Lunes 19/11/12 Semana de Thanksgiving

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Datos positivos sobre ventas de viviendas impulsan las acciones en EE.UU.

Por CHRIS DIETERICH y PATRICK MCGEE

NUEVA YORK—El Promedio Industrial Dow Jones experimentaba un avance de tres dígitos luego de un par de sólidas lecturas en el mercado de viviendas y mientras los inversionistas se mantienen atentos a las señales sobre un acuerdo para el abismo fiscal.

El Promedio Industrial Dow Jones escalaba 161 puntos, o 1,2%, a 12748 el lunes en las negociaciones de la mañana. El Dow se elevó 46 puntos el viernes y puso fin a una racha perdedora de cuatro sesiones, aunque el índice referencial ha perdido terreno por cuatro semanas consecutivas.

El Standard & Poor's 500 subía 21 puntos, o 1,5%, a 1381 y el Compuesto Nasdaq avanzaba 46 puntos, o 1,6%, a 2899.

Inversionistas dijeron que el mercado aún están dominado por los titulares sobre posibles avances para solucionar el "abismo fiscal", una combinación de alzas de impuestos y recortes de gastos que se activarán a fin de año.

El presidente Barack Obama dijo en Bangkok, donde se encuentra de visita, que "confía", en que los legisladores podrían lidiar con la situación.

En el frente económico de EE.UU. se informó que las ventas de viviendas usadas crecieron el mes pasado, superando las expectativas. Por otra parte, el índice del sector de la vivienda que compila la Asociación Nacional de Constructores de Viviendas de Estados Unidos, o NAHB por sus siglas en inglés, subió cinco puntos a 46 en noviembre, su máximo nivel desde mayo de 2006.

Los mercados europeos subían ante la especulación de avances en el abismo fiscal de EE.UU, y el índice Stoxx Europe 600 ganaba 1,8%.

Intel subía 1,03% luego que el presidente ejecutivo Paul Otellini revelara planes de jubilarse en mayo luego de casi 40 años a su servicio.

Lowe's escalaba 6,4% tras informar una ganancia para el tercer trimestre que superó las expectativas.

Tyson Foods TSN +8.65% trepaba 9% dado que la firma regresó a la rentabilidad en su último trimestre.

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Canada
S&​P/​TSX COMPOSITE INDEX 12,008.47 +130.75
(1.10%) 11:53
S&​P/​TSX EQUITY INDEX 12,350.66 +136.99
(1.12%) 11:50
S&​P/​TSX 60 INDEX 686.66 +7.16
(1.06%) 11:50
S&​P 500/​TORONTO STOCK EXCHANGE VENTURE COMPOSITE INDEX 1,249.54 +14.20
(1.15%) 11:50
Mexico
MEXICAN STOCK EXCHANGE MEXICAN BOLSA IPC INDEX 40,830.60 +256.94
(0.63%) 11/16
MEXICAN STOCK EXCHANGE INMEX INDEX 2,309.73 +17.81
(0.78%) 11/16
MEXICAN STOCK EXCHANGE IMC 30 INDEX 513.78 +2.19
(0.43%) 11/16
MEXICAN STOCK EXCHANGE TOTAL RETURN INDEX 49,655.53 +312.47
(0.63%) 11/16
Panama
BOLSA DE VALORES DE PANAMA GENERAL INDEX 401.22 -0.03
(-0.01%) 11/16
Argentina
BUENOS AIRES STOCK EXCHANGE MERVAL INDEX 2,299.07 +15.98
(0.70%) 11:48
BUENOS AIRES STOCK EXCHANGE BURCAP INDEX 8,189.86 -37.04
(-0.45%) 11:48
MERVAL ARGENTINA INDEX 1,532.38 +13.19
(0.87%) 11:50
INDICE BOLSA GENERAL BOLSA-G 143,051.33 -382.46
(-0.27%) 11:50
Brazil
BOVESPA BRASIL SAO PAULO STOCK EXCHANGE INDEX 56,526.72 +1124.39
(2.03%) 11:59
SAO PAULO STOCK EXCHANGE IBRX INDEX 20,639.44 +324.78
(1.60%) 11:55
SAO PAULO STOCK EXCHANGE ELECTRICAL ENERGY INDEX 27,259.20 -5.38
(-0.02%) 11:55
BOVESPA TELECOMMUNICATIONS SECTOR INDEX 0.00 +0.00
(0.00%) 12:10
BOVESPA EXCHANGE SHARES WITH DIFFERENTIATED CORPORATE GOVERNANCE INDEX 7,412.85 +101.25
(1.38%) 11:54
BOVESPA VALOR SECOND LINE INDEX 6,586.20 +77.22
(1.19%) 11:55
SAO PAULO STOCK EXCHANGE 50 INDEX 8,514.25 +150.84
(1.80%) 11:54
Chile
SANTIAGO STOCK EXCHANGE IPSA INDEX 4,189.50 +4.64
(0.11%) 12:09
SANTIAGO STOCK EXCHANGE IGPA INDEX 20,579.35 +39.56
(0.19%) 12:10
CHILE INTER-10 INDEX 5,223.16 +15.38
(0.30%) 12:10
CHILE 65 INDEX 3,010.44 +9.86
(0.33%) 11:54
CHILE LARGE CAP INDEX 2,835.73 +10.80
(0.38%) 11:51
CHILE SMALL CAP INDEX 4,293.81 +5.79
(0.14%) 11:54
Venezuela
CARACAS STOCK EXCHANGE STOCK MARKET INDEX 383,949.38 +530.25
(0.14%) 11:22
Peru
BOLSA DE VALORES DE LIMA GENERAL SECTOR INDEX 20,228.14 +184.14
(0.92%) 11:49
BOLSA DE VALORES DE LIMA SELECTIVE SECTOR INDEX 29,952.97 +301.39
(1.02%) 11:44
Columbia
COLOMBIA COLCAP INDEX 1,744.50 +5.13
(0.29%) 11:49
COLUMBIA COL20 INDEX 1,300.96 +8.82
(0.68%) 11:49
INDICE GENERAL DE LA BOLSA DE VALORES DE COLOMBIA 14,157.47 +63.55
(0.45%) 11:49

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Copper November 19,11:59
Bid/Ask 3.5161 - 3.5171
Change +0.0704 +2.04%
Low/High 3.4457 - 3.5239
Charts

Nickel November 19,11:59
Bid/Ask 7.4149 - 7.4176
Change +0.1979 +2.74%
Low/High 7.2165 - 7.4435
Charts

Aluminum November 19,11:59
Bid/Ask 0.8728 - 0.8736
Change +0.0107 +1.24%
Low/High 0.8578 - 0.8736
Charts

Zinc November 19,11:59
Bid/Ask 0.8665 - 0.8670
Change +0.0046 +0.53%
Low/High 0.8591 - 0.8680
Charts

Lead November 19,11:59
Bid/Ask 1.0011 - 1.0017
Change +0.0137 +1.39%
Low/High 0.9847 - 1.0040
Charts

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Fallo de corte EEUU provoca dudas sobre los pagos de deuda de Argentina: Moody's
lunes 19 de noviembre de 2012 12:24 GYT Imprimir [-] Texto [+]
(Reuters) - Un reciente fallo de la Corte de Apelaciones del Segundo Circuito en Nueva York, que requirió a Argentina pagar a tenedores de bonos que no participaron en los canjes de deuda previos, tiene potencial para causar pérdidas a los que sí lo hicieron, dijo Moody's Investors Service.

Sin embargo, la sentencia no resolvió ninguno de los asuntos que en última instancia determinan su impacto sobre las calificaciones, agregó la agencia.

Las consecuencias de la decisión dependerán de las características específicas del fallo definitivo, de su aplicabilidad y de la respuesta de Argentina, dijo Moody's en su reporte "Un fallo que plantea preguntas sobre los pagos de deuda de Argentina".

Los bonos del país sudamericano sufrieron fuertes pérdidas la semana pasada tras la decisión de la corte de apelaciones, que pidió al juez de distrito Thomas Griesa que defina una fórmula de pago para que Argentina trate de igual forma a los acreedores que aceptaron las reestructuraciones de deuda y a aquellos que las rechazaron.

El magistrado también debe resolver si el fallo afecta a terceros implicados en los pagos de Argentina, como su agente fiduciario, y en caso de hacerlo, de qué manera.

El fin de semana, en una entrevista con un diario local, el ministro de Economía de Argentina, Hernán Lorenzino, reiteró que la postura del país es no pagar a los acreedores que rechazaron participar en los canjes de 2005 y 2010, donde se reestructuró la deuda impaga en la masiva cesación de pagos de 2001/2002.

Una decisión de Griesa sobre la necesidad de que los pagos hechos por Argentina tengan alguna forma de prorrateo para resarcir a los llamados "holdouts" disparó especulaciones sobre un eventual hecho de default técnico por parte del país sudamericano.

Pero Moody`s dijo que su escenario base es que Argentina buscará continuar cumpliendo con los servicios de la deuda reestructurada sin cambios en la moneda, plazo o tasa de interés, y por lo tanto no ocasionará pérdidas para los inversores, aunque ese enfoque puede entrar en conflicto con el objetivo declarado del Gobierno de negar pagos a los holdouts.

Los litigantes, entre ellos los fondos NML Capital y Aurelius, reclaman unos 1.300 millones de dólares en deuda impaga.

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Toys R Us expandera en China.

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Las compañías harán más recortes de gastos e inversiones. Más malas noticias para la recuperación de la economía.


Investment Falls Off a Cliff

By SUDEEP REDDY and SCOTT THURM

U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

Nationwide, business investment in equipment and software—a measure of economic vitality in the corporate sector—stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined.

At the same time, exports are slowing or falling to such critical markets as China and the euro zone as the global economy downshifts, creating another drag on firms' expansion plans.


Corporate executives say they are slowing or delaying big projects to protect profits amid easing demand and rising uncertainty. Uncertainty around the U.S. elections and federal budget policies also appear among the factors driving the investment pullback since midyear. It is unclear whether Washington will avert the so-called fiscal cliff, tax increases and spending cuts scheduled to begin Jan. 2.

Companies fear that failure to resolve the fiscal cliff will tip the economy back into recession by sapping consumer spending, damaging investor confidence and eating into corporate profits. A deal to avert the cliff could include tax-code changes, such as revamping tax breaks or rates, that hurt specific sectors.

President Barack Obama called a number of business executives over the weekend, including Warren Buffett, Apple Inc. AAPL +5.94% Chief Executive Tim Cook and J.P. Morgan Chase's JPM +2.86% James Dimon, to promote his solution to the looming budget crisis. All sides in Washington, in a departure from a year of deep divisions, have pledged to work together and compromise to avoid going over the cliff.

"The whole world is looking for stability and clarity from the United States," said David Seaton, chief executive of Fluor Corp., FLR +1.66% a large engineering and construction firm. If uncertainty isn't removed, he said, "people will sit on their war chests of cash and return it to shareholders. You'll have a retarded growth trajectory."

Should the White House and Congress strike a deal to avoid the fiscal cliff, the economy could get a boost. "You might very well get a burst of pent-up demand coming at the start of next year," said Paul Ashworth, chief U.S. economist at Capital Economics, a consultancy.

"Given the timing of the drop-off in business investment," he said, "you have to think it's not just a coincidence with the timing of the fiscal cliff."

Unless the business investment slowdown reverses quickly, it could weigh further on growth prospects and the stock market.

Collectively, the members of the Standard & Poor's 500-stock index spent $580 billion on plants and equipment in 2011, according to calculations by the Journal from data supplied by S&P Capital IQ. Spending has run ahead of that pace throughout the year but has slowed in recent months. The latest retrenchment includes such household names as Wal-Mart Stores Inc., WMT +0.93% Ford Motor Co., F +3.62% Boeing Co., BA +1.57% Intel Corp. INTC -0.15% and Walt Disney Co. DIS +0.65%

During the 2007-09 recession, businesses cut back sharply on all kinds of spending. But investment helped propel the recovery, growing faster than the rest of the economy from the second half of 2009, once the recession ended, through the first half of this year. That helped many companies boost productivity and profits without adding new workers.

The pattern changed in the third quarter, when business investment fell at a seasonally adjusted annual rate of 1.3%, according to a preliminary estimate from the Commerce Department. The latest drop included a decline in investment in structures, such as buildings, at a 4.4% annual rate. Investment in equipment and software stalled after growing at a roughly 5% annual pace in the first six months of the year.

"We have really not seen tailwinds to the economy," said OfficeMax Inc. OMX +1.84% chief executive Ravi Saligram. "When that happens, American businesses focus on productivity. You always prepare for the worst and if things get better, that's great."

The slowdown in capital spending contrasts with a rebound in U.S. consumer spending and confidence, which has returned to a five-year high. Meanwhile, the latest survey by the Business Roundtable, which tracks expectations for sales and investment among its big-company CEOs, found the worst sentiment about the economic outlook in three years.

Consumers may be taking their cues from signs of stronger job growth, lower fuel prices and an improving housing market. Businesses, on the other hand, appear more worried about the future, as profit growth and the global economy slow and the outlook for U.S. government policies remains murky.

The mood appears better among small businesses than large corporations. A survey by the National Federation of Independent Business in October found an uptick in capital spending among small businesses. While overall sentiment among small businesses remains below its prerecession average, it has been resilient in recent months.

Snap-on Inc., SNA +2.22% which makes equipment for auto technicians, reports healthy investment among the 800,000 small businesses it serves across the U.S. "Their confidence is fair and reasonable," said Snap-on CEO Nicholas Pinchuk. "As you move up to bigger companies, their foresight becomes broader and their confidence starts to erode."

Slower global economic growth also is contributing to the investment slowdown. China for example, has reduced demand for coal and other minerals, slowing orders for earth-moving and other equipment from Caterpillar Inc. CAT +1.83%

At the start of the year, Caterpillar expected to spend $4 billion building and expanding factories in Illinois, North Carolina, Texas, China and Thailand, among others. Last month, Caterpillar said it wouldn't reach that target, and expects capital spending to fall next year.

In technology, Intel is facing lower demand for its semiconductors. Intel last month said it would shift idle factory space and equipment into producing its newest chips, reducing its capital spending this year to roughly $11.3 billion, from an earlier projection of $12.5 billion. Chief Financial Officer Stacy Smith told investors last month that spending could fall again next year.

Other technology companies buying less new equipment include Texas Instruments Inc. TXN +1.87% and Harris Corp., HRS +0.47% which has cut capital spending by 46% so far this year, to $44 million from $82 million. Apple said it planned to spend $10 billion on new stores and equipment in the current fiscal year ending Sept. 30, 2013, down from $10.3 billion in the 2011-2012 fiscal year.

Among the companies cutting capital-spending targets, the biggest concentration is in the energy industry, where natural-gas prices are near record lows.

Devon Energy Corp. DVN +1.48% spent $6.2 billion in the first nine months of this year, up 13% from the same period last year, with boosted spending on oil projects.

But capital spending next year will be "significantly less than 2012," particularly in acquiring new leases, Devon chief executive John Richels told analysts.

Write to Sudeep Reddy at sudeep.reddy@wsj.com and Scott Thurm at scott.thurm@wsj.com

Corrections & Amplifications
Harris Corp. is a government contractor that makes technology products. An earlier version of this article incorrectly described Harris as a semiconductor company.

A version of this article appeared November 19, 2012, on page A1 in the U.S. edition of The Wall Street Journal, with the headline: Investment Falls Off a Cliff.

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1:46 p.m. EST 11/19/12Treasurys
Price Chg Yield %
2-Year Note 0/32 0.246
10-Year Note -9/32 1.611
* at close
1:37 p.m. EST 11/19/12Futures
Last Change Settle
Crude Oil 89.49 2.57 86.92
Gold 1734.2 19.5 1714.7
E-mini Dow 12714 144 12570
E-mini S&P 500 1378.25 18.50 1359.75
1:47 p.m. EST 11/19/12Currencies
Last (mid) Prior Day †
Japanese Yen (USD/JPY) 81.18 81.31
Euro (EUR/USD) 1.2808 1.2743
† Late New York trading.

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1:47 p.m. EST 11/19/12Major Stock Indexes
Last Change % Chg
DJIA 12740.68 152.37 1.21
Nasdaq 2899.23 46.09 1.62
S&P 500 1379.71 19.83 1.46
Russell 2000 788.52 12.24 1.58
Global Dow 1884.05 35.48 1.92
Japan: Nikkei Average* 9153.20 323.48 3.66

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Energy & Oil Prices
Crude Oil & Natural Gas

Commodity Units Price Change % Change Contract Time(ET)
Crude Oil (WTI) USD/bbl. 89.50 +2.58 +2.97% Jan 13 13:31:15
Crude Oil (Brent) USD/bbl. 111.74 +2.79 +2.56% Jan 13 13:30:59
TOCOM Crude Oil JPY/kl 54,460.00 +860.00 +1.60% Apr 13 13:34:35
NYMEX Natural Gas USD/MMBtu 3.76 -0.03 -0.82% Dec 12 13:29:55

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Aumentaron tasas de interés corporativas en soles y en dólares en última semana


Lima, nov. 18 (ANDINA). Las tasas de interés corporativas en soles y en dólares aumentaron en la última semana en el Perú, denotando una menor liquidez en moneda extranjera, informó hoy el Banco Central de Reserva (BCR).

En el período comprendido entre el 30 de octubre y el 6 de noviembre de 2012, el promedio diario de la tasa de interés preferencial corporativa en soles aumentó de 5.04 a 5.08 por ciento.

Por su parte, el promedio diario de la tasa de interés preferencial corporativa en moneda extranjera para ese período subió de 3.07 a 3.50 por ciento.

Al 6 de noviembre de 2012, la tasa de interés interbancaria promedio en moneda nacional se ubicó en 4.24 por ciento.

Del 30 de octubre al 6 de noviembre de 2012 el circulante aumentó en ocho millones de soles al totalizar 28,726 millones de soles.

Así, la tasa de crecimiento del circulante en los últimos doce meses fue de 14.8 por ciento.

[RCHF]

IGBVL 20,283.26 239.26 +1.19%

ISBVL 30,033.09 381.51 +1.29%

INCA 104.85 1.19 +1.15%

S&P MILA 40 925.05 9.50 +1.04%

IBGC 152.53 1.42 +0.94%

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Peru +1.28%

Acciones Ultima cotización (S/.) Var. día (S/.) Var. día (%)
SUE US$ 1.00 US$ 0.12 13.64
BPZ US$ 2.42 US$ 0.15 6.61
MIRL US$ 0.96 US$ 0.05 5.49
BACKUSI1 15.00 0.50 3.45
SGP US$ 0.31 US$ 0.01 3.33
Acciones Ultima cotización (S/.) Var. día (S/.) Var. día (%)
EXALMC1 1.87 -0.33 -15.00
POMALCC1 0.41 -0.03 -6.82
VOLCAAC1 4.20 -0.00 -2.33
AIHC1 2.20 -0.05 -2.22
FINANPC1 0.53 0.00 -1.85

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AAPL +6.66%

+180

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SCCO +3.18%

BVN +1.29%

EPU +1.47%

BAP +0.48%

CPAC +5.02%

FAS +4.76%

ERX +6.10%

C +3.17%

BAC +3.95%

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Oil up 89.25

Au up 1,732

Futures cu up 3.52