Stocks recovered in the PM with Dow down only 14 (80 above its lows), decliners ahead of advancers 3-2 & NAZ off a bigger 25 from a weak tech sector. Bank stocks also recovered, limiting the loss to 1 for the Financial Index from Fri's interim high of 200.
The MLP index fell 1 to the 408s while the REIT index rose 2 to the 246s (near its yearly highs). Junk bond funds slipped as did Treasuries. Oil edged higher as Obama & Israeli PM Netanyahu met to discuss how to confront Iran over its nuclear program & after China cut its economic growth target. Gold slipped $3.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Christine Lagarde from the IMF & Greek Finance Minister Evangelos
Photo: Bloomberg
European leaders are facing the first test of their attempt to turn the page on the 2-year debt crisis as the private creditors decide whether to sign off on the biggest sovereign- debt restructuring in history. The success of the €106B swap, confirmed on the eve of last week’s European summit, depends on how many investors agree to the writedown by the Mar 8 deadline. 12 banks & investors negotiated the swap with the gov, saying today that they planned to take up the offer. However, one steering-committee member has still to back the offer. Germany's DSW investor protection group meanwhile advised private-sector bondholders to reject the offer. The Greek gov has set a 75% participation rate as a threshold for proceeding with the transaction, in which investors will forgive 53.5% of their principal & exchange their remaining holdings for new Greek bonds & notes from the European Financial Stability Facility. Euro- area finance ministers last week authorized the new bonds for the swap. Can you spell "touchy?"
Venizelos: Greek Debt Swap Best, Only Offer
Enbridge Inc, general manager for Enbridge Partners (EEP) - a major MLP, plans to resume crude deliveries this week on its pipeline in Illinois that was shut over the weekend, allowing supply to reach Chicago-area refineries. Line 14 may start operating on Wed & line 64 the following day. Line 6A, also closed by a fire at an EEP pumping station, has already restarted. Deliveries were halted on line 14/64 after 2 vehicles collided, starting a fire at the pumping station near New Lenox, Illinois, 36 miles southwest of Chicago. 2 people were killed & several others injured in the crash. ENB fell 15¢.
Enbridge Shuts Illinois Crude Pipeline After Fire; Oil Prices May Advance
Gas prices keep shooting up (according to AAA). The $3.77 average price will go higher this week.
Sellers failed to take control control, largely on a lack of significant news one way or the other. Dow reached 12.9K on Feb 16 & has been treading water since then. That includes much of earnings season. The ENB story was mentioned as a reminder than MLPs (EEP) are mortal & subject to problems like other companies. The Greek bailout is far from a done deal as creditors have to agree to the haircut on their investments, The 75% acceptance level is above the two-thirds that Greece claims is good enough. Who knows? At a minimum, there will be disgruntled investors.
The MLP index fell 1 to the 408s while the REIT index rose 2 to the 246s (near its yearly highs). Junk bond funds slipped as did Treasuries. Oil edged higher as Obama & Israeli PM Netanyahu met to discuss how to confront Iran over its nuclear program & after China cut its economic growth target. Gold slipped $3.
JPMorgan Chase Capital XVI (AMJ)
Click below for the latest market update:
Treasury yields:
U.S. 3-month | 0.061% | |
U.S. 2-year | 0.291% | |
U.S. 10-year | 1.993% |
| CLJ12.NYM | ...Crude Oil Apr 12 | ...106.82 | ... 0.12 | (0.1%) |
Photo: Bloomberg
European leaders are facing the first test of their attempt to turn the page on the 2-year debt crisis as the private creditors decide whether to sign off on the biggest sovereign- debt restructuring in history. The success of the €106B swap, confirmed on the eve of last week’s European summit, depends on how many investors agree to the writedown by the Mar 8 deadline. 12 banks & investors negotiated the swap with the gov, saying today that they planned to take up the offer. However, one steering-committee member has still to back the offer. Germany's DSW investor protection group meanwhile advised private-sector bondholders to reject the offer. The Greek gov has set a 75% participation rate as a threshold for proceeding with the transaction, in which investors will forgive 53.5% of their principal & exchange their remaining holdings for new Greek bonds & notes from the European Financial Stability Facility. Euro- area finance ministers last week authorized the new bonds for the swap. Can you spell "touchy?"
Venizelos: Greek Debt Swap Best, Only Offer
Enbridge Inc, general manager for Enbridge Partners (EEP) - a major MLP, plans to resume crude deliveries this week on its pipeline in Illinois that was shut over the weekend, allowing supply to reach Chicago-area refineries. Line 14 may start operating on Wed & line 64 the following day. Line 6A, also closed by a fire at an EEP pumping station, has already restarted. Deliveries were halted on line 14/64 after 2 vehicles collided, starting a fire at the pumping station near New Lenox, Illinois, 36 miles southwest of Chicago. 2 people were killed & several others injured in the crash. ENB fell 15¢.
Enbridge Shuts Illinois Crude Pipeline After Fire; Oil Prices May Advance
Enbridge Inc (ENB)
Gas prices keep shooting up (according to AAA). The $3.77 average price will go higher this week.
| Regular | Mid | Premium | Diesel | 85 | **E85 MPG/BTU adjusted price | |
| Current Avg. | $3.767 | $3.915 | $4.046 | $4.083 | $3.201 | $4.213 |
| Yesterday Avg. | $3.764 | $3.910 | $4.041 | $4.078 | $3.199 | $4.210 |
| Week Ago Avg. | $3.698 | $3.843 | $3.974 | $4.030 | $3.166 | $4.166 |
| Month Ago Avg. | $3.475 | $3.602 | $3.738 | $3.878 | $3.088 | $4.064 |
| Year Ago Avg. | $3.503 | $3.634 | $3.763 | $3.863 | $2.929 | $3.854 |
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