Word: sectoral
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...surprisingly, the yuan agreements have so far drawn an indifferent response from the private sector. Intel, the world's largest semiconductor maker, has manufacturing facilities in both Malaysia and China. Yet so far Intel hasn't used the currency-swap facility Malaysia has in place with China. Much of Intel's internal trade is still transacted in dollars, according to Loo Cheng Cheng, a Penang-based corporate-affairs executive with Intel. According to Citigroup's Chua, companies in South Korea, which was the first to sign a swap facility with China, have so far also declined to utilize it. Indeed...
...plan to resuscitate the global economy has been well-received. American banks are being helped by government financing and new accounting rules that let them cook their books without being called to task by their auditors. Bank stocks have done well and the news about the sector may be good enough for them to hold their ground...
...last of the really large sectors that has helped the market move is, improbably, the retail sector. Shares in companies including Sears (SHLD), Nortstrom (JWN), and Target (TGT) have done remarkably well. The only explanation is that the funeral preparations for these companies were so far along at the beginning of the year that Wall St. is shocked that they are still around. If consumer spending bounces even an inch off the ground, the largest retailers may live to see the 2009 holiday season. (See pictures of TIME's Wall Street covers...
...last sector, and by the size of its companies by far the largest, is energy. Exxon's (XOM) market cap is $347 billion. That may be more than the top ten banks in America combined. It is more than the total for Microsoft and Cisco with some to spare. As a group, Exxon, BP (BP), and Conoco (COP) have not done well during the rally. The simpleton's answer as to why that is true is that the price of oil is too low and that oil stocks trade with the price of oil. Since oil firms have complex structures...
...investors to try to entice them to pay handsomely for these loans, but investors are unlikely to pay full price or even close to it. So in order to sell the loans banks will have to recognize losses that could run as high as $200 billion for the sector in general. "The gap between bank marks on these distressed [loans] and their economic value appears to be too wide to be bridged," says Morgan Stanley analyst Richard Berner of the government program...