Jan. 20 (Bloomberg) -- The U.S. is facing an “economic Pearl Harbor” that has spread fear throughout the country, billionaire investor Warren Buffett told Tom Brokaw in an interview broadcast yesterday on Dateline NBC. Lehman Brothers Holdings Inc.’s rescue failed when U.S. officials couldn’t find a bank to provide the same trading guarantees that Bear Stearns Cos. received, the New York Federal Reserve’s general counsel said.
TOP STORIES/MOST READ ON BLOOMBERG
Buffett Says the U.S. Is in Midst of an ‘Economic Pearl Harbor’
The U.S. is facing an “economic Pearl Harbor” that has spread fear throughout the country, billionaire investor Warren Buffett told Tom Brokaw in an interview broadcast yesterday on Dateline NBC.
Nadel’s 32% Returns in Doubt as Manager Disappears
Brad Lerner was pleased when a November statement showed his $500,000 investment in a fund run by Arthur Nadel had gained 8.5 percent for the year as the Standard & Poor’s 500 Index fell 39 percent.
Brown Tightens Grip on Banks as Recession Worsens
Prime Minister Gordon Brown’s government tightened its grip on Britain’s financial system, guaranteeing toxic assets and giving the Bank of England unprecedented power to buy securities.
Lehman Rescue Failed on Guarantees, Baxter Says
Lehman Brothers Holdings Inc.’s rescue failed when U.S. officials couldn’t find a bank to provide the same trading guarantees that Bear Stearns Cos. received, the New York Federal Reserve’s general counsel said.
MAIN ECONOMIC RELEASES New Zealand Consumer Prices Seen Falling 0.4% on Quarter Japan Index of Service Demand Seen Falling 0.8% in November Japan November Consumer Confidence Seen Declining to Record Low Japanese Government Releases Monthly Economic Assessment
MAIN ANALYST UPGRADES/DOWNGRADES *LG DISPLAY RAISED TO ‘UNDERPERFORM’ AT CLSA *SEMBCORP MARINE CUT TO ‘UNDERPERFORM’ AT CREDIT SUISSE *MALAYSIAN CONSTRUCTION SECTOR RAISED TO ‘POSITIVE’ AT HWANGDBS *MITSUBISHI ELECTRIC CUT TO ‘MARKET PERFORM’ AT MITSUBISHI UFJ *URALKALI, SILVINIT, ACRON RATED ‘BUY’ AT TROIKA DIALOG
ASIAN MARKETS
The Nikkei 225 futures contract due in March fell 180 points to 8,100. The Hang Seng January contract rose 141 to 13,393. The S&P/ASX 200 Index futures due March dropped 14 to 3,535 at 7:00 a.m. in Sydney.
Treasury Yields Flattened as Fed Fights to Cut Mortgage Rates
The Federal Reserve’s inability to narrow the gap between consumer borrowing costs and government interest rates is driving investors to the longest-maturity Treasuries.
Pound Falls Versus Euro, Dollar on U.K. Bank Plan; Ruble Drops
The pound fell against the euro and the dollar on speculation British Chancellor of the Exchequer Alistair Darling’s second bank rescue in three months won’t be sufficient to revive the recession-mired economy.
Stocks in Europe, Brazil, Canada Decline; Royal Bank, BASF Drop
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
European Bonds Fall for Second Day on U.K. Asset-Purchase Plan
European government bonds dropped as the U.K. announced a second bank bailout package and gave the Bank of England unprecedented power to buy securities.
Crude Falls on Forecasts Global Recession Will Cut Fuel Demand
Crude oil futures fell below $34 a barrel in New York on forecasts faltering global economic growth will drive down fuel consumption for a second year.
Gold Drops in London on Slumping Oil Prices, Stronger Dollar
Gold fell in London as crude oil slumped and the dollar gained against the euro, reducing the metal’s appeal as an inflation hedge and alternative investment.
HIGHLIGHTS FROM NEWSPAPERS
Gazprom Says Ukraine Gas Price May Be Under $250, UNIAN Reports
OAO Gazprom Deputy Chief Executive Officer Alexander Medvedev said the price Ukraine pays for gas under a new deal may be less than $250 per 1,000 cubic meters, the UNIAN news service reported.
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