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Wall Street ends worst week in year on debt stalemate

 

(Reuters) - Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the government loses its ability to borrow money.

 

The S&P 500 fell every day this week and was down 3.9 percent for the week as legislators failed to work out an agreement to raise the federal borrowing limit, which expires on Tuesday. Investors also worry about the likelihood of a U.S. credit downgrade.

 

The CBOE Market Volatility Index .VIX, a gauge of investor fear, jumped as much as 9 percent to its highest level since mid-March before paring its rise.

 

Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, said investors are taking a more defensive stance, possibly moving more into cash.

 

"It's frustrating for investors and for U.S. citizens to see this unfold in the way it has been," she said.

 

"From an overall asset allocation standpoint, in an environment like this, you get bigger moves into cash and safe havens."

 

The Dow Jones industrial average .DJI was down 96.87 points, or 0.79 percent, at 12,143.24. The Standard & Poor's 500 Index .SPX was down 8.39 points, or 0.65 percent, at 1,292.28. The Nasdaq Composite Index .IXIC was down 9.87 points, or 0.36 percent, at 2,756.38.

 

U.S. President Barack Obama told Republicans and Democrats to find a way "out of this mess." The United States will be unable to borrow money to pay its bills if Congress does not raise the debt limit by August 2.

 

A second attempt for a vote in the House of Representatives is expected after the close of trading on Friday after a bill was modified to try to win over more conservative lawmakers. The measure has little chance of passing in the Senate, however.

 

At least one credit rating agency has said it is likely to lower the United States' prized tripe-A rating if the cuts in Washington don't go far enough.

 

"Will the deal be enough to satisfy the credit rating agencies is really what's at stake here," Trunow said, whose firm manages about $14.8 billion.

 

The S&P utility index .GSPU is down 2.1 percent for the week, while the Dow is down 4.2 percent and the Nasdaq is down 3.6 percent for the week.

 

Major indexes also posted losses for the month: the Dow and S&P 500 each lost 2.2 percent while the Nasdaq fell 0.6 percent.

 

The S&P 500 briefly fell below its 200-day moving average, seen as key support, and bounced back from its worst levels of the day.

 

Weak economic data also weighed on equities. The U.S. economy stumbled badly in the first half of this year and came dangerously close to contracting in the January-March period.

 

Among declining stocks, Chevron Corp (CVX.N), the second-largest U.S. oil company, fell 1 percent to $104.02 despite reporting a 43 percent jump in quarterly profit that beat estimates.

 

Energy led declines on the Dow on Friday, but the industrial sector was among the hardest hit for the week. The S&P industrial sector .GSPI lost 6.1 percent this week, following disappointing results from companies including Illinois Tool Works (ITW.N).

 

"The industrial sector appears to be pricing in lower earnings ahead," said Chris Burba, a short-term market technician at Standard & Poor's in New York.

 

Some 8.58 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq, above the daily average of 7.48 billion.

 

Declines outweighed advances on the NYSE by about 2 to 1, while on Nasdaq losers outpaced winners by about 7 to 5.

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GBPUSD 2

USDCHF 2

USDCAD 1,8

AUDUSD 1,2

NZDUSD 1,8

EURGBP 1,8

EURJPY 2,4

GBPJPY 3,2

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AUDCHF 4

USDMXN 150

Natural Gas July (06/25/09@2:30pmEST) 0,01

Natural Gas Aug (7/29/09@2:30pmEST) 0,01

Natural Gas Expiring 0,002

Soybeans May(04/22/09@2:15pmEST) 0,04

Soybeans July (6/22/09@2:15pmEST) 0,04

Soybeans Expiring 0,005

US DJ 30 Mar (03/19/09@4:00pmEST) 10

US DJ 30 June (06/19/09@4:15pmEST) 10

US DJ 30 Sept (09/18/09@4:15pmEST) 76

US DJ 30 Expiring 2

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US SP 500 Dec (12/18/08@4:15pmEST) 0

US SP 500 Mar (03/19/09@4:15pmEST) 1

US SP 500 June (06/19/09@4:15pmEST) 1,18

US SP 500 Sept (09/18/09@4:15pmEST) 1,18

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US NASQ June (06/19/09@4:15pmEST) 2

US NASQ Sept (09/18/19@4:15amEST) 1,75

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USD Index 0,05

Russell 2000 Dec (TFZ8) 0,05

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UK 100 June (06/19/09@5amEST) 5

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UK 100 Sept / USD 5

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US 30yr Expiring 0,03125

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German Bund Dec (FGBLZ8) 0,05

German Bund Mar (FGBLH9) 0,05

German Bund (USD) 0,01

DAX 30 (USD) 0,1

CAC 40 (USD) 0,1

Swiss Market Index (USD) 0,1

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IBEX 35 (USD) 1

SPI 200 (ASX) (USD) 1

UK 100 (M2)/USD 0,5

Germany 30 (M2)/USD 0,5

Spain 35 (M2)/USD 0

German Bund (M2)/USD 0,05

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Delta Airlines (DAL) 0,01

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Halliburton (HAL) 0,01

Hewlett-Packard (HPQ) 0

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IBM (IBM) 0,06

Intel Corp (INTC) 0,01

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Johnson & Johnson (JNJ) 0,01

JPMorgan Chase (JPM) 0,03

McDonald's (MCD) 0,14

Microsoft Corp (MSFT) 0,01

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Royal and Sun All. Ins. Group (RSA-XLON) 0,005

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AXA SA (AXAF-PAR) 0,02

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ING Groep (INGA-XAMS) 0,02

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Siemens AG (SIEGN-XETR) 0,05

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ALLIANZ AGUSD 0,05

ROYAL DUTCH PETUSD 0,05

COMMERZBANK AGUSD 0,05

BMW AGUSD 0,05

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Canon (CAJ-XNYS) 0,03

FUJIFILM (FUJI-XNYS) 0,07

Hitachi (HIT-XNYS) 0,05

Honda Motor (HMC-XNYS) 0,02

Internet Initiative Japan (IIJI-XNYS) 0,03

Kyocera (KYO-XNYS) 0,2

Matsushita Electric Industrial (MC-XNYS) 0,02

Mitsubishi UFJ Financial (MTU-XNYS) 0,01

Nippon Telegraph and Telephone (NTT) 0,01

Nissan Motor (NSANY) 0,09

Nomura (NMR-XNYS) 0,01

NTT DoCoMo (DCM) 0,01

Orix (IX-XNYS) 0,3

Sony (SNE) 0,21

Toyota Motor 0,04

3SBIO (SSRX-XNAS) 0,05

51job (JOBS-XNAS) 0,02

Acorn (ATV-XNYS) 0,02

Actions Semiconductor (ACTS-XNAS) 0,01

Agria Corporation (GRO-XNYS) 0,02

Baidu.com (BIDU) 0,99

China Finance Online (JRJC-XNAS) 0,15

China GrenTech (GRRF-XNAS) 0,02

China Life Insurance (LFC-XNYS) 1,19

China Medical Technologies (CMED-XNAS) 0,12

China Nepstar Chain Drugstore (NPD-XNYS) 0,02

China Sunergy (CSUN-XNAS) 0,04

China Techfaith Wireless Communication (CNTF-XNAS) 0,03

China Unicom (CHU) 0,01

CNInsure (CISG-XNAS) 0,15

CTrip.com International (CTRP-XNAS) 0,36

eLong (LONG-XNAS) 0,13

Focus Media (FMCN-XNAS) 0,11

Giant Interactive Group (GA-XNYS) 0,01

Home Inns & Hotels Management (HMIN-XNAS) 0,02

Hurray! (HRAY-XNAS) 0,02

JA Solar (JASO-XNAS) 0,02

KongZhong (KONG-XNAS) 0,02

LDK Solar (LDK-XNYS) 0,01

Linktone (LTON-XNAS) 0,02

Longtop Financial Technologies (LFT-XNYS) 0,07

Mindray Medical International (MR-XNYS) 0,01

Netease.com (NTES-XNAS) 0,01

New Oriental Education & Technology (EDU-XNYS) 0,03

Ninetowns Internet Technology (NINE-XNAS) 0,02

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Shanda Interactive Entertainment (SNDA) 0,03

Simcere Pharmaceutical (SCR-XNYS) 0,04

Spreadtrum Communications (SPRD-XNAS) 0,02

Suntech Power (STP) 0,03

The9 (NCTY-XNAS) 0,05

Tongjitang Chinese Medicines (TCM-XNYS) 0,02

Vimicro International (VIMC-XNAS) 0,02

WuXi Pharmatech (WX-XNYS) 0,04

Xinyuan Real Estate (XIN-XNYS) 0,02

Xinhua Finance Media (XFML-XNAS) 0,02

Yanzhou Coal Mining (YZC-XNYS) 0,02

Yingli Green Energy (YGE-XNYS) 0,04

Cemex S.A.B. de C.V. (CX) 0,01

Desarrolladora Homex (HXM-XNYS) 0,04

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Fomento Economico Mexicano (FMX-XNYS) 0,01

Grupo Casa Saba (SAB-XNYS) 0,05

Grupo Radio Centro (RC-XNYS) 0,2

Grupo Televisa, S.A.B. (TV-XNYS) 0,1

Industrias Bachoco (IBA-XNYS) 0,15

Telefonos de Mexico - Series A (TMX-XNYS) 0,02

Vitro (VTO-XNYS) 0,02

Aracruz Celulose (ARA-XNYS) 0,01

Banco Bradesco (BBD-XNYS) 0,02

Banco Itau (ITU) 0,04

Brasil Telecom (BTM-XNYS) 0,07

Braskem (BAK-XNYS) 0,02

Companhia Energetica de Minas Gerais (CIG-XNYS) 0,02

Companhia Siderurgica Nacional-CSN (SID-XNYS) 0,03

Companhia Vale do Rio Doce-CVRD (VALE) 0,06

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CPFL Energia (CPL-XNYS) 0,1

Embraer (ERJ-XNYS) 0,02

Gafisa (GFA-XNYS) 0,01

Gerdau (GGB-XNYS) 0,01

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SABESP (SBS-XNYS) 0,2

Sadia (SDA-XNYS) 0,04

TAM (TAM-XNYS) 0,01

Telecomunicacoes de Sao Paulo (TSP-XNYS) 0,02

Telemig Celular (TMB-XNYS) 0,2

Tele Norte Celular (TCN-XNYS) 0,05

Tele Norte Leste (TNE-XNYS) 0,02

TIM Participacoes (TSU-XNYS) 0,04

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Unibanco-Uniao de Bancos Brasileiros (UBB-XNYS) 0,05

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Dr. Reddy's Laboratories 0,02

Sterlite Industries 0,01

Wipro 0,02

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PowerShares Dynamic Large Cap Growth (PWB) 0,01

PowerShares Dynamic Pharmaceuticals (PJP) 0,22

PowerShares Dynamic Software Portfolio (PSJ) 0,17

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PowerShares QQQ (QQQQ) 0,01

PowerShares Water Resources (PHO) 0,01

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PowerShares Dynamic Utilities Portfolio (PUI) 0,13

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SPDR Consumer Discretionary (XLY) 0,01

SPDR Utilities Select Sector (XLU) 0,01

BLDRS Emerging Markets 50 ADR Index (ADRE) 0,02

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Rydex S&P Equal Weight (RSP) 0,22

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Ultra QQQ ProShares (QLD) 0,01

Short Dow 30 ProShares (DOG) 0,01

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UltraShort 20yr Treasury ProShares (TBT) 0,01

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iShares Russell 2000 Growth Index (IWO) 0,01

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iShares Russell 2000 Value Index (IWN) 0,28

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iShares S&P 500 Growth Index (IVW) 0,01

iShares S&P 500 Value Index (IVE) 0,14

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iShares MSCI Hong Kong Index (EWH) 0,01

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Grupo Fin Banorte-O (GFNORTEO) 0,32

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Brambles Industries Ltd (BXB) 0,01

Origin Energy Ltd (ORG) 0,02

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Mood tense as debt talks go down to wire

 

A bitter mood prevailed on Capitol Hill as lawmakers struggled on Saturday to find a compromise measure to lift the nation's $14.3 trillion debt, as talks to avert a ruinous default went down to the wire.

 

A day after the Republican-controlled House of Representatives passed a bill to cut the deficit and raise the ceiling on government borrowing, the debt saga shifted to the Democratic-led Senate where lawmakers scrambled for a deal.

 

Senate Democrats pushed ahead with their own plan, but sought to attract bipartisan support by adding some elements of a proposal offered by Senate Republican leader Mitch McConnell.

 

But Senate Republicans appeared to have the votes to block that bill and the House quickly crushed the Democrats' proposal before the Senate acted on it, rejecting the measure 246 to 173 in a fast-tracked vote set by the Republican leadership.

 

Back-channel talks held the best hope for a compromise.

 

President Barack Obama was to meet in the afternoon with Senate Democratic leader Harry Reid and the House Democratic leader Nancy Pelosi. McConnell also wants to meet with the White House.

 

Unless Congress raises the debt ceiling, the government would be barred from further borrowing after Tuesday, according to the U.S. Treasury, and could quickly run out of money to pay all its bills.

 

The world has watched with growing alarm as political gridlock in Washington has brought the world's largest economy close to an unprecedented default, threatening to plunge financial markets and economies around the globe into turmoil.

 

Forty-three Senate Republicans signed a letter rejecting Reid's plan, a sign the measure does not have the support needed to clear a 60-vote procedural hurdle in the Senate.

 

"What will they vote for? Do they have any ideas? Let me know," Reid said on the Senate floor.

 

Democrats hope to convince some Republicans who signed their letter to allow the bill to clear the hurdle, at which point they could change it, a Democratic aide said.

 

WHITE HOUSE TALKS

 

McConnell called on Reid to move up a vote on the Democratic plan that had been set for 1 a.m. EDT (0500 GMT) on Sunday so the two sides could begin talks with the White House.

 

"We can't do it by ourselves, it has to have the only person in America who can sign something into law," McConnell said.

 

Obama used his weekly radio and Internet address to urge lawmakers to strike a deal and head off what he has said would be an "inexcusable" default.

 

In a vote scheduled to send a message to Senate Democrats, the Republican-controlled House defeated a version of the Reid plan, which fell well short of the supermajority vote needed for quick passage.

 

The drawn-out standoff has put the United States at risk of losing its top-notch AAA credit rating. A ratings downgrade could prompt global investor flight from U.S. bonds and the dollar, raising borrowing costs for Americans when the economy is already frail, growing at an anemic rate of 1.3 percent in second quarter, according to government data.

 

U.S. stocks endured their worst week in a year as the uncertainty made investors shy away from riskier assets and the dollar slumped to a record low against the safe-haven Swiss franc. Much worse could be in store if a U.S. debt deal doesn't appear to be on track by the time markets open on Monday.

 

Senate Democrats' debt-limit proposal, which would cut deficits by $2.2 trillion over 10 years, was revised by Reid to incorporate parts of a "backup plan" first proposed by McConnell. As envisioned, Obama would be given authority to raise the debt ceiling in three stages to cover U.S. borrowing needs through the 2012 elections when he is running for a second term.

 

Senate Democrats and Republicans agree about the main contours of the deal. The main point of contention remains what sort of mechanism should be in place to ensure that Congress will agree to further budget savings after a special committee makes recommendations, an aide said.

 

Republicans want the enforcement mechanism to be another debt limit vote late this year or early next year, while Democrats have proposed automatic tax hikes and spending cuts.

 

Obama says any plan that would require another showdown over the debt limit in a few months would be unacceptable because it would lead to economic uncertainty, putting a damper on jobs and growth.

 

With Republicans pushing to have the White House join the talks, Vice President Joe Biden, who has a rapport with McConnell from his years in the Senate, could emerge as a key player in final negotiations.

 

Unless there is major progress toward a debt deal, the U.S. Treasury could be forced on Sunday before Asian markets open to detail plans on which bills the government would pay if Tuesday's deadline is missed. Analysts believe it will stop other government spending to ensure bondholders are paid to avert a wide-scale financial crisis.

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Britain, Japan warn of disaster if no U.S. debt deal

 

(Reuters) - British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.

 

Governments across the world fear that because of the key role of the U.S. dollar in global banking and trading systems, there could be severe instability when Asian financial markets reopen Monday if a U.S. debt deal is not in sight by then.

 

In Washington, Senate Minority Leader Mitch McConnell, the top Senate Republican who is playing a key role in the debt talks, said "we're very close" to a $3 trillion deal that would raise the debt ceiling while cutting the U.S. budget deficit.

 

But a senior White House official warned that an agreement was "not there yet."

 

"If they get this one wrong and there's a default -- we don't expect that, we think that they will sort this out -- but if that were to happen, it has consequences for every family and every business in this country and all across the world," said Danny Alexander, Chief Secretary to the British Treasury.

 

"I think in the end the politicians on Capitol Hill can see that the precipice they are looking over is one that they are going to step back from," Alexander told BBC television.

 

"But it is something that would have a big effect on the global financial system and on the global economy, where the United States is one of our major trading partners, that could have really big implications for the United Kingdom."

 

In Tokyo, sources familiar with Japan's international and monetary affairs said they were increasingly concerned that markets might be too optimistic about prospects for a lasting solution to the crisis.

 

Japanese officials still hope Washington can strike a deal and if that proves impossible, will give priority to interest payments to international holders of U.S. Treasury debt to limit the immediate market impact, the sources said.

 

But Tokyo's concern is that if the crisis drags on without a clear and long-term solution, markets may be thrown into turmoil in the same way that they suffered when U.S. investment bank Lehman Brothers collapsed in September 2008.

 

"If there is a default, the impact on global markets will be huge," said one of the sources, who declined to be named because of the sensitivity of the matter.

 

Another Japanese source said, "Nobody thought Washington would let Lehman collapse. But look what happened."

 

U.S. lawmakers have set themselves a Tuesday deadline to reach agreement and the U.S. Treasury has said it will run out of borrowing room on that day, although analysts think the government may have enough cash to keep servicing its debt and paying its bills through the middle of this month.

 

CHINA

 

Britain is the third largest foreign holder of U.S. Treasury debt and Japan is the second largest. China is the biggest with well over $1 trillion invested in U.S. Treasuries; about two-thirds of its $3.2 trillion of foreign exchange reserves are estimated to be held in dollar assets.

 

Saturday the official People's Daily newspaper, the mouthpiece of the Chinese Communist Party, castigated the U.S. handling of the debt crisis in an editorial as "irresponsible" and "immoral."

 

It said the U.S. democratic system was to blame for the "farce," claiming that "not a single representative has considered the world, and even U.S. national interests are being banished from the mind."

 

Friday a senior economic policymaker in the euro zone, who declined to be named, told Reuters he was optimistic Washington would solve the problem but expressed surprise and anger that U.S. politicians were "playing chicken" with an issue of such importance for the global economy.

 

Euro zone leaders are struggling to control sovereign debt crises in several countries in their region, and the U.S. debt problem is making this more difficult by adding to upward pressure on the yields of government bonds in those weak states.

 

If there is no U.S. debt deal by Monday morning, central banks around the world are expected to stand ready to provide emergency supplies of money to commercial banks in case the banks become too nervous to lend to each other.

 

Japan's first defense will be to ensure that Japanese financial institutions have a sufficient supply of dollars, the sources in Tokyo indicated.

 

The Bank of Japan believes Japanese commercial banks have sufficient dollar cushions but will use its dollar swap arrangement with other central banks to prevent a dollar squeeze in case of market turmoil.

 

In late June, the U.S. Federal Reserve agreed to extend liquidity swap arrangements with other major central banks until August 1, 2012.

 

The Japanese central bank is also prepared to flood markets with yen through its open market operations in case interbank borrowing costs spike, BOJ officials say.

 

In Europe, there were minor signs of strain in the money markets last week with some banks becoming unable to take out longer-term dollar loans, but the effect was small since banks still expected Washington would reach a deal.

 

The European Central Bank already offers unlimited euro loans to banks in some of its money market operations as part of its response to past crises, and it could use that policy to cope with any market problems this week.

 

A spokesman for the Swiss central bank said, "The Swiss National Bank is ready to react appropriately at any time to market disruptions."

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HSBC heads for $11 billion profit as revamp takes shape

 

(Reuters) - HSBC Holdings Plc (HSBA.L) should unveil a half-year profit of near $11 billion (6 billion pounds) on Monday, flat from a year earlier as weak investment bank trading and wobbly U.S. and European economies offset growth in Asia.

 

New HSBC CEO Stuart Gulliver is overhauling Europe's biggest bank by slashing costs by up to $3.5 billion, selling its U.S. credit card arm and other assets, and retreating from countries where it is sub-scale.

 

The aim is to sharpen the focus on Asia and investors want to see progress made on that plan.

 

HSBC is the first of Britain's big banks to report and should show a pretax profit for the six months to the end of June of $10.9 billion, compared with $11.1 billion a year earlier, according to the average of forecasts from 12 banks and brokerages polled by Reuters.

 

Earnings will be hurt by a slump in fixed income trading in the second quarter, which has hit rivals including Credit Suisse (CSGN.VX) particularly hard. Revenue from HSBC's global banking and markets unit is likely to fall 8 percent on the year to $10 billion, analysts at Citi forecast.

 

A stuttering U.S. economy could also slow the improvement in bad debts at HSBC's U.S. consumer loans portfolio, which it is running down, analysts said.

 

Gulliver unveiled his far-reaching plan in May to slash costs and cut back in retail banking to revive flagging profits and returns.

 

Gulliver intends to sell HSBC's U.S. credit card portfolio, which has more than $30 billion in assets, a move which would free up capital. Capital One Financial Corp (COF.N) and Wells Fargo (WFC.N) are among the bidders, sources have said.

 

Another suitor could be Barclays (BARC.L).

 

HSBC is also looking to sell upstate New York branches as it shrinks its network of 475 U.S. branches. Altogether it is looking to sell, shut or slim down retail banking in 39 countries. So far, it has said it will exit Russia and Poland.

 

The bank is likely to axe thousands of jobs as part of the overhaul, but it is probably too early to see an improvement in the cost line, analysts said.

 

Pretax profit will include a negative adjustment on the value of debt the bank carries, expected to be around $600 million. Underlying profit of $11.5 billion would be up almost a fifth from a year ago.

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ECN

 

Definition

 

Electronic Communication Network. An electronic system that brings buyers and sellers together for the electronic execution of trades. It disseminates information to interested parties about the orders entered into the network and allows these orders to be executed. Electronic Communications Networks (ECNs) represent orders in NASDAQ stocks; they internally match buy and sell orders or represent the highest bid prices and lowest ask prices on the open market. The benefits an investor gets from trading with an ECN include after-hours trading, avoiding market makers (and their spreads), and anonymity (which is often important for large trades).

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MAM module carries on several thousands of USD of investment. Professional traders can obtain their own MAM module for free with EmpireGlobalfx Broker and enjoy exclusive features:

 

- Full ECN environment with access to deep liquidity pools.

- Nearly 400 instruments available for trading. Including currency pairs, commodities, shares, metals, indices and ETF's.

- INSTANT EXECUTION of orders. That is, the moment you click.

- Scalping, hedging, EA's allowed with NO RESTRICTION. Pure ECN experience.

- VERY TIGHT variable spreads. Contact us for a full list of spreads.

- Exclusive promotions and services for your customers. Offer a class A investment service including our upcoming INSTANT payment debit cards.

 

Contact us and start your own money-management business directly in the real market!

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Please, where is your head office ..?

Hungary ..?

 

Do you advertise here on II ..?

 

Thank you

 

Good trading wishes

 

Dear Marcello,

 

Many thanks for your contact!

 

Currently we have our corporate offices in New Zealand- and yes we are moving to hungary and setting headquarters there along with processing HFSA regulation.

 

We are also working on an instant payment debit card as ultimate payment tool for our customers!

 

The very best trading wishes for you and lots of success! :)

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Thank you so much for update ..

 

Thus, all your registrations are in NZ ..?

Apologize, but that I dot see re: NZ .. just Hungary ..

Please, what about serrated accounts for safety of investors ..?

 

Links to these questions are appreciated ..

 

Thank you

Edited by Marchello
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Thank you so much for update ..

 

Thus, all your registrations are in NZ ..?

Apologize, but that I dot see re: NZ .. just Hungary ..

Please, what about serrated accounts for safety of investors ..?

 

Links to these questions are appreciated ..

 

Thank you

 

Hi again Marcello!

 

As stated before, we are currently in Auckland, and moving this year to Hungary where we are settling new Headquarters. As well we are in process of issuing visa and master card international debit cards with which you can virtually load profits in just minutes anytime.

 

As per your second question, when you invest through us your funds are sent immediately to the interbank liquidity through our liquidity providers. This way we ensure you trade in real market conditions and it is why we place no restrictions in your trading ( no conflict of interests ). Our LP's are regulated in Australia and Bulgaria for your safety. We will confirm for you the segregation of funds no problem :)

 

So we are basically the "bridge" that links you to the world markets.. needless to say that you get instant execution, among many other features.

 

Feel free to contact us at [email protected] with your questions, always a pleasure!!!

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Please.. I am confused..

 

You in NZ .. yet, "Our LP's are regulated in Australia and Bulgaria for your safety. We will confirm for you the segregation of funds no problem "

 

Why not just a segregated account in NZ ..?

 

All I am trying to understand are for my funds to be secure for any unforeseen`s with your Corp ...

 

Thank you

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Please.. I am confused..

 

You in NZ .. yet, "Our LP's are regulated in Australia and Bulgaria for your safety. We will confirm for you the segregation of funds no problem "

 

Why not just a segregated account in NZ ..?

 

All I am trying to understand are for my funds to be secure for any unforeseen`s with your Corp ...

 

Thank you

 

Hi again Marchello,

 

If you check on our collections system (we use earthport european network of correspondent banks) and our previous replies, you will see that funds are never held with us, but either with you (in your bank account) or in the market (with our several LP's, connected to interbank liquidity). In all of the cases you will find regulation (either liquidity providers where buyers and sellers meet, or even earthport plc which is FSA regulated).

 

Currently we do not accept credit or debit cards because in such case we would have to a) compensate to send your funds to the market, which we do not do as yet, or b) keep the funds and do market making which we will never do.

 

I hope this answers your questions. As broker we are even seeking for HFSA regulation. But we will consider the fact of segregating the accounts, although as said before, we are the "bridge" and funds are not kept with us but sent to the market.

 

All the best!!!!

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Thank you..

 

Seems I will try out accordingly

 

BTW .. do you advertise with II ..

 

Please define II :)

 

If you have any further doubts as for our system we will be glad to reply them.. maybe there are several things that need to be clarified to customers, specially when it comes to true ecn environment, security, regulations and international banking circuits, vs market making which is totally different.

 

As usual, a pleasure to receive your feedback which will help us grow as brokerage firm for sure!

 

All the best! :)

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