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Auto Bailout Fails To Cheer the Stock Market

Stock-Markets / Financial Markets Dec 22, 2008 - 11:29 AM GMT

By: PaddyPowerTrader

Stock-Markets Best Financial Markets Analysis ArticleSo the US auto industry is the latest in the seemingly endless stream of disasters that has resulted in a temporary TARP plaster being applied to a haemorrhaging wound . Indices failed to bounce on the bailout news as they have seen all of this before.


Today's Market Moving Stories

Bailout For The Irish Banks
For Ireland the hippo in the room remains the near farcical panto-style nationalization of Anglo Irish Bank and the half bailout of the big two, AIB and Bank of Ireland. The Irish banks are milking the gravy train with a very inexperienced Minster (currently taking an unearned 39 day holiday) who is clearly lacking in any market savy or acumen.

Where does this leave the unfortunate EBS, the hapless Irish Life & Permanent and the real dog of a bad bunch Irish Nationwide Building Society? The government should have forced through a series of mergers before they gave the original guarantee. They have shown themselves to be far too beholden to the banks.

Equities

  • German bank Hypo Real Estate, who have a big operation in Dublin's IFSC, announced significant restructuring programme under which the bank will sell large parts of its non core business and make significant layoffs. Recall that they “merged” with Depfa bank. Maybe that should read submerged.
  • Miners (Rio Tinto, BHP Billiton) are on the drift this morning with the slump in commodities.
  • Car makers (BMW, Renault) are struggling following the news above about Toyota.
  • There is some cheer from chipmaker Infineon, who are rallying strongly this morning on a Deutsche bank upgrade.
  • Closer to home Elan's Budesonide deal is positive for EDT.
  • Glanbia have reported that milk sales remain robust in the US.

Data Today
We're data free today bar Belgian business confidence. The country has just lost their PM Leterme after allegations his government interfered in a high court ruling regarding the take-over of failed banking giant Fortis.

And Finally… Dennis “The Hedger” Explains Hedge Funds

A look inside hedge funds from Marketplace on Vimeo .

Disclosures = None

By The Mole
PaddyPowerTrader.com

The Mole is a man in the know. I don’t trade for a living, but instead work for a well-known Irish institution, heading a desk that regularly trades over €100 million a day. I aim to provide top quality, up-to-date and relevant market news and data, so that traders can make more informed decisions”.

© 2008 Copyright PaddyPowerTrader - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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