Miercoles 26/05/2010 Los futures del Dow Jones al alza

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Eventos economicos

Miercoles

Solicitudes de hipotecas
Ordenes de bienes duraderos
Ventas de casas nuevas
Reporte del petroleo
Subasta de bonos

MBA Purchase Applications
7:00 AM ET


Durable Goods Orders
8:30 AM ET


New Home Sales
10:00 AM ET


EIA Petroleum Status Report
10:30 AM ET


5-Yr Note Auction
1:00 PM ET

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El ID para la clase es 261-090-321

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El Nikkei up 0.27%, Korea -0.70%, el Hang Seng +0.88%, el Shanghai +0.48%, Australia +1.20%

Euro down 1.2283, yen down 90.14

Oil up 69.32, Au up 1,202.5

Los futures del Dow Jones estaban 23 puntos al alza pero ahora estan sin cambio.

Yields 3.16%

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Bernanke repite que el Fed debe mantener su independencia.

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Apple tiene su segunda cita con la historia

Apple's Second Date with History
Whose phone strategy is smarter in the long run—Apple's or Google's?
By HOLMAN W. JENKINS, JR..

Apple almost went out of business 14 years ago, and many would have blamed what seemed one of the seminal business blunders in history.

Bill Gates was chatting with students at Stanford at the time and recalled letters he'd written to Steve Jobs begging him to allow cloning of Apple hardware. Had Mr. Jobs complied, Apple's operating system might have become the de facto universal standard, the one everybody wrote software for—a role that fell to Windows instead.

If you think missing out on the riches that Microsoft created for its shareholders was an error, Mr. Jobs erred. Then again, the Web came along to take the deathly sting out of the battle of the operating systems, and Apple resurrected itself as a maker of tasty computing devices for a segment of the public that valued tastiness.

Historical analogies are one of the cheapest in the columnist's bag of tricks, and a temptation usually to be resisted. But here goes: Isn't Steve Jobs replaying the gamble that almost broke Apple?

Whose phone strategy is smarter in the long run—Apple's or Google's?
Google may not be Microsoft, exactly: For one thing, Google is giving away its smartphone operating system, known as Android, for free. Nor will the battle yield a similar winner-take-all outcome. But otherwise the effects are likely to be the same.

Because Mr. Jobs insists on keeping software and hardware under tight control, Google's platform is the one that will benefit from competition among multiple handset makers, producing lower prices and faster innovation, including a flurry of soon-to-arrive tablets and a variety of new devices aimed at niches (say, with a focus on navigation or texting).

Likewise, because Mr. Jobs insists on vetting all applications that run on his phones via the iTunes App Store, you'll need an Android phone to capture the full benefit of openness to the Web. Soon, Android users can expect their available services and apps permanently to outstrip those available to iPhone users through the App store.

Now, as then, the full stakes are only dimly perceived even by the participants. Then, it turned out to be the PC's world-wide adoption as the indispensable productivity tool. Today the term "smartphone" is scarcely adequate to describe a future in which individuals, wherever they go, whatever they do, will always have constant, instant access to the resources of the global "cloud."

Here, another Google advantage is likely to manifest itself over time. It makes its money from advertising (and from collecting data it can sell to advertisers) and its customers reciprocate by wanting services for free, which means advertising-supported.

In contrast, Apple makes its money from hardware sales, and by strong-arming its way to a share of users' telecom subscriber fees and infotainment purchases—all of which could be ripe to be competed away in a dynamic cloudphone marketplace.

The dangers of Google's approach? With so many different Android phones floating around and with so much openness to the Web, the search giant risks delivering a crummy, fragmented, even disastrous user experience, with security leaks, viruses and customer service that fails when needed most.

For Apple, the immediate danger is overreach, undermining its ability to deliver an ineffably superior user experience that just pleases. Apple has decided it needs an advertising strategy. It will need a TV strategy, especially after Google last week announced a version of Android to bring the cloud cornucopia to the biggest, best screen yet. Apple may also find it needs a strategy to compete in search. It certainly will need a strategy to make sure its infotainment offerings through iTunes don't fall behind in price and variety what Android users can get through their browsers.

That's a plateful for a company that, until recently, could focus almost entirely on perfecting the interface between its customer and the underlying electronics. But history has dealt Apple one break the second time around. Its earlier battle with Microsoft was winner-take-all thanks to an historical accident—the failure of the Web to introduce itself a bit earlier and blow up what a Microsoft judge called the "applications barrier to entry."

Apple this time understands (we hope) that it isn't playing for all the marbles, but can build a very nice business on just those customers who crave a premium service tightly controlled by the wonderful Mr. Jobs, even if it means paying a bit more and forgoing access to a lot of Web goodies that might not work so well in favor of a smaller number that work really well.

Still, we'd rather be Google. Why? Because Google can fail at everything but as long as it keeps its search box at the center of our digital lives, the ad gusher will continue to flow.

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Los futures del Dow Jones 17 puntos al alza.

Korea -0.02%, el Nikkie +0.27%, Australia +1.30%, el Shanghai C. +0.26%.

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Copper May 25,23:16
Bid/Ask 3.0835 - 3.0881
Change +0.0363 +1.19%
Low/High 3.0450 - 3.0994
Charts

Nickel May 25,23:26
Bid/Ask 9.6192 - 9.6645
Change +0.1089 +1.14%
Low/High 9.5058 - 9.7326
Charts

Aluminum May 25,23:26
Bid/Ask 0.9000 - 0.9045
Change +0.0113 +1.28%
Low/High 0.8864 - 0.9068
Charts

Zinc May 25,23:16
Bid/Ask 0.8528 - 0.8574
Change +0.0249 +3.01%
Low/High 0.8279 - 0.8596
Charts

Lead May 25,23:12
Bid/Ask 0.7901 - 0.7946
Change +0.0136 +1.75%
Low/High 0.7765 - 0.8014

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Tenemos un repunte general, esperemos no tener noticias negativas durante el dia. Hay buenos indicadores de la economia Americana que de ser positivos le daran soporte al dia. El unico problema podria ser que para cuando el mercado abra las acciones abran subido tanto que limitarian las ganancias de los que decidan a entrar hoy dia animados por el mejor sentimiento en el mercado.

Siempre la duda es de que el alza no es sostenible.

El Asia subio y la banca Europea esta al alza al igual que las bolsas en ese continente.

Los commodities al alza, especialmente el oro que se ha disparado, el euro a la baja, oil y cu al alza.

El euro a la baja.

[admin]

Copper May 26,07:01
Bid/Ask 3.0999 - 3.1044
Change +0.0526 +1.73%
Low/High 3.0450 - 3.1175
Charts

Nickel May 26,07:01
Bid/Ask 9.7212 - 9.7666
Change +0.2109 +2.22%
Low/High 9.5058 - 9.8120
Charts

Aluminum May 26,06:59
Bid/Ask 0.9032 - 0.9077
Change +0.0145 +1.63%
Low/High 0.8864 - 0.9113
Charts

Zinc May 26,06:59
Bid/Ask 0.8519 - 0.8565
Change +0.0240 +2.90%
Low/High 0.8279 - 0.8619
Charts

Lead May 26,07:01
Bid/Ask 0.7951 - 0.7996
Change +0.0186 +2.40%
Low/High 0.7765 - 0.8060

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Oil up 70.71, Au up 1,213.95, futures cu up 3.1130

Euro down 1.2328

Libor igual 0.54%

Yields up 3.23%

Geithner le pide a Europa que le haga el stress test a su banca. Espero que no sea tanto drama como fue en US. No muy buena idea, aca solo retrazo el proceso.

Los futures del Dow Jones 66 puntos al alza. Aleluya!!

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BAC, C y Deustche Bank dice el WSJ estan muy activos saliendo de deuda antes de presentar sus finanzas al publico.

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H. Clinton esta pidiendo una respuesta categorica por parte del mundo a North Korea.

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El OECD mejora el pronostico de crecimiento de sus miembros (31 paises), dice que habra un crecimiento robusto apara los paises desarrollados y el crecimiento combinado sera del 2.7% este anio y 2.8% el proximo. El pronostico anterior era de 1.9% y 2.5% respectivamente.

Para el mundo en promedio aumentaron el crecimiento a 4.6% y 4.5% respectivamente.

OECD Raises Forecast for Global Growth

By PAUL HANNON And WILLIAM HOROBIN
LONDON -- World stock and bond markets may be tumbling, but the Organization for Economic Cooperation and Development raised its forecast for economic growth this year and next.

In its twice-yearly Economic Outlook published Wednesday, the Paris-based think tank cited strong growth in developing economies and the rapid rebound in world trade to predict that the OECD's 31 members will see their combined gross domestic product will increase 2.7% this year, and 2.8% next. In November, the OECD forecast growth in its members at 1.9% this year and 2.5% next.

The OECD also raised its growth forecasts for the global economy. Having previously expected world GDP to rise 3.4% this year and 3.7% next, it now expects growth of 4.6% in 2010 and 4.5% in 2011.

Indeed, the OECD said growth could be even stronger among its 31 members.

"Fixed investment could bounce back more robustly and household consumption could recover more rapidly with household savings rates having risen more slowly than previously anticipated, especially in Europe," Chief Economist Pier Carlo Padoan Mr. Padoan said. "The spillover from growth in... Asia could be stronger than expected, especially in the United States and Japan."

To be sure, the OECD acknowledges that concerns about the ability of a number of European nations to repay their debts and the risk of overheating in some Asian economies means there is a greater risk that the recovery will stall.

"While originating in some euro-area economies, instability has spread to other euro-area members and sovereign debt markets in other parts of the world," Mr. Padoan said. "Overheating in emerging-market economies also poses a serious risk. A boom-bust scenario cannot be ruled out."

Despite its government debt problems, the OECD raised its growth forecast for the euro zone this year and next, although it still expects the currency area to lag other leading economies.

While the combined GDP of the 16 countries that use the euro is expected to rise 1.2% this year and 1.8% next, the U.S. economy is expected to grow 3.2% in each of those years, while the Japanese economy is expected to expand 3.0% this year and 2.0% next.

The OECD said governments should start to cut their budget deficits now, arguing the need has become more pressing since investors began to demand higher interest rates. The OECD estimated that for every one percentage point increase in yields on government bonds, economic growth would be reduced by half a percentage point in the current and subsequent year.

To prevent such an increase in government bond yields, the OECD said it is essential that governments have detailed, medium-term plans to cut their borrowing.

But it said at present, the Japanese government has no such plan, while the governments of Germany and Italy need to give more detail in order to boost their credibility, while it said the U.S. government's plan must be more ambitious and aim to stop the rise in public-sector debt as a proportion of output.

The think tank also said central banks should start raising their interest rates soon, despite the risks to the global economic outlook and the outlook for inflation remaining benign.

In most major economies, it envisages a gradual "normalization" of interest rates starting at the end of this year. But for the U.K., the OECD urges a more radical course of action, calling on the Bank of England to raise its key interest rate to 3.5% by the end of 2011 from 0.5% now.

The think tank said the BOE must act to preserve its credibility, given the high rate of inflation in the context of "extremely expansionary monetary and fiscal policies."

[admin]

Hay una cadena de suicidios en Hon Hai (Foxconn) un fabricante de partes de los iPhones. 9 personas se han suicidado y se cuestionan las condiciones de trabajo como la causa del suicidio.

Apple esta investigando y ha garantizado que vera que todos los trabajadores sean tratados con dignidad.

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Los bancos Americanos no estan prestandole dinero a corto plazo a los bancos Europeos, el Fed ha tenido que intervenir para otorgar liquidez al sistema. La SEC en US ha aumentado los requerimientos de reerva para el financiamiento a corto plazo y ha reducido los periodos de prestamos a corto plazo.

Europe-Bank Lenders? Coalition of Unwilling
Few Step Up to Risk Their Money for Long; New SEC Rule Makes Money


Funds Even Less Interested.

By MARK GONGLOFF, DAVID ENRICH And SARA SCHAEFER MUñOZ
Lenders to the major European banks are growing increasingly cautious, demanding higher rates for shorter periods, adding further stress to an already fragile financial system.

Worries about sovereign debt have caused banks and other investors to pare risk. At the same time, new restrictions on money-market funds, which are big lenders to the banks, are forcing them to pull back on their lending.

This funding squeeze has already contributed to the recent sharp declines in stock, commodity and corporate bond prices around the world. Unchecked, it threatens a repeat of the sort of contagion that gripped credit markets in 2008.


To avoid such an outcome, the Fed may consider reducing the interest rate it charges on U.S. dollar loans it extends to the European Central Bank. The ECB in turn could ease terms on its loans to European banks.

The London Interbank Offered Rate, which tracks the amount banks charge each other to borrow, rose on Tuesday to 0.53625, a 10-month high. The Libor increase is a key sign of banks' wariness.

Lending rates in the commercial-paper market, where banks and other companies get short-term funding, followed suit. European 30-day commercial-paper rates for top-tier borrowers rose on Tuesday to 0.48%, the highest since last November, according to Tim Backshall, chief strategist at Credit Derivatives Research, up from about 0.3% at the beginning of April.

Spain's Banco Bilbao Vizcaya Argentaria, or BBVA, has been unable to renew roughly $1 billion of short-term funding in the U.S. commercial-paper market since the beginning of the month, according to people familiar with the matter. The bank still has substantial European-based funding and deposits and about $9 billion in U.S. commercial paper.

.With investors increasingly finicky about credit risk, the range of interest rates European banks are paying for three-month commercial paper is three to four times wider than usual, according to Amitabh Arora, head of U.S. rates strategy at Citigroup Inc. Ordinarily, the rates paid by issuers of commercial paper vary by 0.15 to 0.2 percentage point. This week, he said, the variation is more like 0.6 to 0.7 point.

Investors are also "unwilling" to lend for more than one month without being compensated more than usual, Citi's Mr. Arora said. Libor rates are 0.35% for one month, but 0.54% for three months and 0.76% for six months.

During the past few weeks, several U.S. banks and money managers said they have reduced their lending to European borrowers.

"Obviously with conditions in the euro-zone as they are, people will be responsive," said David Glocke, manager of $150 billion in taxable money-market fund assets for Vanguard Group. "We've taken a second and third look at our exposures over there and adjusted our portfolio where appropriate."

U.S. money-market fund managers, which combined have some $3 trillion in assets, aren't necessarily selling European debt. But given their importance in the market for short-term corporate lending, only modest changes in buying behavior can lead to market upheavals.

Money-market fund managers try to buy relatively safe assets and hold them for a short time. A money-market panic in 2008 contributed to the broader squeeze in corporate credit.


Bloomberg News

European banks, too, are increasingly nervous about loans to each other. Spain's two largest lenders, Grupo Santander SA and BBVA, Grupo Santander recently boosted the amount of funds they're stashing overnight at the ECB, preferring to park their money somewhere risk-free rather than lend it to competitors. Above, a branch of BBVA in Bilbao, Spain . Below, Santander's headquarters in Madrid.
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Bloomberg News
..In an effort to prevent another such crisis, the Securities and Exchange Commission is requiring money funds to hold more-liquid and higher-quality assets, effective Friday.

The new rules will shorten the maximum weighted average maturity of a fund's portfolio to 60 days from 90 days. Funds also will have to maintain a minimum of 10% of assets in securities that mature in one day and 30% in securities that mature in one week.

That means funds will have less appetite for longer-term commercial paper, pushing up the rates banks must pay to borrow at longer maturities.

This development comes at a particularly bad time for banks, with regulators pushing them to borrow at longer rates, to reduce their reliance on short-term financing sources and avoid blow-ups.

Borrowing costs are still well below their levels at the worst of the 2008 crisis. But short-term funding pressures were a key component of that crisis and can feed on themselves if unchecked. The situation has parallels to 2008, when the collapse of Lehman Brothers caused markets to freeze around the world.

A major contraction of bank funding could have far-reaching consequences. Libor is a benchmark for interest rates for trillions of dollars of debt from mortgages to credit cards and corporate loans. Its steady rise will push borrowing costs higher just as economies in the U.S., U.K. and elsewhere are showing tentative signs of a recovery.

Meantime, Treasurers at U.S. companies are telling money-market managers to stay out of troubled sovereigns such as Spain, according to a person familiar with the markets.

Some large U.S. banks, meanwhile, also have scaled back their short-term lending to European banks, especially to those in Greece, Spain and Italy, according to executives, bankers and traders in the U.S. and Europe.

European banks, too, are increasingly nervous about loans to each other.

Spain's two largest lenders, Grupo Santander SA and BBVA, recently boosted the amount of funds they're stashing overnight at the ECB, preferring to park their money somewhere risk-free rather than lend it to competitors.

The ECB reported Tuesday that its overnight deposits rose to €264 billion ($324 billion), up from €253 billion Monday. That's below the €290 billion that was parked at the ECB at one point earlier this month, but up sharply from €200 billion in mid-March.

—Jon Hilsenrath, Randall Smith and Carrick Mollenkamp contributed to this article.