Entries from March 2009 ↓

USD/INR at over 5 month low on weak global dollar, pair
at 46.85 after hitting 46.82 earlier, lowest level since December 19, vs 47.03 last close. “The opening is an adjustment for the dollar weakness against the euro and other global currencies, the pair may test 46.70 now that 46.90 is broken,” says private-bank dealer; tips 46.70-47.10 band this session. “Further gains will now depend on stock movements, and central bank action. The RBI is unlikely to intervene right now but should cap a sharp gain, it would probably prevent 46.70 being broken,” dealer adds. Notes, “RBI does not seem to be defending levels as much as capping sharp volatility.”

While difficult, if not entirely impossible, to guess
market peak, 2 signs indicate it’s probably not too far away. First,
brokerages’ Buy recommendations increasingly based on stocks’ laggard status; second, many of the gasping target price hikes based on higher valuation metrics. In both cases, Buy calls are not based on fundamental improvements, as investors in large part willing to ignore fundamentals on expectations, realistic or not, economy will keep improving, helping corporate earnings to catch up to share price rises. HSI +1.7% at 18,696.79, resuming uptrend after one-day pullback; index now +65% vs March 9 close.

Australia’s New South Wales Treasurer Eric Roozendaal
said Wednesday the state government has introduced legislation that will enable it to retain ownership of key parts of its lotteries business when it is sold to the private sector.

Under a proposed transaction, the government will retain ownership of the intellectual property and a A$300 million per annum revenue stream from gaming duties.

NSW Lotteries employees will also be offered the choice of remaining in the public sector when the business is sold or transferring to the new operator.

Roozendaal in April said the government plans to offer licenses for 30 years or lon ger for the distribution of NSW Lotteries products.