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quarta-feira, setembro 30, 2009

Wakeup call - 30.09.09

Still buy on dips in equities

Despite yesterday's disappointing numbers from the US consumer equities did not close significant lower. Momentum in equity markets are currently very strong and our stance is still buy on dips.

· As we have been writing about before, the FDIC is running out of money after 140 bank failures. The agency is now proposing to let banks pay 3 years of premiums in order to recapitalize the Deposit Insurance Fund. This amounts to around $10B for the four biggest US banks alone.

· The Conference Board Consumer Confidence unexpectedly dropped to 53.1 (expected at 57.0). Stocks dipped at the release, but seemed to stabilize.

· The FX market is a bit mixed. USD lower, but JPY higher. Commodities are being picked up and HY close to new highs. The trend in stocks is still higher, so we maintain a “buy-on-dips” stance for the short-term.

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