March 10 (Bloomberg) -- U.S. stocks fell a second day after the biggest drop in jobs since 2003 sent energy and mining companies lower, overshadowing an advance in banks spurred by a Federal Reserve plan to make more cash available to lenders. The dollar dropped for a fourth straight week against the euro after the U.S. unexpectedly lost jobs for a second month in February.
TOP STORIES/MOST READ ON BLOOMBERG
TIPS Show Fed Loses Control of Inflation as Yields Go Negative
Bond investors have never been so sure that the Federal Reserve will lose control of inflation. They're so convinced that they're giving up yields just to buy debt securities that protect against rising consumer prices.
Countrywide Is Probed by FBI for Possible Fraud, Person Says
Countrywide Financial Corp., the largest U.S. mortgage lender, is under investigation by the Federal Bureau of Investigation for possible securities fraud, according to a person familiar with the probe.
IMF Nods to Spending Spree by Asian Countries Hit by U.S. Slump
Asian governments are abandoning spending restraint and trying to get their consumers to do the same in their battle to overcome slowing growth.
MAIN ECONOMIC RELEASES TODAY Japan's January Machine Orders Seen Rising 2.7% From December China's Trade Surplus Seen at $22.5 Billion, Narrows Vs Year Ago China's Feb. Producer-Price Inflation Seen Accelerating to 6.9% Japan's Money Supply, Bank Lending Figures for February Are Due Japan's Merchant Confidence Index for February Will Be Released South Korea's Producer Price Index for February Is Released New Zealand's House Prices Report for February Will Be Released
MAIN COMPANIES/EARNINGS
MAIN ANALYST UPGRADES/DOWNGRADES *CHINA NETCOM CUT TO `NEUTRAL' AT CREDIT SUISSE *NATIONAL AUSTRALIA BANK CUT TO `SELL' FROM `BUY' AT CITI *HUTCHISON TELECOM RAISED TO `OUTPERFORM' BY CREDIT SUISSE *SEKISUI HOUSE CUT TO `NEUTRAL' AT CREDIT SUISSE *ST. GEORGE BANK RAISED TO `BUY' FROM `NEUTRAL' AT MERRILL *ALLCO FINANCE CUT TO `SELL' FROM `HOLD' AT CITI *FORMOSA INTERNATIONAL HOTELS CUT TO `UNDERWEIGHT' AT JPMORGAN *DR. REDDY'S LABS CUT TO `HOLD' FROM `BUY' AT CITIGROUP *CONSOLDIATED MEDIA CUT TO `NEUTRAL' BY MACQUARIE *SINGAPORE PETROLEUM CUT TO `PEER PERFORM' AT BEAR STEARNS
ASIAN MARKETS
The Nikkei 225 futures contract due in March tumbled 460 points to 12,780. The Hang Seng Index futures for March slumped 610 to 22,560. The S&P/ASX 200 Index futures due in March dropped 94 to 5,176 at 6:35 a.m. in Sydney.
U.S. STOCKS DROP ON UNEXPECTED LOSS OF JOBS; ENERGY SHARES FALL
U.S. stocks fell for a second day after the biggest drop in jobs since 2003 sent energy and mining companies lower, overshadowing an advance in banks spurred by a Federal Reserve plan to make more cash available to lenders.
TREASURY THREE-MONTH BILL RATES RISE AS FED INCREASES LENDING
Treasury three-month bill rates rose after the Federal Reserve announced plans to add as much as $200 billion to the banking system over the next month to offset a deepening credit crisis.
DOLLAR HAS 4TH STRAIGHT WEEKLY DROP VERSUS EURO ON JOBS LOSSES
The dollar dropped for a fourth straight week against the euro after a government report showed the U.S. unexpectedly lost jobs for a second consecutive month in February.
EUROPEAN STOCKS DECLINE; AXA, BHP BILLITON, VEOLIA LEAD DROP
European stocks fell for the fourth day this week as investors speculated credit-market losses will deepen for financial companies and an employment report added to evidence the U.S. may slip into a recession.
EUROPEAN BONDS HAVE WEEKLY GAIN ON STOCKS DROP, GROWTH CONCERN
European 10-year government bonds rose for a second week as traders bet losses in stocks and signs economic growth is faltering will boost demand for the safest securities.
CRUDE OIL FALLS AFTER U.S. JOBS REPORT SIGNALS ECONOMIC SLOWDOWN
Crude oil fell after a report showed that the U.S. lost jobs last month, signaling that demand will slow in the world's biggest energy-consuming country.
GOLD DECLINES AS DOLLAR REBOUNDS AGAINST EURO; SILVER STEADY
Gold fell after the dollar rebounded from a record against the euro. Silver was little changed.
HIGHLIGHTS FROM NEWSPAPERS
Nissan to Sell Electric Car in France by 2012, Ghosn Tells JDD
Nissan Motor Co., Japan's third-largest automaker, will introduce an electric vehicle to France by 2012 at the latest, Chief Executive Officer Carlos Ghosn told Journal du Dimanche.
news source : http://www.bloomberg.com/apps/news?pid=20601101&sid=aQsCsRfNBfPo&refer=japan
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