Editor's Note: Minyan Ernst is a Dutch business analyst currently assigned to a global bank with its base in the Netherlands. The party’s overIt’s time to call it a day. They’ve burst your pretty balloon. And taken the moon away...-Nat King Cole The Netherlands is a small country with a relatively large and wealthy population of 16-plus million inhabitants. The number of inhabitants per square mile is among the highest in the world and the population increased from 14 million in 1980 to 16.5 million in 2008. The scarcity of single-family dwellings and condos for this growing population of families and ...

ICICI Bank Ltd. (IBN) opened at 52.50. So far today, the stock has hit a low of 52.23 and a high of 52.54. IBN is now trading at 52.48, down 1.02 (-1.94%). The stock hit its 52 week high of 55.55 in October and set its 52 week low of 30.58 in October. IBN has climbed for the past two months, but is showing some signs of weakness recently. Shares of financial stocks have been tumbling today taking a hit from Royal Bank of Scotland (RBS) which received a double downgrade following its decision to buy ABN Amro (ABN). Technical indicators for the stock are bullish and steady. If you’re looking for a hedged play on this stock, consider a December bear-call credit spread above the $65 range. IBN stock could rise up to 23.9% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

It appears that the group lead by Royal Bank of Scotland has won the right to buy bank ABN Amro (ABN) for $101 billion. RBS and buy-out partners Fortis and Banco Santander will break ABN into pieces. Each of the three buyers will take the part that is most valuable to its current businesses, and all will be right with the world. The deal is huge, but because there were, in essence, three buyers, the prey could be digested. As one banker told The Wall Street Journal "Size on its own is no longer a safety net for financial institutions."...

According to Reuters, RIM (RIMM) posted strong earnings and added it 10 millionth subscriber. Reuters writes that Wal-Mart (WMT) is already getting ready for holiday price wars by beginning to drop prices. The Wall Street Journal writes that a group lead by RBS now has enought shares to complete the takeover of ABN Amro (ABN) for $101 billion. The Wall Street Journal writes that Sprint (S) has started a search for a new CEO. The Wall Street Journal writes that GE (GE) will lay-off 1,400 people in its light bulb division. The Wall Street Journal reports that Pfizer (PFE) will...

According to Reuters, RIM (RIMM) posted strong earnings and added it 10 millionth subscriber. Reuters writes that Wal-Mart (WMT) is already getting ready for holiday price wars by beginning to drop prices. The Wall Street Journal writes that a group lead by RBS now has enought shares to complete the takeover of ABN Amro (ABN) for $101 billion. The Wall Street Journal writes that Sprint (S) has started a search for a new CEO. The Wall Street Journal writes that GE (GE) will lay-off 1,400 people in its light bulb division. The Wall Street Journal reports that Pfizer (PFE) will...

Crocodile Tears are flowing at the Federal Reserve and US Treasury after Manhattans district judge Loretta Preska’s August 24 decision to allow an audit of the Fed’s ballooning balance sheet. Under the freedom of information act, this would allow taxpayers who are unwilling investors in this racketeering game to see who has borrowed their money under the Fed’s new lending programs to enable zombie banks a new lease on a life they didn’t earn and don’t deserve.[More...]

The tentacles of this emerging crisis just keep spreading. However, the focus is gradually moving away from losses that are directly related to the bursting credit and housing bubbles to those that stem from second and third-order effects. In "Empty Homes [More...]

Some things to think about when starting your week: rebates, airlines, oil, food, international economies, politics, and market information. [More...]

This is the SECOND German bank to run into trouble this month: [More...]

On the beginning of February I posted article about total credit market losses and write-downs ( Total writedowns Feb 2008).

On this post I received comment from Cyrille from UK. He informed us about updated losses. Have a look to the progress within 2 months, total losses have deepened from 146 billion USD to 231 billion USD.

Data source: Bloomberg.

      Company                 Writedown     Credit Loss      Total

UBS (UBS)                 38                            38
Merrill Lynch (MER)       25.1                          25.1
Citigroup (C)             21.4            2.5           23.9
HSBC (HBC)                 3              9.4           12.4
Morgan Stanley (MS)       11.7                          11.7
IKB Deutsche               9                             9
Bank of America (BAC       7.3            0.9            8.2
Deutsche Bank (DB)         7.4                           7.4
Credit Agricole (CRARF)    6.5                           6.5
Credit Suisse (CS)         6.3                           6.3
Washington Mutual (WM)     0.3            5.5            5.8
JPMorgan Chase (JPM)       2.9            2.1            5
Wachovia (WB)              2.9            2              4.9
Canadian Imperial (CIBC)   4                             4
Societe Generale (SCGLY)   3.8                           3.8
Mizuho Financial (MFG)     3.4                           3.4
Lehman Brothers  (LEH)     3.3                           3.3
Barclays (BCS)             3.2                           3.2
R. Bank of Scotland (RBS)  3.1                           3.1
Goldman Sachs (GS)         3                             3
Dresdner                   2.7                           2.7
Bear Stearns (BSC)         2.6                           2.6
ABN Amro (ABN)             2.4                           2.4
Fortis (FORSY)             2.3                           2.3
Natixis (NTXFF)            1.9                           1.9
HSH Nordbank               1.7                           1.7
Wells Fargo (WFC)          0.3            1.4            1.7
BNP Paribas  (BNP)         1.3            0.3            1.6
DZ Bank                    1.5                           1.5
National City (NCC)        0.4            1              1.4
Bank of China (BACHF)      1.3                           1.3
Bayerische Landesbank      1.3                           1.3
Caisse d'Epargne           1.3                           1.3
LB Baden-Wuerttemberg      1.3                           1.3
Nomura Holdings (NMR)      1                             1
Sumitomo Mitsui            1                             1
Gulf International         1                             1
other European banks       8.4                           8.4
other Asian banks          4              0.7            4.7
other Canadian banks       2.4            0.1            2.5

               ____          _____          _____

TOTALS*                   206            25.8          231.8
    

Elizabeth Harrow takes a look at news on the Street before the market opens.

Elizabeth Harrow takes a look at news on the Street before the market opens.

Beth Gaston Moon takes a look at news on the Street before the market opens.

(CSCO)(TGT)(JNPR)(ANF)(GE)(ABN)($SPX)

On a short day we cover everything like Crisco. I mean Cisco. From the S&P high, to the God Makers, to Big Love, to Gold, Silver, and way beyond...

And yes, we did take our 2 points from the ES Emini, live in real time.

Today's Scripture
“I will restore health to you and heal you of your wounds,' says the LORD” Jeremiah 30:17 (NKJV).

And finally, a word from Joel:
Did you know that the human body is designed to heal itself? Many problems are easily healed if the body is prepared. You may constantly struggle with some physical problem, but perhaps you just need to live healthier and see the results that may emerge. Of course, not everything is healed by the body, but God has promised to heal you and bless you if you're faithful and you're in the right position for healing. Just examine your daily habits and lifestyle to see if there's anything that you could do more faithfully. That sure sounds easy, but it takes a true commitment to make it happen. But getting yourself in the right position is important to receive God's blessings and healing.

A Prayer for Today
God, thank You for Your promise to bless me and heal me. May I have the strength and dedication to deal with my problem areas and be ready for Your blessings.
In Jesus' Name
Amen

Have a Great Weekend!

Elizabeth Harrow takes a look at news on the Street before the market opens.