In a relatively light weekend of (financial) news, some headlines from an overseas newspaper may carry the day.
European Central Bank
will not raise interest rates to support the euro, Spain's
"Neither the evolution of money in circulation nor inflation forecasts lead to the conclusion that the current level of rates needs to be changed," the newspaper quoted ECB board member Eugenio Domingo Solans as saying.
The comments should alleviate fears generated by ECB President
, whose hawkish comments
Thursday roiled the U.S. bond market.
Perhaps in reaction to those comments and to the lack of further escalation of tensions between China and Taiwan over the weekend, Asian bourses got off to a solid start Monday morning. Japan's
was up 160.62, or 0.88%. Australia's
index was up 16.0, or 0.52%, and New Zealand's
was up 11.61, or 0.53%.
In other overseas news, the Taiwan state development fund said it completed the sale of 9.8 million American Depositary Receipts, or ADRs, of
Taiwan Semiconductor Manufacturing
. At an average price of $30.40, the sale raised about $300 million for Taiwan's treasury.
In other news
U S West
$40.5 billion buyout offer, confirming reports circulating Friday on
said it will proceed with its $12.9 billion purchase of
agreed to acquire
for $280 million in stock,
announced a deal with
to provide satellite service to its 18 million customers.
Fidelity Federal Bancorp
signed a letter of intent to sell 51% of its common stock to an affiliate of
Lincolnshire Equity Fund II
In the Papers
In a shocking development,
included a positive mention of an Internet stock in his weekly column, specifically
Of course, this uncharacteristic optimism was sandwiched between more typically negative views of
Lernout & Hauspie
Elsewhere, Scott Satterwhite, manager of the
Artisan Partners Small-Cap fund, showered bullish praise on insurers
Stewart Information Services
, as well as cement producers
Lone Star Industries
Brett Robertson, managing partner at
Richmont Investment Management
in Dallas, gave positive mention to
Whole Foods Market
. The small-cap value manager had less pleasant things to say about
Neither Satterwhite nor Robertson made the
list of top-100 mutual fund managers.
The "Follow Up" section of the paper included cautionary tales about declining demand for sports utility vehicles and implications for automakers such as
. The section also noted a setback for
last week -- a cutback in production money for the F-22 fighter by the
House Appropriations Committee
-- but also mentioned that the company inked a $2.5 billion deal with Israel on Friday for 50 F-16s.
also included a positive report on chip-equipment makers, notably industry giant
(PNJA:Nasdaq). The weekly also featured the slowdown in online-trading growth and potential implications for online brokers such as
In a similar vein,
The New York Times
reviewed the decline in day-trading activity since the April swoon in Internet stocks. However, the piece was absent much stock-specific insight. In fact, other than
-- the picks of
growth fund manager Erin Sullivan -- the Sunday issue was light on "investable" news.
However, a primer on "accounting tricks" was certainly worth the price of admission.