US Stock Futures Slip Back Into Negative Territory; DJIA Off 22 - WSJ.com: "U.S. stock futures stumbled deeper into negative territory Friday morning after the U.S. economy suffered deep job losses last month, as investors weighed the grim economic picture with the prospect of further action by the Federal Reserve to boost the economy.
Dow Jones Industrial Average futures fell 22 points to 10890 recently, while Standard & Poor's 500-stock futures fell 1.80 points to 1154.70 and Nasdaq 100 futures fell 6 points to 2008. Just after the jobs data, futures had moved briefly into positive territory after starting the session with Dow futures down 36 points. Changes in stock futures don't always accurately predict early stock moves after the open."
Friday, October 8, 2010
Monday, October 4, 2010
2010 list of failed banks
2010 list of failed banks
| Failed bank | Date closed | Estimated cost to DIF ($millions) |
| Haven Trust Bank Florida, Ponte Verde Beach, FL | 9/24/2010 | 31.9 |
| North County Bank, Arlington, WA | 9/24/2010 | 72.8 |
| Maritime Savings Bank, West Allis, WI | 9/17/2010 | 83.6 |
| Bramble Savings Bank, Milford, OH | 9/17/2010 | 14.6 |
| The Peoples Bank, Winder, GA | 9/17/2010 | 98.9 |
| First Commerce Community Bank, Douglasville, GA | 9/17/2010 | 71.4 |
| Bank of Ellijay, Ellijay, GA | 9/17/2010 | 55.2 |
| ISN Bank, Cherry Hill, NJ | 9/17/2010 | 23.9 |
| Horizon Bank, Bradenton, FL | 9/10/2010 | 58.9 |
| Sonoma Valley Bank, Sonoma, CA | 8/20/2010 | 10.1 |
| Los Padres Bank, Solvang, CA | 8/20/2010 | 8.7 |
| Butte Community Bank, Chico, CA | 8/20/2010 | 17.4 |
| Pacific State Bank, Stockton, CA | 8/20/2010 | 32.6 |
| ShoreBank, Chicago, IL | 8/20/2010 | 367.7 |
| Imperial Savings and Loan Association, Martinsville, VA | 8/20/2010 | 3.5 |
| Independent National Bank, Ocala, FL | 8/20/2010 | 23.2 |
| Community National Bank at Bartow, Bartow, FL | 8/20/2010 | 10.3 |
| Palos Bank and Trust Company, Palos Heights, IL | 8/13/2010 | 72 |
| Ravenswood Bank, Chicago, IL | 8/6/2010 | 68.1 |
| LibertyBank, Eugene, OR | 7/30/2010 | 115.3 |
| The Cowlitz Bank, Longview, WA | 7/30/2010 | 68.9 |
| Coastal Community Bank, Panama City Beach, FL | 7/30/2010 | 94.5 |
| Bayside Savings Bank, Port Saint Joe, FL | 7/30/2010 | 16.2 |
| Northwest Bank and Trust, Acworth, GA | 7/30/2010 | 39.8 |
| Home Valley Bank, Cave Junction, OR | 7/23/2010 | 37.1 |
| Southwest USA Bank, Las Vegas, NV | 7/23/2010 | 74.1 |
| Community Security Bank, New Prague, MN | 7/23/2010 | 18.6 |
| Thunder Bank, Sylvan Grove, KS | 7/23/2010 | 4.5 |
| Williamsburg First National Bank, Kingstree, SC | 7/23/2010 | 8.8 |
| Crescent Bank and Trust Company, Jasper, GA | 7/23/2010 | 242.4 |
| Sterling Bank, Lantana, FL | 7/23/2010 | 45.5 |
| Mainstreet Savings Bank FSB, Hastings, MI | 7/16/2010 | 11.4 |
| Olde Cypress Community Bank, Clewiston, FL | 7/16/2010 | 31.5 |
| Turnberry Bank, Aventura, FL | 7/16/2010 | 34.4 |
| Metro Bank of Dade County, Miami, FL | 7/16/2010 | 67.6 |
| First National Bank of the South, Spartanburg, SC | 7/16/2010 | 74.9 |
| Woodlands Bank, Bluffton, SC | 7/16/2010 | 115 |
| Home National Bank, Blackwell, OK | 7/09/2010 | 78.7 |
| USA Bank, Port Chester, NY | 7/09/2010 | 61.7 |
| Ideal Federal Savings Bank, Baltimore, MD | 7/09/2010 | 2.1 |
| Bay National Bank, Baltimore, MD | 7/09/2010 | 17.4 |
| High Desert State Bank, Albuquerque, NM | 6/25/2010 | 20.9 |
| First National Bank, Savannah, GA | 6/25/2010 | 68.9 |
| Peninsula Bank, Englewood, FL | 6/25/2010 | 194.8 |
| Nevada Security Bank, Reno, NV | 6/18/2010 | 80.9 |
| Washington First International Bank, Seattle, WA | 6/11/2010 | 158.4 |
| TierOne Bank, Lincoln, NE | 6/04/2010 | 297.8 |
| Arcola Homestead Savings Bank, Arcola, IL | 6/04/2010 | 3.2 |
| First National Bank, Rosedale, MS | 6/04/2010 | 12.6 |
| Pinehurst Bank, Saint Paul, MN | 5/21/2010 | 6 |
| Midwest Bank and Trust Company, Elmwood Park, IL | 5/14/2010 | 216.4 |
| Southwest Community Bank, Springfield, MO | 5/14/2010 | 29 |
| New Liberty Bank, Plymouth, MI | 5/14/2010 | 25 |
| Satilla Community Bank, Saint Marys, GA | 5/14/2010 | 31.3 |
| 1st Pacific Bank of California, San Diego, CA | 5/07/2010 | 87.7 |
| Towne Bank of Arizona, Mesa, AZ | 5/07/2010 | 41.8 |
| Access Bank, Champlin, MN | 5/07/2010 | 5.5 |
| The Bank of Bonifay, Bonifay, FL | 5/07/2010 | 78.7 |
| Frontier Bank, Everett, WA | 4/30/2010 | 1,370 |
| BC National Banks, Butler, MO | 4/30/2010 | 11.4 |
| Champion Bank, Creve Coeur, MO | 4/30/2010 | 52.7 |
| CF Bancorp, Port Huron, MI | 4/30/2010 | 615.3 |
| Westernbank Puerto Rico, Mayaguez, PR | 4/30/2010 | 3,310 |
| R-G Premier Bank of Puerto Rico, Hato Rey, PR | 4/30/2010 | 1,230 |
| Eurobank, San Juan, PR | 4/30/2010 | 743.9 |
| Wheatland Bank, Naperville, IL | 4/23/2010 | 133 |
| Peotone Bank and Trust Company, Peotone, IL | 4/23/2010 | 31.7 |
| Lincoln Park Savings Bank, Chicago, IL | 4/23/2010 | 48.4 |
| New Century Bank, Chicago, IL | 4/23/2010 | 125.3 |
| Citizens Bank and Trust Company of Chicago, Chicago, IL | 4/23/2010 | 20.9 |
| Broadway Bank, Chicago, IL | 4/23/2010 | 394.3 |
| Amcore Bank, National Association, Rockford, IL | 4/23/2010 | 220.3 |
| City Bank, Lynnwood, WA | 4/16/2010 | 323.4 |
| Tamalpais, San Rafael, CA | 4/16/2010 | 81.1 |
| Innovative Bank, Oakland, CA | 4/16/2010 | 37.8 |
| Butler Bank, Lowell, MA | 4/16/2010 | 22.9 |
| Riverside National Bank of Florida, Fort Pierce, FL | 4/16/2010 | 491.8 |
| American First Bank, Clermont, FL | 4/16/2010 | 10.5 |
| First Federal Bank of North Florida, Palatka, FL | 4/16/2010 | 6 |
| Lakeside Community Bank, Sterling Heights, MI | 4/16/2010 | 11.2 |
| Beach First National Bank, Myrtle Beach, SC | 4/09/2010 | 130.3 |
| Desert Hills Bank, Phoenix, AZ | 3/26/2010 | 106.7 |
| Unity National Bank, Cartersville, GA | 3/26/2010 | 67.2 |
| Key West Bank, Key West, FL | 3/26/2010 | 23.1 |
| McIntosh Commercial Bank, Carrollton, GA | 3/26/2010 | 123.3 |
| State Bank of Aurora, Aurora, MN | 3/19/2010 | 4.2 |
| First Lowndes Bank, Fort Deposit, AL | 3/19/2010 | 38.3 |
| Bank of Hiawassee, Hiawasssee, GA | 3/19/2010 | 137.7 |
| Appalachian Community Bank, Ellijay, GA | 3/19/2010 | 419.3 |
| Advanta Bank Corp, Draper, UT | 3/19/2010 | 635.6 |
| Century Security Bank, Duluth, MN | 3/19/2010 | 29.9 |
| Statewide Bank, Covington, LA | 3/12/2010 | 38.1 |
| Old Southern Bank, Orlando, FL | 3/12/2010 | 94.6 |
| The Park Avenue Bank, New York, NY | 3/12/2010 | 50.7 |
| LibertyPointe Bank, New York, NY | 3/11/2010 | 24.8 |
| Centennial Bank, Ogden, UT | 3/5/2010 | 96.3 |
| Waterfield Bank, Germantown, MD | 3/5/2010 | 51 |
| Bank of Illinois, Normal, IL | 3/5/2010 | 53.7 |
| Sun American Bank, Boca Raton, FL | 3/5/2010 | 103.8 |
| Rainier Pacific Bank, Tacoma, WA | 2/26/2010 | 95.2 |
| Carson River Community Bank, Carson City, NV | 2/26/2010 | 7.9 |
| La Jolla Bank, F.S.B., La Jolla, CA | 2/19/2010 | 882.3 |
| George Washington Savings Bank, Orland Park, IL | 2/19/2010 | 141.4 |
| The La Coste National Bank, La Coste, TX | 2/19/2010 | 3.7 |
| Marco Community Bank, Marco Island, FL | 2/19/2010 | 38.1 |
| First American State Bank of Minnesota, Hancock, MN | 2/05/2010 | 3.1 |
| American Marine Bank, Bainbridge Island, WA | 1/29/2010 | 58.9 |
| First Regional Bank, Los Angles, CA | 1/29/2010 | 825.5 |
| Community Bank and Trust, Cornelia, GA | 1/29/2010 | 354.5 |
| Marshall Bank, N.A., Hallock, MN | 1/29/2010 | 4.1 |
| Florida Community Bank, Immokalee, FL | 1/29/2010 | 352.6 |
| First National Bank of Georgia, Carrollton, GA | 1/29/2010 | 260.4 |
| Columbia River Bank, The Dalles, OR | 1/22/2010 | 172.5 |
| Evergreen Bank, Seattle, WA | 1/22/2010 | 64.2 |
| Charter Bank, Santa Fe, NM | 1/22/2010 | 201.9 |
| Bank of Leeton, Leeton, MO | 1/22/2010 | 8.1 |
| Premier American Bank, Miami, FL | 1/22/2010 | 85 |
| Town Community Bank & Trust, Antioch, IL | 1/15/2010 | 17.8 |
| St. Stephen State Bank, St. Stephen, MN | 1/15/2010 | 7.2 |
| Barnes Banking Company, Kaysville, UT | 1/15/2010 | 271.3 |
| Horizon Bank, Bellingham, WA | 1/08/2010 | 539.1 |
Euro Drops From Six-Month High on Concern Banks Lack Capital
Oct. 4 (Bloomberg) -- The euro declined from a six-month high against the dollar as concern Europe’s major banks are undercapitalized reduced demand for the region’s assets.
The 16-nation currency weakened versus all of its major counterparts as a Swiss government-appointed panel said UBS AG and Credit Suisse Group AG should almost double the capital required under Basel Committee on Banking Supervision rules announced last month. The Swiss franc appreciated versus the euro as stocks fell, discouraging demand for riskier assets.
“The talk about the need for Basel 3 changing restrictions is highlighting the banking sector weakening and highlighting weakness in Europe particularly,” said Camilla Sutton, a Bank of Nova Scotia currency strategist in Toronto.
The euro slid 0.7 percent to $1.3689 at 8:53 a.m. in New York, from $1.3791 on Oct. 1. It touched $1.3807 earlier today, the highest level since March 17. The euro depreciated 0.6 percent to 114.06 yen, from 114.78 yen. The yen was little changed at 83.30 per dollar, compared with 83.22, after earlier weakening to 83.87.
Switzerland’s biggest banks should hold total capital equal to at least 19 percent of their assets, weighted according to risk, compared with 10.5 percent level the Basel Committee on Banking Supervision announced last month, the Swiss panel said.
In a sign the U.S. housing market is stabilizing, the number of contracts to purchase previously owned homes probably increased in August for a second month.
U.S. Housing
The National Association of Realtors’ index of pending home resales rose 2.8 percent in August after a 5.2 percent gain the prior month, according to the median forecast of 30 economists in a Bloomberg News survey. A separate report may show a transportation equipment-led decline in factory orders.
The Bank of Japan begins a two-day policy meeting today in Tokyo at which policy makers are expected to discuss the need for additional measures to spur growth.
The central bank “might introduce further liquidity into the markets,” analysts at Commerzbank AG headed by Ulrich Leuchtmann in Frankfurt wrote in an e-mailed report today. “Some market participants are also expecting the purchase of further bonds. Whichever way the BOJ is going to go, it’s unlikely to create positive momentum” for the yen, they wrote.
The Bank of Japan is expected to increase its 30-trillion yen ($359 billion) credit program for lenders to encourage bank lending when the meeting ends tomorrow, 14 of 17 economists surveyed by Bloomberg News said. One economist forecasts the bank will cut the overnight loan rate to zero from 0.1 percent and buy more government bonds.
Japan’s Wages
Japan’s wages unexpectedly stagnated in August, failing to rise for the first time in six months, adding to concern the country’s consumers won’t be able to drive growth in place of slowing demand abroad. Monthly wages including overtime and bonuses were unchanged from a year earlier at 274,232 yen ($3,288), the Labor Ministry said today.
The government intervened in the foreign-exchange market for the first time since 2004 on Sept. 15 to protect the export- driven recovery.
--Editors: Dennis Fitzgerald
Thursday, September 30, 2010
us stock futures rose Jobless Claims Boost Economic Optimism
U.S. stock futures rose, signaling the Standard & Poor’s 500 Index will build on its best September rally since 1939, after government data showed the economy grew more than estimated in the second quarter and jobless claims decreased more than forecast last week.
Wabash National Corp. rose 3.5 percent as Morgan Stanley initiated coverage of the stock with an “overweight” rating. American International Group Inc. gained 11 percent after selling its Japanese subsidiaries to Prudential Financial Inc.
S&P 500 futures expiring in December climbed 0.6 percent to 1,147.3 at 9:12 a.m. in New York, wiping out earlier losses as the Irish government said it will cost as much as 50 billion euros ($68.27 billion) to bail out its banking system. Dow Jones Industrial Average futures advanced 55 points, or 0.5 percent, to 10,835.
“It shows an economy that’s continuing to improve at a very gradual rate,” said Thomas Wilson, managing director of the institutional investments and private client group at Brinker Capital, which manages about $9 billion from Berwyn, Pennsylvania. “Things are ever so slightly better from the employment standpoint, but it’s not big enough yet to start moving the needle.”
The U.S. economy grew at a 1.7 percent annual rate in the second quarter, faster than the 1.6 percent previously estimated. Initial jobless claims decreased by 16,000 to 453,000 in the week ended Sept. 25, lower than the median forecast of economists surveyed by Bloomberg News.
The S&P 500 lost 0.3 percent to 1,144.73 yesterday. The gauge, which is up 2.7 percent so far this year, has fallen 6 percent from its peak for 2010 on April 23. The Dow Jones Industrial Average lost 0.2 percent to 10,835.28 yesterday.
Bernanke Speech
Federal Reserve Chairman Ben S. Bernanke will address a Senate Banking Committee hearing today amid speculation that the central bank will buy more debt to support the recovery.
Fed officials have publicly disagreed about the benefits of new monetary stimulus in a sign that Bernanke has yet to secure a consensus on whether to buy more Treasuries.
Policy makers have the tools to act and should respond “vigorously, creatively, thoughtfully and persistently” to a slow recovery, Boston Fed President Eric Rosengren said yesterday in a New York speech. Separately, Philadelphia Fed President Charles Plosser said in New Jersey that the central bank risks its credibility by taking actions, such as additional securities purchases, that may fail to help the labor market.
Wabash National increased 3.5 percent to $8.31 as Morgan Stanley rated the truck-trailer maker as “overweight” in new coverage.
AIG rose 11 percent to $41.50 as the bailed-out U.S. insurer agreed to sell its Japanese units Star Life Insurance and Edison Life Insurance to Prudential Financial for $4.8 billion. Prudential Financial’s shares slid 3.8 percent to $54.41 as the U.S.’s second-largest life insurer said it would raise $1.3 billion through a share sale to help fund the purchase.
GLOBAL MARKETS-Dollar drops as more monetary stimulus seen
NEW YORK, Sept 29 (Reuters) - Rising expectations central banks will step up monetary stimulus to support fragile economies drove the dollar to a five-month low against the euro on Wednesday and fed profit taking in stocks.
Investors trimmed their U.S. and European equity positions while an uncertain economic outlook kept commodity prices from rallying too strongly despite the benefit they often get from a sagging U.S. dollar.
Spot gold XAU= did edge up to fresh record high of $1,313.20 and silver XAG= set its best level in 30 years. Oil made only a modest gain on the day.
"We obviously have a negative combination for the U.S. dollar, and the Fed opening the door for potential easing has just stoked fears of dollar weakness and currency debasement generally," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto.
Wednesday's contrasting reports of Chinese [ID:nTOE68S046] and European [ID:nLDE68S0LU] economic and business sentiment advancing this month added to pressure on the greenback.
There is mounting speculation the U.S. Federal Reserve may engage in quantitative easing -- a process of buying up bonds and other assets to put fresh cash into the economy rather than through lower borrowing costs -- sooner rather than later.
Last week, the Fed said it was prepared to do just that if it were necessary to stimulate the recovery and avoid deflation. The Fed's benchmark interest rate is already at zero to 0.25 percent, leaving no room to stimulate through conventional measures.
In midday U.S. trade, the Dow Jones industrial average .DJI fell 45.45 points, or 0.42 percent, at 10,812.69. The Nasdaq Composite Index .IXIC dropped 9.69 points, or 0.41 percent, at 2,369.90.
The Standard & Poor's 500 Index .SPX lost 5.52 points, or 0.48 percent, at 1,142.18. However, for the month the index is up nearly 9 percent, its best monthly performance since May 2009 and before that the best showing since March 2000.
Hewlett-Packard Co (HPQ.N) rose 1.4 percent to $42.25 after the computer and printer maker forecast 2011 profits above estimates. For details, see [ID:nN28273797]
Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco, said the market was technically overextended, but a recent pattern of buying on dips could re-emerge as fund managers "window dress" their portfolios.
European shares gave up earlier gains after the U.S. market opened weaker.
The FTSEurofirst 300 .FTEU3 index of top European shares was down 0.61 percent at 1070.77. Weaker retail shares after disappointing figures from Swedish fashion group Hennes & Mauritz (HMb.ST), the world's third largest clothing retailer, proved a drag on the index.
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