Martes 03/08/10 Agosto empieza muy bien!!

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Pfizer reporta mejores resultados a los esperados.

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Euro up 1.3209

Los futures del Dow Jones sin cambio

Europa a la baja

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-17.56

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Procter & Gamble desencanto. El consumidor se repliega

-34.51

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El consumo en Junio no tuvo cambio.

-36.26

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Futures cu down 3.3610

Oil up 81.85

El dolar a la baja.

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El indice del dolar a la baja a 80.68 -0.33%

-21.80

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-23.88

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-37.47

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Au up 1,189.1

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FAS -2.95%

ABK -7.99%

EDC -3.13%

DRN -4%

ERX -1.85%

SCCO -2.66%

BVN +1.03%

[admin]

Las ventas de casas pendientes bajaron 2.6%

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El gasto del consumidor no tuvo variacion en el mes de Junio y los ingresos dejaron de crecer, los precios se mantuvieron iguales, apuntando a una economia mas debil.

Ademas las ordenes de facricas cayeron mas de lo esperado en Junio con respecto a Mayo dando mayores pruebas de que la economia se debilita.

Spending, Income Flat in June

By LUCA DI LEO And SARAH.N LYNCH
U.S. consumer spending was flat in June as incomes stopped growing and prices remained subdued, pointing to a weaker economy.

Separately, U.S. factory orders fell by more than expected in June from May, providing further signs that the U.S. economy may be weakening. Meanwhile, an index that tracks future home sales posted a decline.

Consumer spending, a key driver of economic growth, was unchanged last month after growing a revised 0.1% in May, the Commerce Department said in its monthly report Tuesday. The May figure was originally reported as a 0.2% rise.

Personal incomes were also flat in June as private wages and salaries fell. Incomes in May rose by 0.3%, slightly less than what the government had previously reported.

.Economists polled by Dow Jones Newswires had expected to see a 0.1% increase in spending and a 0.2% rise in income for June. Some analysts said they expected a weak personal income figure in part because of the expiration of federal unemployment benefits in early June. Congress extended the benefits program last month, but the impact won't be seen until future reports.

U.S Federal Reserve Chairman Ben Bernanke Monday said consumer spending will likely continue to grow in the coming quarters as wages rise and credit becomes less stringent. But he cautioned that a weak jobs market is expected to weigh on consumer confidence.

Although the U.S. economy began emerging from the recession in the second half of 2009, the high unemployment rate has taken a toll on consumer purchases and continues to weigh heavily on the recovery. Despite previous signs of improvement in economic conditions, some indicators now point to a possible slow-down in the second half of this year as consumers spend less and unemployment remains at 9.5%. Gross domestic product -- a broad measure of the U.S. economy -- grew at an annualized 2.4% in April to June, compared with a more robust 3.7% in the first quarter of 2010.

Mr. Bernanke told politicians Monday he believes the U.S. still has a "considerable way to go to achieve a full recovery in our economy" as Americans continue to grapple with "unemployment, foreclosure and lost savings."

With the economic outlook more uncertain, Americans have been saving more recently. The report showed that U.S. consumers boosted savings in June and May. Americans last month saved $725.9 billion as the national saving rate rose to 6.4% from 6.3% in May. In April, the savings rate stood at 6.0%.

Tuesday's report also suggested there is no risk of inflation in the near-term as a price gauge closely watched by the Fed remained tame.

With the economy expected to remain weak for some time, the Fed chairman said prices should remain subdued over the next couple of years. But he didn't signal any concern that deflation could set in, a risk that other Fed officials have raised recently.

The core price index for personal consumption expenditures, which excludes food and energy prices because of their volatility, was unchanged in June from a monthly 0.1% rise in May. On a year-over-year basis, the index slowed to 1.4% in June from 1.5% the previous month.

The overall PCE price index was down 0.1% on the month in June, the same decline as in May. The index rose 1.4% on a year-over-year basis, slowing down from a 2.1% increase.

Factory Orders Decline
New orders for U.S. manufactured goods fell by 1.2% in June to $406.41 billion, the Commerce Department said Tuesday. The decline was led by a slump in orders for construction machinery, which fell 23.2% from May, and in defense communications equipment, down 41% on the month.

This marks the second consecutive decline in orders. In May, new orders for manufactured goods fell by 1.8%, more than the previously reported 1.4% decline for that month.

Economists surveyed by Dow Jones Newswires had expected orders would fall by 0.5% in June.

Orders for durable goods -- anything meant to last at least three years, such as a car -- were revised in June to reflect a 1.2% decrease. The original estimated was for a 1.0% drop.

Manufacturing used to be the primary driving force behind the U.S. economic recovery, but the sector has recently been showing some signs of weakness. On Monday, the Institute for Supply Management's monthly gauge for the industry posted a decline for the month of July, from 56.2 to 55.5. Although the index still remains above 50, which signals growth in the manufacturing sector, it indicates that the pace of expansion is slowing.

Federal Reserve Chairman Ben Bernanke Monday said the economy still has a long road ahead to a full recovery. In its latest beige book on regional economies out last month, the Fed said economic activity slowed or ground to a halt in several areas of the U.S. in June and the first half of July.

In other news in the report Tuesday, orders for manufactured goods excluding transportation fell by 1.1%, the same drop seen for orders excluding the defense sector.

In a positive sign, a barometer of business capital spending rose slightly in June from May. Non-defense capital goods orders excluding airplanes were up by 0.2%.

However, defense capital goods orders decreased 5.3% in June, while non-defense capital goods fell by 2.0%. Manufacturers' inventories, meanwhile, fell by 0.1% in June, following a 0.4% decline in May.

Pending Home Sales Drop
U.S. pending home sales fell again in June because of the removal of a government subsidy for buyers, according to a trade group that lowered its estimate slightly for prices.

The National Association of Realtors' index for pending sales of used homes decreased by 2.6% to 75.7, the industry group said Tuesday.

Home sales have fallen two straight months as a tax credit for buyers expired April 30.

Economists surveyed by Dow Jones Newswires had expected pending home sales would be flat in June. Lawrence Yun, NAR's chief economist, said lower sales are expected in the short term.

"There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve," he said.

Year over year, the pending sales index was 18.6% below its level of 93.0 in June 2009.

May pending home sales fell 30.0% to 77.7. The level was revised slightly from a previously reported 77.6.

The NAR index is based on pending sales of existing homes, including single-family homes and condominiums. A home sale is pending when the contract has been signed but the transaction hasn't closed. Pending sales typically close within one or two months of signing.

In its monthly forecast on the industry, the NAR projected existing-home sales of 5.13 million this year and 5.56 million in 2011. That compares with 5.16 million in 2009.

The median price for an existing home is estimated at $172,700 in 2010 and $175,300 in 2011. It was $172,500 in 2009. The forecasts for 2010 and 2011 were adjusted lower from the previous estimate made a month ago, which is worrisome. If prices fall too much, foreclosures could climb.

While a drop in prices seems a welcome opportunity for buyers, declines do have drawbacks. For instance, a would-be buyer might delay purchase in search of an even-better deal. And if prices are too low, sellers might keep property off the market, causing a buildup in inventory that can have repercussions. Also, falling prices mean lower home values; for many Americans, their home makes up much of their net worth. So, lower home values can leave people feeling less well off and undercut consumer spending, which is a big engine of economic growth. A reason the U.S. economic recovery slowed in the second quarter was weakened consumer spending.

Mr. Yun, however, said prices have strengthened in some local markets. "Since home prices have come down to fundamentally justifiable levels, there isn't likely to be any meaningful change to national home values," he said.

By region, pending sales in the Northeast fell 12.2% in June and 25.4% below the level a year earlier.

The Midwest decreased 9.5% in June and were 27.8% below a year earlier.

Pending sales in the South rose 3.7% in June but were 13.3% below the level a year earlier.

The West slid 0.2% in June and were 14.2% down from a year earlier.

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-60.47

VIX up 22.76

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FAZ +2.48%