Week Sept 20 2010 – Weekly Recap & The Week Ahead
The average man desires to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work — William LeFevre
1. Basel III — Regulators who met in Basel agreed to raise the level of banks’ common equity to at least 7% of assets, up from 2%. But the rules give banks time to bulk up: The capital requirements won’t take full effect until Jan. 1, 2019.
2. China’s Economy Resumes Acceleration — Industrial production, a major gauge of overall activity in China’s manufacturing-driven economy, was up 13.9% from a year earlier in August, accelerating from 13.4% growth in July.
3. Japanese PM Naoto Kan re-elected president of the Democratic Party of Japan — Yen surged to highest level in 3-month; Mr. Kan defeated veteran power broker Ichiro Ozawa by a wide margin.
4. Yen plummets on Japanese intervention — The yen tumbled from a 15-year high against the dollar after Japanese monetary authorities intervened in international currency markets for the first time since 2004.
The week ahead — Economic data from Econoday.com:
