The Banking and Strategy Initiative

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Global Mid Day Report: Natural Gas Inventories scare investors, Hospitals provide the only cheer

The Euro tumbled closer to breaking down below 1.24 levels today afternoon as the Natural Gas Report in the US shored up inventories of 3000 BCF by another 57 BCF of NatGas in US alone. Additions of record level inventories broke the fledgling price recovery again the commodity leading the way down in the afternoon back from $2.8 to $2.7 levels  and will likely go to $2.4 levels before coming back

European Banks end the day after Barclays fines in Liborgate, the first of many banks to settle , engendered a Osborne breakout inthe stocks, each don nearly 10% in Barclays, RBS and Lloyds. The second set of penalties after the PPI fines in 2011, may well be the required pressure on Bob Diamond and others in Barclays executive ho agreed to forego 2012 bonuses to actually leave.

HSBC, who has been actively setting up a new interbank reference rate market with Nomura (See our review on RONIA) many other banks are going to pay dearly in the LIBORGATE follow up, including UBS which first informed authorities and a RICO action ( Anti Mafia act) by Charles Schwab in the US

Barclays closed 15% lower at 166 pence, RBS 10% lower while Llloyds and HSBC were down 3.5% and 2.5% respectively in London trading at the close

German unemployment had come in earlier at 6.8% while UK GDP reported an expected contraction of 0.3% in Q1 down marginally for the year as household spending was revised downwards to a contraction. Italy also reported inflation data as expected at 3.3% with only fuel and food prices doing the damage.

While US commodities Act allowed larger fines in settlement with Barclays, the UK may still catch up with the government promising Criminal sanctions starting with RBS in their next week’s reply to the regulatory report on the bank’s failing  completely in 2007

Obamacare in the meantime has done wonders for the incumpbent President’s campaign even as he gets ready to face the Big Money PACs ready for a negative publicity blitz to save Romney.  Hospital stocks including Tenet and Community(CYH:US) were up 8% at 2 pm Healthcare Eqpt and Services companies are up 10% on the year Specialised Service providers like Sun Healthcare (seniors) were not moved by Obamacare announcements at $8.39(SUNH:US) hile medical devices companies in the news  because of Deal snippets in 2012 were also holding steady after the Act’s announcements (BSX:US). Tenet Healthcare (THC:US) was up 6.8%

 

 

 

 

 

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