The U.S. banks do everything possible to take advantage of low interest rates and rising confidence in myself to the strong performance of the sector this year. This is done through the issuance of significant amounts of new debt, thereby setting the basis for solid gains in the coming years, writes Financial Times. The high interest in fundraising in the U.S. is in sharp contrast with what is happening in Europe, where banks have problems in the issuance of bonds for government debt crisis in the euro area. In recent months, banks such as JPMorgan, US Bancorp, Goldman Sachs and Morgan Stanley easily sell bonds, which indicates a change in market sentiment and increased confidence in the sector. Less than two years after massive U.S. government intervention to rescue the financial system, U.S. banks managed to raise over 7 billion dollars by issuing debt within only one week. According to data from Dealogic, it is the largest amount of new bonds placed for one week since September last year. The US Bancorp has attracted $ 1 billion by selling five-year bonds at 2.45 percent interest. This is one of the lowest interest rates in history paid by Bank in bond, adds Financial Times.
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The bankrupt U.S. investment bank Lehman Brothers Holdings made new accusations against Barclays Capital on Thursday, saying the British investment bank has benefited by 13 billion “emergency” profit from the transaction for the purchase of Lehman brokerage unit of the United States in September 2008. This week it became clear that Lehman Brothers is preparing to emerge from bankruptcy procedure and to resume its activities in asset management. U.S. banks Citigroup and JPMorgan were charged last week that helped the bankruptcy of Lehman Brothers. Lehman has provided the court in Manhattan, dealing with the case in its bankruptcy documents show that Barclays was actually earned 13 billion dollars in acquiring the unit for managing the assets of Lehman. Barclays announced on accounting profit from the transaction is EUR 4.2 billion, Reuters reported. Lehman Brothers filed for bankruptcy protection on September 15, 2008, after the mortgage crisis and the marketing of derivative financial instruments have led to its bankruptcy, which has become the largest in U.S. history. A week later iconic brokerage unit of Lehman was sold to Barclays for 1.85 billion dollars. According to lawyers of Lehman Brothers deal was hastily organized, and this allows Barclays to obtain the investment portfolio of its U.S. rival with a large discount from its fair value. Are challenged by Barclays of Lehman allegations as unfounded. Lehman, which results in legal battle against Barclays for months, claims that the deal presented to the court, not one that truly is concluded. From U.S. Bank believes that employees of Lehman, which have been offered a job in the unit, acquired by Barclays, it is arranged to receive a discount of 5 billion investment portfolios of Lehman, which includes securities to 70 billion dollars.
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The U.S. banks Citigroup and JPMorgan have helped the bankruptcy of Lehman Brothers, as suddenly increased their requirements for collateral transactions and changed its agreements on reciprocal guarantees. This is clear from the court report for the largest bankruptcy in American history. “Requirements for collateral by creditors of Lehman Brothers had a direct impact on liquidity. Lehman say liquidity is at the heart of why the bank went bankrupt, says Anton Valukas, who is investigating the bankruptcy and author of a report than 2200 pages on the subject. This report was submitted yesterday to a court in Manhattan, transmit Bloomberg. Former CEO of Lehman, Richard Vold AKA Austrheim, CFO Erin Tin and other executives have put a sign the documents with misleading information regarding the financial position of the bank. Among the “most neglected” the situation was precisely Vold AKA Austrheim, the document said.
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The first session brought the March increases in all stock exchanges in the Asian and Pacific region, with the greatest distinction is stock height measurements in Hong Kong, Taiwan, Australia and China. For that most contribute to the good performance of financial and quarrying companies in the region. For optimism helped the stock appreciation of metal, and the news that the factory sector in China and Australia continues to rise in February. Meanwhile, JPMorgan Chase raised its assessment of the three largest Japanese banks, which support the financial sector. The Japanese index of blue chip Nikkei 225 rose by 0.5% to 10 172.06 points, led by the three largest banks, Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho Financial Group. In Australia the S & P / ASX 200 rose by 1.1 percent to 4 686 points while New Zealand NZX 50 index added 0.3% to 3 164.2 points. Most today increased the primary stock index of the Hong Kong Hang Seng, which jumped 2.2 percent to 21 056.93 points. For that contributed most Chinese banks Industrial & Commercial Bank of China and China Construction Bank. In Shanghai Shanghai Composite rose by 1.2 percent to 3 088 points. The news that China may reduce duties on Taiwanese companies, led by strong growth in the stock market in Taiwan, because it will support the country’s exports. The main TAIEX stock measure rose by 1.9 percent to 7 578 points, with most recording strong growth since the early days of February.
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JPMorgan Chase will launch its global branch banking, which will offer commercial banking multinational corporations transmit Financial Times. This will instruct the bank alongside Citigroup and HSBC. From JPMorgan plans to invest more than $ 100 million in commercial banking division, which will consist of 300 people. The activity will initially be focused on emerging economies such as China, India and Brazil reveals Financial Times. JPMorgan is the aim of reducing their dependence on the weak U.S. economy and to benefit from the problems of Citigroup, have shared the bank’s executives told the newspaper.
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Disappointing data on the reduction of employment in the U.S. economy in December, however, failed to wipe out the economic optimism of investors. He was a driver of the rally on Wall Street over the past ten months, together with the measures of governments and central banks to combat the effects of financial and economic crisis. The next few weeks, will be much more dynamic with the beginning of the first corporation to the new year season. Three of the largest companies in the index of blue chip Dow Jones IA – Alcoa, Intel and JPMorgan Chase, will publish its financial results for the fourth quarter of last year over the next five days, police CNN. On the economic front, the most important will be data on retail sales in the U.S. in December, and those for consumer confidence, industrial output and trade balance. The indexes reached new 15-month highs earlier this year, their rally would depend largely on the financial performance of the stock companies that would be indicative of the actual state of the economy. For the last quarter of 2009 is expected to increase the profits of companies in the S & P 500 by over 200% yoy. However impressive forecast is due largely to the sharp deterioration in financial results over the last comparable quarter of 2008, when the crisis hit very companies most like those suffered from the automotive and financial sectors. Week, and corporate season will begin with reports of aluminum giant Alcoa, which is expected earnings per share of 6 cents to a loss of 28 cents a year ago. On Tuesday, after the end of the session and the results will come out of the technology company Intel, which is expected to more than seven times greater earnings per share from 30 cents.
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