Jueves 12/02/10 Ventas de tiendas, casas pendientes

[admin]

Jueves

Eventos economicos

Solicitudes de desempleo
Indice de ventas casas pendientes
Balance del Fed
Money supply

Chain Store Sales


Monster Employment Index
6:00 AM ET


Jobless Claims
8:30 AM ET


Pending Home Sales Index
10:00 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


3-Yr Note Announcement
11:00 AM ET


10-Yr Note Announcement
11:00 AM ET


30-Yr Bond Announcement
11:00 AM ET


Fed Balance Sheet
4:30 PM ET


Money Supply
4:30 PM ET

[admin]

Se espera que los seguros de desempleo suban a 16,000 a 407,000.

Las casas pendientes bajan 1.5%

December 1, 2010, 5:45 PM ET

Thursday Spotlight: Jobless Claims
By Matt Phillips

Everett8:30 a.m. —

The consensus expectation is for weekly jobless claims to come in around 423,000. That’d be a rise of 16,000 from last week’s steep drop that pushed claims down to 407,000.

Last week was the lowest number since July 2008, and on the threshold of cracking the 400,000 barrier. According to conventional wisdom, 400,000 is the level we need to get under for sustainable job growth to take hold.

10 a.m. — Pending home sales for October are expected to decline 1.5% month over month. This isn’t the most closely followed data set on the Street. It’s pretty stale and already widely understood that housing remains weak. The focus will remain on the jobless claims number until of course the big Friday monthly jobs report..

In Earnings, reports will be due from:

The Kroger Co.

[admin]

Copper December 01,21:59
Bid/Ask 3.9457 - 3.9477
Change -0.0003 -0.01%
Low/High 3.9313 - 3.9606
Charts

Nickel December 01,21:59
Bid/Ask 10.6361 - 10.6588
Change -0.0771 -0.72%
Low/High 10.6316 - 10.7563
Charts

Aluminum December 01,21:59
Bid/Ask 1.0444 - 1.0456
Change -0.0031 -0.29%
Low/High 1.0429 - 1.0497
Charts

Zinc December 01,21:58
Bid/Ask 0.9903 - 0.9926
Change +0.0050 +0.51%
Low/High 0.9817 - 0.9951
Charts

Lead December 01,21:57
Bid/Ask 1.0257 - 1.0347
Change +0.0012 +0.12%
Low/High 1.0221 - 1.0375

[admin]

Australia +1.73%, el Nikkei +1.8%, el Shanghai C. +1.58%

Euro down 1.3117

Yen up 84.05

Los futures del Dow Jones 7 puntos al alza.

El Hang Seng +1.18%, Korea +0.88%

Yields up 2.96%

[admin]

Oil down 86.64, Au up 1,393.1

[admin]

La renta en Shanghai y los hoteles caen hasta el 50%

[admin]

Las importaciones de oro de China en los primeros 10 meses aumentaron mas de cinco veces las importaciones del anio pasado.

Importaron 209 metric tons comparado con 45 tons que importaron el anio pasado.

China Gold Imports Jump Almost Fivefold as Inflation Outlook Spurs Demand
By Bloomberg News - Dec 1, 2010 9:47 PM ET

Shen Xiangrong, chairman of the Shanghai Gold Exchange. Photographer: Qilai Shen/Bloomberg
China’s gold imports in the first 10 months jumped almost fivefold from the entire amount shipped in last year as concern about higher inflation increased its appeal as a store of value, said the Shanghai Gold Exchange.

Imports have gained to 209 metric tons compared with 45 tons for all of 2009, Shen Xiangrong, chairman of the bourse, told a conference in Shanghai today. China is the world’s largest producer and second-largest consumer.

Bullion has gained 27 percent this year and is set for a 10th annual gain as the dollar has declined and investors sought a store of value amid concern that the global economic recovery may falter. China has pledged to use price controls and may raise interest rates a second time this year to slow inflation that rose in October to a two-year high.

“People there need to buy gold to hedge against inflation as the country’s tightening monetary policy drives investors from stocks and properties to gold,” said Hiroyuki Kikukawa, general manager of research at IDO Securities Co. in Tokyo. China’s demand would continue to grow, making the country one of the top importers together with India, he said.

Gold demand in China gained in the first half of this year as government measures to cool the property market and falling equities spurred investment, the Shanghai Gold Exchange said July 7.

“The expectation for higher inflation has fueled great interest among investors to hold physical gold, which led to higher imports,” the exchange’s Shen said.

Sales of gold products such as bars by China National Gold Group Corp., owner of the country’s largest deposit of the metal, jumped as much as 40 percent in the first half, Song Quanli, deputy party secretary at the company, said July 7.

[admin]

Hay seniales de que se exenderan de manera temporal todos los recortes de impuestos de Bush, sin excepcion.

Signs Point to Extending All Tax Cuts Temporarily

By JOHN D. MCKINNON and JANET HOOK
Republicans and Democrats Wednesday sat down to negotiate a compromise on extending Bush-era income tax cuts—an effort that could be the first step toward a deal this month that many strategists in both parties believe will temporarily extend current tax rates for all income levels.

No decisions were reported from the first meeting of the small group that was appointed by President Barack Obama and leaders of both parties in the House and Senate. Still, White House officials expressed optimism about prospects for a bipartisan compromise.

"We're in the midst of productive discussions and negotiations," said White House spokesman Robert Gibbs.

Unless Congress acts before Dec. 31, tax cuts signed into law by former President George W. Bush will expire, and tens of millions of people will see the taxes withheld from their paychecks go up almost immediately. Most Democrats favor permanently extending the Bush-era tax cuts for families making less than $250,000; Republicans want to extend them for everyone, including higher earners.

Budget director Jacob Lew, left, Treasury chief Timothy Geithner and Rep. Chris Van Hollen meet Wednesday.
.Separate from the formal negotiations, congressional aides from both parties have begun discussing a temporary extension of the expiring tax cuts.

Those conversations, described as preliminary, have taken place over the past few weeks. They have considered short-term extensions of a number of business and individual tax provisions that are expired or expiring, such as a popular research credit and middle-class protection from the alternative minimum tax. A likely outcome includes a one- to three-year extension of the Bush-era income tax rates and a two-year extension of the business provisions, according to aides. The package could include Democratic priorities such as extension of tax breaks that benefit the working poor, as well as further extension of unemployment benefits for the long-term jobless.

An agreement on temporary extension of all the current rates and breaks would represent a breakthrough after months of partisan infighting. It would signal lawmakers' intent to avoid the public outrage that could result if the two sides failed to reach a tax deal this month. Many retailers and economists worry that the tax increase could tamp down household spending and further weaken employment and the fragile recovery.

Underscoring that risk, the commissioner of the Internal Revenue Service, Douglas Shulman, sent a letter to lawmakers on Wednesday, warning that postponing extension of some breaks, such as a measure to diminish the bite of the alternative minimum tax, could be "extremely detrimental" and risk significantly delaying refunds.

Rather than take that chance, both parties appear resolved to make a serious effort to reach a deal in the next few weeks.

But even as negotiators began meeting in search of a compromise, both sides were digging in for a public fight. Senate Republican Leader Mitch McConnell (R., Ky.) sent a letter to Majority Leader Harry Reid (D., Nev.) that essentially threatened to filibuster any legislation that doesn't address the GOP's two top priorities for the lame-duck Congress: extending the Bush tax cuts and keeping the government funded after the current continuing resolution expires Friday.

"While there are other items that might ultimately be worthy of the Senate's attention, we cannot agree to prioritize any matters above the critical issues of funding the government and preventing a job-killing tax hike," said the letter, signed by all 42 Republican senators—one more than the 41 votes needed to sustain a filibuster.

That throws up a roadblock before an array of other issues that Mr. Reid has proposed to bring forward in the Senate, among them bills to liberalize immigration law, repeal the Pentagon's "don't ask, don't tell" policy on gays serving openly in the military and extend unemployment benefits that expired Tuesday.

Some Democrats took umbrage at the Republicans' unified move. "It's obstruction," said Sen. Dianne Feinstein (D., Calif.). "It's obfuscation. It brings this body to a halt."Sen. Tom Harkin (D., Iowa) accused Republicans of trying to hold a pending nuclear-weapons treaty hostage to win tax cuts for the upper brackets. He said the year-end settlement might have to include more issues, such as the weapons treaty, for Democrats to support the upper-income tax cuts.

[admin]

Buenas noticias de que no se aumenten los impuestos en momentos en que la economia no esta fuerte.

[admin]

El Fed le presto fondos a GE, Verizon, UBS, Barclay's, Dexia de Belgium, la Alemana CommerzBank, GS, MS. Entre las instituciones mas grandes pero hay muchas mas.

Data Shine Light on Winners From Fed Loans
By JON HILSENRATH And LIZ RAPPAPORT
The Federal Reserve, forced by Congress to release details on trillions of dollars' worth of loans made during the financial crisis, disclosed the breadth of its lending to U.S. businesses desperate to raise cash and the surprising degree to which it supported struggling foreign banks in the worst days of 2008 and 2009.

The lending, most of which has been paid back, represents the Fed's most aggressive intervention in the economy ever, and included loans to stalwart industrial companies such as General Electric Co. and Verizon Communications Inc. Though the Fed has been credited with helping prevent many banks and firms from collapsing as credit markets stopped functioning, critics also say the Fed overreached and the latest disclosures could open new fault lines.

The scale of the Fed's lending was widely known. In all it funneled $3.3 trillion worth of credit to different parts of the economy and financial system through an array of different programs during the crisis. But the specifics of who got the money hadn't been known.

Foreign banks received hundreds of billions of dollars in short-term loans from the Fed. Among the biggest loans from a Fed commercial-paper lending program was one to Swiss banking giant UBS AG, which tapped it for $37 billion in October 2008. Barclays PLC, the British bank that declined to rescue Lehman Brothers but later bought much of it from bankruptcy, tapped the Fed for roughly $10 billion in commercial-paper loans in October 2008.

All the borrowings were repaid by the end of 2009, a Barclays spokesman said. A UBS representative said its borrowing was relatively modest, done to give it flexibility during the crisis and was fully repaid.

.The Fed's support of foreign banks was rooted in its effort to hold together the crumbling and heavily interconnected financial system. Government officials at the time were concerned the failure of another big financial firm after the collapse of Lehman Brothers would severely damage the global economy.

Dexia AG, a Belgian bank, turned to the Fed for $23 billion in 2008. Commerzbank AG, a German bank, came for $13 billion for commercial-paper loans and turned to another Fed loan facility 25 times for short-term loans of as much as $7.25 billion.

With a Little Help From the Fed
Which broker-dealers made the most use of the Fed's emergency overnight-lending facility from March 17, 2008 to May 12, 2009.

.."It is clear foreign institutions were large users of the Fed's facilities, in part as a way to channel dollars to their European home bases," said Robert Eisenbeis, chief monetary economist at Cumberland Advisors.

Also on the list was the banking arm of the Korean government, foreign auto makers and other foreign firms that held U.S. mortgage-backed securities they couldn't sell when financial markets froze.

"After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed's multitrillion-dollar bailout of Wall Street and corporate America," said Sen. Bernie Sanders, a Vermont independent whose amendment to the Dodd-Frank financial-regulatory bill forced the disclosures. He said the lending to foreign firms was especially striking and demanded "an extensive look."

Among other details to emerge:

• Goldman Sachs Group Inc. and Morgan Stanley borrowed directly from the Fed 84 and 212 times, respectively, after the collapse of Lehman Brothers in September 2008. Goldman's overnight loans peaked at $18 billion in mid-October. Morgan Stanley borrowed more, as its chief executive, John Mack, was complaining that the bank was target of speculators betting it would fail. In its most troubled days in late September 2008, Morgan and its London arm borrowed nearly $60 billion.

Fed Emergency Lending
..• GE, one of the nation's largest corporations, turned to the Fed for short-term loans, known as commercial paper, when that market dried up. GE—mainly to help its financial arm GE Capital—tapped the Fed for $2.3 billion on Oct. 27, 2008, and returned for the next four days, taking more than $12 billion in total.

• Nine of the 10 largest money-market fund companies at the time, with total assets under management of about $2.4 trillion, including BlackRock Inc., Fidelity Investments Inc. and Dreyfus Corp., turned to the Fed for cash as investors fled the funds for safer ground.

The fresh details on about 21,000 transactions are likely to intensify public and political scrutiny of the Fed, including its lending to foreign entities.

Fed officials and their counterparts overseas feared that what started as a crisis in U.S. subprime mortgages could turn into a global meltdown. One problem: Many of the foreign banks that got Fed money were active in U.S. debt markets—including mortgage and municipal bonds. They depended on U.S. dollar loans to fund their holdings of U.S. debt and could have been forced to sell the bonds without funding. That, in turn, would have worsened the crisis for U.S. firms and homeowners.

In addition to making hundreds of billions of dollars of loans to banks, the Fed shipped nearly $600 billion of credit directly to foreign central banks.

.Several hedge funds, including a few that have been blamed for helping cause the crisis, were able along the way to profit from Fed lending programs as its rescue efforts grew to a grand scale.

The new data identified a few individuals who benefited indirectly from Fed programs. Among them were John Paulson, the billionaire hedge-fund manager who made a fortune betting against mortgage bonds in the lead-up to the crisis, and Michael Dell, the founder of Dell Inc.

They invested in OneWest Bank, which received $34 million in low-interest financing from the Fed to invest in securities backed by consumer loans.

The details of the borrowing by financial firms could factor in Fed and Treasury deliberations, now under way, about which firms could pose risks to the financial system and thus should get stepped-up scrutiny from regulators. The data show that the Fed saw an array of firms—from money-market funds to investment banks—as systemically important in the crisis.

Recipients of the loans expressed gratitude. "The Fed's actions were timely and critical, and we commend them for providing liquidity and stabilizing the financial system during that period," Morgan Stanley said in a statement.

A Goldman spokesman said the Fed was "successful" at fixing broken financial markets. Russell Wilkerson, a GE spokesman, said the Fed should be "commended for coming up with an effective program" to repair the commercial-paper markets.

The Fed said in a statement that its programs fostered economic growth and financial stability, and that it followed "sound risk-management practices" in running the programs.

The Fed lent through ten different programs in all. Taken together, the programs funneled $3.3 trillion of credit into the financial system at different times in the crisis.

[admin]

Merck comprara la compania biotech SmartCells.

[admin]

El ECB dejo los intereses intactos en 1% y mas tarde dara a conocer los detalles acerca del programa de liquidez para lso bancos asi como la compra de bonos de gobierno.

[admin]

Los bonos Espanioles se vendieron bien. Hubo demanda.

Toll Brothers reporto utilidades.

Target reporto ventas mayores en 5.5%, las de Macy's subieron 6.1%, las de Costco 9%. Excelentes noticias del consumidor

Los futures del Dow Jones 43 puntos al alza.

[admin]

Yields arriba de 3% a 3.01%

Europa al alza. Asia al alza.

Los seguros de desempleo suben a 436,000 o 26,000, el 4 week moving average baja 5,750 a 431,000. Los futures retroceden algo

Euro up 1.3173

+34

Oil down 86.54

Libor igual 0.30%

[admin]

+31

futurescu down 3.9445,Au up 1,390