In The Markets:
Jumpin Factory Orders… Activity in US factories jumped in February to 3% vs. 1% in January. A rush of orders for planes and defense before sequester, accounted for the increase causing many to think the jump is unsustainable.
Falling Activity…The Eurozone manufacturing sector fell in March to 46.8, the lowest level since December. The below 50 reading indicate, the Eurozone as a whole, is contracting and sliding deeper into recession. This is just the latest in a string of bad economic news for the Eurozone, causing some leaders to put additional pressure on the ECB (European Central Bank) to help figure out a way to get things moving in a better direction.
I’m Done… Cyprus Finance Minister, Michael Sarris, quit Tuesday after meeting with IMF (International Monetary Fund) and EU (European Union) leaders and securing a 10 billion euro bailout deal. The bailout deal will cause Cyprus depositors to lose parts of their deposits and slash its banking sector. Speculation for the departure, Sarris would have come under major scrutiny for his role in the crisis. He’s reasoning he had completed his task.
Twitter anyone.. SEC (Securities and Exchange Commission) has opened the door for public companies to use social media to get the word out. On Tuesday, the SEC announced postings to social media sites such as Twitter or Facebook are as good as news releases or company websites for spreading company news to investors. The only catch companies must let peeps know which outlets they intend to use
Fannie Mae is having better days.. The behemoth mortgage lender, who needed a government bailout in a big way during the financial crisis, reported Tuesday its largest annual profit ever. 2012 brought a net income of $17.2 billion however, due to conditions set forth in the government bailout deal the company can only keep a small percentage of it profits handing the government over a huge chunk.
We have a buyer.. The Nasdaq OMX group (yes, that Nasdaq) is buying it’s self a new trading platform called eSpeed for $750 million in cash. eSpeed, a platform used to trade treasuries, will help Nasdaq break into the fixed income market. The purchase should help NASDAQ whose profits have been cut by lower trading volume in the last several years.
99 problems but getting clients ain’t one.. Rapper Jay-Z has officially thrown his hat into the sports agent ring signing his first high profile client, Robinson Cano of the NY Yankees.
In The Markets:
Asia: Asian markets were mixed in their early morning trading sessions. Investors were keeping a close eye on the BOJ new governor while digesting China’s better PMI (Purchasing Manufacturing Index) report.
Europe: European shares rallied as investors liked the news out of Cyprus that it’s creditors have given an extra year for the country to meet it’s budget expectations and new hope for increase Merger activity as a potential takeover of Vodafone was announced.
US: US Markets rallied on better than expected economic data from new car sales and increase factory orders.
DJIA: +89.16 14622.01 NASDAQ: +15.69 3254.86 S&P +8.08 1570.25
In Dinner or Drink:
Today we pick a drink to celebrate one of my favorite baseball players Robinson Cano and his new partnership with Jay-Z.
New York Cocktail
Here’s what you will need:
2 oz Canadian whisky
3/4 oz lime juice
1/2 oz sugar syrup
1 tsp grenadine syrup
Shake and strain into an old-fashioned glass three-quarters filled with broken ice. Garnish with a twist of orange.