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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Golconda who wrote (64515)	6/29/2010 11:34:49 AM
From: elmatador	Respond to of 217617

We call the Dollar, USD, Buck, Greenback and no one complains.

To: Golconda who wrote (64515)	7/1/2010 9:12:09 PM
From: Arran Yuan	Respond to of 217617

Renminbi is the name, similar to FRN that even few Americans know, of the currency, while Yuan is the unit like dollar for US, Cando, Aussie, HK, Singapore, etc. In brief, it is RMB Yuan (not Japanese or South Korean ones), just as FRN $.

To: Golconda who wrote (64515)	7/3/2010 12:32:30 AM
From: TobagoJack	Read Replies (2) \| Respond to of 217617

correct. in the mean time, just in in-tray · Equity markets have succumbed again to the deflationary signal being sent in recent weeks by the dramatic rally in the US government bond market. The odds favour a further decisive decline, sooner or later, most likely driven by continuing negative focus on the accelerating deflationary condition of certain parts of Euroland, and the negative consequences this poses to Euroland bank balance sheets. · The desire of European banks both to deposit money at the ECB and borrow from it is a signal that there is a fundamental lack of confidence in counterparty risk in the system. The best hedge for holders of GREED & fear’s Asia-ex-Japan and also Japan long-only portfolios is to remain short European financial stocks. If there is to be another global liquidity panic, the catalyst is likely to be the European banking sector. · Some A share blue chips are now trading at unprecedented discounts to their H share counterparts. This is causing discomfort for numerous trading desks in Hong Kong who are already long A share and short H. Still a big opportunity is building here if and when the PRC reverses its current tightening stance. · So long as China continues in tightening mode prepare for an intensifying growth scare in terms of the perception of the mainland economy which will pose a continuing negative headwind for the commodity asset class and commodity currencies where GREED & fear’s favorite short remains the Australian dollar. · The US money supply data continues to look deflationary while Congress refused to extend unemployment benefits last week putting further pressure on the consumer. The potential is then for another perfect storm financially which will then precipitate another manic part Keynesian part monetarist policy response. Investors should maintain core positions in gold bullion and gold stocks. · In GREED & fear’s view the current US capex cycle is living on borrowed time. The record high cash flows of corporate America reflect risk aversion on the part of a corporate sector adjusting its behaviour for the likelihood of a period where trend nominal GDP growth in America will be lower. This means corporates will be that much more cautious about capex because their “return” assumptions will be that much lower in nominal terms. · The potential risk for US corporates is that their growing cash hoard could attract the interest of politicians in Washington. But there is no doubt that US corporates, and doubtless also Euroland corporates, feel more comfortable holding more zero yielding cash. · GREED & fear remains of the view that the US savings rate will rise on a secular basis based on forced deleveraging and increased risk aversion, as ageing baby boomers focus on their need for income. This is why there is huge potential for households to increase their ownership of longer term Treasury bonds. · Sooner or later the US government bond market will re-test the low in yields on the 10-year and 30-year Treasury bonds reached in late 2008. The growing demand for Treasury bonds will make it easier for Washington to contemplate another fiscal stimulus when the inevitable happens and the Obama administration admits it is not a normal recovery. · In GREED & fear’s view, new Philippine President “Noynoy” Aquino will need to establish credibility with the financial markets since he does not have much of a track record in his own right. One initial challenge is the fiscal deficit. · Domestic consumption in the Philippines continues to be supported by strong remittance inflows. There is also every indication of a continuing acceleration in the remittance trend in terms of the new deployment of overseas workers. The other area of growing services income, aside from remittances, comes from the Business process outsourcing (BPO) sector. · The monetary situation in the Philippines remains stable as reflected in the relative stability of the peso so far this year in the context of US dollar strength. Domestic interest rates are also anticipated to remain low in the short term reflecting a reasonably benign inflation trend. The key risk to the currency stability, and therefore interest rate risk, remains the new president failing on the fiscal front. Please consider the environment before printing this email. The content of this communication is subject to CLSA Legal and Regulatory Notices These can be viewed at clsa.com or sent to you upon request.