Market news

Every morning the Street of Walls team puts out an update on market levels, today’s top stories, and active M&A deals.

Today’s Top Stories:

  • FREE HF 13F Report: Next week the StreetofWalls team will be releasing the 4Q 2011 Hedge Fund Intelligence Report, free sign-up
  • Europe Update: Europe is set to make “all the necessary decisions” on Greece rescue on Feb. 20: Luxembourg prime minister
  • AMR Stake: IAG says taking AMR stake in bankruptcy is “not on table”
  • EU Yields Going Higher: Spain saw decent demand at today’s auctions but yields on 10yr debt rose another 5bp and are now at the highest levels since early January
  • Hillary Rivals Summers: Hillary Clinton Is Said to Rival Summers as Contender to Lead World Bank (BBG)
  • Headwinds for PE Jobs: We’re seeing some news out there that looks negative for Private Equity jobs in 2012
  • Foreclosure Update: foreclosure filings were reported on 210,941 U.S. properties in January. That was a 3 percent increase from the previous month but still down 19 percent from January 2011.  “Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac
  • Repo Market: The Federal Reserve Bank of New York said it will take a stronger oversight role in a short-term financing market after an industry group failed to move quickly enough to overhaul the sector
  • Moody’s Puts Banks on Alert: Moody’s puts 17 banks on watch for a potential downgrade (inc. BAC, C, GS, MS, RBC, Barclays, BNP, Agricole, DB, HSBC, RBS, SocGen, Credit Suisse, Macquarie, Nomura, UBS)
  • Updates on Buffett, Paulson, and Soros: Billionaire investor George Soros reported decreased stakes in Apple, Warren Buffett disclosed in a 13F filing that it sold out of its position in Exxon Mobil and added to stakes in IBM and Intel, John Paulson sold off his position in Bank of America and Citigroup

Economic Calendar:

  • 8:30am: PPI, M/m, Jan., est. 0.4% (from -0.1%)
  • 8:30am: Jobless Claims, wk of Feb. 11, est. 365k (prior 358k)
  • 8:30am: Housing Starts, Jan., est. 675k (prior 657k)
  • 8:30am, Building Permits, Jan., est. 680k, (prior 671k revised)
  • 9:00am: Bernanke speaks on community banking in Arlington, Va.
  • 9:45am: Bloomberg Consumer Comfort, week Feb. 12, est. -42.0  (prior -41.7)
  • 10am: Philadelphia Fed., Feb., est. 9.0 (prior 7.3)
  • 10am: 30-yr mortgage rates, Freddie Mac
  • 10:30am: EIA natural gas storage
  • 1pm: U.S. to sell $9b 30-yr TIPS
  • U.S. Treasury to announce 2-, 5-, 7-yr auction sizes

M&A Watch:

  • Weekly M&A Trends: This week saw some a big jump in M&A while ECM/DCM activity declined. Announced investment banking M&A doubled from the prior week to $80.9 billion, M&A volumes are still very low for the start of the year
Disclosure: I do not have a position in any stocks mentioned in this article, do not have a plan to initiate a position within the next 72 hours.
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