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EQUITIES _______________________________________________________________________________
Switzerland Europe
• UBS has dropped out of the team arranging a $1 • Germany’s second-biggest utility was picked for
billion Hong Kong initial public offering for talks to buy a majority stake in Enea SA from the
Evergrande Real Estate Group Ltd., the Chinese Polish government. The shares fell 1.08 euros, or
developer that has revived plans to sell shares, 1.8 percent.
said four people with knowledge of the change.
• Former Credit Suisse Group AG broker Eric Butler • The state-owned operator of the French capital’s
was convicted of fraudulently selling millions of Roissy-Charles de Gaulle and Orly airports said
dollars in subprime securities to corporate clients July traffic declined 3.1 percent to 8.2 million
that allowed him to generate higher passengers. The shares lost 1.7 percent, to 57.63
commissions. euros.
• The world’s second-biggest maker of pumps • Koenigsegg Automotive AB, the maker of high-
holds an extraordinary shareholders’ meeting. performance sports cars, reached an agreement
The shares dropped 2.6 francs, or 3.3 percent. to buy General Motors Co.’s Saab Automobile AB
unit and return the luxury automaker to Swedish
control after almost two decades.
USA
US stocks and commodities suffered a broad-based decline Monday as fear spread around the globe that an economic rebound
may be further off than previously thought (MarketWatch). Reader’s Digest Association Inc., the publisher of the pocket-sized
magazine, will likely file a Chapter 11 bankruptcy under an agreement with a majority of its secured lenders to reduce debt by 75
percent (Bloomberg). The 800 job cuts that Lockheed Martin announced Monday come on top of previously announced reductions at
its Owego, NY-facility (Washington Post). US securities regulators on Monday sought comment on a revised approach to limit short
selling (Forbes). Separately, the Fed and Treasury Department said Monday that they would extend into next year an emergency
financing program aimed at boosting consumer and business lending. The Term Asset-Backed Securities Loan Facility (TALF) program
was launched in March, providing funds for investors to buy securities backed by auto and student loans, credit card debt and
business debt, including commercial real estate mortgages. The program, originally scheduled to expire at year's end, will run through
March 31 for most types of loans (LA Times). Lowe's Cos , the No. 2 U.S. home improvement chain, curbed its expansion plans and
forecast worse-than-expected results in the third quarter as recession-weary consumers put off big renovations (Reuters).
COMMODITIES ___________________________________________________________________________
Oil
Crude oil fell to a two-week low as global equities dropped and the dollar advanced, reducing the appeal of
commodities to investors. Oil slipped 1.1 percent as the Standard & Poor’s 500 Index slid 2.2 percent and China’s
Shanghai Composite Index slumped the most since November. The dollar touched $1.4046 today, the highest
level since July 30. Crude oil for September delivery declined 76 cents to $66.75 a barrel at 2:47 p.m. on the New
York Mercantile Exchange, the lowest settlement since July 29. Prices have risen 50 percent this year. Futures
dropped as much $2.28, or 3.4 percent, during today’s session.
Gold
Gold fell the most in two weeks as the dollar rallied, curbing bullion’s appeal as an alternative investment. Silver
posted the biggest slide in two months. The dollar rose for the second straight sessions against a basket of six
major currencies. Global equities tumbled on concern that the economic recovery will sputter, increasing the
allure of the greenback as a haven. Gold’s decline “is all on the back of the dollar,” said Walter de Wet, an
analyst at Standard Bank Ltd. in London. An extended rally by the dollar will drag gold lower, he said. Gold
futures for December delivery slipped $12.90, or 1.4 percent, to $935.80 an ounce on the Comex division of the
New York Mercantile Exchange, the biggest drop since July 28. Earlier, the metal touched $931.30, the lowest for
a most-active contract since July 30. Silver futures for September delivery slid 74.7 cents, or 5.1 percent, to
$13.975 an ounce, the sharpest decline since June 15. Earlier, the price touched $13.82, the lowest level this
month.
Soft Commodities
Corn and soybeans advanced, snapping three days of losses, as crude oil rallied and the dollar fell, increasing
the appeal of the U.S. crops as food, feed and biofuel. Wheat also climbed. Corn rebounded as much as 1.2
percent and soybeans rose as much as 1.3 percent as oil gained. Corn for December delivery added as much
as 3.75 cents to $3.255 a bushel in after-hours electronic trading on the Chicago Board of Trade and was at
$3.2450 at 1:26 p.m. in Singapore. The price touched $3.115 yesterday, the lowest intraday level for the most-
active contract since Dec. 8, and fell 4.3 percent in the past three sessions. Soybeans for November delivery
rose as much as 12.5 cents to $9.67 a bushel and last traded at $9.6175. The contract reached $9.44 yesterday,
the lowest price since July 30, and lost 8.6 percent in the past three days.
FX ____________________________________________________________________________________
The dollar and yen rose to the highest level in more than two weeks against the euro as stocks tumbled globally
on concern the economic recovery may sputter, sparking demand for a refuge. The two currencies climbed
against major rivals including the Norwegian krone and Australian dollar as Japan’s growth missed estimates
and foreign indirect investment in China tumbled, prompting investors to reduce holdings of higher-yielding
assets. The pound fell the most against the dollar since June after a report showed Britain’s home sellers lowered
asking prices by the most in eight months. The euro depreciated 0.9 percent to $1.4080 at 4:01 p.m. in New York,
from $1.4203 on Aug. 14, touching $1.4046, the lowest level since July 30. The yen gained 1.4 percent to 132.97
per euro from 134.84 after reaching 132.51, the strongest level since July 22. Japan’s currency advanced 0.5
percent to 94.43 per dollar from 94.94.
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