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Dollar Trades Higher As Fed Rate Announcement Awaited

Wed, 04 Nov 2009 15:23:19 GMT

The Federal Reserve is expected to keep its benchmark Interest Rate unchanged near zero today, as traders get ready for a busy news cycle. Investors will focus on the interest rate outlook, but many analysts say the Fed is unlikely to change the wording of its pledge to keep rates low for an extended period. This may have the result of stabilizing USD trading, or potentially driving the world's primary currency to new extremes. Will the USD experience a reversal from yesterday's bullishness?[More...]

Three Ways To Avoid Another Credit-Default-Swap Crisis

Thu, 29 Oct 2009 15:53:45 GMT

Former U.S. Federal Reserve Chairman Paul Volcker and Bank of England (BOE) Governor Mervyn King think that banks that are considered “too big to fail” should be broken up. The House Financial Services Committee is drafting a bill that will make banks pay for other banks’ bankruptcies.[More...]

CLR Beats; Data Supports M. Bakken And Three Forks Sanish As Distinct

Thu, 06 Aug 2009 14:24:39 GMT

CLR Reported Big Beat On The Numbers; Confirms Bakken and T.F.S. Separate …. And The Crowd Goes Wild The 2Q Numbers: Production of 37,347 BOEpd (74% oil) Oil production was up 1.4% vs 1Q09 Oil production was 18% from 2Q08 Revenue of $151.7 mm vs $131 mm expected Pricing: oil realized at $53.44; $6.02 below NYMEX vs a $8.32 differential in (...)[More...]

An L Of A Recovery

Thu, 09 Jul 2009 14:19:00 GMT

Macro Man was pleased to receive plenty of kind feedback on yesterday's little hip-hop effort, though somewhat chagrined to see that "California Love" is apparently now considered "old school." Speaking of old school, "Going Back to Cali" was suggested as an alternative source of inspiration.....hmmmmm.....I don't think so. Anyhow, we finally started to get some signal yesterday with the release of Alcoa's earnings after the close last night, which apparently means the return of sweetness and light. True, Alcoa's earnings losses were somewhat smaller than expected, which, for an aluminum producer like AA, might appear to have implications for the global economy. At the risk of facing accusations of viewing the world through blood-tinted spectacles, Macro Man is sceptical. Last quarter saw an unprecedented action from the Chinese to support ally prices via unprecedented import activity.[More...]

BoE Publishes 2Q09 Quarterly Bulletin

Fri, 12 Jun 2009 16:42:15 GMT

The Bank of England has released its Quarterly Bulletin 2Q09, filled with the usual charts and top-quality research. Corporate bond liquidity, as measured by bid/offer spreads, is healing: There is still a huge CDS basis, implying poor ability to borrow for leverage: In addition to the general review, there are longer “Research and Analysis” articles on: Quantitative Easing Public Attitudes to Inflation and Monetary Policy The Economics and Estimation of Negative Equity Summaries of recent Boe Working[More...]

Fearing The Wrong Thing?

Sun, 12 Apr 2009 16:43:52 GMT

Although the bursting credit bubble has some analysts expecting a replay -- albeit an updated version -- of what took place 80 years ago, there are reasons to think things won't turn out that way. For one thing, the fact that we had the history of that tragedy behind us, and the man pulling the levers at the Federal Reserve has made it his life's mission to prove that such episodes can always be beaten, suggests the outcome this time around won't be the same. For another, when it comes to patterns of human activity, including those related to economic matters, what people fear most turns often turns out to be something other than the real concern. Some argue, in fact, that policymakers' aggressive response to the 2001 downturn because they were afraid of deflation set the stage for an altogether different economic calamity in the guise of the the subsequent and unsustainable housing and credit[More...]

Japan - Engine Failure

Mon, 30 Mar 2009 13:26:00 GMT

Last time I had Japan under the loop I asked whether there was no end in sight for Japan's economy and as I wind up for another close look, I must say that it is still very difficult to find good news if any at all. However, and for the sake of argument I thought that we might begin with some recent arguments in the context of the global economy which suggest that we may be past the worst of our travails. The first observation comes from the Economist's ever eloquent financial markets pundit, Buttonwood, who recently[More...]

Bond Market To Bernanke and Obama

Wed, 25 Mar 2009 20:29:00 GMT

Stocks lost ground after a weak auction of U.S. government debt stirred worries about how easily Washington will be able to raise money to fund its economic rescue program. Investors gave an unexpectedly cool response to a $24 billion auction of 5-year Treasury notes Wednesday, which also sent prices for Treasurys lower. You wouldn't think that would happen on the day that Ben came into the market to buy Treasuries, but it did. Ben had roughly three times the amount[More...]

QE And Credit Easing: Shock And Awful

Wed, 25 Mar 2009 13:30:00 GMT

Was it only a week ago that Macro Man was writing about the "shock and awe" of the Fed's dramatic embarkation into the world of QE and credit easing? The world seemed alive with possibilities, with the triple barrels of the Fed, the BOE, and the SNB aimed at stemming the impact of collapsing global monetary velocity. A week on, and "shock and awe" is looking more like "shock and awful." Ten year note futures are nearly a full point below the first price printed after the FOMC announcement, and a point and a half below the closing level on the day. If you bought and held bonds on the Fed's announcement, you have lost money. Put another way, the only way[More...]

March Madness - Mar 19 2009 11:34AM

Thu, 19 Mar 2009 15:28:00 GMT

For basketball fans, the sweetest two weeks of the year-the NCAA tournament, aka March Madness-begins today. Those of us in financial markets, of course, have been living with March Madness for a bit longer, ever since the Bank of England kicked off an orgy of quantitative easing just two weeks ago. Macro Man can now report, on an exclusive basis, on some of the deliberations that took place amongst central bankers at last weekend's G20 meeting: QE or not QE? That is the question. Whether tis nobler in the mind to suffer The slings and arrows of a vanished fortune, Or to buy bonds against a sea of troubles, And by inflating end them? At this juncture a PM has to make a couple of decisions. What does he think the world[More...]

Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions

Mon, 31 Aug 2009 21:55:00 GMT

BlackRock S&P Quality Rankings Global Equity Managed Trust (NYSE
BlackRock Preferred & Equity Advantage Trust (NYSE:BTZ) and BlackRock
Enhanced Government Fund, Inc. (NYSE:EGF) paid the following dividends

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Dividend Dates and Distribution Amounts Announced for Certain BlackRock Closed-End Funds

Mon, 03 Aug 2009 21:27:00 GMT

Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below.[More...]

BlackRock Announces Closing of Closed-End Fund Reorganizations

Mon, 27 Jul 2009 13:55:00 GMT

BlackRock, Inc. today announced that the reorganizations of BlackRock Global Equity Income Trust (NYSE:BFD) and BlackRock World Investment Trust (NYSE:BWC) into BlackRock Global Opportunities Equity Trust (NYSE:BOE) are effective as of the opening for business of the New York Stock Exchange on July 27, 2009.
BFD and BWC distributed the common shares of BOE to their respective common shareholders in an amount equal to the aggregate net asset value of BFD and BWC common shares, as applicable, as determined at the close of business on July 24, 2009, less the costs of the applicable reorganization (though some BFD and BWC common shareholders received cash for their fractional common shares).
Relevant details pertaining to the reorganizations are as follows:

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BlackRock Global Equity Income Trust, BlackRock World Investment Trust and BlackRock Global Opportunities Equity Trust Announce Shareholder Approval of Two Closed-End Fund Mergers

Tue, 30 Jun 2009 21:47:00 GMT

BlackRock Advisors, LLC today announced that shareholders of BlackRock Global Equity Income Trust (NYSE:BFD), BlackRock World Investment Trust (NYSE:BWC) and BlackRock Global Opportunities Equity Trust (NYSE:BOE) have approved the reorganizations of each of BFD and BWC into BOE at a special meeting held today.
In connection with the reorganizations, BOE will acquire substantially all of the assets and liabilities of BFD and BWC in a tax-free transaction for common shares of BOE.
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BOE, the surviving fund in the reorganizations.

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Updated Quarter-End Portfolio Data Now Available For BlackRock Closed-End Funds

Tue, 26 May 2009 21:25:00 GMT

BlackRock, Inc. today announced that quarter-end portfolio data for its closed-end funds, as of March 31, 2009, is now available. The information is available on BlackRock’s website at www.blackrock.com.[More...]

Dividend Dates and Distribution Amounts Announced for Certain BlackRock Closed-End Funds

Fri, 01 May 2009 21:26:00 GMT

The BlackRock closed-end funds listed below (the “Funds”) announced today their dividend dates and distributions.[More...]

Updated Quarter-End Portfolio Data Now Available for BlackRock Closed-End Funds - Feb 23 2009 5:36PM

Mon, 23 Feb 2009 21:26:00 GMT

BlackRock, Inc. today announced that quarter-end portfolio data for its closed-end funds, as of December 31, 2008, is now available. The information is available on BlackRock’s website at www.blackrock.com.[More...]

BlackRock Announces Board Approval of Two Closed-End Fund Mergers

Sat, 07 Feb 2009 02:14:00 GMT

BlackRock announced today that the Board of Trustees of the BlackRock Closed-End Funds approved the reorganization of each of BlackRock Global Equity Income Trust (NYSE:BFD) and BlackRock World Investment Trust (NYSE:BWC) into BlackRock Global Opportunities Equity Trust (NYSE:BOE), with BOE being the surviving fund.[More...]

Dividend Dates and Distribution Amounts Announced for Certain BlackRock Closed-End Funds - Feb 2 2009 5:44PM

Mon, 02 Feb 2009 21:24:00 GMT

The BlackRock closed-end funds listed below (the “Funds”) announced today their dividend dates and distributions.[More...]

Dividend Dates and Distribution Amounts Announced for Certain BlackRock Closed-End Funds - Nov 3 2008 5:38PM

Mon, 03 Nov 2008 21:22:00 GMT

The BlackRock closed-end funds listed below (the “Funds”) announced today their distributions.[More...]

Form 4 FLYNN JAMES T For: Oct 01 (10K)

Fri, 02 Oct 2009 16:25:00 GMT

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Form 4 BlackRock Global Opportu For: Jan 22 Filed by: GABBAY HENRY (10K)

Fri, 23 Jan 2009 16:22:00 GMT

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