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| 19 WPP Alleviates Macroeconomic Fears
Advertising giant WPP slightly trimmed its full-year outlook even though the group posted a 53% rise in first-half net profit.
Fake Pesticides Are A Growing Danger
The
illegal trade in counterfeit pesticides has grown into a
multimillion-euro industry in Europe, putting consumers' lives and
farmers' livelihoods at risk as unregulated and often toxic chemicals
enter the food chain.
20 • BHP Is Wary About Costs • Glencore Bids for Full Stake in Minara • Moscow May Allow Gazprom Price Rise 21 • Google Forks Over Settlement On Rx Ads • Apple Ruling Hits Samsung • Acer Warns Loss Is Likely for Year • Nokia Updates Smartphones 22 • Glass Half Empty for Europe's Brewers • Business Briefs 23 • Challenges for New S&P Boss • U.S. Sharpens Mortgage Suit Against Deutsche Bank • Hedge-Fund Bets Against S&P 500 at Highest Since 2008 24 • Investors Pay Price for Fund's Success • Ex-Analyst Hit With Penalty in Insider Probe 25 • Gold's Run-Up Hits Wall as Futures Plunge Below $1,800 26 • Europe's Markets Trade Higher • COMMODITIES REPORT: Looking Forward To Libyan Crude • Greek Banks Set to Lose €5 Billion in Bonds Swap |
| 32 HEARD ON THE STREET Chinese Banks' Local Problem
Greater
transparency on banks' loan books is a step in the right direction. But
the continuing trickle of bad news on banks' exposure to local
government debt isn't.
HEARD ON THE STREET A Major Opportunity for Oil Bulls
Sometimes, it's better to own the guy who makes stuff rather than the stuff itself. That's the case with oil right now.
HEARD ON THE STREET Credit Flashes Warning to Stocks
Credit markets are spiraling downward. If the situation persists, it suggests stock markets may be overoptimistic.
Overheard: Ben's Golden Moment
So
it's Jackson Hole time again. Last year, Federal Reserve Chairman Ben
Bernanke used his speech at the gathering of central bankers in Wyoming
to hint at a second round of bond buying. That triggered a renewed stock
rally, sent government bond yields higher and helped, briefly at least,
prop up a flagging recovery.
This year, markets are on tenterhooks again. But what difference did a year of money printing make?
On the eve of Jackson Hole 2010, the S&P 500-stock index was at
1047 and 10-year Treasurys yielded 2.48%, Deutsche Bank notes. A year
later the S&P 500, which hit 1178 Wednesday, is up 12%. The yield on
10-year Treasurys has dropped to a decidedly nervous 2.3%. But the
indisputable winner is gold.
Even after its recent tumble, the unprintable yellow metal is up 42% to $1,754 an ounce.
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