North Korea threatens nuclear strike, U.N. expands sanctions

North Korea threatens nuclear strike

North Korea threatened the United States on Thursday with a preemptive nuclear strike, raising the level of rhetoric just before the U.N. Security Council approved new sanctions against the reclusive country.

The White House said North Korea's threats would only lead to Pyongyang's further international isolation and declared that the United States was "fully capable" of defending against any North Korean missile attack.

China's U.N. Ambassador Li Baodong said Beijing wanted to see "full implementation" of the new U.N. Security Council resolution that tightens financial restrictions on Pyongyang and cracks down on its attempts to ship and receive banned cargo.

North Korea has accused the United States of using military drills in South Korea as a launch pad for a nuclear war and has scrapped the armistice with Washington that ended hostilities in the 1950-53 Korean War.

A North Korean general said on Tuesday that Pyongyang was scrapping the armistice. But the two sides remain technically at war as the civil war did not end with a treaty.

North Korea threatens the United States and its "puppet," South Korea, on an almost daily basis.
"Since the United States is about to ignite a nuclear war, we will be exercising our right to preemptive nuclear attack against the headquarters of the aggressor in order to protect our supreme interest," the North's foreign ministry spokesman said in a statement carried by the official KCNA news agency.
North Korea conducted a third nuclear test on February 12, in defiance of U.N. resolutions, and declared it had achieved progress in securing a functioning atomic arsenal. It is widely believed that the North does not have the capacity for a nuclear strike against the mainland of the United States.
With tensions high on the Korean peninsula, the U.N. Security Council voted unanimously to expand its sanctions on North Korea. The new sanctions were agreed after three weeks of negotiations between the United States and China, which has a history of resisting tough measures against its ally and neighbor.

The resolution specifies some luxury items North Korea's elite is not allowed to import, such as yachts, racing cars, luxury automobiles and certain types of jewelry. This is intended to close a loophole that had allowed countries to decide for themselves what constitutes a luxury good.
"These sanctions will bite and bite hard," said U.S. Ambassador to the United Nations Susan Rice.
The export of luxury goods to North Korea has been prohibited since 2006, though diplomats and analysts said the enforcement of U.N. sanctions has been uneven.

U.N. Secretary-General Ban Ki-moon, a former South Korean foreign minister, welcomed the council's move, saying in a statement that the resolution "sent an unequivocal message to (North Korea) that the international community will not tolerate its pursuit of nuclear weapons."
The success of the new measures, council diplomats said, will depend to a large extent on the willingness of China to enforce them more strictly than it has in the past.

Pyongyang was hit with U.N. sanctions in retaliation for its 2006 and 2009 nuclear tests. Those measures were subsequently tightened and expanded after several rocket launches by the North.
In addition to the luxury goods ban, there is an arms embargo on North Korea, and it is forbidden from trading in nuclear and missile technology.

George Lopez, a professor at the University of Notre Dame in Indiana and a former member of the U.N. panel that monitors North Korea sanctions compliance, said the new measures should have a real impact on North Korea's movement of money and constrain access to equipment for its nuclear and missile programs.

"Now, we may yet see another launch or a bomb test, but over the medium term this resolution will degrade DPRK capabilities to grow its program," Lopez said, using the acronym for the Democratic People's Republic of Korea.

THREATS AND WAR GAMES

North Korea's threats were the latest in an escalating war of words by both sides across the armed Korean border this week.
The North's unnamed foreign ministry spokesman said it would be entitled to take military action as of March 11 when U.S.-South Korea military drills move into a full-scale phase.
"North Korea will achieve nothing by continued threats and provocations. These will only further isolate the country and its people and undermine international efforts to promote peace and stability in northeast Asia," Rice told reporters.

President Barack Obama's administration said it had reassured South Korea and Japan "at the highest levels" of its commitment to deterrence, through the U.S. nuclear umbrella and missile defense, in the face of the new threats.

Glyn Davies, the State Department's point man for North Korea, also said in testimony prepared for a Senate hearing that Washington will not accept North Korea as a nuclear state.
Russia's U.N. Ambassador Vitaly Churkin called for restraint and an end to the threats. "Let's keep our minds cool and keep focused on the need for the only possible rational course of action, and that is returning to six-party talks," he said.

North Korea, which held a mass military rally in Pyongyang on Thursday in support of its recent threats, has protested against the U.N. censures of its rocket launches. It says they are part of a peaceful space program and that the criticism is an exercise of double standards by the United States.
The North's shrill rhetoric, however, rarely goes beyond just that. Its last armed aggression against the South in 2010 came unannounced, bombing a South Korean island and killing two civilians. It was also accused of sinking a South Korean navy ship earlier in the year, killing 46 sailors.
North Korea was conducting a series of military drills and getting ready for state-wide war practice of an unusual scale, South Korea's defense ministry said earlier.

South Korea and the United States, which are conducting annual military drills until the end of April, are watching the North's activities for signs that they might turn from an exercise to an actual attack, said South Korea's defense ministry spokesman Kim Min-seok.

Kim declined to confirm news reports that the North has imposed no-fly zones off its coasts in a possible move to fire missiles, but he said any flight ban limited to near the coast would not be for weapons with meaningful ranges.

South Korea's military said in a rare warning on Wednesday that it would strike back at the North and target its leadership if Pyongyang launched an attack.

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George Soros's new stock picks.

The billionaire investor initiated a position of 4.1 million shares in Morgan Stanley MS -0.31% during the fourth quarter. Morgan Stanley has been struggling with profitability in recent quarters, and severely underperformed expectations at times. Fellow billionaire Dan Loeb's Third Point was also buying Morgan Stanley last quarter, reporting a position of 7.8 million shares after not owning any of the stock at the end of September (find more stocks Loeb was buying). Wall Street analysts insist that the investment bank is a good value, with their expectations implying a forward P/E of 9 and a five-year PEG ratio of 0.6.
 

Citrix Systems CTXS +0.52% , a $13 billion market cap business software and services company, was another of Soros's new stock picks. Lee Ainslie's Maverick Capital increased its own stake in Citrix in the fourth quarter of 2012, to a total of 3.8 million shares. Citrix experienced a 20% increase in revenue last quarter compared with the same period in the previous year, but slimmer margins resulted in net income only rising 5%. With the stock priced for growth at a trailing earnings multiple of 38, performance would have to improve in order for it to be a worthwhile growth stock.

Soros also liked Anadarko Petroleum APC -0.30% , buying up almost 760,000 shares of the oil and gas company. 62 filers in our database reported a position in Anadarko, which made it the most popular energy stock among hedge funds (see more energy stocks hedge funds loved). Anadarko's earnings multiples are in the teens- the trailing and forward P/Es are 17 and 15 respectively- but that represents a premium to the major oil companies and the company's revenue has actually been down. It might be worth looking at on the basis of its popularity but we aren't particularly excited about the stock.
 

The 13F disclosed a new position of about 950,000 shares in Plains Exploration & Production PXP -0.29% . The oil and gas company is an acquisition target as Freeport-McMoRan Copper & Gold FCX -0.88% plans to buy it and a related company. Many investors like to invest in merger arbitrage investments because the returns are uncorrelated with the stock market, though there are of course risks (read more about merger arbitrage strategies). Plains itself had expanded from natural gas to offshore oil assets earlier in 2012.

Ford F +0.63% rounded out the five largest new positions that Soros reported owning at 3.1 million shares. Ford's revenue edged up in the fourth quarter of 2012 versus a year earlier, and many value investors have been bullish on autos for several months. The market in general is quite pessimistic about Ford, as it trades at 9 times trailing earnings. The sell-side generally expects improvements on the bottom line with the result being that the five-year PEG ratio is a bit below 1. Appaloosa Management, managed by billionaire David Tepper, had over 11 million shares of Ford in its own portfolio at the beginning of January

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Gold Rallies Sharply on Bernanke's Dovish Stance, Bargain Hunting, Short Covering, Safe-Haven Demand

Gold futures prices ended the U.S. day session with sharp gains Tuesday and pushed well above the key $1,600.00 level. The yellow metal was boosted in part by Federal Reserve Chairman Ben Bernanke assuaging market place fears that the U.S. central bank could exit its very easy-money ways sooner rather than later. Safe-haven buying was also seen in gold Tuesday, amid fresh concerns about the sovereign debt crisis in the European Union. Short covering and bargain hunting were also featured in both gold and silver, following last week’s strong selling pressure. April Comex gold last traded up $29.80 at $1,616.40 an ounce. Spot gold was last quoted up $23.10 at $1,617.25.  May Comex silver last traded up $0.383 at $29.43 an ounce.

After seeing modest early price gains, gold futures prices took a dip at mid-morning Tuesday when some stronger-than-expected U.S. economic data was released. U.S. home sales rose sharply in January, while the consumer confidence index rose in February. The latest Richmond Fed business survey also showed an upbeat reading. Bernanke’s prepared text for delivery to the U.S. Senate was also released at the same time the U.S. economic data came out. It took gold traders and investors a bit to digest Bernanke’s remarks, but the gold market did start to rally sharply in the aftermath of his comments. While Bernanke's remarks were pretty much what the market place expected, they were nonetheless dovish on U.S. monetary policy, and what the precious metals market bulls wanted to hear from the Fed chief. He said the benefits of a very accommodative monetary policy outweigh the potential risks of such, helping calm worries the U.S. central bank could end its quantitative easing of monetary policy sooner rather than later. In questioning from senators, Bernanke also hinted the Fed may not have to sell off all its asset purchases over a period of time and may just keep them until they expire. That was a bit of bullish surprise for the raw commodity and stock markets, as there was some worry that the Fed selling off those assets, even over time, could put some downside pressure on many markets.

The European Union and its sovereign debt problems are back on the front burner of the market place after a few months’ hiatus. Italian elections that just concluded and failed to show a clear winner indicated voters ostensibly rebuked present government austerity measures meant to repair Italy’s damaged economic and financial structure. It also suggests political instability in Italy in the coming months. The Italian vote left the market place wondering when the next shoe will fall in the EU debt crisis that remains a serious matter in the world market place. Flight-to-safety buying of U.S. Treasuries, German bunds, gold and the U.S. dollar all quickly came back into vogue. Risk assets such as world stock markets and many commodity markets, and the Euro currency, were pressured on the Italian vote news. Other than the safe-haven German bunds, European bond yields were on the rise as fears of an EU debt contagion are again surfacing. There are Italian government debt auctions Tuesday and Wednesday that will be very closely scrutinized by the market place.

The U.S. government’s likely inability to agree on a taxing and spending plan by the March 1 sequestration deadline has added to a nervous and uncertain atmosphere in the world market place this week.

In Asia, the Japanese stock market fell as the yen rallied on safe-haven investor demand due to the resurfacing of the EU debt crisis. The yen had been on a steady decline for the past four months, but made an abrupt about-face on Monday afternoon.

The U.S. dollar index was higher again Tuesday and hit a fresh six-month high. The U.S. dollar bulls have gained upside technical momentum recently to suggest the dollar index has put in a market bottom and can continue to trend higher in the near term. Meantime, Nymex crude oil futures prices were lower Tuesday and hit a fresh two-month low. The crude oil bears have gained fresh downside near-term technical momentum recently. These two key “outside markets” were in a bearish posture for the precious metals Tuesday, but traders and investors chose to buy the recent dip in gold prices anyway.

The London P.M. gold fixing is $1,590.50 versus the previous London P.M. fixing of $1,586.25.
Technically, April gold futures prices closed nearer the session high Tuesday. Recent serious chart damage is starting to be repaired but the bulls have more heavy lifting to do in the near term to suggest a price uptrend can be sustained. Gold prices are still in a six-week-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,650.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at the February low of $1,554.40. First resistance is seen at Tuesday’s high of $1,619.70 and then at the January low of $1,627.90. First support is seen at $1,600.00 and then at $1,590.00. Wyckoff’s Market Rating: 4.0

May silver futures prices closed near the session high Tuesday and saw more short covering and bargain hunting following recent strong selling pressure. Serious near-term technical damage has been inflicted in silver recently. May silver bears have the near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $30.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of $28.315. First resistance is seen at Tuesday’s high of $29.495 and then at $29.67. Next support is seen at $29.00 and then at this week’s low of $28.60. Wyckoff's Market Rating: 3.5.

May N.Y. copper closed up 235 points at 358.45 cents Tuesday. Prices closed nearer the session high on short covering after hitting a fresh three-month low early on. Serious near-term chart damage was inflicted last week. Copper bears have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 365.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at 360.00 cents and then at 362.50 cents. First support is seen at 355.00 cents and then at Tuesday’s low of 353.35 cents. Wyckoff's Market Rating: 4.0.

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Apple erases $17 billion from stock market

Apple Inc.’s near 4% drop wiped out $17 billion from the U.S. stock market on Monday, pushing two of the three benchmark indexes into negative territory.

Apple AAPL +0.15% shares fell $18.55, or 3.6%, to end at $501.75 after the Wall Street Journal and Japan’s Nikkei reported that the company had cut iPhone production plans because sales had come in below expectations.

The S&P 500 index SPX -0.09%  shed 1.37 point, or less than 0.1%, to 1,470.68, with telecommunications hardest hit and consumer staples faring best among its 10 industry groups.

“It would be positive without,” Apple, said Howard Silverblatt, senior index analyst at the S&P Indices, the stock’s impact on the index of 500 public companies.

The Dow Jones Industrial Average DJIA +0.14%  rose 18.89 points, or 0.1%, to 13,507.32, with Hewlett-Packard Co. HPQ +4.89%  leading the gains after J.P. Morgan upgraded the personal-computer maker to neutral from underweight. H-P also reclaimed the top PC-maker ranking from Lenovo Group Ltd.

International Business Machines Corp. IBM -0.14%  dropped 0.9% after J.P. Morgan downgraded it to neutral from overweight.

Shares of Dell Inc. DELL +12.96%  rallied 13% after Bloomberg News reported that the company was in buyout talks with private-equity firms.

Sprint Nextel Corp. S -3.89%  dropped 3.9% after the stock was downgraded by some brokerage firms. Read more about Monday’s biggest gaining and declining stocks.

The Nasdaq Composite COMP -0.26%  lost 8.13 points, or 0.3%, to 3,117.50.

Apple has a significant impact on the major stock indexes. It has a 3.8% weight in the S&P 500 and a 10% weight in the Nasdaq Composite, and is the largest stock on both. It’s not a member of the Dow average. Read more about the decline in Apple’s share price.

“In terms of the general negative sentiment, it’s a combination of Apple and a bit of poor industrial production number out of Europe. That was a pretty ugly wake-up call,” said Bill Stone, chief investment strategist at PNC Wealth Management. Industrial output for the 17-nation euro zone dropped 0.3% in November.

Decliners and advancers ran in a virtual dead heat on the New York Stock Exchange, where 590 million shares traded.

Composite volume approached 3 billion.

“As the week wears on, we’ll have a much more robust earnings calendar. Of those 27 S&P 500 companies reporting so far, they’ve lowered estimates significantly in the last three months,” said Art Hogan, market strategist at Lazard Capital Markets.

Companies reporting so far have managed to “squeeze out some sort of beat of lowered expectations,” said PNC’s Stone.

Of the first 27 companies in the S&P 500 to report fourth-quarter results, 67% exceeded earnings-per-share growth expectations, 15% were in line and 18% missed, according to Nick Raich, director of research at Key Private Bank. Of those companies, which represent 5% of the 500 that will eventually report, 11% raised their first-quarter 2013 guidance; 19% maintained and 70% lowered their outlooks.

“The new consensus expectation for fourth-quarter 2012 earnings growth is only 2%,” said Raich. “The guidance companies are providing after reporting results is still very weak.” 

In Washington, President Barack Obama talked about efforts to reduce the U.S. deficit at a Monday news conference in which he urged lawmakers not to use the debt ceiling as leverage in the political wrangling over government spending.

With a battle looming with Congress in the weeks ahead over hiking the $16.4 trillion debt ceiling, Republican lawmakers are mulling a government shutdown or default as a way to force cuts in government spending. Read a blog post on the U.S. Treasury thinking the unthinkable about the debt ceiling.

In separate statements, Senate Republican leader Mitch McConnell called the debt-ceiling debate the “perfect time” to confront government spending, and House Speaker John Boehner also indicated his intention to link spending cuts to hiking the debt ceiling.

The Treasury market did not signal distress over the danger of a government default, with yields on the benchmark 10-year note 10_YEAR +0.16%  off 1 basis point, or 0.01 percentage point, to 1.85%.

Federal Reserve Chairman Ben Bernanke spoke at 4 p.m. Eastern in Michigan, following comments delivered by Chicago Fed President Charles Evans that the central bank should continue to keep monetary policy accommodative as lawmakers cut U.S. spending.

“The market will be watching Bernanke to get a better take on when the Fed might start to take the punch bowl away,” said Stone of the Fed’s monetary policy.

Bernanke downplays inflation risk of QE3

Worst thing Fed could do would be to hike rates prematurely

Federal Reserve Chairman Ben Bernanke played down fears on Monday from some more hawkish central bankers and investors that the Fed’s bond-buying program will lead to higher inflation.

“I don’t believe significant inflation is going to be the result of any of this,” Bernanke said in a speech at the University of Michigan. 

The Fed will watch closely to see whether the zero-interest rate policy that has been in place for four years could eventually lead investors to make unwise decisions, creating an asset bubble, he added.

Bernanke also said there is a continuing debate over whether Fed policy is a cause of asset bubbles. The Fed has an “open mind” on the issue, he remarked, and will continue to monitor markets and toughen bank supervision to guard against financial instability. 

But the worst thing for the central bank to do would be “to raise interest rates prematurely,” according to Bernanke. 

At their meeting in December, the Fed boosted its stimulus program by adding $45 billion of monthly Treasury purchases to an existing program to buy $40 billion in mortgage-backed securities a month.

Last week, several Fed officials expressed their concerns over the central bank’s loose policy. Read: Fed hawks get their day in the sun. 

Kansas City Fed Bank President Esther George noted that prices of assets such as bonds, agricultural land and high-yield and leveraged loans were at historically high levels.

In addition, Richmond Fed President Jeffrey Lacker dissented from all eight Fed policy statements in 2012, saying that the central bank might be undermining its ability to control inflation.

Gold futures move higher as dollar slips

Gold futures rose in electronic trading during Asian hours Monday as the U.S. dollar moved lower, recovering a portion of losses made in regular trading at the end of last week.

Gold for February delivery GCG3 +0.43%  advanced $4.40 to $1,664.90 an ounce in electronic trading Monday.

Some support for gold on Monday came from a weaker U.S. dollar. The ICE dollar index DXY -0.11% , which measures the greenback against a basket of six other currencies, traded at 79.409, down from 79.566 in late North American trading Friday.

Gold’s gain came after the benchmark futures fell $17.40 on Friday to settle at $1,660.60 an ounce on the Comex division of the New York Mercantile Exchange after the release of stronger-than-expected Chinese inflation data.

 

Southeast Asia a worry in 2013

Global markets have started 2013 on a bullish note, but that may not continue for the rest of the year.

However, the metal notched a 0.7% for the past week. Read: Gold settles lower for the day, up for the week

“Lack of conviction has tainted gold price action, and gold has struggled to establish its identity as a safe-haven asset,” said commodity strategists at Barclays Capital.

“The hurdles for gold are mounting, from dollar strength to a softer physical market, but in our view, a number of positive macro catalysts still exist that could push prices significantly higher,” they said.

Potential triggers for gold included the U.S. debt-ceiling debate and other fiscal issues, which the strategists said “are far from fully resolved” and pose a risk to the U.S. credit rating.

“Risks are skewed towards the near term, [and] we believe that the first quarter of 2013 will be key in setting the tone of trading,” the strategists said.

Around the wider metals complex, silver for March delivery SIH3 +1.03%  advanced 25 cents to $30.66 an ounce.

April platinum PLJ3 -2.34%  climbed $7.50 to $1,638.70 an ounce, while March palladium PAH3 -0.68%  advanced $2.40 to $703.85 an ounce.

March copper HGH3 +0.70%  rose 2 cents to $3.68 per pound.

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Facilitating margin trading in Currencies, Commodities and Metals and more, with a leverage facility of 100% of face value. In the financial markets, you can trade (Buy or Sell) any currency, commodity or metals simply by investing 1% or 2% of the product value.

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Century Financial Brokers LLC (CFB) is licensed and regulated by the Central Bank of United Arab Emirates and Emirates Securities and Commodities Authority (ESCA). We are also the principal broker & clearing member of Dubai Gold and Commodities Exchange (DGCX).

Margin Trading

Facilitating margin trading in Currencies, Commodities and Metals and more, with a leverage facility of 100% of face value. In the financial markets, you can trade (Buy or Sell) any currency, commodity or metals simply by investing 1% or 2% of the product value.

Products offered by CFB

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• Leveraged trading with low margin requirements.
• Proper training for trading in FX Markets.

• CFB provides state-of-the-art online trading software, providing electronic order entry in the most liquid and dynamic market movers world-wide
• Through one window, traders access FX, futures, stocks, CFDs, metals, energies etc.
• As a client you will have access to real-time prices, two-way quotes, charts, news, market commentaries & analysis of all major currencies, metals, commodities, futures, energies etc. and  receive statements of your account on regular basis

We request you for a few minutes from your valuable time to give you a brief idea of how our company can help explore the investment opportunities in the global financial markets which can give you amazing returns on your investments. For more details, please visit our website www.cfb.ae

Thank you.

CONTACT

Asad Khan  (CFB)
(0508774861)
asad@cfb.ae

A Quick Glance at News (20/12/2012)

Talks to avoid a U.S. fiscal crisis stalled on Wednesday as President Barack Obama accused opponents of holding a personal grudge against him while the top Republican negotiator called the president "irrational."

The Bank of Japan delivered its third dose of monetary stimulus in four months on Thursday in a prelude to more aggressive action next year, as it faces intensifying pressure from the country's next leader for stronger efforts to beat deflation.

The yen languished near 20-month lows against its U.S. peer on Thursday, but trading was choppy in thin conditions with yen bears possibly suffering a case of cold feet as the Bank of Japan's policy decision loomed.

The Bank of Japan has already shown its readiness to keep an ultra loose monetary policy but stressing its resolve to ease "unlimitedly" would make a difference, a senior Liberal Democratic Party (LDP) official said on Thursday.

Asian shares retreated from near 17-month highs on Thursday and commodities fell as negotiations to avert a U.S. fiscal crunch turned to personal taunts, putting at risk a timely solution as well as the health of the world's largest economy

U.S. stocks sold off late in the day to close at session lows on Wednesday as talks to avert a year-end fiscal crisis turned sour, even as investors still expect a deal.

Asia’s benchmark equities index has risen about 14 percent this year as central banks from the U.S., Europe, Japan and China took action to spur economic growth

The gauge traded at 14.7 times average estimated earnings compared with 13.8 for the Standard & Poor’s 500 Index and 12.8 times for the Stoxx Europe 600 Index, according to data compiled by Bloomberg

Australia’s government said it’s unlikely to deliver a pledged budget surplus this fiscal year as weaker growth and a strong local currency curb tax receipts, a setback for Prime Minister Julia Gillard before an election due in late-2013.

Oil fell from the highest level in two months in New York on speculation its four-day gain was exaggerated as budget negotiations faltered in the U.S., threatening the economy of the world’s biggest crude user.

Australian stocks advanced on Thursday, building on highs not seen since July 2011. The S&P/ASX 200 index edged up 0.1% to 4621.50, with most sectors trading higher.