Lunes 21/03/11 Ventas de casas existentes

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Eventos economicos

Lunes

Ventas de casas existentes
Subasta de bonos

Entre los mas importantes de la semana tenemos el indice de las casas el Martes, las ventas de casas nuevas el Miercoles, las ordenes de bienes duraderos el Jueves y la confianza del consumidor y las ganancias corporativas el Viernes.

Existing Home Sales
10:00 AM ET


4-Week Bill Announcement
11:00 AM ET


3-Month Bill Auction
11:30 AM ET


6-Month Bill Auction
11:30 AM ET


ICSC-Goldman Store Sales
7:45 AM ET


Redbook
8:55 AM ET


FHFA House Price Index
10:00 AM ET


4-Week Bill Auction
11:30 AM ET


Bank Reserve Settlement


MBA Purchase Applications
7:00 AM ET


New Home Sales
10:00 AM ET


EIA Petroleum Status Report
10:30 AM ET

Weekly Bill Settlement


Durable Goods Orders
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


2-Yr Note Announcement
11:00 AM ET


5-Yr Note Announcement
11:00 AM ET


7-Yr Note Announcement
11:00 AM ET


10-Yr TIPS Auction
1:00 PM ET


Fed Balance Sheet
4:30 PM ET


Money Supply
4:30 PM ET


GDP
8:30 AM ET


Corporate Profits
8:30 AM ET


Consumer Sentiment
9:55 AM ET

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Algunos inversionistas estan apostando que Japon surgira nuevamente

Todo el que tenga un corazon ha sentido la catastrofe en Japon. Pero, mientras haya mercados, los inversionistas han negociado la tragedia, y esta vez no sera la excepcion.

Cerca de $1.2 billones de dinero nuevo ha entrado entre el Martes y Jueves a los ETFs que compran acciones Japonesas, de acuerdo a TrimTabs Investment Research. Los compradores de estos fondos estan apostando a que el selloff de las acciones Japonesas fue emocional y una reaccion exagerada.

Otros estan apostando en contra de Japon, por lo menos en el corto plazo. $45 millones entraron a los ProSahres UltraShort MSCI Japan entre el Martes y el Jueves, cinco veces mas en 3 dias.

Some Investors Are Betting That Japan Will Rise Again
By JASON ZWEIG.

Anyone with a heart has been transfixed by the catastrophe in Japan. But, for as long as there have been markets, investors have traded on tragedy, and this one is no exception.

Almost $1.2 billion in new money flowed from Tuesday through Thursday this week into exchange-traded funds that buy Japanese stocks, according to TrimTabs Investment Research. These buyers are betting that the selloff in Japanese stocks was an emotional over-reaction.

Others are betting against Japan, at least in the short run. The ProShares UltraShort MSCI Japan fund took in $45 million of new money from Tuesday through Thursday, nearly quintupling in size in three days, according to TrimTabs. This fund aims to go up twice as much as the Japanese market goes down on a given day.

Your conscience alone may keep you from investing in Japan, lest you feel you are exploiting other people's suffering in a still-unfolding disaster. Many other factors might give you pause, including an aging population, massive deficit spending by the government, an overvalued currency and the lingering memory of what 20 years ago was one of the most overpriced stock markets ever seen.

But now the market is among the world's most beaten-down. "In 1989, Japan was half of total world-stock market value, trading around 60 times earnings, and everyone loved it," says David Herro, manager of the $7.7 billion Oakmark International fund. "Now it's lost 80%, it's trading at 16 times earnings, and everyone hates it."

Mr. Herro has 23.5% of his fund in Japan—three times its weight in the Morgan Stanley All Country World Index. As he points out, stocks in the rest of the world trade at around 10 times the cash they generate. Japanese stocks are valued at around six. World-wide, companies are priced at roughly twice their book value (the surplus of what they own over what they owe). Japanese stocks are trading right around book value. By these measures, Japan is at about half the valuation of the rest of the world.

Japan hasn't been quite as bad a place to invest as many Americans reflexively assume. While it is easy to cherry-pick periods over which to measure performance, MSCI's Japan index had outperformed its U.S. index over the previous decade as of the end of February, growing at an annual average of 0.82% versus 0.74%.

The panic selling of this week—the Nikkei 225 stock index lost nearly 18% in three trading sessions before recovering a bit—has presented more bargains. Businesses such as Nissan and Nintendo aren't worth 18% less than they were before the quake. If their ability to generate long-term profits has fallen at all, it has declined much less than their stock prices.

The best Japanese companies will survive and ultimately thrive. "It's all about time horizon," says Mr. Herro. "A few weeks or months of negative earnings will not mean much to the value of these businesses in the long run."

Among his favorite Japanese stocks are Toyota Motor, Canon Inc., semiconductor producer Rohm Co. and Olympus Corp. All trade in the U.S. as American depositary receipts or U.S.-listed shares; the iShares MSCI Japan Index Fund also owns them all. Most derive at least half their sales and earnings outside Japan and years ago moved many of their factories overseas, too.

"Japanese companies are getting much better with capital allocation," says Mr. Herro. Rohm, for example, repurchased about $120 million of its own stock last month and another $39 million or so in the first week of March, a smart move when shares are cheap. Olympus—which derives most of its revenues not from cameras but from medical equipment that it sells in the U.S., Europe and Asia—increased its dividend 50% between 2009 and 2010.

Many U.S. investors may have even less money in Japan than they realize. The Japanese and British stock markets are about the same size and stand behind only the U.S. as the world's largest. Yet mutual funds and exchange-traded funds that invest in stocks have about 25% less of their assets in Japan than in the U.K., according to Morningstar.

If the next 20 years in Japan look like the last 20, that small position would be plenty. But Japan is a resilient nation that has reconstructed before; from 1950 to 1960, in the heyday of the "economic miracle" that followed World War II, Japanese stocks returned an annual average of 27% after inflation. The recovery from this disaster is likely to be much less robust. But some very smart investors think good stocks rarely get this cheap.

intelligentinvestor@wsj.com; twitter.com/jasonzweigwsj

Write to Jason Zweig at intelligentinvestor@wsj.com

[admin]

Nissan dijo que esta semana comenzara produccion nuevamente en Japon. Es el primero en hacerlo desde el terremoto.

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Sandra Bullock fue una de las primeras en donar a la causa de Japon, nada menos que $1 millon, lo mismo hizo para Haiti. Walmart dono $5 millones.


Bullock, Eastwood and Others Donate to Japan.Search Japan Real Time
By Ayako Mie and Yoree Koh
As Japan struggles to help to more than 360,000 people displaced by Japan’s strongest-ever earthquake, individuals and relief organizations alike are donating money to support efforts.

As Japan struggles to help to more than 360,000 people displaced by Japan’s strongest-ever earthquake, individuals and relief organizations alike are donating money to support efforts.
Also stepping up are an array of Japanese and international celebrities, from baseball star Ichiro Suzuki to Hollywood legend Clint Eastwood. Local and global corporations have also pitched in: Most have offered fixed sums, but some, like the Japanese arm of Groupon, previously hit by a New Year’s meal deal scandal, have been matching donations made by site users. As of March 14, Groupon had collected more than 180 million yen, or $22.6 million.

Local social-networking-service provider Gree is offering a similar donation system, matching the amount of money paid by a user to buy a Gree “volunteer avatar.” So far, more than 885,000 people have purchased the avatar, with the donation exceeding 174 million yen.

Twitter posts by Japanese celebrities with thousands of followers, such as singer Ayumi Hamasaki and entrepreneur Takafumi Horie of Livedoor, helped get messages out in the immediate aftermath of the quake, when phone services were disrupted. Ms. Hamasaki has more than 455,000 followers, and more than 643,000 people follow Mr. Horie. Elsewhere, Japanese actor Yusuke Iseya has been sending rice to the devastated zones through his company, Rebirth Project, since last Tuesday.

Here’s a tally of some of the notable donations to have been made public, though many more millions are likely to have been donated anonymously. Missed someone? Please let Japan Real Time know in the comments.

(Some companies have also donated supplies in addition to cash. Those donations are not noted in the list below. The donations are also listed in the original currency in which they were made.)

Individuals
AKB48: 500 million yen ($6.2 million)
Namie Amuro, Japanese pop singer: 50 million yen
Bae Yong-jon, Korean actor: 1 billion won ($889,000)
Sandra Bullock: $1 million
Chen Guangbiao, Jiangsu Huangpu Renewable Resources CEO: 13 million yen
Choi Ji Woo, South Korean actress: 200 million won
Yu Darvish, baseball player with the Nippon Fighters: 50 million yen
Clint Eastwood, American actor and director: $1 million
Ayumi Hamasaki, Japanese pop singer: 35 million yen
Ichiro Suzuki: 100 million yen
Kim Hyung-joong, South Korean actor: 100 million won
Hiroshi Kume, Japanese TV anchor: 200 million yen
Li Ka Shing, Hong Kong investor: $1 million
Elaine Low, affiliated with Singaporean company PT Bayan Resources: $783,000 (S$1 million)
Hideki Matsui: 50 million yen
Park Chon-ho, South Korean baseball player on Orix: 10 million yen
Ryu Si-won, Korean actor and singer: $180,000
Song Seung-hun, Korean actress: $180,000
Tadashi Yanai, Fast Retailing CEO: 1 billion yen

Companies
Canon: 300 million yen
Casio Computer: 10 million yen
Fast Retailing: 400 million yen
Fujifilm Corp: 300 million yen
Credit Suisse: $1 million
Goldman Sachs: 500 million yen
Honda Motor: 300 million yen
Kirin Holdings: 300 million yen
Eli Lilly: 100 million yen
Kobayashi Pharmaceutical Co., Ltd.: 100 million yen
Japan Sumo Association: 50 million yen
Jefferies: $1 million
Konica Minolta: 50 million yen
Michelin: $1 million
Mitsubishi Electric: 500 million yen
Morgan Stanley: 500 million yen
Nikon: 100 million yen
Nissan Motor: 430 million yen
Panasonic Corp: 300 million yen
Ricoh Co. Ltd.: 300 million yen
Seiko Epson: 100 million yen
Sony: 300 million yen
Suntory: 300 million yen
Toyota Motor Corp.: 300 million yen
Wal-Mart: $5 million

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Tomodachi Operation

La semana pasada, los helicopteros de la Marina Americana desde el Reagan Strike Group y Carrier Airwing Finve en Atsugi ha entregado 80 toneladas de alimentos, agua, leche, frazadas y medicinas a las areas azotadas por el terremoto en el este Honshu. USS Tortuga ha transportado 93 vehiculos y 273 soldados del Japan Ground Self Defense Force y equipo desde Hokkaido a Honshu. Y ahora con el USS Essex Amphibious Ready Group en la costa oeste de Honshu, nosotros podremos brindar aun mas ayuda asi como capacidad pesada con nuestros helicopteros para esta mision tan improtante.

Me siento muy orgullos de nuestros soldados, ambos Americanos y Japoneses, por el coraje y la dedicacion que ellos han mostrado. Nosotros tenemos un desastre de enorme escala, en un ambiente donde tenemos que enfrentar la contaminacion de la radiacion. Esto crea complicaciones en nuestro planeamiento y ejecucion, pero tengo mas confianza cada dia que tenemos la habilidad de mitigar el riesgo sin poner en peligro a nuestros soldados.

Vice Admiral Scott Van Buskirk

“In the past week, U.S. Navy helicopters from the Reagan Strike Group and Carrier Airwing Five in Atsugi have delivered more than 80 tons of desperately needed food, bottled water, milk, blankets and medical supplies to sites throughout eastern Honshu. USS Tortuga transported 93 vehicles and 273 Japan Ground Self Defense Force troops and equipment from Hokkaido to Honshu. And with the USS Essex Amphibious Ready Group now on station off the west coast of Honshu, we are poised to bring even more relief and heavy-lift helicopter capability to this important mission.

“Through it all, I have been incredibly proud of our forces, both U.S. and Japanese, for the courage and dedication they’ve displayed. We are dealing with a disaster of enormous scale, in a challenging environment where we have to contend with the reality of radiological contamination. It creates complications in our planning and execution, but I am more confident each day that we have the ability to manage and mitigate this risk without endangering the health of our people.”

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AT&T comprara T-Mobil por $39 billion.

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Mejora la situacion nuclear en Japon

Los reactores tienen electricidad, lo cual ayudara a que no se recalienten, incluyendo reactor numero 1 y 2 que eran los mas problematicos.

La radiacion en la planta tambien ha bajado. El secretario de Energia de US dijo que Japon estaba progresando en su esfuerzo por controlar la crisis.

Mientras tanto siguen regando con agua las areas con problemas. Los esfuerzos se han concentrado en el reactor numero 3.

La radiacion ha bajado en el reactor numero 3 de 3,443 microsieverts a 2,758 microsieverts.

Tepco logro restaurar la electricidad en el reactor numero 2. En los reactores numero 5 y 6, los cuales mostraron menos danio, Tepco pudo bombear agua y hacer que la temperatura baje a niveles casi normales.

Las fuerzas Japonesas del Japan Self Defense Force lograron mantener inmerso en agua los conductos de combustible para prevenir el recalentamiento

Mientras tanto, Japan Nuclear and Industrial Safety Aegncy dijo que el reactor numero 4 esta inmerso en agua. Los expertos estaban preocupados que los conductos de combustible estuvieran expuestos, haciendo que se recalentaran.

Naciones Unidas dijo que dia a dia la posibilidad de el peor escenario se estaba reduciendo, pero que la situacion era muy seria.


Japan Nuclear Efforts May Have Turned Corner

By KOSAKU NARIOKA
TOKYO—The battle to bring the troubled Fukushima Daiichi nuclear power plant in Japan under control may be turning a corner, a development that could ease a nuclear emergency that has gripped the nation and riveted the world.

A fire engine doused reactor No. 3 at the Fukushima Dai-ichi nuclear power station Friday.
But new difficulties Sunday offered a reminder that much is left to be done – and much could still go wrong—before Japan can declare its nuclear crisis over.

WSJ's Chester Dawson was embedded last week with the first unit of U.S. Marines deployed from Okinawa as part of a post-tsunami humanitarian aid effort dubbed Operation Tomodachi, which means "friend" in Japanese. Josh Chin reports.
.Plant operator Tokyo Electric Power Co. said Sunday that some reactors have been reconnected to the power grid, greatly aiding its ability to reduce the possibility of overheating. The connected reactors include the No. 1 and No. 2 reactors, which were among the more troublesome.

Company officials also said radiation levels at the site have fallen, while a pool of spent fuel that had generated worry from experts appeared to be immersed in water, reducing fears that the rods might be exposed and thus prone to overheating.

U.S. Energy Secretary Steven Chu said in a televised interview Sunday that the Japanese are "making very good progress."

The weekend's events offered a glimmer of good news even as the full scale of the damage resulting from the mammoth March 11 earthquake and resulting tsunami continued to unfold. Officials raised the death toll to 8,450 people, with another 12,931 reported missing, increasing the likelihood that the ultimate toll could be in the tens of thousands.

Some 367,000 people are still living in evacuation centers, and many of them lack full meals or adequate medication, especially elderly residents who have chronic medical conditions.

Other nations ratcheted up their radiation testing efforts after Japanese health officials found abnormal amounts of a radioactive in spinach grown about 110 kilometers northeast of Tokyo and milk from a dairy farm about 50 kilometers away from the plant. Japanese officials said the amounts are below levels that would immediately affect human health, but the finding raised the prospect that Japan's agricultural sector could take a hit, further holding back its economy.

Meanwhile, Japan faces the prospect that the yen could appreciate again Monday, which could hit its key export sector. A further move by the world's major central banks to weaken the yen could come as soon as Monday, though the goal will be to ensure market stability rather than push the yen sharply lower, traders and economists said. On Friday, the currency gained back most of the ground it lost earlier in the day against the U.S. dollar after a rare concerted intervention by the Bank of Japan, the European Central Bank, Federal Reserve and monetary authorities in Canada and the U.K.

Efforts to keep the Fukushima Daiichi plant under control are set to resume Monday as government workers, members of Japan's Self-Defense Forces and Tepco employees continue to douse problem areas with tons of seawater. Efforts over the weekend focused on the No. 3 reactor, where spent fuel rods stored in pools threaten to overheat, potentially releasing radioactive material into the air.

Japan gets some operations back on track at the Fukushima Daiichi nuclear power plant, but reactor No. 3 continues to pose challenges. WSJ's Andrew LaVallee discusses with Isabella Steger.
.The efforts so far appear to be having some results. Tepco said Sunday the radiation level at reactor No. 3 fell to 2,758 microsieverts per hour Sunday morning, compared with 3,443 microsieverts Saturday morning, after hours of dousing it with water. By comparison, a full set of dental X-rays results in radiation of about 400 microsieverts.

The conditions at the plant also showed there is still room for something to go wrong. Tepco said at a news conference in Tokyo that pressure inside the containment vessel of the No. 3 reactor began rising Saturday evening. That prompted concern that workers there would have to open values to reduce pressure by releasing steam, which could have resulted in abandoning work at the site due to radiation risk. Tepco later said pressure stabilized, averting the need for a release. .

Meanwhile, Tepco managed to restore power supply to the No. 2 reactor early Sunday after the timetable was pushed back from Saturday afternoon. The delay was due to workers having to shield many pieces of equipment from the water spraying operations.

At reactors No. 5 and No. 6, which were less severely damaged, a rise in temperature in the pools for spent fuel rods had worried officials. But with boosted power supplies, Tepco was able to pump new water into the pools and brought the temperate closer to normal levels. Rising heat levels had worried Japanese officials, though the situation at the two reactors is considered less dire than at the other four.

Japan's Self Defense Force also carried out operations Sunday to douse the No. 4 reactor. The SDF was trying to direct water into the reactor's spent fuel tank to help cool the fuel rods and keep them immersed in water to prevent them from overheating and releasing more radioactive material.

Meanwhile, Japan's Nuclear and Industrial Safety Agency said the spent fuel at the No. 4 reactor appeared to be immersed in water. Experts had worried that the fuel rods were exposed, making more likely they would heat up.

The United Nation's nuclear watchdog said Saturday that the nuclear accident at the plant hasn't widened in the past three days and that the risk of a worst-case-scenario meltdown is now reducing day by day, though the situation still is very serious.

"I prefer not to speculate about the future, but as days go by, the risk of a total meltdown is reducing," said Graham Andrew, special adviser to the International Atomic Energy Agency's director general, at a press briefing in Vienna, adding "there are still risks that it could get worse."

—Alan Zibel contributed to this article.

[admin]

Y donde estan los Europeos ahora que no dicen nada acerca de la crisis en Japon. Nos hubieran hecho un favor a todos si se hubieran callado la boca.

[admin]

Los futures del Dow Jones 56 puntos al alza.

Euro down 1.4160

Yen down 80.94

Korea +0.62%

Australia -0.23%

[admin]

Oil up, Au up

Treasurys Price Chg Yield %
2-Year Note* -0/32 0.588
10-Year Note* -3/32 3.268
* at close

8:44 p.m. EDT 03/20/11Futures Last Change Settle
Crude Oil 103.21 2.14 101.07
Gold 1426.8 10.7 1416.1
DJ Industrials 11855 56 11799
S&P 500 1278.70 4.50 1274.20

8:54 p.m. EDT 03/20/11Currencies Last (bid) Prior Day †
Japanese Yen (USD/JPY) 80.94 80.76
Euro (EUR/USD) 1.4159 1.4168
† Late Friday in New York.

[admin]

Los futures del Dow Jones +0.71%

[admin]

El yen cae por segundo dia anticipando que los bancos centrales seguiran interviniendo para ayudar a la recuperacion de la economia Japonesa.

Ag up, futures cu up 4.35

Los commodities suaves (agricultura) al alzaa tambien.

[admin]

AT&T comprará T-Mobile USA por US$39.000 millones

Por Shayndi Raice

AT&T Inc. alcanzó un acuerdo para comprar T-Mobile USA a Deutsche Telekom AG por US$39.000 en efectivo y acciones, en un acuerdo que crearía un gigante del sector de las telecomunicaciones al combinar a dos de las mayores empresas de telefonía celular de Estados Unidos.

La operación se produce al tiempo que AT&T, el segundo mayor operador celular del país, busca crecer después de perder la exclusividad para el iPhone de Apple Inc. en Estados Unidos, y mientras Deutsche Telekom busca alternativas estratégicas para T-Mobile USA, el cuarto operador del país.

El acuerdo combinará a dos operadores que usan la misma tecnología y, según afirman las compañías, paliará la escasez de espectro que las afecta.

La interrogante es si las autoridades reguladoras permitirán una transacción que reduce de cuatro a tres el número de operadores inalámbricos nacionales en Estados Unidos, particularmente considerando que T-Mobile ha basado gran parte de su atractivo en la venta de servicios de bajo costo.

La entidad que surja de la unión sería un tercio más grande en términos de suscriptores que el actual líder del mercado, Verizon Wireless, y más del doble que el tercero, Sprint Nextel Corp.

En mayo del año pasado, la Comisión Federal de Comunicaciones de EE.UU. advirtió sobre una creciente concentración entre los proveedores celulares y, por primera vez en años, no concluyó en su informe anual que el sector era competitivo.

[admin]

Japon cerrado por feriado.

[admin]

Una oferta de Nasdaq por NYSE enfrentaría obstáculos antimonopolio

Por Thomas Catan y Aaron Lucchetti

WASHINGTON—La posible oferta hostil de Nasdaq OMX Group Inc. por NYSE Euronext enfrentará sustanciales preguntas de las autoridades antimonopolio en Estados Unidos, ya que podría fusionar dos competidores directos y crear un monopolio en el mercado de las cotizaciones en bolsa de empresas, de acuerdo con abogados especializados.

Mucho dependerá de cómo podría estructurarse la oferta, pero los expertos en la normativa antimonopólica ven pocas opciones aceptables para que Nasdaq calme las preocupaciones de que el acuerdo dañaría la competencia.

"Pienso que es probable que reciba una mirada en profundidad del Departamento de Justicia y al final podría generar suficientes preocupaciones para provocar que lo bloqueen", dijo Jonathan Grossman, un abogado especializado en normas antimonopolio en la firma Cozen O'Connor en Washington.


Reuters
.Estas preocupaciones podrían ayudar a NYSE a resistir una oferta de Nasdaq, que está considerando una propuesta para romper el acuerdo por el que la operadora bursátil estadounidense sería adquirida por la alemana Deutsche Börse AG.

La oferta de Deutsche Börse enfrenta sus propias dificultades regulatorias. El acuerdo está siendo examinado cuidadosamente en Europa, donde la compañía combinada tendría una posición dominante en el mercado de los derivados, particularmente en los futuros de tasas de interés y en la compensación, o clearing. Deutsche Börse tiene la mitad de Eurex, una de las principales bolsas de derivados del mundo, y NYSE Euronext es propietaria de NYSE Liffe.

En Estados Unidos, el acuerdo haría que 45% del volumen operado en opciones de títulos fuera controlado por la misma compañía. Pero algunos abogados dicen que Deutsche Börse está en una mejor posición de responder a estas preocupaciones desprendiéndose de algunos negocios, tales como su participación en International Securities Exchange.

"Es más fácil solucionar el problema antimonopolio con un acuerdo con Deutsche Börse de lo que sería con Nasdaq en Estados Unidos", dijo Robert Doyle, un abogado especializado en la firma Doyle, Barlow & Mazard, en Washington.

Nasdaq y NYSE no quisieron hacer comentarios.

Una fusión entre Nasdaq y NYSE combinaría a las dos mayores operadoras bursátiles de Estados Unidos, que juntas controlan cerca de la mitad de todas las operaciones de acciones en el país. El año pasado, NYSE tuvo una participación de 28% y Nasdaq de 22%, según la firma de corretaje Sandler O'Neill & Partners.

Ambas bolsas han estado perdiendo cuota de mercado frente a rivales más pequeños como BATS Global Markets y DirectEdge, en la que Deutsche Börse mantiene una participación, y sitios extrabursátiles operados por grandes corredoras.

Pese a los obstáculos, el presidente ejecutivo de Nasdaq, Robert Greifeld, está decidido a hacer una oferta conjunta con IntercontinetalExchange Inc., donde se negocian los contratos a futuro del petróleo Brent y otros commodities. Según personas al tanto de la situación, Nasdaq espera superar las objeciones antimonopolio apelando al patriotismo de los políticos estadounidenses.