Lunes 25/10/10 Reportan petroleras, companias de seguros,etc

[admin]

Asi acabo la semana

El Dow Jones gano 69.78 puntos o 0.63% a 11,132.56

Es la tercera semana al alza consecutiva y siete de las ultimas ocho.
En ocho semanas ha subiod 9.67%. El Viernes bajo 14.01 puntos 1 0.13%
Las que mas ganaron el Viernes fueron HPQ (3.63), CVX (2.27), DIS (2.19), CSCO (1.67), KO (1.06).
Las que mas perdieron fueron AXP (-9.38), CAT (-4.24), VZ (-3.25), HD (-2.50), DD (-2.27).

El Nasdaq subio 10.62 puntos o 0.43% en la semana a 2,379.39 puntos.
Es la tercera semana consecutiva de alza y la septima de ocho semanas.
En las ultimas ocho semanas ha subido 15.13%
El Viernes aumento 19.72 puntos o 0.8%

El S&P 500, subio 6.89 puntos esta semana o 0.59% a 1,183.08.
Arriba 11.13% en las ultimas ocho semanas.
El Viernes subio 2.82 puntos, o 0.24%

Data Points: U.S. Markets.Dow Industrials, up 69.78 points this week, or 0.63% to 11132.56.

Up for the third week in a row and seven of the last eight.
Up 9.67% over the eight week period.
Today, it fell 14.01 points, or 0.13%.
Today’s top contributors to the Dow’s movement and their point contribution: HPQ (3.63), CVX (2.27), DIS (2.19), CSCO (1.67), KO (1.06).
Today’s laggers and their point contribution: AXP (-9.38), CAT (-4.24), VZ (-3.25), HD (-2.50), DD (-2.27).
Nasdaq Composite, up 10.62 points this week, or 0.43% to 2479.39.

Up for the third week in a row and seven of the last eight.
Up 15.13% over the eight week period.
Today, it added 19.72 points, or 0.80%.
S&P 500, up 6.89 points this week, or 0.59% to 1183.08.

Up 11.13% over the last eight weeks.
Today, it gained 2.82 points, or 0.24%.

[admin]

Asi termino el petroleo y el oro:

Nymex crudo para entrega en Diciembre bajo $0.24 per barril esta semana, o 0.29% a $81.69.
El Viernes , subio $1.13 0 1.40%, durante el dia subio hasta $81.87 y llego a bajar hasta $80.41.

El oro para entrega en Octubre bajo $46.70 per troy ounce esta semana, o 3.41% a $1,324.40.
Es la caida mas grande en dolares y porcentaje desde Julio 2 de este anio.
El Viernes bajo $0.30 centavos, o 0.02%


Data Points: Energy & Metals
By MarketBeat Staff
Nymex crude for December delivery fell $0.24 per barrel this week, or 0.29% to $81.69.

Today, it is up $1.13, or 1.40%.
Intraday, it traded as high as $81.87, and as low as $80.41.
Comex gold for October delivery declined $46.70 per troy ounce this week, or 3.41% to $1324.40.

Largest weekly dollar and percentage decline since July 2, 2010.
Today it declined $0.30, or 0.02%.

[admin]

Antes de la apertura

Company Actual Estimate Year Ago
Earnings Yr/Yr Rev
Bank of Hawaii BOH -- 0.79 0.76 --
Boardwalk Pipeline BWP -- 0.31 0.10 --
Boyd Gaming BYD -- 0.05 0.09 --
Ceragon CRNT -- 0.12 0.05 --
Changyou.com CYOU -- 0.81 0.71 --
DSP Group DSPG -- 0.2 0.18 --
Kaiser Alum KALU -- 0.43 0.27 --
KVH Industries KVHI -- 0.06 0.03 --
Lorillard LO -- 1.64 1.44 --
M/I Homes MHO -- -0.22 -1.14 --
NuStar Energy NS -- 0.76 1.03 --
NV Energy NVE -- 0.75 0.78 --
RadioShack RSH -- 0.35 0.30 --
Roper Inds ROP -- 0.79 0.63 --
Sohu.com SOHU -- 0.9 0.96 --
Tuesday Morning TUES -- -- -0.11

[admin]

Despues del cierre

Aaron's AAN -- 0.3 0.45 --
Advent Software ADVS -- 0.35 0.30 --
Amgen AMGN -- 1.27 1.49 --
Arch Capital ACGL -- 2.32 -- --
Atheros Communications ATHR -- 0.67 0.46 --
BancorpSouth BXS -- 0.05 0.26 --
Basic Energy Services BAS -- -0.19 -0.58 --
BE Aerospace BEAV -- 0.4 0.36 --
Cabot Oil & Gas COG -- 0.26 0.41 --
Chemed CHE -- 0.92 0.96 --
Covenant Transport CVTI -- 0.16 -0.14 --
Crane CR -- 0.65 0.60 --
Developers Diversified Rlty DDR -- 0.24 0.44 --
Digital River DRIV -- 0.13 0.42 --
East West Banc EWBC -- 0.21 -0.91 --
Edwards Lifesciences EW -- 0.42 0.71 --
Energy XXI EXXI -- 0.09 -- --
Ferro FOE -- 0.24 -- --
Harris HRS -- 1.24 0.83 --
Heartland Finl HTLF -- 0.23 0.13 --
Hexcel HXL -- 0.16 0.10 --
Insituform Tech INSU -- 0.47 0.30 --
Integrated Device IDTI -- 0.16 0.07 --
Kilroy Realty KRC -- 0.53 0.66 --
Masco MAS -- 0.12 0.14 --
Matrixx Initiatives MTXX -- 0.45 0.55 --
MIPS Tech MIPS -- 0.1 0.06 --
Nara Bancorp NARA -- -0.01 0.11 --
Natl Instruments NATI -- 0.33 0.19 --
Olin OLN -- 0.36 0.50 --
Owens & Minor OMI -- 0.49 0.83 --
Plum Creek PCL -- 0.24 0.14 --
PLX Tech PLXT -- 0.08 -0.05 --
Reinsurance Group of America RGA -- 1.66 1.56 --
Rent-A-Center RCII -- 0.55 0.55 --
SL Green Rlty SLG -- 1.79 0.98 --
Synovus SNV -- -0.22 -1.27 --
Texas Instruments TXN -- 0.69 0.42 --
Ultra Clean Holdings UCTT -- 0.33 -- --
Veeco Instruments VECO -- 1.26 0.16 --
Vertex Pharm VRTX -- -0.93 -0.84 --
Volterra Semi VLTR -- 0.4 0.19 --
W.R. Berkley WRB -- 0.64 0.67 --
Zix Corp ZIXI -- 0.02 -- --
Zoran ZRAN

[admin]

Los futures del Dow Jones muy fuertes, 35 puntos al alza.

Euro up 1.4016, yen up 81.11

Korea +0.23%, Australia +0.24%, el Nikkei

Oil up 82.24, Au up 1,338, futures cu up 3.8390

Las exportaciones de Japon aumentan 14.4

Ag up 23.51

El Nikkei +0.01%

[admin]

Las fabricas Japonesas estan mandando trabajo fuera de Japon debido al alza del yen.

Las fabricas desde fabricantes de autos hasta fabricantes de electronicos en Japon estan haciendo sus productos fuera de Japon.



Japan Firms Send Work Overseas
As Yen Strengthens, Exporters Shift Production to Other Nations

By MARIKO SANCHANTA
TOKYO—Japanese businesses ranging from auto makers to electronics companies are transferring more of their manufacturing abroad, as the yen's flirtation with a new high against the dollar hastens a major restructuring of Japan's economy.

The transfers are shielding the country's export-driven companies from the pain of a sharply stronger yen, which makes Japanese goods more costly and less competitive in global markets.

But they also threaten the Japanese government's efforts to sustain economic growth and spotlight its failure to curb Japan's dependence on exports—which account for two-third of its growth—despite three decades of political rhetoric about the need to generate more domestic demand.

Toyota Motor Corp., which is sticking to a strong profit forecast for its current fiscal year ending March 31, despite the yen's rise, is on track to produce 57% of its output abroad this year, up from 48% five years ago. Just last week, the world's leading auto maker by production said it will begin making its popular Prius at a plant near Bangkok, marking the first time its flagship hybrid will be mass-produced outside Japan.

Rival Nissan Motor Co. will make about 71% of its cars abroad this year, compared with 66% last year. This summer Nissan became the first Japanese auto maker to mass-market a foreign-made car in Japan, importing the compact March, which it produces in Thailand.

"I can guarantee you we will increase capacity in Korea," Nissan Chief Executive Carlos Ghosn said a few months ago at a news conference during a visit to Abu Dhabi. Mr. Ghosn said Japanese companies have to adapt to the surging yen by "sourcing more and more products outside Japan—there's no [other] way to compete."

Murata Manufacturing Co., a maker of electronic components, aims to double its foreign output to about 30% by the fiscal year ending in March 2013. Fellow electronics maker Canon Inc., which bought Dutch printer maker Oce NV in March, saw its overseas production hit a new high for the company of 48% in the first half of 2010.

In an August survey by Japan's Ministry of Economy, Trade and Industry, 40% of the country's manufacturers said they would shift production and research-and-development operations abroad if the yen remained at 85 to the dollar. It has since strengthened beyond that.

In the April-June quarter, the dollar fell 5.3% against the yen, dropping from around 93.50 yen at the start of the quarter to around 88.50 yen on June 30. It rallied further over the summer and, at 81.36 in late New York trading Friday, was close to its all-time peak of 79.75 yen to the dollar, reached in 1995.

During the April-through-June quarter, Sony Corp.'s embattled television business showed a profit after six straight years of losses, at least partly because of more production overseas. The consumer-electronics giant did 20% of its manufacturing abroad in the fiscal year ended March 31, 2010, and is aiming for 50% this fiscal year.

Helped by similar strategies, 24% of companies listed on the First Section of the Tokyo Stock Exchange have lifted their pretax profit forecasts for the first half of their current fiscal year, according to Mizuho Securities Research & Consulting Co., while only 3% have lowered them.

At least in the near term, moving manufacturing jobs abroad erodes the boost exports give the Japanese economy and also hurts efforts to get the country's consumers to spend.

In July, 10.3 million Japanese workers were involved in manufacturing, the lowest number since the government began calculating the monthly figures in 2002, when there were more than 12 million manufacturing workers. The country's unemployment rate remains above 5%, but is down slightly from a postwar high of 5.6% set last year.

Capital spending by the overseas units of Japanese companies rose 8.2% on the year to $4.7 billion in the April-June quarter, the first increase in six quarters, according to the Ministry of Economy, Trade and Industry, while their spending at home fell 1.7%.

"The yen's appreciation is accelerating the process of production outflow," says Hiromichi Shirakawa, chief economist at Credit Suisse in Tokyo. "Investment-wise, Manufacturers don't have an incentive to invest in Japan."

The shift of manufacturing abroad helps explain why Tokyo politicians feel less pressure than in the past to damp the yen's rise. Though Japanese companies have complained about the strong currency, "This time around, the complaints aren't as loud. Fifteen years ago, they were much louder," says Tohru Sasaki, head of foreign-exchange research at J.P. Morgan Chase & Co. in Tokyo.

The difference highlights problems on the domestic front. More than a decade of entrenched deflation has made Japanese consumers reluctant to spend, because of expectations that prices will decline even further. Economists say the new government's $62 billion fiscal-stimulus package, designed to jump-start domestic demand, consists largely of pork-barrel public-works project spending.

Unless the country makes further structural reforms, such as lowering the corporate tax rate or loosening its strict immigration policy, exports seem destined to remain the main engine of growth.

"There are worries about the economy—domestic demand will not pick up, especially with the population declining and a greater proportion of retirees eating into their savings. It's a gloomy outlook for household income," says Credit Suisse's Mr. Shirakawa. "Domestic investment and consumption will continue to shrink."

Mr. Sasaki points out that while the current yen-dollar exchange rate looks alarming, in inflation-adjusted terms, the yen is about 30% below the high point it hit in April 1995. The reason: since 1990, U.S. consumer prices have risen by 69.5%, while in Japan prices have increased just 8.5%. Taking inflation into account the April 1995 yen/dollar exchange rate of 79.75 yen would be equivalent today to 56 yen to the dollar.

Japanese exporters are also helped by the fact a growing part of their trade with Asia, including China, Japan's largest trading partner, is denominated in yen, not dollars. Data from Japan's Ministry of Finance showed 48% of exports to Asia were paid for in yen in 2009. Only 1.7% of Japanese exports to Asia last year were paid for in local currencies, and just over 50% in dollars.

Japan's growing trade and corporate ties with the rest of Asia have caused its politicians to speak out more forcefully against the weakness of China's yuan and the South Korean won.

"The U.S. dollar is still the most important currency to Japan, but its impact has been lessening over the years. Now that Korea is competing head-to-head with Japan in the U.S. market, it's the second-most important currency to Tokyo," says John Vail, chief global strategist at Nikko Asset Management Co.

[admin]

BAC acepta que cometio errores en las hipotecas.

[admin]

El mercado de bonos TIPS va hacia la inflacion

La proteccion contra la inflacion o bonos TIPS ha pagado 10%

Bond Market TIPS Toward Inflation
este anio, de acuerdo a los indices de Barclay Capital Indexes. Al mismo tiempo, los Treasuries regulares (bonos) los cuales mejoran en tiempo de deflation ha pagado 9%.

En otras palabras, tu has sido un ganador si apostaste contra la inflacion o deflation.

La pregunta es si Benanke le va a poner fin a este cambalache.

Con el Fed a punto de inyectar mas estimulos los que apuestan estarian ganando la batalla. Los TIPS le han ganado a los Treasuries en las ultimas dos semanas.

By MARK GONGLOFF
For all the debate this year over whether deflation or inflation is the bigger threat to the economy, in the bond market, at least, the argument has been a wash.

Inflation insurance in the form of TIPS, or Treasury Inflation Protected Securities, has returned about 10% this year, according to Barclays Capital indexes. At the same time, regular Treasurys, which thrive in times of deflation, are up nearly 9%. The performance is measured by combining price appreciation with yield payment.

In other words, you have been a winner this year whether you were betting on inflation or deflation.

One question for investors is whether Federal Reserve Chairman Ben Bernanke is about to bring this kumbaya moment to an end.

With the Fed preparing to pump more money into the financial system, the scales are starting to tip in favor of those betting on inflation. TIPS have outperformed Treasurys in the past two weeks, after lagging behind them for most of the summer.


.The gap between yields on Treasurys and TIPS has widened sharply. This gap, often called the "breakeven" inflation rate, is used as a rough measure of market expectations of inflation.

Since late August—just before Mr. Bernanke's speech in Jackson Hole, Wyo., suggesting the Fed could embark on another round of quantitative easing to juice the economy—the 10-year breakeven rate has surged from 1.49% to roughly 2.10%, the highest in five months.

That suggests the Fed has already raised inflation expectations, simply by talking about the second round of quantitative easing, known in the market as QE2. The recent rally for gold and misery for the dollar also suggest inflation expectations are rising.

"We're not at a point where the market is getting particularly concerned about high inflation, it's just less concerned about deflation or even low inflation for a long period of time," said Mike Pond, Treasury and inflation-linked strategist at Barclays.

TIPS and Treasurys had benefited from hopes of another round of quantitative easing, which is expected to be announced at the Fed's policy meeting on Nov. 3.

Ten-year Treasury yields, which move in the opposite direction of price, fell this month to their lowest levels since the dark days of January 2009.

TIPS are at similarly historical levels: The Treasury Department is scheduled to sell $10 billion in new five-year TIPS on Monday, and the yield is likely to be the lowest since the government started selling them in 1997.

A low yield means demand is high for TIPS, which offer investors additional annual returns to make up for the rate of inflation. Regular Treasury bonds don't offer that protection, so they have higher yields to compensate. The gap, or breakeven, between the two yields implies what investors expect inflation to be.

On the surface, it looks like investors are making two bets at once, one on prices rising and the other on prices falling. But the Fed's influence is a driving and distorting force in both markets.

The Fed's initial easing program involved buying super-safe assets such as Treasurys and TIPS at the same time private demand was high for just such safe havens. The combination of higher demand and shrinking supply resulted in artificially high prices and low yields for Treasurys and TIPS.

The central bank is likely to buy Treasurys and TIPS again as part of any QE2 program, encouraging investors to buy both assets.

View Full Image

Bloomberg News

The gap between yields on Treasurys and TIPS has widened sharply. This gap, often called the "breakeven" inflation rate, is used as a rough measure of market expectations of inflation. Above, a statue of Albert Gallatin, a long-serving U.S. secretary of the Treasury, stands in front of he U.S. Treasury Building in Washington, D.C.
.There is also a risk that the Fed's program could go too far and spark runaway inflation, another reason for investors to buy TIPS.

"The most salient comment in the latest Fed policy statement was that inflation was too low and they were going to do something about it," said Wil Stith, portfolio manager with MTB Investment Advisors in Baltimore, which has about $13 billion under management. "That says to me that TIPS are too cheap."

Mr. Stith has been buying TIPS lately, increasing the weighting in the MTB Intermediate-Term Bond Fund he manages to between 5% and 10%.

Larger investors such as Pacific Investment Management Co., or Pimco, have also bought TIPS in recent months.

TIPS aren't pure barometers of inflation expectations. They are affected by a dearth of supply, which can affect yields. Also affecting TIPS is something called the inflation-risk premium. This is a bet on the volatility of future inflation, rather than a bet on inflation itself, and it has risen lately.

This bet on higher inflation volatility could indicate that traders are worried that the Fed could make a policy mistake along the way. An unexpectedly aggressive Fed on Nov. 3 could push TIPS yields even lower.

Still, an unexpectedly cautious Fed could cause TIPS prices to fall, hurting investors who have recently piled in. TIPS may at least be due for a correction, which could come well ahead of the Fed's announcement in early November.

"Once QE2 is fully priced into the market, then that might be the moment when real yields rise again," said Joseph Shatz, interest-rate strategist at Bank of America Merrill Lynch. If that time hasn't already come, it is very close, he said.

"TIPS real yields are at historically low levels across the curve, and we do not believe this is sustainable in the long run," Mr. Shatz said.

[admin]

Muy buen articulo..

El acto de rebalanceo del G-20
La devaluacion del dolar no es una estrategia de crecimiento global.

Los ministros de finanzas del Grupo 20 emergieron este fin de semana de South Korea declarando que estaban unidos firmemente contra la "competencia de devaluacion de las monedas" Estamos contentos de escuchar eso. Al mismo tiempo, sin embargo, todos ellos declararon que el US Dolar debe seguir bajando mientras China y otros paises deben avaluarse. Aparentemente inundar al mundo de dolares en nombre de reducir el deficit comercial de US no califica como "competencia de devaluacion"

Esa contradiccion no le paso por alto al ministro Aleman Rainer Bruederle, quien todo el corazon del asunto al cuestionar la politica del Fed de US en su politica monetaria facil. "Agregar mas liquidez al sistema es la politica equivocada para solucionar los problemas" dijo Mr. Bruederle, y eso fue lo mas cercano a mencionar que la devaluacion del dolar es el centro de los problemas de las divisas de todo el mundo. Pero el Aleman cantaba solo.

En lugar de diagnosticar la raiz del problema, el G-20 enfoco su atencion en lo que llaman "excesiva falta de balance en el comercio internacional". La causa de todo esto, segun su punto de vista, es que algunos paises tienen excesivos surplases y otros tienen deficits comerciales, y que restaurar la estabilidad es lograr que esos balances sean mas cercano a cero.

Como se va lograr ese milagro, los ministros no dieron. Pero la clara implicacion es que US continuara imprimiendo mas dolares hasta que China y otras naciones con surplas con monedas pegadas al dolar le lloren al tio y avalue su moneda. Mientras Europa, y todos los demas paises que tienen su moenda flotante contra el dolar, ellos tendran que decidir si se unen al Fed en su politica facil o aceptan el riesgo de que sus monedas se avaluen tambien. Esta es una receta para mas crisis de divisas, no menos. Y lo mas posible es que se use mas capita, no menos, a Asia y a otros paises excepto a US.

El enfoque de Geithner en rebalancear es equivocado. El problema real con la economia global es que los paises mas desarrollados, en particular US no esta contribuyendo mucho como debiera a la expansion del mundo. La solucion es adoptar politicas pro-crecimiento, crear mas empleo y atraer mas capital.

Geithner no puede reconocer esto por que eso significaria repudiar la obra economica de su Administracion (Obama). Entonces lo que hace es culpar a las economias de rapido crecimiento como China, South Korea y Alemania por exportar demasiado. Ciertamente, nosotros estamos de aceurdo con que China y Alemania podrian hacer mas para impulsar la demanda interna. Pero devaluando el dolar para robarle exportaciones a otras naciones no es la manera de conseguir cooperacion mundial.

De todas maneras, como los planificadores centrales del mundo saben cual es la cifra ideal de surplus o deficit? Muchos factores determinan la competitividad de las exportaciones de una pais, incluyendo la productividad, los salarios y muchos factores mas. Deberian las naciones como Alemania que tienen politicas discales prudentes, reformar sus mercados laborales y aumentar la productividad y ser criticados despues por exportar mas productos de los que importan? Deberian paises como Australia ser castigada por vender recursos naturales a China que necesita de esos productos para crecer? Deberia China ser castigada por exportar productos baratos a US, quienes estan contentos de comprarlos.

Mr. Geithner no ofrecio respuestas a estas preguntas, prefirio en su lugar sacar el dedo al viento y escoger un 4% de limite a los surplus del PBI (GDP) que a el le gustaria que IMF supervise. Pero porque 4%? hasta el IMF no esta entusiasta con asumir esa responsabilidad. El G-20 no le dio a Geithner ningun tipo de promesa al respecto.

Nosotros apreciamos que Mr. Geithner quiera establecer nuevamente el liderazo economico de US, pero el resto del mundo no lo va a escuchar mientras la estrategia de crecimiento de US sea un dolar barato. El mundo no necesita ministros de finanzas micromanejando el nivel ideal de comercio interacional y los flujos de capital. Lo que el mundo necesita es una expansion economica robusta y durable de US.


The G-20's 'Rebalancing' Act
Dollar devaluation is not a global growth strategy.

The Group of 20 finance ministers emerged from their weekend powwow in South Korea declaring themselves to be united firmly against the "competitive devaluation of currencies." We're glad to hear it. At the same time, however, they all but declared that the U.S. dollar should continue to decline in value while China and other countries should revalue. Apparently flooding the world with dollars in the name of reducing the U.S. trade deficit doesn't qualify as a "competitive" devaluation.

That contradiction wasn't lost on German Economy Minister Rainer Bruederle, who got to the heart of the matter by questioning the U.S. Federal Reserve policy of further monetary easing. "It's the wrong way to prevent or solve problems by adding more liquidity," Mr. Bruederle said, coming the closest of all the assembled worthies to mentioning the dollar devaluation that is at the heart of the world's currency turmoil. But the German was singing solo.

The upshot was a G-20 conclave that claimed success in addressing the wrong problem it has wrongly diagnosed. Instead of addressing the monetary roots of exchange-rate fluctuations, the finance ministers put their focus on addressing what they called "excessive" trade "imbalances." The cause of all turmoil, in this view, is that some countries run trade surpluses and others run deficits, and the key to restoring stability is getting those imbalances closer to zero.

How that miracle will be accomplished the ministers didn't say. But the clear implication is that the U.S. will continue to print dollars until China and other surplus nations with currencies pegged to the dollar cry uncle and revalue. As for Europe and those countries whose currencies float against the dollar, they'll have to decide whether to join the Fed's easing binge or accept rising currencies too. This is a recipe for more currency turmoil, not less. And it is likely to drive more capital, not less, to Asia and elsewhere other than the U.S.

Treasury Secretary Tim Geithner's focus on "rebalancing" is a case of inspecting the wrong end of the horse. The real problem with the global economy is that most of the developed world, in particular the U.S., isn't contributing as much as it should to the current world expansion. The solution is pro-growth policies in America to create more jobs and attract more capital.

Mr. Geithner can't acknowledge this because it would mean repudiating his own Administration's economic record. So instead he wants to blame faster-growing economies like China, South Korea and Germany for exporting too much. We certainly agree that China and Germany could do more to encourage more domestic economic demand. But devaluing the greenback to steal exports from other nations isn't likely to win more policy cooperation.

In any event, how do the world's would-be central planners know what is the ideal trade surplus or deficit? Many factors determine the competitiveness of a country's exports, including productivity, wage flexibility and more. Should nations like Germany that have run prudent fiscal policies, reformed their labor markets and raised productivity be chastised for exporting more goods than they import? Should countries like Australia be penalized for selling natural resources to a developing China that needs those imports to fuel growth? Should China be punished for exporting cheap goods to willing U.S. consumers?

Mr. Geithner didn't offer answers to these questions, preferring instead to put a finger to the wind and pick a 4% of GDP limit on surpluses that he would like the International Monetary Fund to monitor and enforce. But why 4%? Even IMF chief Dominique Strauss-Kahn—always a booster of a bigger role for his agency—demurred when asked about the practicality of such a plan and committed instead to have the IMF "work" on the issue. In their Saturday communique, we're happy to say the G-20 finance ministers gave Mr. Geithner lip service on this score but no firm commitments.

There was a time when U.S. officials understood that focusing so much attention on trade deficits and surpluses was counterproductive. In 1976, an advisory committee to the Treasury that studied the international economic accounts concluded: "The words 'surplus' and 'deficit' should be avoided insofar as possible . . . These words are frequently taken to mean that the developments are 'good' or 'bad' respectively. Since that interpretation is often incorrect, the terms may be widely misunderstood and used in lieu of analysis." The world could use such wisdom today.

We appreciate that Mr. Geithner wants to re-establish U.S. economic leadership, but the rest of the world isn't likely to listen as long as it believes the main U.S. growth strategy is a cheaper dollar. The world doesn't need finance ministers micromanaging the "right" level of trade and capital flows. What the world needs is a more robust and durable economic expansion, above all from America.

[admin]

El Hang Seng +0.81%, el Shanghai C. + 0.58%, Australia +1.3%

[admin]

Copper October 24,22:19
Bid/Ask 3.8278 - 3.8299
Change +0.0455 +1.20%
Low/High 3.7781 - 3.8346
Charts

Nickel October 24,22:18
Bid/Ask 10.6201 - 10.6859
Change +0.1456 +1.39%
Low/High 10.4745 - 10.7036
Charts

Aluminum October 24,22:19
Bid/Ask 1.0585 - 1.0601
Change +0.0138 +1.32%
Low/High 1.0452 - 1.0606
Charts

Zinc October 24,22:19
Bid/Ask 1.1410 - 1.1435
Change +0.0118 +1.05%
Low/High 1.1292 - 1.1448
Charts

Lead October 24,22:15
Bid/Ask 1.1479 - 1.1500
Change +0.0169 +1.50%
Low/High 1.1309 - 1.1514
Charts

[admin]

El Nikkei -0.29%

+34

[admin]

Los metales basicos mas del 1% a esta hora.

[admin]

Efectivamente, el dolar a la baja pero esta vez con autorizacion. Todo lo demas al alza.

El Asia cerro mixta, Europa al alza.

Los futures del Dow Jones 58 puntos al alza.

Oil up 82.37, Au up 1,344.60. ha subido casi $20

Libor igual 0.29%

Euro up 1.4029, yen down 80.64

Yields up 2.53%

Cu up 3.8770

[admin]

Goldman bullish on Citi. Acciones al alza. +2.92%