only do so much or risk a public backlash.
In the meantime, Obama remains focused on the what he can control — extending the payroll tax cut and unemployment benefits — said White House Press Secretary Jay Carney on Tuesday. But even those won't be enough to keep the economy going if another crisis hits, which would likely scuttle the president's reelection chances.

肯納格（KENANGA ) ECM金融傳洽併購

本地金融領域另一併購案？肯納格（KENANGA，6483，主要板金融）與ECM金融集團（ECM，2143，主要板金融）傳洽談收購。

　“彭博社”引述兩名消息人士談話指出，ECM金融集團市值達6億6900萬令吉，若雙方洽談成功，ECM金融集團將脫售全數資產，僅保留資產管理業務。
截至今年7月31日，ECM金融集團的資產管理業務僅佔總營業額的3%。
ECM金融集團大股東丹斯里阿茲曼哈欣可透過脫售股權，達到國行的持股規定。
國行規定個人不能同時成為超過1家投資銀行的主要持股人，于ECM金融集團持股24%的阿茲曼哈欣，亦間接于馬投銀控股（AMMB，1015，主要板金融）持股17%。
消息人士指出，ECM金融集團尋求高于投銀業務賬面價值1.6倍的現金付款，截至7月底，該集團目前股票總值約10億令吉。
肯納格目前尚在等待國行與證券監督委員會批准，收購案一旦通過，ECM金融集團將考慮資本回退或收購新業務。

马交所质询股价异动 蔚世泰 ( Versatl ) 表示不知原因

针对大马交易所的“不寻常市场活动”（UMA）质询，蔚世泰（Versatl，4995，主板工业产品股）董事部表示不清楚导致公司股价激增的原因。

蔚世泰昨日因交投炽热，市价比前天的价位高出46%，而遭到交易所质询。

该股周四开市时持续扬升，以40仙，涨2.5仙报开；惟该股在10时左右便停止攀升，并与逾11时37分开始逆转下跌。

休市时，蔚世泰报36.5仙，跌1仙或2.7%；全日闭市报28仙，挫9.5仙或25.333%，成交量达2031万3400股。

金融成银岭（SRidge ) 新核心业务

银岭控股（SRidge，0129，创业板）董事经理拿督莫哈末苏海米披露，金融服务将成为全新核心业务。

该公司将与华泰金融控股（香港）有限公司一同推广华泰旺大马基金，基金规模达5亿美元（约15亿9000万令吉），将于下个月面市。
苏海米是在华泰与凭单资本私人有限公司签署了解备忘录后，作出上述表示。

根据协议，华泰与凭单资本私人有限公司将联合在大马发展投资与商机。

华泰是华泰证券行的香港臂膀，华泰证券行为中国最大证券行；而凭单资本私人有限公司，则是纽西兰金融服务机构——凭单资本有限公司的独资子公司。

根据银岭控股致大马交易所的文告，银岭控股的独资子公司——银岭资本私人有限公司，收购了凭单资本的250万股，让银岭控股和旺资本有限公司可联合掌控凭单资本。

凭单资本有限公司总执行长温世麟说：“我们这个基金有些不同，它将投资在拥有高周息率的混合股、债券股与凭单。我们将物色一篮子凭单。”

曾文秀否認購股‧蔚世泰（VERSATL ) 股價回退

    豐盛工業（HARVEST，9342，主板工業產品組）大股東拿督曾文秀澄清，他無意收購蔚世泰（VERSATL，4995，主板工業產品組）或其相關公司艾力斯（IRIS，0010，創業板科技組）的股票。

曾文秀今日發表文告否認市場傳言。早前市場盛傳曾文秀買進蔚世泰的20%股權，從而也控制後者持有12%股權的艾力斯。

曾文秀說，他沒持有蔚世泰的任何股權。

經過昨日大漲之後，蔚世泰股價今早仍進一步揚升2.5仙至40仙，不過，經否認傳言後，該股後勁不足，很快在賣壓下回退。收市時，以全天最低28仙掛收，跌9.5仙或25.33%，惟全天交投保持熱絡。（星洲財經）

Before You Start Feeling Good About Yesterday's Rally, Read This

Joe Weisenthal 

 Dec. 1, 2011

 4:50 AM 

Image: NASA

Feeling good after yeserday's central bank-inspired mega-rally?

 
BTIG's Dan Greenhaus would like to remind you of a few things that happened in 2008

...we cannot help but feel some sense that what might be unfolding is eerily similar to 2008 in some respects. In many instances, some cessation in economic data worsening and/or central bank moves to boost liquidity engendered a meaningful market rally.

• The S&P 500 was 5.0% higher shortly after the Fed stepped in to facilitate the BSC/JPM deal and two months later was higher by 12%

• The S&P 500 rallied about 6% after the Fed first reduced interest rates in 2007, eventually closing at an all time high

• The index rallied about 6% around the time the Fed extended and expanded the PDCF and TSLF

• When central banks announced a global rate cut in early October 2008, the S&P 500 rose by nearly 12% in one day shortly thereafter.

• Around the time the Fed launched QE1, the S&P rallied by nearly 20%

10 Things You Need To Know Before The Opening Bell

Simone Foxman
 Dec. 1, 2011
 7:36 AM

Image: Getty Images

Good morning. Here's what you need to know:

• Asian indices were up in overnight trading, with the Nikkei up 1.93%. European markets opened mixed, however, and U.S. futures are slightly lower.

• China's PMI came out last night, marking a disappointing drop to 49.0 for the month of November, below the 49.8 analysts expected. That's down from 50.4 in October. Any number below 50 signals a contraction. Click here to see 16 facts about China that will blow your mind >
  
  
• Spain and France sold a collective $10.9 billion in government bonds this morning. Spain sold $5.04 billion at its highest yields every, however France auctioned off $5.78 billion in bonds with 10-year yields at 3.18%—less than in their previous auction.
  
  
• Weekly jobless claims numbers come out at 8:30 AM ET this morning. Initial claims are expected to fall from 393K last week to 390K this week.
  
  
• Belgium struck a deal to form a coalition that would end a 536-day political stalemate. French-speaking Socialist politician Elio De Rupo is expected to become Prime Minister, leading a six-party coalition. The country has come under fire after an S&P downgrade last week, and will try to take action to curb its public debt.
  
  
• An investment group led by Alibaba will reportedly bid around $20 a share to take over Yahoo. This follows an alleged offer of about $16 per share by Silverlake and Microsoft.
  
  
• European Central Bank president Mario Draghi addressed European Parliament in Brussels today, signaling that the ECB would limit sovereign bond purchases but suggesting that more radical action—potentially even without treaty change—could be ahead.
  
  
• The ISM index for November and construction spending numbers for October are due out at 10 AM ET. Consensus is for ISM to rise to 51.0 from 50.8 last month, and construction spending is expected to grow by 0.3% versus growth of 0.2% last month.
  
  
• The Financial Times reported today that U.S. President Barack Obama is in "morbid fear about a eurozone meltdown." He has escalated his calls for coordinated action by EU leaders in recent days.
  
  
• Total and domestic vehicle sales numbers for December are due out at 3 PM ET today. Both are expected to rise, domestic to 10.4 million and total sales to 13.4 million.