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Portugal aprobo su presupuesto.

Treasurys Price Chg Yield %
2-Year Note* 0/32 0.258
10-Year Note* -1/32 2.079
* at close

6:11 p.m. EST 11/30/11Futures Last Change Settle
Crude Oil 100.52 0.16 100.36
Gold 1752.1 1.8 1750.3
E-mini Dow 12014 -21 12034
E-mini S&P 500 1243.75 -2.25 1246.00

6:19 p.m. EST 11/30/11Currencies Last (mid) Prior Day †
Japanese Yen (USD/JPY) 77.61 77.63
Euro (EUR/USD) 1.3437 1.3445
† Late Wednesday in New York.

Las lineas de dolares para todos los bancos ahora son mas baratas. Se agilizan los prestamos. Cantidad de liquidez. Ahora si Europa se aplica y cumple con sus medidas de austeridad y disciplina fiscal y toma medidas agresivas para incentivar el crecimiento de sus economias, a largo plazo esto podria caminar, en corto el camino tiene baches muy grandes y van a quedar todos adoloridos al final de la jornada. Alemania fuerte no da su brazo a torcer. Pide disciplina.

El Dow Jones borro perdidas y esta en azul en el anio.

China aumenta el precio de la electricidad, pone tope al precio del carbon. Quieren reducir los apagones.

TRumph mando a Obama a la .... le dijo que se vaya a gobernar el pais en lugar de estar haciendo comidas en New York para recolectar fondos para su campania de reeleccion justo el dia en que se enciende el arbol de Navidad en el Rockefeller Center, ha parado todo el trafico, congestionado las calles en un dia que tradicionalmente es dedicado a la actuacion de Navidad en la 5ta Avenida.

Los futures del Dow Jones 31 puntos a la baja.

Au up 1,752, oil up 100.56.

Tomorrow’s Tape

By Mark Gongloff
Economics:

8:30 a.m. ET: Weekly jobless claims. Economists expect claims to fall to 390,000 from 393,000 the week before.
10:00 a.m.: ISM manufacturing index for November. Economists expect this to rise to 51 from 50.8 in October.
10:00 a.m.: Construction spending for October. Economists expect this to rise 0.3% following a 0.2% gain in September.
All day: November auto sales.
Earnings:

We hear from Kroger and H&R Block.

Euro up 1.3441

Alibaba lanzara una oferta para comprar Yahoo. Disney aumenta dividendos en 50%

S&P downgrades HPQ

Boeing llega a un acuerdo con su sindicato.

Oil up 100.54

Yen down 77.62

Australia +2.29%, el Shanghai C. +2.19%, el Hang Seng +5.26%, el Nikkei 2.2% , Korea +3.66%

Los futures del Dow Jones 25 puntos a la baja.

Oil up 100.56

Au up 1,747

Ag down 32.65

Euro up 1.3439

Por eso China rebajo los requerimientos de reserva a la banca.

El PMI de China bajo por primera vez en 3 anios a 49. Contraccion. Crecimiento es arriba de 50. Malas noticias.

AMR quebro por que sus sindicatos exigina aumento de sueldos del 10% y 7% por los proximos 3 anios. Los beneficios que tienen los sindicatos de AMR pone en desventaja a la compania respecto a su competencia en $800 billones debido a sueldos y beneficios como pensiones y seguro de salud.

Esta es otra bancarrota de las grandes companias americanas debido a los costos del empleo. No fue suficiente ver a GM, Chrysler y ahora Grecia. Una bancarrota mas debido a los trabajadores.

Que horror!!
------------------------

.The AMR Union Warning
Another bankruptcy due to labor costs.

GM. Chrysler. For that matter, Greece. Now add AMR Corp., the holding company that runs American Airlines and filed for bankruptcy Tuesday, to the growing roll of union-induced failures.

In a statement, AMR CEO Thomas Horton said Chapter 11 was a last resort for American to "address our cost structure, including labor costs." The airline has been running losses since 2008.

American has been negotiating since 2006 with its major unions representing pilots, flight attendants, mechanics and baggage handlers, but the talks stalled this month when the pilots union refused to allow he rank and file to vote on a management proposal for a 3.2% pay raise followed by 1% annual increases. The pilots demanded 10% upfront and 7% for each of the next three years, among other la dolce vita demands.

American's wages, benefits, work rules and pensions are the most costly in the industry, a disadvantage that it puts at $800 million compared to its peers. The company is the last major U.S. legacy carrier to file for Chapter 11, which has allowed its profitable competitors like United and Delta to rationalize their labor obligations and extract union concessions. Perhaps those unions understood that sooner or later one of these airlines won't muddle through but instead go into Chapter 7 liquidation. The wonder is that it takes a strategic bankruptcy to underline this reality.

Around the world, we are hearing the death knell for the expansive benefit systems that were built in and for other era, whether union compensation or government entitlements. The numbers simply don't add up. American's bankruptcy is merely the latest omen

Apostando a los bancos centrales

La liquidez a corto plazo no soluciona los problemas de Europa

Los inversionistas salieron de fiesta haciendo subir a las acciones casia 500 puntos despues de la accion conjunta de los bancos centrale para proveer de liquidez a los bancos. La accion fue la apropiada para evitar que los bancos se paralizen, pero no debemos pensar que soluciona los problemas mas grande de solvencia fiscal.



REVIEW & OUTLOOKDECEMBER 1, 2011.Betting on Central Banks
A short-term liquidity reprieve is not the end of Europe's mess

Investors threw a party yesterday, lifting U.S. stocks nearly 500 points on the Dow after the world's main central banks joined to provide dollar liquidity to struggling banks. This makes sense to prevent intrabank markets from seizing up, but no one should think it solves Europe's larger problems of fiscal solvency.

The move followed by a day Standard & Poor's credit downgrade of 15 big banks, which threatened to exacerbate the growing inability of banks to fund themselves. European banks in particular have seen their dollar funding sources dry up, as U.S. money-market funds and banks have reduced their exposure to the Continent.

This is prudent given the doubts about the condition of European banks and the weakness of Europe's regulator stress tests. The last thing the U.S. needs is another run on U.S. money-market funds if someone "breaks the buck"—its $1 net asset value—because it bet too heavily on European bank debt.

The consortium of central banks is filling this gap by providing funds to each other that they can then make available to banks in need. To the extent this reduces the risk of an immediate bank liquidity crisis, the central bank move is constructive, as markets seemed to agree.

Investors may also have cheered China's decision yesterday to reduce its bank reserve requirements by 50 basis points, a major easing move amid signs that the world's second-largest economy has been slowing significantly. With China still enduring rising price pressures from its previous burst of stimulus in 2009, the reserve decision suggests Beijing's leaders fear slow growth more than they do inflation. At least in the short term, markets typically love monetary easing.

Markets may also be betting that yesterday's central-bank move anticipates even more drastic action in the days ahead, especially more sovereign-debt purchases by the European Central Bank. That may be getting ahead of things, since the standoff between the Germans and the world bailout caucus isn't over. Chancellor Angela Merkel would really give markets reason to cheer if she manages to persuade the bailout boys in Southern Europe that the price of such ECB purchases is economic reform and fiscal discipline. Best to wait until you see the whites of those eyes.

China HSBC Manufacturing PMI Drops to 47.7 in November From 51 Previously
By Bloomberg News
November 30, 2011 9:31 PM EST

A Chinese manufacturing index was 47.7 for November compared with a previously reported 51 in October, HSBC Holdings Plc and Markit Economics said in a statement today. The index’s preliminary reading issued on Nov. 23 was 48.0. A number below 50 indicates a contraction.

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