London’s FTSE 100 may open barely changed today, up 2 points at 5,973 on a half-day of trading for New Year’s Eve. France’s CAC 40 is also seen opening little changed, just 1 point higher at 3,852 on a shortened session. Germany’s Dax index is closed today, London Capital Group said. TOP STORIES and MOST READ MBIA Climbs on Prospects of Resuming Municipal Insurer Role
Bond insurer MBIA Inc. gained the most in more than two months after a court development raised prospects it may resume guaranteeing city and state debt. Carlos Slim Pension Fund Trails Citigroup With Treasury Bills. Billionaire Carlos Slim’s Grupo Financiero Inbursa SAB is paying the lowest return among Mexican pension funds by keeping more than 50 percent of assets in local government bills, missing out on the biggest rally in longer- term debt since 2006. Storm Reveals Flip Side of U.S. Airlines’ Efficiency Efforts.
The U.S. aviation system’s struggles to recover from snowstorms that closed New York’s airports this week reflect the unintended consequences of airlines’ efforts to squeeze out costs. GE Leads $3.19 Trillion in Corporate Bond Sales: Credit Markets Corporate bond sales worldwide topped $3 trillion for a second straight year, led by the highest-ever issuance of junk- rated debt, as borrowers locked in the lowest yields on record.
Porsche Wins Dismissal of Fund Lawsuits Over $2 Billion Losses Porsche Automobil Holding SE persuaded a judge to dismiss two lawsuits claiming the carmaker cost hedge funds more than $2 billion by misleading short- sellers in its acquisition of Volkswagen AG shares in 2008.
India’s Sahara Group Buys London’s Grosvenor House Hotel
Sahara Group, the Indian owner of assets ranging from TV channels to real estate, bought the Grosvenor House in London’s Mayfair district, its first overseas hotel acquisition. Transocean Challenges Federal Agency Authority to Probe Blast
A federal panel that investigated the fatal 2005 Texas refinery blast that resulted in a $50 million fine for BP Plc hasn’t got the authority to probe the company’s April deep-water drilling disaster, according to rig owner Transocean Ltd. Merkel Vows to Defend Euro as ‘Foundation’ of Germany’s Economy
Chancellor Angela Merkel vowed to defend the euro as “the foundation” of Germany’s economy and called for resolve to bolster the currency. Commodities Beat Stocks, Bonds in 2010 as China Led Recovery Commodity prices beat gains in stocks, bonds and the dollar this year as China, the biggest user of everything from cotton to copper to soybeans, led the recovery from the first global recession since World War II.
Deutsche Bank Challenges JPMorgan’s Bond Underwriting Dominance Deutsche Bank AG climbed three places to No. 2 in the global corporate bond underwriter rankings this year, challenging JPMorgan Chase & Co.’s three- year reign as the top manager of debt offerings. North Welsh Region Posted Largest U.K. House-Price Gain in 2010
The Conwy area of North Wales posted the largest increase in home values among U.K. counties in 2010 as regional variations deepened amid a fluctuating housing market, Lloyds Banking Group Plc’s Halifax division said. Davies ‘Not Convinced’ Quotas Right for Women on U.K. Boards
Mervyn Davies, the former Standard Chartered Plc chairman who’s drawing up a strategy to increase the number of women on U.K. company boards, said he’s “not convinced” that setting quotas is the solution. Hungary Takes EU Helm as Orban Asserts Power Over Courts, Media
The European Union’s charter calls for respect for the rule of law, human rights, economic progress and media freedom. Some in Brussels are wondering whether Hungarian Prime Minister Viktor Orban, whose country takes over the rotating EU presidency on Jan. 1, has read it. MARKETS Treasuries Have Biggest Monthly Loss of 2010, Trim Annual Gain
Treasuries were poised for their biggest monthly loss this year, eroding 2010’s gain, as Federal Reserve Chairman Ben S. Bernanke’s unprecedented efforts to spur economic growth fueled demand for higher-yielding assets.
Yen Near 2-Week Low Versus N.Z. Dollar on Global Growth Outlook The yen traded near a two-week low against New Zealand’s dollar as speculation the global economic recovery will pick up next year boosted demand for assets in nations with higher returns.
Copper Gains to Record, Heads for Second Annual Rise on Recovery Copper climbed to a record in London and New York, and climbed to a 3-1/2 year high in Shanghai on optimism the global economic recovery is gaining momentum and as investors sought commodities to hedge against inflation and currency debasement.
Oil Falls for Third Day as U.S. Supplies Drop Less Than Expected Oil fell for a third day after a U.S. government report showed a smaller-than-forecast drop in crude inventories in the world’s biggest consuming nation.