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Jueves

Seguros de desempleo
Comercio Internacional
Precio de los productores
Subasta de bonos
Balance del Fed
Money supply

Weekly Bill Settlement

52-Week Bill Settlement


International Trade
8:30 AM ET


Producer Price Index
8:30 AM ET


Jobless Claims
8:30 AM ET


EIA Natural Gas Report
10:30 AM ET


3-Month Bill Announcement
11:00 AM ET


6-Month Bill Announcement
11:00 AM ET


10-Yr TIPS Announcement
11:00 AM ET


30-Yr Bond Auction
1:00 PM ET


Fed Balance Sheet
4:30 PM ET


Money Supply
4:30 PM ET

Korea sorpresivamente sube los intereses en 25 puntos basicos

Korea +0.23%, el Hang Seng +0.9%, el Nikkei +0.6%, Australia up 1.25%. el Shanghai C. +0.08%

Euro down 1.3108, yen down 83

Los futures del Dow Jones 8 puntos a la baja.

Copper January 12,21:39
Bid/Ask 4.3950 - 4.3976
Change -0.0099 -0.22%
Low/High 4.3859 - 4.4112
Charts

Nickel January 12,21:39
Bid/Ask 11.5423 - 11.5559
Change -0.1702 -1.45%
Low/High 11.5359 - 11.8023
Charts

Aluminum January 12,21:38
Bid/Ask 1.1114 - 1.1127
Change -0.0009 -0.08%
Low/High 1.1109 - 1.1177
Charts

Zinc January 12,21:39
Bid/Ask 1.1072 - 1.1074
Change -0.0049 -0.44%
Low/High 1.1060 - 1.1216
Charts

Lead January 12,21:12
Bid/Ask 1.2174 - 1.2228
Change -0.0032 -0.26%
Low/High 1.2171 - 1.2277

Oil up 91.97, au up 1,386.10, Ag up 29.53

Australia crea menos empleos que los esperados.

AIG emitira warrants la proxima semana para pagar la deuda al gobierno.

Precios de los productores, Intel reporta utilidades despues del cierre, se espera EPS de 53 cents con ventas de $11.37 billones.

Se espera que los seguros de desempleo bajen 2,000.

Bernanke habla a la 1 p.m.

El tesoro vendera $13 billones en bonos a 30 anios,

Thursday Spotlight: Intel Earnings, Producer Prices

Chip giant Intel will be the biggest name on the tape. The tech company is scheduled to report after the close Thursday. Consensus calls for EPS of 53 cents on revenue of $11.37 billion.
On the economic front:

Weekly jobless claims at 8:30 a.m. EST. Dow Jones Consensus: 407,000. Last week: 409,000. Economists believe claims need to slide below 400,000 before big monthly job gains can occur.
Producer prices for December at 8:30 a.m. EST. Headline number is expected to be up an inflationish 0.8% (food, energy). Taking out those essentials, the core reading is expected to be up 0.2%. Last month, the headline was up 0.8% and the core was up 0.3%.
International trade data for November due at 8:30 a.m. EST. The deficit is expected to widen to $40.7 billion from $38.7 billion in October.
Fed Chief Ben Bernanke is scheduled to participate in a “Framing the Issues” panel in Arlington, Va., around 1 p.m. EST. Perhaps he’ll arrive by helicopter.
The Treasury will sell $13 billion in 30-year bonds and announce auction plans for 3- and 6-month bills as well as 10-year Treasury Inflation Protected Securities, otherwise known as TIPS.
« Previous
Buffett’s Buddy Charlie Munger to Goldbugs: ‘You’re a Jerk.’

El Libro Beige de la Fed registra una expansión "moderada" de la economía de EE.UU.

Por Luca Di Leo

WASHINGTON (Dow Jones)--La economía estadounidense se fortaleció al final del 2010, pero permanece tan débil que las presiones inflacionarias son moderadas y el mercado laboral se encuentra deprimido, según un sondeo de la Reserva Federal sobre las economías regionales.

En su informe conocido como el libro beige, la Fed señaló el miércoles que la actividad económica en sus 12 distritos experimentó alguna forma de fortalecimiento en noviembre y diciembre. Sin embargo, la expansión fue "moderada", a medida que la fortaleza en los sectores manufacturero y minorista era contrarrestada por la debilidad en las áreas de bienes raíces y servicios financieros.

El libro beige es un resumen de la actividad económica preparado para ser utilizado en la próxima reunión del banco central, programada para el 25 y 26 de enero. El informe más reciente, preparado por la Fed de Boston, examinó las condiciones económicas en las 12 regiones de la Fed usando como base información recopilada hasta el 3 de enero. Con un desempleo alto y una inflación baja, se espera que las autoridades de la Fed mantengan sus políticas de dinero fácil cuando se reúnan este mes.

Los gastos de los consumidores, que representan alrededor de las dos terceras partes de la demanda en la economía de Estados Unidos, parecen estar fortaleciéndose desde que se publicó el libro beige previo, el 1 de diciembre. Las firmas minoristas en los 12 distritos indicaron que las ventas fueron más altas en la temporada festiva del 2010 que en la del 2009. En algunas áreas, incluso superaron las expectativas.

Los sólidos aumentos recientes en las ventas minoristas de Estados Unidos, incluidas las ventas de autos y la producción industrial, sugieren que el ritmo de la expansión económica se aceleró en los últimos tres meses del 2010 comparado con el trimestre previo. El presidente de la Fed, Ben Bernanke, dijo la semana pasada al Congreso que la economía debería mejorar en el 2011, pero advirtió que la recesión del 2007-2009 fue tan severa que se espera que el desempleo permanezca elevado y la inflación baja durante un largo tiempo.

En la mayoría de las regiones, las empresas minoristas y manufactureras informaron aumentos en los costos, según el informe de la Fed. Pero su traslado a los precios finales ha sido modesto debido a la intensa competencia.

Por otra parte, el libro beige mostró que el mercado laboral se está afirmando en la mayor parte del país, a medida que algunas compañías expanden su fuerza laboral. Al mismo tiempo, sin embargo, la tasa de desempleo persistentemente alta está ayudando a que las presiones para que aumenten los salarios sigan siendo "muy limitadas".

"La mayoría de los distritos indicó que los contactos empresariales se mostraron positivos frente al panorama, aunque generalmente con cautela", añadió el libro beige.

Yields up 3.37%

AIG's Major Share Sale Near
AIG espera cerrar el acuerdo con el gobierno el Vienres que le permitira emitir acciones para terminar de pagarle al gobierno.

La preparacion para lo que podria ser la emision mas grande de acciones de la historia Americana saldrian oficialmente el Jueves en lo que se llamara un re-IPO e incluiria el escoger a los bancos que se harian cargo de la emision.

Los bancos interesados son JP Morgan, BAC, MS.

A Pact With Government on Friday Is Key; Leaving Uncle Sam's Coattails
By SERENA NG, RANDALL SMITH And JOANN S. LUBLIN
American International Group Inc. said it expects to close an agreement with the U.S. government on Friday, paving the way for share sales that could eventually enable the insurer to end its status as a ward of the state.

Preparations for what could be the biggest stock offering in U.S. history officially get under way Thursday, as AIG and government officials audition Wall Street banks for a lead role in what insiders are calling the "re-IPO" of AIG.

Top executives of multiple banks, including Bank of America Corp. chief Brian Moynihan, J.P. Morgan Chase & Co. vice chairman and deal maker James B. Lee Jr. and Morgan Stanley chief James Gorman are among those scheduled to attend a series of meetings in New York at the midtown law offices of Davis Polk & Wardwell LLP, according to people familiar with the matter.

AIG said Wednesday it plans to pay down and terminate a $21 billion credit facility from the Federal Reserve Bank of New York ion Friday, issue warrants to private shareholders, and exchange the Treasury's preferred shares into common stock representing a 92.1% stake in the company. That majority stake has an implied value of over $75 billion. Treasury plans to carve it up into pieces that can be sold through several offerings.

Late Wednesday, Moody's Investors Service lowered its ratings on AIG and the company's two core insurance businesses by one notch to reflect the impending end of U.S aid. Moody's said that, while AIG's businesses have stabilized, "they have not yet improved sufficiently to justify their previous ratings in the absence of continued government support." AIG now has a Baa1 investment-grade rating, while its property and casualty insurance and U.S. life insurance businesses are rated slightly higher.

The first share offering, which people familiar with the matter say could top the record $23.1 billion sale by General Motors Co. in November, will be a test of investors' appetite.

Currently scheduled for March or May after AIG reports quarterly earnings, bankers are calling the sale a "re-IPO," comparable with an initial public offering of stock, as it involves marketing a "new AIG" and its size will dwarf the roughly $8 billion in AIG common shares currently held by private shareholders.

In marketing the shares, AIG and its bankers will likely have to address concerns about the health of AIG Chief Executive Officer Robert Benmosche, who in October was diagnosed with cancer but hasn't disclosed what type.

AIG directors are considering disclosing more about the health of Mr. Benmosche, 66 years old, according to a person familiar with the matter. In early February, the directors intend to get an update from Mr. Benmosche and his doctors on his prognosis so that they can determine if the CEO should remain through the stock sale, people familiar with the matter say. Investor feedback over the next few weeks could also pressure AIG to name a new long-term chief executive ahead of the share sales, the people said.

If he stays in the job, more details about his condition may have to be disclosed in AIG's offering prospectus.

"We're now one step closer to completing a major restructuring transaction for AIG," Mr. Benmosche said in an interview Wednesday. "I am very proud to get to the major event this Friday, and I would love to stay 'til the next milestone and see the U.S. government sell its last share, but I think my importance is not as great in the future for AIG as it has been in the last 17 months."

Mr. Benmosche added he is "working toward getting clarity to the extent I can" from his doctors, and will let AIG's board decide how it wants to proceed. "It would be a mistake to think this company is dependent on any single person at this stage of the game," he said.

The Treasury's success to date with large sales of shares in GM and Citigroup Inc. has given officials hope that the momentum could help them pull off the AIG share sales. In October, a Hong Kong IPO of one of AIG's overseas units raised $20.5 billion, another encouraging sign of investor demand.

But AIG has long had a reputation for being a "black box"—a complex holding company of insurance and other operations that aren't as easy to understand as GM's business of making cars.

The company will have to overcome the doubts of investors, including large mutual funds and pension funds, who lost more than $50 billion in a matter of weeks when the company nearly collapsed in late 2008.

."There's a big trust issue with AIG," says William Schultz, chief investment officer of McQueen, Ball & Associates Inc. in Bethlehem, Pa. "The challenge will be to separate the new AIG from the old AIG, and change the perception of it in the minds of investors that may still have hard feelings."

Over the past week, bankers have been canvassing investors for feedback on what they want to know before they will consider buying AIG shares. Besides management succession, investors have flagged concerns such as the outlook for AIG's remaining businesses and their growth potential, now that some of its crown-jewel assets have been sold.

Following Thursday's meetings, Treasury and AIG intend to select one or more banks to lead the sale for a heavily discounted underwriting fee, which will be close to, or below, the 0.75-percentage-point fee banks earned for the common-stock portion of the GM sale, say people familiar with the matter. "We will rely on the banks with the best ideas," one of the people said.

Most investment banks will likely end up getting a piece of the AIG offering because the U.S. has so many shares to sell. One politically charged issue that could affect the choice of banks to lead the sale is the relationships that several large banks had with AIG during its 2008 bailout.

Goldman Sachs Group Inc., for example, was one of the largest recipients of cash from AIG, which used taxpayer money to cover obligations on bad mortgage bets the insurer made before the financial crisis. Goldman has worked with AIG on some asset sales, and was recently a lead underwriter of the IPO of its overseas unit.

Another question for AIG and Treasury officials will be whether they can choose Morgan Stanley, which led the GM sale with J.P. Morgan Chase and managed the Citigroup sale by itself, without raising objections from other banks. Morgan Stanley also advised the Federal Reserve Bank of New York throughout the AIG bailout.

"Dinos no"

El gobernador de New Jersey tiene un mensaje para la nueva mayoria Republicana en la casa de representantes. Mr. Christie aconsejo a los lideres del GOP que rechazen las solicitudes de dinero por parte de gobernadores como el.

"Dinos no en terminos de mas dinero", dijo Mr. Christie. "Tenemos que actuar como republicanos... y ahora que tenemos 29 gobernadores republicanos, no deberiamos estar haciendo cola estirando la mano y diciendo: "Si ya se lo que hemos dicho, pero necesitamos ayuda" No ocurre todos los dias que un politico le pide a alguien que no le envie dinero.

El gobernador explica que lo critico para el exito de la nueva mayoria en la casa de representantes es que los miembros definan el exito de manera diferente, de manera que un representante no es juzgado en base a cuantos fondos consigue para su estado.

Sugiriendo que el Congreso le diga no a los que pidan fondos, Mr. Christie esta adoptando un principio que no solamente es una pose. El dice que les haria el trabajo mas facil si Washington dice no con mas frecuencia. El gobernador explica que si el gobierno continua gastando de manera irresponsable, puede convencer a los votantes de que la blacklisted_site de gasto puede continuarse indefinidamente y esos votantes cuestionaran si sus estados realmente necesitan ser reformados. No ayuda a realizar el trabajo, el agrega, si no hay un mensaje consistente en todo el pais.

Mr. Christie reporto que el ha enviado su mensaje directamente al Speaker de la Casa John Boehner. Nosotros adivinamos que Mr. Boehner, un veterano en muchas guerras de presupuestos, raramente ha recibido una visita de gobernadores sugiriendo que el congreso les envie cheques mas pequenios. Nosotros esperamos que Mr. Christie no sea el ultimo.

'Say No to Us'
Chris Christie's advice to the House GOP
New Jersey Governor Chris Christie has a message for the new Republican majority in the U.S. House of Representatives. Visiting the Journal's offices on Wednesday, Mr. Christie advised GOP leaders to reject funding requests from Governors like him.

"Say no to us in terms of more money," said Mr. Christie. "We've got to walk the walk as Republicans . . . and now that we've got 29 Republican Governors, we shouldn't be lining up with our hands out saying, 'We know what we said, but come on, give us a little help here.'" It isn't every day that a politician asks that someone not send him money.

The governor explained that critical to the success of the new House majority is for GOP Members "to define success differently," so that a Representative is no longer measured based on how much federal funding he brings home to his district.

In suggesting that Congress deny funding requests from state governments, Mr. Christie is not simply adopting a principled pose. He said it would make his job easier if Washington said no more often. The Governor explained that if the Beltway crowd continues to spend recklessly, it may convince some voters that the spending orgy can go on forever, and these voters will then question whether their own states really need reform. "It doesn't help get the job done," he added, if there isn't a "consistent thematic across the country."

Mr. Christie reported that he has delivered his message directly to new Speaker of the House John Boehner. We're guessing that Mr. Boehner, a veteran of many budget wars, has rarely been visited by Governors suggesting that Congress write them smaller checks. Let's hope Mr. Christie is not the last.

Las ordenes de maquinarias inesperadamente caen 3% en Noviembre debido a que las companias dejan de gastar



Japan Machinery Orders Unexpectedly Fall as Companies Pare Spending Plans
By Keiko Ujikane - Jan 12, 2011 8:21 PM ET
Japanese machinery orders unexpectedly fell for a third month in November, signaling that companies are reluctant to increase spending on plant and equipment because of concern about the strong yen’s effect. Photographer: Haruyoshi Yamaguchi/Bloomberg
Japanese machinery orders unexpectedly fell in November, signaling that companies are reluctant to increase spending on factories and equipment because of concern about the strong yen’s effect.

Factory orders fell 3 percent from October, when they dropped 1.4 percent, the Cabinet Office said today in Tokyo. Orders, an indicator of capital spending in three to six months, were projected to rise 2 percent, according to the median forecast of 29 economists surveyed by Bloomberg News. It was the third monthly decline.

Today’s report may fuel concern the recovery is slowing as the government stimulus effects wane and the yen’s gain threatens exporter profits. The government lowered its assessment of machinery orders for the first time in a year, citing weakness in non-manufacturing.

“Companies continue to be cautious about making new investment because the outlook for economic growth remains uncertain and they are still saddled with excess capacity,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo.

The yen traded at 83.09 per dollar at 10:17 a.m. in Tokyo, little changed before the report was published. The Japanese currency, which retreated from a 15-year high of 80.22 reached on Nov. 1, has still gained about 3 percent since authorities tried to stem the yen’s advance by intervening in currency markets on Sept. 15.

Cut Assessment

Toyota Motor Corp. President Akio Toyoda said this week that the world’s largest automaker is “challenging” itself “to produce more even as we restrain capital spending.” The company plans to keep annual capital spending at about 700 billion yen ($8.43 billion) for at least the next five years, Executive Vice President Atsushi Niimi said Dec. 24.

The end of the government’s subsidy program to buy energy- efficient cars in September put the brakes on consumer spending and helped cause the economy to shrink in the fourth quarter.

Orders will likely drop in the second half of the fiscal year ending March as companies placed them in the first half due to concern about an economic slowdown, said Susumu Kato at Credit Agricole CIB and CLSA.

“There’s a possibility that companies are pushing forward their investment plans because of the yen’s appreciation and uncertainties over the economic outlook,” said Kato, Tokyo- based chief economist for Japan at the bank. “So, machinery orders will likely decline a lot in the second half.”

Economy Contracts

Japan’s gross domestic product is expected to contract at a 1.9 percent annualized pace in the three months through December, according to a survey of 42 economists released last month by the Economic Planning Association. Growth was 4.5 percent in the third quarter as incentives to buy cars and electronics spurred consumer spending.

At the same time, there are some signs that growth is rebounding this year and some companies are increasing outlays to meet demand in Asian emerging markets and the U.S. Service providers drove down November machinery orders and manufacturers are still increasing spending, a sign that capital spending plans are intact, according to Dai-Ichi’s Shinke.

“We don’t have to conclude that today’s number suggests any major change to the fact that capital spending is improving moderately,” he said. “It’s not as if capital investment will slip into a contraction trend.”

Orders from manufacturers rose 10.6 percent in November from the previous month and those from service providers fell 10.5 percent, today’s report showed.

Toshiba Corp. President Norio Sasaki said last week that the company may increase capital spending for semiconductors by 10 percent in the fiscal year starting April 1.

Nitto Denko Corp., maker of optical film for about a third of the world’s LCD panels, said last month it will boost spending for the first time in five years as companies such as Sharp Corp. and Apple Inc. sell new tablet PCs and smartphones.

“Capital spending in equipment and facilities next fiscal year will be bigger than this year,” President Yukio Nagira said in a Dec. 22 interview, declining to give a specific figure. Nitto Denko plans to invest 36 billion yen this fiscal year.

AIG saldará mañana viernes buena parte de sus deudas con el gobierno de EEUU

La aseguradora American International Group confirmó a última hora de ayer que tiene intención de ajustar buena parte de sus cuentas con el gobierno de Estados Unidos mañana viernes. La compañía ha dado luz verde a su emisión de 75 millones de warrants, lo que permitirá a sus inversores privados la oportunidad de comprar acciones comunes de AIG a 45 dólares por título. Estos warrants comenzarán a cotizar hoy mismo en la New York Stock Exchange hoy mismo bajo el ticker "AIG WS", según informa el portal MarketWatch.

Después del cierre de ayer en la Bolsa de Nueva York, la aseguradora estadounidense detalló en un comunicado que cuenta con el visto bueno del Tesoro y la Reserva Federal de Estados Unidos para llevar a cabo su programa.

Cabe recordar que estos warrants son una parte clave del plan esbozado por la aseguradora para librarse de la esposas doradas del gobierno estadounidene, cuyo rescate a la compañía costó más de 180.000 millones de dólares en su punto álgido.

Si todo se desarrolla según lo acordado, el Departamento del Tesoro de EEUU intercambiará 49.100 millones de dólares en acciones preferentes por más de 1.660 acciones comunes nuevas en AIG.

Este hecho diluirá el valor de las acciones actuales pero para evitar una espantada masiva, la compañía se comprometió a finales del año pasado a ofrecerles warrants. El Departamento del Tesoro de Estados Unidos pasará a controlar cerca del 92% del capital de la aseguradora.

Según explicó al portal el profesor de finanzas de la Universidad de Louisiana, Linus Wilson, con la emisión de warrants, AIG pagará así "el mayor dividendo de cualquier otra compañía financiera este año".

La aseguradora estadounidense bajó ayer en la bolsa de Nueva York 1,08 por ciento después de anunciar la venta de su subsidiaria taiwanesa Nan Shan Life a Ruen Chen, un consorcio encabezado por el grupo taiwanés Ruentex, por 2.160 millones de dólares.

Fuente: http://www.eleconomista.es/empresas-fin ... -EEUU.html

El ECB deja los intereses intactos en 1%

La subasta de bonos de Espania fue exitosa.

Europa mixta, el Asia cerro al alza

Oil down 91.76

Au down 1,381, Ag down, cu down.

Euro up 1.3174

Los futures del Dow jones 5 puntos al alza.

Libor igual 0.30%

Yields igual 3.37%

Moody's alerta US , Germany y France que controlen el gasto de sus gobiernos.

AIG debe poner un plan para ver quien quedara a cargo de la empresa en caso algo le pase a Benmosche (quien fue diagnosticado de cancer hace unos meses)

La subasta de Italia tambien fue exitosa.