Wednesday, October 06, 2010

ADP Employment Change: Survey 20k Actual -39 Prior -10 Revised 10

Today’s ADP employment report does not augur well for Friday’s all-important Private Nonfarm Payrolls
report.

Turkey: On the Way to Investment Grade? – Moody’s raised the outlook on Turkey’s
rating to “positive” from “stable,” while keeping the rating at Ba2, two notches below investment
grade. Recently, rating agencies have criticized Turkey for the postponement of its proposed
fiscal rule law. Most analysts don’t see a rating upgrade likely before the country’s 2011 general
elections. – Roubini Global Economics

Moody's National Scale Ratings

Investment Grade Non-Investment Grade
Aa Aa Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa
Aaa Ca C
1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3

Taliban in high-level talks with Karzai government, sources say - Taliban representatives and the
government of Afghan President Hamid Karzai have begun secret, high-level talks over a negotiated end
to the war, according to Afghan and Arab sources. – Washington Post
Buffett says its “quite clear stocks are cheaper than bonds” – CNBC
―Credit for the recovery‖ – NYT ―The economic expansion that has been going along in fits and
starts since June 2009 was initially powered by government stimulus and business investment. But for
this recovery to mature, broaden and persist, the greatest economic force known to mankind — the
American consumer — has to get back in the game‖ – NYT
Housing market could falter without more aid says M Felstein - A new housing program would
need to focus on reducing the principal in mortgages, allowing refinancing of mortgages whose values
exceed what the homes would sell for – Bloomberg