Wednesday, July 1, 2009

Wednesday premarket

AlphaNinja - The first day of q3 for the market looks to be a positive open, with the Dow looking to open +56. European shares are higher by about 30bps(100ths of a %).

The Fed may keep rates (artificially) near zero for years, in a policy akin to treating an alcoholic with a steady flow of free NightTrain.
US companies cut 473k jobs in June, significantly worse than the expected loss of 395k...

Walmart supports requiring companies to offer health coverage to employees. They'll certainly keep the costs down.

"In recent years, Wal-Mart has improved its health-care benefits, cutting its waiting time for earning benefits in half for both full- and part-time employees and offering more plan choices. About 52% of Wal-Mart's 1.4 million U.S. employees are covered by company-provided insurance, up from 46.2% three years ago. The retail industry average is 45%, according to a Kaiser Family Foundation 2008 study.

Wal-Mart's support for a broad mandate also appears to be aimed at beating back an alternative that may be less favorable to the company. The Senate Finance Committee is considering a measure expected to result in a more burdensome health-insurance requirement for companies that have lower-wage workers. The company's letter said: "any alternative to an employer mandate should not create barriers to hiring entry level employees."

One in five US hotel loans may default.

Equities are signalling a lot more positive vibes than fixed income would suggest...Something's gotta give, and it's rarely wise to give equity the "forward-looking" benefit of the doubt...

Iceland as a debtor's prison

Hope, change and flawed models leads to under-estimated the unemployment rate...
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