Tuesday, September 4, 2012
Super Mario Draghi to present another Save the Euro plan (Plan# 99?) / Eurozone credit rating cut by Moody's
Last week it was all about the Fed this week ECB grabbing headlines let's pick up your morning call for Tuesday. -- dragging dropping more hints on financing had a key Central Bank meeting on Thursday. The ECB chief suggested short term bond buying was with in the bank's mandate in to help out struggling eurozone nations. One such nation that may need funds as soon as possible Spain. CMC markets analyst Michael -- says it's not looking good -- -- He's not more than likely going to have to swallow his pride with respect to a asking for a -- out but I think what he's waiting for the Miami some soul clarity. On -- the end of the terms and conditions of law by NL. My AM you know what what strings are attached to set by now but you know therein lies the problem for him the money given the fact that he's regions. And prepared to be subject to any terms and conditions. Separately Moody's changed its outlook on the AAA rating of the European -- -- negative. Moody's may also downgrade the blockage that decides to cut the ratings on its four biggest budget backers Germany France the UK and Netherlands. -- acting US now stock futures pointing to a slightly lower open after a big rally on Friday. ECB meeting not the only thing on the agenda the short week the Democratic National Convention kicks off day one of festivities later today. Caucus goers may have a reason to cheer when the institute for supply management releases its August manufacturing index. Which is expected to show slight expansion in the sector. July construction spending numbers and August auto sales also due out later today. New York attorney general Eric Schneider an added again investigating the tax practices of the biggest PE firms including Apollo global management. So -- like partners PPG capital KKR and Bain Capital. The probe is an effort to uncover any potential wrongdoing ranging from delay a tax payments -- no payment at all. At issue specifically the taxes paid fees collected from investors and whether or not firms turn those fees into investments to pay lower tax rates. An -- for some stocks to watch Smithfield Foods hogging the headlines of the largest pork producer posted a 25% drop in quarterly profit. Sending shares down over 2.5 percent today. And it's amazing what soup can do or perhaps can't do in this case. Campbell's -- quarterly profit expected to decline from the year ago when it reports results today.