Meanwhile, retail sales were down .3% with ex-autos down .7%. Excluding gasoline, however, purchases were unchanged last month. I think this indicates that consumers are dodging those foreclosure notices from the bank by walking to the mall and shopping all day.
A few updates on Financial Firms on Life Support in a pleasing bullet point format:
- WaMu anticipates loan loss provisions of $4.5 billion, Fitch downgrades to junk
- Lehman still working on a deal, market praying for a resolution
- AIG puking in pre-market trading, CDS spreads continue to widen on continued fears it will be downgraded and forced to raise more capital
- Other brokers also down in pre-market trading after ridiculous rally into the close yesterday
No comments:
Post a Comment