China's Sinochem trying to form consortium to bid for Potash Corp.
Tuesday, September 7, 2010 at 11:37AM SINGAPORE (Reuters) - China's state-owned chemicals group Sinochem Corp has approached Singapore state investor Temasek to join a consortium that may bid for Canada's Potash Corp (POT.TO), sources with knowledge of the deal said on Tuesday.
Temasek, which manages $134 billion in assets, has been approached, one of the sources told Reuters, but added it had made no decision on whether it will join the consortium that could counter BHP's (BHP.AX) $39 billion Potash Corp bid.














Daily FX Commentary, September 3, 2010
Morning Observations:
All eyes will be on the US jobs report this morning at 8:30am. First the bad news; the number will likely show that they shed 100K jobs in August which will push their unemployment rate up to 9.6%. Secondly, and more importantly will be what the private sector produces, since it is seen as a better barometer of the overall economy. Consensus is that 50-80K new jobs were added to the private sector, attributed to cheap money and ample supply of labor.
Overnight, most markets are relatively subdued ahead of the headline number at 8:30am. Commodity and equity markets are a little better than where we left them yesterday, while currency markets have all remained in very tight ranges. Don’t forget that a little later today the US ISM non-manufacturing number is being released as well. The sister report (detail) outpaced predictions, and expectations for this number are already high.
The good feeling permeating markets these past couple days will be hard to dispel, so the numbers today will have to be truly awful to cause any real sell off. If that happens, then all bet are off, however the more likely scenario of a mediocre number will be enough to maintain confidence and bring the fence sitters into the bullring. The expected range in USDCAD today if the number comes out anywhere close to expectations: 1.0475-1.0575.
Thought of the Day
“Money can't buy love, but it improves your bargaining position.” -- Christopher Marlowe
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