Miercoles 12/09/20 Inflación

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Copper August 12,12:59
Bid/Ask 2.9004 - 2.9006
Change -0.0256 -0.87%
Low/High 2.8641 - 2.9276
Charts

Nickel August 12,12:59
Bid/Ask 6.4041 - 6.4064
Change -0.0451 -0.70%
Low/High 6.2972 - 6.4628
Charts

Aluminum August 12,12:59
Bid/Ask 0.7918 - 0.7925
Change -0.0024 -0.30%
Low/High 0.7884 - 0.7963
Charts

Zinc August 12,12:59
Bid/Ask 1.0746 - 1.0752
Change -0.0134 -1.23%
Low/High 1.0644 - 1.0907
Charts

Lead August 12,12:59
Bid/Ask 0.8709 - 0.8714
Change -0.0095 -1.08%
Low/High 0.8643 - 0.8822
Charts

Uranium Aug 10, 2020
Ux U308 price: 32.00
Change

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https://lta.reuters.com/articulo/econom ... AKCN2581N3

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LAST CHG %CHG
DJIA 27941.86 254.95 0.92
S&P 500 3382.98 49.29 1.48
Nasdaq Composite 11026.20 243.38 2.26
Japan: Nikkei 225 22843.96 93.72 0.41
UK: FTSE 100 6280.12 125.78 2.04
Crude Oil Futures 42.65 1.04 2.50
Gold Futures 1951.20 4.90 0.25
Yen 106.82 0.33 0.31
Euro 1.1796 0

[RCHF]

Exportaciones de cobre caen 26,3% en primer semestre de 2020, según la SNMPE

Los envíos del metal rojo también cayeron un 27% en junio, debido a un menor precio del producto, informó el gremio.
La SNMPE indicó que las exportaciones del metal rojo significaron el 48.5% de los despachos mineros, que ascendieron a US$ 10,177 millones de enero a junio último.


Redacción EC
Actualizado el 12/08/2020 a las 09:39

Las exportaciones de cobre sumaron US$4.911 millones de enero a junio del 2020, cifra que reflejó una caída de 26,3% con relación a igual período de 2019 (US$6.666 millones), informó este miércoles la Sociedad Nacional de Minería, Petróleo y Energía (SNMPE).

Las exportaciones cupríferas representaron el 29,3% de los envíos totales del Perú, que llegaron a US$16.748 millones en el primer semestre del año, según el gremio.

La SNMPE indicó también que las exportaciones del metal rojo significaron el 48,5% de los despachos mineros, que ascendieron a US$10.177 millones de enero a junio último.

En junio, las exportaciones de cobre ascendieron a US$874 millones, monto 27% menor al reportado en el mismo mes del 2019 (US$1.197 millones).

El descenso de las exportaciones cupríferas registrado en junio último se debió por un menor precio de este metal (-8,9%) y volumen (-19,8%) respecto a igual mes del año 2019, según la SNMPE.
Exportaciones de oro

Por su parte, las exportaciones de oro alcanzaron los US$3.211 millones de enero a junio 2020, lo que reflejó una caída de 20.2% con relación a similar periodo del 2019 (US$4.025 millones).

En tanto, las exportaciones auríferas en junio último sumaron US$522 millones, lo que significó una reducción de 29,2% con relación a similar mes del 2019 (US$738 millones).

El gremio explicó que las exportaciones de este metal precioso se vieron afectadas por la reducción del volumen de envíos al exterior en 44,5%, a pesar que la cotización del oro registró un crecimiento de 27,5%.

En general, las exportaciones mineras llegaron a US$10.177 millones, lo que significó un descenso de 24,5% con relación a similar periodo del 2019 (US$13.479 millones). Mientras que en junio las exportaciones mineras ascendieron a US$1.652 millones, cifra que representó una reducción de 33,3% respecto a igual mes del año pasado (US$2.477 millones).

La SNMPE afirmó que las exportaciones mineras ya mostraron una recuperación en junio por el reinicio de las actividades de producción y exportación con relación al mes de mayo. Es así que los US$1.652 millones reportados en junio significaron un crecimiento de 46,8% respecto a mayo (US$1.125 millones).

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Copper August 12,14:35
Bid/Ask 2.8814 - 2.8902
Change -0.0206 -0.71%
Low/High 2.8814 - 2.9029
Charts

Nickel August 12,14:09
Bid/Ask 6.4056 - 6.4124
Change +0.0000 +0.00%
Low/High 6.4056 - 6.4124
Charts

Aluminum August 12,14:38
Bid/Ask 0.7924 - 0.7927
Change +0.0014 +0.17%
Low/High 0.7910 - 0.7927
Charts

Zinc August 12,14:09
Bid/Ask 1.0760 - 1.0781
Change +0.0019 +0.18%
Low/High 1.0741 - 1.0781
Charts

Lead August 12,14:09
Bid/Ask 0.8699 - 0.8708
Change +0.0000 +0.00%
Low/High 0.8699 - 0.8708
Charts

Uranium Aug 10, 2020
Ux U308 price:

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Uber CEO says its service will probably shut down temporarily in California if it’s forced to classify drivers as employees
PUBLISHED WED, AUG 12 202010:32 AM EDTUPDATED 3 HOURS AGO
Lauren Feiner
@LAUREN_FEINER
Uber would likely shut down temporarily for several months if a court does not overturn a recent ruling requiring it to classify its drivers as full-time employees, CEO Dara Khosrowshahi said in an interview with Stephanie Ruhle on Wednesday on MSNBC.
Uber and rival Lyft both have about a week left to appeal a preliminary injunction granted by a California judge on Monday that will prohibit the companies from classifying their drivers as independent workers.
If the appeal doesn’t work out for Uber, it will bank on voters to determine its fate in voting on Proposition 22, which would exempt drivers for app-based transportation and delivery companies from being considered employees.
Uber Technologies CEO Dara Khosrowshahi outside the New York Stock Exchange ahead of the company's IPO, May 10, 2019.
Uber Technologies CEO Dara Khosrowshahi outside the New York Stock Exchange ahead of the company’s IPO, May 10, 2019.
Uber would likely shut down temporarily for several months if a court does not overturn a recent ruling requiring it to classify its drivers as full-time employees, CEO Dara Khosrowshahi said in an interview with Stephanie Ruhle on Wednesday on MSNBC.

“If the court doesn’t reconsider, then in California, it’s hard to believe we’ll be able to switch our model to full-time employment quickly,” Khosrowshahi said.


Uber and rival Lyft both have about a week left to appeal a preliminary injunction granted by a California judge on Monday that will prohibit the companies from continuing to classify their drivers as independent workers. Following the order will require Uber and Lyft to provide benefits and unemployment insurance for workers.

California’s attorney general and three city attorneys brought the lawsuit against the companies under the state’s new law, Assembly Bill 5, that aims to provide benefits to gig workers core to a company’s business by classifying them as employees. In his decision granting the preliminary injunction, the judge rejected the notion that drivers should be considered outside the course of the companies’ businesses, calling the logic “a classic example of circular reasoning.”

Uber and Lyft both said they would appeal the ruling during the 10-day period before it goes into effect.

WATCH NOW
VIDEO02:17
Uber CEO: A temporary shutdown is possible in California
Rather than classify drivers as employees, Khosrowshahi has advocated for what he calls a “third way” that would maintain drivers’ independence while allowing companies to provide some protections without risking being viewed as full-time employers. In a New York Times op-ed ahead of the court ruling, Khosrowshahi said gig companies such as Uber could pay into a fund that workers could dip into for paid time off or health-care benefits based on the number of hours they work.

Khosrowshahi said on Wednesday that his Plan B if Uber can’t win on appeal would be to temporarily pause service in California. While he said Uber would later resume service in the state, it would likely be more centered in cities, which could mean limited availability in less concentrated areas such as suburbs.


If the appeal doesn’t work out for Uber, it will be banking on voters to determine its fate. Khosrowshahi said if that’s the case, the service would likely shut down in California until November, when voters in the state decide on Proposition 22, which would exempt drivers for app-based transportation and delivery companies from being considered employees. Uber has argued its drivers prefer working as independent contractors, though California AG Xavier Becerra rejected that claim as a “bogus argument.”

Khosrowshahi emphasized that pausing service in the state would leave thousands of drivers without the income they would typically earn from Uber. Still, ridership has been down during the pandemic anyway, which the judge said made the injunction come at what is perhaps “the least worst time” for Uber and Lyft to adjust their business models.

Becerra said in an interview on CNBC on Tuesday that he was unconcerned about the potential for Uber to leave the state as a result of the order.

“Any business model that relies on shortchanging workers in order to make it probably shouldn’t be anywhere, whether California or otherwise,” he said.

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The surprise jump in prices may be a good sign for the economy, and it’s not ‘stoking the fires of inflation’
PUBLISHED WED, AUG 12 202011:08 AM EDTUPDATED 3 HOURS AGO
Patti Domm
@IN/PATTI-DOMM-9224884/
@PATTIDOMM
Core consumer prices, excluding food and energy, jumped the most since January, 1991, signalling to some that prices are stabilizing after dropping during the Covid-19 shutdowns.
Strategists said the one month jump does not make a trend, and is unlikely to concern the Fed, which would ultimately considering raising interest rates if inflation spiraled rapidly higher.
Stocks shrugged off the jump in inflation, which is still running at a low 1.6% pace year over year on core.
Mic'Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da'Mier at the Tiger Market in Oxon Hill, Maryland, U.S. May 20,
Mic’Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da’Mier at the Tiger Market in Oxon Hill, Maryland, May 20, 2020.
Jonathan Ernst | Reuters
Consumer prices excluding food and energy rose the most in one month in nearly 30 years in July, but the unexpected increase is seen more as a recovery from the Covid-19 recessionary hit rather than the start of an inflationary spiral.

Core inflation, less food and energy, was up 0.6%, and is now running at a 1.6% rate year over year on an unadjusted basis, according to the Bureau of Labor Statistics. That’s the biggest jump since January 1991, but it is still considered to be a low rate and it is below the Fed’s 2% target.


Headline CPI also increased 0.6% on a seasonally adjusted basis in July, twice as much as expected. Year-over-year, the Cosnumer Price Index was up 1% on an unadjusted basis, compared to expectations for just a 0.7% hike.

“I don’t think it’s a worry. It’s not going got be on the Fed’s radar screen. They’re just going to take it as an offset of the months of declines. We fell exactly 0.6% over March, April and May,” said Chris Rupkey, chief financial economist at MUFG Union Bank.

WATCH NOW
VIDEO01:48
Survey: 66% of voters see higher prices for supplies
Some investors have been expecting the Fed’s easy money programs and high federal deficits to spur a wave of inflation by next year. Chairman Jerome Powell said after thelast meeting that the Fed was more wary of disinflationary pressures.

“Prices are coming back. We’re back to square one,” said Rupkey. “We’re back to seeing where the true trend lies. I don’t think that’s stoking the fires of inflation ... The Fed’s opened the spigot here. We’re doing money printing. I would not take this as a sign inflation is back and the inflation genie has escaped its bottle.”

A 5.6% increase in gasoline prices accounted for about a quarter of the jump in headline inflation, while food prices actually declined by 0.4%, the first drop since April 2019. Gasoline is down 20% year-over-year, while food prices are up 4.1% on the year.


Stocks shrugged off the higher inflation reading and moved higher.

Quincy Krosby, chief market strategist at Prudential Financial, said the jump in inflation is a one-month move and not a concern to the market unless it becomes persistent. “You want to see a healthy climb in prices again. It suggests economic activity is picking up. But you don’t want to see a galloping move in prices,” she said.

The dollar moved slightly lower against its global peers, as the U.S. currency slipped against the euro after the data. Spot gold prices rose slightly. Treasury yields were mostly steady, with the 10-year note at 0.67% ahead of a 1 p.m. ET auction.

‘Healing of the economy’

“The fact we saw an increase in inflation make up for weakness from earlier this year is evidence of further healing of the economy,” said Jon Hill, senior fixed income strategist at BMO. “Eventually this will give way to a slow recovery with a likely return to low inflation. We’re going to see volatility in the month-to-month numbers as things get back on track. It’s serving as a reminder the price pressures are stabilizing. We’re going to avoid a deflationary trap.”

In the market for Treasury Inflation-Protected Securities, 5-year breakevens were 6.5 basis points higher, reaching 157 basis points, the highest since Feb. 24. That means the Treasury market is pricing about a 1.6% average inflation rate over the next five years.

“That’s still below 2%, the Fed’s target,” Hill said.

But Peter Boockvar, chief investment strategist at Bleakley Advisory Group, said the data shows inflation may already be here and that could be evident in the higher than expected producer price index and CPI.

The stock market has been boosted by the idea that the Fed will not need to raise rates for a long time to cover, so rising inflation would change that outlook.

“If this continues, it will be the Fed’s worst nightmare no matter how many times they say they want higher inflation. Treasury yields are at the highs of the day and while stocks don’t’ seem to care, the inflated areas of the market should,” Boockvar said in a note.

“Own commodity related names, banks and any company that has pricing power ... The world’s level of asset prices have feasted on many years of ever lower rates and low inflation,” he added. “Just think about the possibility of that regime changing and invest accordingly. Sorry for the hyperbole but we should all be always assessing the state of things and looking for possible inflection points. Maybe, just maybe, this is one of them.”

In the CPI, the cost of some services jumped sharply. Motor vehicle insurance was up 9.3% in July, on top of a 5.1% increase in June. Wireless telephone services rose 3.6%.

Goods also rose. Prices for used cars and trucks climbed 2.3%, while new car prices increased 0.8%.

Airline fares also rose, up 5.4% in july, on top of a 2.6% jump in June. Shelter costs rose 0.2%, or 2.3% year over year.

The cost of food at home fell 1.1%, after rising 0.7% in June. Food away from home also rose 0.5% in both June and July, as restaurants reopened and consumers could have more meals outside of their homes.

The government said the cost of food at home index rose 4.6% over the last 12 months, with gains in six major grocery store food groups. Beef was up 14.2% , while fruits and vegetables were up 2.3% over the 12 months.

[admin]

The surprise jump in prices may be a good sign for the economy, and it’s not ‘stoking the fires of inflation’
PUBLISHED WED, AUG 12 202011:08 AM EDTUPDATED 3 HOURS AGO
Patti Domm
@IN/PATTI-DOMM-9224884/
@PATTIDOMM
Core consumer prices, excluding food and energy, jumped the most since January, 1991, signalling to some that prices are stabilizing after dropping during the Covid-19 shutdowns.
Strategists said the one month jump does not make a trend, and is unlikely to concern the Fed, which would ultimately considering raising interest rates if inflation spiraled rapidly higher.
Stocks shrugged off the jump in inflation, which is still running at a low 1.6% pace year over year on core.
Mic'Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da'Mier at the Tiger Market in Oxon Hill, Maryland, U.S. May 20,
Mic’Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da’Mier at the Tiger Market in Oxon Hill, Maryland, May 20, 2020.
Jonathan Ernst | Reuters
Consumer prices excluding food and energy rose the most in one month in nearly 30 years in July, but the unexpected increase is seen more as a recovery from the Covid-19 recessionary hit rather than the start of an inflationary spiral.

Core inflation, less food and energy, was up 0.6%, and is now running at a 1.6% rate year over year on an unadjusted basis, according to the Bureau of Labor Statistics. That’s the biggest jump since January 1991, but it is still considered to be a low rate and it is below the Fed’s 2% target.


Headline CPI also increased 0.6% on a seasonally adjusted basis in July, twice as much as expected. Year-over-year, the Cosnumer Price Index was up 1% on an unadjusted basis, compared to expectations for just a 0.7% hike.

“I don’t think it’s a worry. It’s not going got be on the Fed’s radar screen. They’re just going to take it as an offset of the months of declines. We fell exactly 0.6% over March, April and May,” said Chris Rupkey, chief financial economist at MUFG Union Bank.

WATCH NOW
VIDEO01:48
Survey: 66% of voters see higher prices for supplies
Some investors have been expecting the Fed’s easy money programs and high federal deficits to spur a wave of inflation by next year. Chairman Jerome Powell said after thelast meeting that the Fed was more wary of disinflationary pressures.

“Prices are coming back. We’re back to square one,” said Rupkey. “We’re back to seeing where the true trend lies. I don’t think that’s stoking the fires of inflation ... The Fed’s opened the spigot here. We’re doing money printing. I would not take this as a sign inflation is back and the inflation genie has escaped its bottle.”

A 5.6% increase in gasoline prices accounted for about a quarter of the jump in headline inflation, while food prices actually declined by 0.4%, the first drop since April 2019. Gasoline is down 20% year-over-year, while food prices are up 4.1% on the year.


Stocks shrugged off the higher inflation reading and moved higher.

Quincy Krosby, chief market strategist at Prudential Financial, said the jump in inflation is a one-month move and not a concern to the market unless it becomes persistent. “You want to see a healthy climb in prices again. It suggests economic activity is picking up. But you don’t want to see a galloping move in prices,” she said.

The dollar moved slightly lower against its global peers, as the U.S. currency slipped against the euro after the data. Spot gold prices rose slightly. Treasury yields were mostly steady, with the 10-year note at 0.67% ahead of a 1 p.m. ET auction.

‘Healing of the economy’

“The fact we saw an increase in inflation make up for weakness from earlier this year is evidence of further healing of the economy,” said Jon Hill, senior fixed income strategist at BMO. “Eventually this will give way to a slow recovery with a likely return to low inflation. We’re going to see volatility in the month-to-month numbers as things get back on track. It’s serving as a reminder the price pressures are stabilizing. We’re going to avoid a deflationary trap.”

In the market for Treasury Inflation-Protected Securities, 5-year breakevens were 6.5 basis points higher, reaching 157 basis points, the highest since Feb. 24. That means the Treasury market is pricing about a 1.6% average inflation rate over the next five years.

“That’s still below 2%, the Fed’s target,” Hill said.

But Peter Boockvar, chief investment strategist at Bleakley Advisory Group, said the data shows inflation may already be here and that could be evident in the higher than expected producer price index and CPI.

The stock market has been boosted by the idea that the Fed will not need to raise rates for a long time to cover, so rising inflation would change that outlook.

“If this continues, it will be the Fed’s worst nightmare no matter how many times they say they want higher inflation. Treasury yields are at the highs of the day and while stocks don’t’ seem to care, the inflated areas of the market should,” Boockvar said in a note.

“Own commodity related names, banks and any company that has pricing power ... The world’s level of asset prices have feasted on many years of ever lower rates and low inflation,” he added. “Just think about the possibility of that regime changing and invest accordingly. Sorry for the hyperbole but we should all be always assessing the state of things and looking for possible inflection points. Maybe, just maybe, this is one of them.”

In the CPI, the cost of some services jumped sharply. Motor vehicle insurance was up 9.3% in July, on top of a 5.1% increase in June. Wireless telephone services rose 3.6%.

Goods also rose. Prices for used cars and trucks climbed 2.3%, while new car prices increased 0.8%.

Airline fares also rose, up 5.4% in july, on top of a 2.6% jump in June. Shelter costs rose 0.2%, or 2.3% year over year.

The cost of food at home fell 1.1%, after rising 0.7% in June. Food away from home also rose 0.5% in both June and July, as restaurants reopened and consumers could have more meals outside of their homes.

The government said the cost of food at home index rose 4.6% over the last 12 months, with gains in six major grocery store food groups. Beef was up 14.2% , while fruits and vegetables were up 2.3% over the 12 months.

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LAST CHG %CHG
DJIA 27991.40 304.49 1.10
S&P 500 3384.53 50.84 1.53
Nasdaq Composite 11017.66 234.84 2.18
Japan: Nikkei 225 22843.96 93.72 0.41
UK: FTSE 100 6280.12 125.78 2.04
Crude Oil Futures 42.72 1.11 2.67
Gold Futures 1943.90 -2.40 -0.12
Yen 106.85 0.36 0.34
Euro 1.1788 0.0047

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LAST CHG %CHG
DJIA 27976.84 289.93 1.05
S&P 500 3380.35 46.66 1.40
Nasdaq Composite 11012.24 229.42 2.13
Japan: Nikkei 225 22843.96 93.72 0.41
UK: FTSE 100 6280.12 125.78 2.04
Crude Oil Futures 42.59 0.98 2.36
Gold Futures 1931.10 -15.20 -0.78
Yen 106.88 0.38 0.36
Euro 1.1788 0.0046

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https://www.wsj.com/articles/global-sto ... 97?mod=mhp

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