Stock Market Update - Dec.27 - Dec, 31, 2010 Cautious Choppy Minor Gains Seen with Mixed Economic Data
Stock Market Update
New Year's Eve
New Year's Eve
Friday, December 31, 2010
USA EQUITY INDEXES: (FRIDAY, DEC. 31; 4:05 PM EST)
Dow Jones 11,577.51 +7.80
Nasdaq 2,652.87 -10.11
S&P 500 1,257.64 -0.24
Dow Jones CLOSING Averages: DJIA 11,577.51 UP 7.80
30 INDUS 11,577.51 UP 7.80 OR 0.07%
20 TRANSP 5,106.75 DN 1.85 OR 0.04%
15 UTILS 404.99 UP 0.24 OR 0.06%
65 STOCKS 4,033.19 UP 1.37 OR 0.03%
US COMMODITY PRICES: (FRIDAY, DEC. 31; 4:00 PM EST)
Crude Oil 91.41 + 0.03%Natural Gas 4.39 - 0.29%
Gasoline 2.43 +0.12%
Heating Oil 2.54 + 2.35%
Gold 1421.40 + 1.22%
Silver 30.90 + 1.51%
Copper 4.31 - 0.23%
US DOLLAR FUTURES INDEX DXY: THURSDAY, DEC. 30, 2010 EST:
12:03PM EST: 79.61 Down 0.19 (0.24%)
U.S. Dollar Lower, Stocks Flat, Commodities Mixed to Higher
Monday Outlook: I fully expect the U.S. Dollar index to further decline until Feb 14, 2011, and expect to see equities and commodities to continue to rise until that time period.
FRIDAY: U.S. Blue Chips edge higher along with energy, metals and small caps as the dollar wanes. The dollar fell, with the U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, off 0.7%. The Euro is trading higher than the dollar, currently 1.3335 up 0.0046 (+0.35%)
U.S. Stocks closed Friday in mixed fashion as the Dow Jones industrial average edged 7.8 points higher to 11,577.51. The Nasdaq composite index was down 10.11 points to 2,652.87 while the S&P 500 index dipped 0.24 of a point to 1,257.64. The Dow Jones industrial average gained 11 per cent in 2010, the Standard & Poor’s 500 finished up 12.78 per cent while the Nasdaq composite index finished up 16.9 per cent.
The Dow Jones Industrial Average edged up 15 points, or 0.1%, to 11585 in afternoon trading. The measure is within reach of closing above 11585.38, which would represent its highest close since August 2008 and the 12th time in the Dow's history of closing out the year at its high. The Nasdaq Composite shed 0.3% to 2654 although it is up 17% for 2010. The Standard & Poor's 500 index rose 0.1% to 1259. The measure is up nearly 13% for the year, with a 6.7% climb this month marking its best December performance in 19 years. Friday's small moves in U.S. stocks came as investors made their final position changes for 2010. Less than a billion shares had changed hands in New York Stock Exchange Composite trading as of 12:45 p.m. EST. .
By 10:30 a.m. EST as the dollar lowered U.S. stocks began moving up in light morning trading. Equities look mostly flat while materials are rising. Gold is above $1,414 an ounce while silver is over $30.60 an ounce and copper is steady. Energy issues are mixed. The dollar fell, with the U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, off 0.9%. But demand for Treasurys rose, pushing the yield on the 10-year note down to 3.33%.
At the open, U.S. stocks fell slightly Friday morning, in the final session of a strong year in which the market climbed to two-year highs.
The Dow Jones Industrial Average slipped 18 points, to 11551. J.P. Morgan Chase led the measure's decline with a 0.4% drop, while Chevron also declined 0.4%. Verizon Communications helped keep the drop in check, rising 0.5%, while General Electric tacked on 0.2%. The Nasdaq Composite shed 0.1% to 2661. It has jumped 17% this year. The Standard & Poor's 500 index declined 0.1% to 1256.
A weaker dollar boosted gold prices Friday, as dollar-denominated gold appears cheaper to buyers using foreign currencies when the dollar eases. The euro was recently at $1.3366, up from $1.3295 late Thursday..
FRIDAY BEFORE THE BELL: U.S. Stock indexes are headed to a lower open on the final trading day of 2010. Ahead of the opening bell Friday, Dow Jones industrial average futures are down 14, or 0.1% percent, at 11,508. Standard & Poor's 500 index futures are down 2, or 0.2% percent, at 1,252. Nasdaq 100 index futures are down 1, or 0.1% percent, at 2,223.
Oil prices fell slightly below US$90 a barrel Friday in Asia as investors took profits amid light year-end trading volume. The Institute for Supply Management-New York releases its December index of regional business activity at 1330 GMT. In the previous month, the index read 485.7. At 1530 GMT, Economic Cycle Research Institute releases its weekly index of economic activity for Dec. 24. Volume is expected to remain weak as the most of the world markets have concluded their year. The U.S. government and many businesses observe the New Year's holiday on Friday.
No key data are on tap for Friday, which will be a full session for the U.S. stock market although volume is expected to be particularly light due to the holiday. The bond market is set for an early close today, at 2 p.m., EST. .
THURSDAY: U.S. stocks are posting small declines Thursday. The Dow Jones Industrial Average shed 15 points, or 0.14%, to 11569.71. The Nasdaq Composite Index slid almost 4 points to close at 2662.98. The Standard & Poor's 500 index shed 0.15% to end the days trades at 1257.88.
Fewer than 1.2 billion shares had traded in New York Stock Exchange Composite volume as of 1:30 p.m. EST .
The U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, fell 0.3%. The Swiss franc reached new highs against the dollar, the euro and the pound in London, as thin trading conditions exaggerated currency movements and the effects of general dollar weakness. .
THURSDAY BEFORE THE BELL: U.S. Stocks look like we are heading to a flat or higher open as the dollar declined below Wednesday's close. The dollar continues to loose broadly against the Yen and a basket of World currencies.The euro was recently at $1.3297, from $1.3225 in New York trading Wednesday.
Stock futures pointed to a flat open as the market digested a larger-than-expected drop in jobless claims. Initial jobless claims fell by 34,000 to 388,000 in the week ended Dec.25, from 422,000 in the prior week, according to the Labor Department. Futures for the Dow Jones Industrial Average were down by 7 points, or 2 points above fair value, at 11,525. Futures for the S&P 500Nasdaq futures were ahead by 1 point, or nearly 1 point above fair value.
The FTSE in London will also finish the year with an abbreviated session, was down by 0.2%, and the DAX in Frankfurt was off by 1.1%. The DAX will be closed on Friday, resuming trading on Jan. 4.
WEDNESDAY: U.S. stocks edged higher Wednesday amid a holiday week that was low volume, choppy, missing any significant economic news and boosted by a falling dollar. The week between Christmas and New Year, almost always a quiet interval for markets. The dollars decline against a basket of world currencies gave precious metals and energy stocks the edge on the day.
By mid-afternoon the energy issues and commodities had moved the U.S. indexes higher as the dollar fell lower on the day. The U.S. Dollar Index, which tracks the currency against a basket of others, fell 0.5%. Energy and materials stocks were among the best performers of the day. Halliburton rose 2%, Schlumberger gained 2% and Occidental advanced 1.6%. Monsanto also gained 2.7%. The Dow Jones Industrial Average rose 46 points, or 0.4%, to 11622, adding to a gain of more than 5% this month. McDonald's, Walt Disney, International Business Machines and Chevron all gained 1% or more, helping buoy the blue-chip index. The Nasdaq Composite gained 0.3% to 2671. The Standard & Poor's 500-stock index added 0.3% to 1262.
US stocks edge higher in very light volume as the dollar trades below Tuesday's close. The U.S. Dollar Index, which tracks the currency against a basket of others, fell 0.2%. The dollar was lower across the board, down against both the euro and the Japanese yen. The euro was trading recently at $1.3135, up from $1.3117 late Tuesday in New York. The Dow Jones Industrial Average rose 38 points, or 0.3%, to 11613. McDonald's led the measure higher, rising 1.2%, while Chevron gained 0.8%. The Nasdaq Composite gained 0.3% to 2670. The Standard & Poor's 500-stock index added 0.3% to 1262, led by its energy and consumer discretionary sectors.
WEDNESDAY BEFORE THE BELL U.S. Stock futures look we are going to open higher Wednesday morning. U.S. futures pointed to a positive open with the Dow Jones futures up 13 points to 11,522, the Nasdaq futures ahead 5.75 points to 2,231 while the S&P futures gained 1.7 points to 1,256.
TUESDAY: The Dow closed higher Tuesday, gaining 20 points to close at 11,575.54 up+0.18%. The Nasdaq closed off 4 points to close at 2662.88. The S&P 500 closed flat but up 0.97 to finish the session higher at 1258.51.
At the Open: U.S. stocks wavered between small gains and losses on Tuesday as metals and mining stocks bounced back. The declining dollar regained some dignity and began the day with a small rise that finished the day flat from Monday's close. Precious metals and base material both rose. Gold is now trading at $1,404 an ounce again. Copper continues to make new highs. Cisco extended its strong climb this week, but mixed housing data kept the gains in check.
The Dow Jones Industrial Average fell 9 points to 11546 in recent trading. The Nasdaq Composite edged down 0.1% to 2665. The Standard & Poor's 500-stock index was nearly flat at 1257.
TUESDAY, BEFORE THE BELL: Stocks are pointed to early gains ahead of reports on home prices and consumer confidence. Ahead of the opening bell, Dow Jones industrial average futures are up 9 points, or 0.1 per cent, to 11,524. S&P 500 futures are up 3, or 0.2 per cent, to 1,256. Nasdaq composite futures are up 4, or 0.2 per cent, to 2,234.
The U.S. Conference Board is expected to announce that consumers are feeling more confident about the economy for the third straight month. Analysts expect the index to rise to 55.8 in December, but the Harris pole and Gallup surveys both show a decline in confidence.
The dollar weakened for a fourth consecutive day against the euro in overnight trades, as commodities rise. The dollar touched a three-week low against the yen. In overnight currency markets, the dollar fell to 82.51 yen in Tokyo Tuesday from 82.78 yen in New York late Monday. The euro edged up to $1.3238 from $1.3164 The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, declined 0.3 percent and touched the lowest since Dec. 17.
At 9:00 a.m. EST, the S&P/Case-Shiller Index of property values is expected to show its first year-over-year drop since January. Stan Humphries, chief economist of Zillow Inc., a provider of housing data, said in an interview yesterday on Bloomberg Television, that U.S. home prices will fall 5 percent to 7 percent more before reaching a bottom in late 2011. The gauge of residential real-estate values in 20 cities lost 0.2 percent from a year earlier, according to the median estimate of 17 analysts, before the S&P/Case-Shiller report is published today.
European markets are mostly higher leading into the market open Tuesday in the U.S. Asian stock markets were mostly lower Tuesday as investors continued to worry about a recent interest rate rise in China and stayed on the sidelines ahead of the release of key U.S. home price data later in the day.
MONDAY: The DJIA closed 18 points lower, or 0.16%, to 11555 at 4:00 p.m. EST, weighed by material and industrial components. Alcoa shed 1%, while Caterpillar fell 0.9%. The Nasdaq Composite edged up 0.03% to 2667.27. The Standard & Poor's 500-stock index advanced 0.6% to 1257.54. The euro was recently at $1.3152, up from $1.3117 late Thursday.
Trading, already expected to be light because of the holidays, was thin as a blizzard snarled traffic and businesses in much of the Northeast. By early afternoon, fewer than 1.3 billion shares had traded hands in New York Stock Exchange Composite volume. The 2010 average for a full-day session is around 4.8 billion shares.
U.S. equities are trading lower at 10:00 am in another low volume holiday week trading day. The volatility Index is higher; now at 18.16, up 1.70 from Thursday's close. Trading was light Monday, as a blizzard snarled traffic and businesses in much of the Northeast. By midday, less than 800 million shares had traded hands in New York Stock Exchange Composite volume. The 2010 average for a full-day session is around 4.8 billion shares.
NYSE Euronext and Nasdaq OMX Group said they expected their U.S. exchanges to operate under normal market hours, with some special rules in effect, due to weather conditions. Futures exchange operator CME Group delayed the start of floor trading until 11 a.m. EST on the New York Mercantile Exchange.
Traders said the weather had contributed further to a week already staffed more lightly as many on Wall Street extended the holiday weekend.
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CRUDE OIL:
MONDAY: $ 92.17 PER BARREL
FRIDAY OIL FUTURES: Nymex Crude Settles Up $1.54 At $91.38/Bbl
Crude futures headed above $90 a barrel Friday on the last trading day of 2010, nearing fresh two-year highs and charting a course towards $100 a barrel oil next year.
Light, sweet crude for February delivery was recently trading up $1.40 at $91.24 a barrel on the New York Mercantile Exchange, nearing a two-year high of $91.52 a barrel set earlier in December. Markets are open today despite the New Year's holiday to comply with exchange rules requiring trading on the last day of the month, and volume is close to the lowest level this year. Brent crude on the ICE futures exchange were $1.44 higher at $94.53 a barrel.
According to the International Energy Agency, which advises the U.S. and other industrialized nations on energy. The agency raised its oil demand forecast in December, and now expects demand next year to grow by 1.3 million barrels a day, adding to the rise in 2010 of 2.5 million barrels a day.
Front-month January reformulated gasoline blend-stock, or RBOB, recently traded 4.42 cents higher at $2.4360 a gallon. January heating oil recently traded 4.69 cents at $2.5323 a gallon. Both contracts expire at settlement Friday.
At the open, crude futures were lower Friday on the last trading day of 2010, a pause in the latest rally in energy prices that nevertheless is expected to bring $100 a barrel oil next year.
Light, sweet crude for February delivery was recently trading down 77 cents to $89.06 a barrel on the New York Mercantile Exchange amid very light trading volume. Markets are open Friday despite the New Year's holiday to comply with exchange rules requiring trading on the last day of the month.
Brent crude on the ICE futures exchange traded 89 cents lower at $92.19 a barrel. Front-month January reformulated gasoline blend-stock, or RBOB, recently traded 1.07 cents, or 0.5%, higher at $2.4025 a gallon. January heating oil recently traded 1.58 cents lower at $2.4696 a gallon. Both contracts expire at settlement Friday. .
THURSDAY OIL FUTURES: Nymex Crude Closes $1.28 Lower At $89.84/Bbl
Department of Energy Reported:
Oil Stockpiles Small Decline Seen
DOE: US Crude Oil Stocks -1.258M Bbl In Wk; Seen -2.9M Bbl
US Crude Oil Stocks -1.258 Mln Bbl At 339.427 Mln Bbl
US Crude Oil Stocks -1.258 Mln Bbl At 339.427 Mln Bbl
US Gasoline Stocks -2.316M Bbl In Wk; Seen +1.2M Bbl
US Distillate Stocks +0.243M Bbl In Wk; Seen -0.8M Bbl
US Distillate Stocks +0.243 Mln Bbl At 160.959 Mln Bbl
The draw in U.S. crude inventories last week fell shy of analysts' expectations, according to data released Wednesday by the U.S. Department of Energy.
Crude oil stockpiles fell by 1.3 million barrels to 339.4 million barrels for the week ended Dec. 24, compared with an average survey estimate of a 2.9-million barrel draw. The American Petroleum Institute, an industry group, reported an increase of 3.1 million barrels last week.
Investors reacted negatively to the news. Crude oil futures for February were recently down 1.8% at $89.46 a barrel on the New York Mercantile Exchange. January contracts for gasoline were down 0.9% at $2.3700 a gallon and heating oil were down 1.8% at $2.4774 a gallon.
Distillate stocks, which include heating oil and diesel fuel, rose by 243,000 barrels to nearly 161 million barrels. Analysts expected inventories to fall by 800,000 barrels. Refining capacity utilization rose by 0.1 percentage point to 87.8%, right in line with expectations.
API pegged refinery runs at 85.6%, or 0.2% higher, and reported that inventories of gasoline fell by 3.1 million barrels but distillates rose by 1.4 million barrels.
U.S. Oil Inventories:
For week ended Dec. 24, 2010:
Crude Distillates Gasoline Refinery Use
EIA data: -1.3 +0.2 -2.3 +0.1
Forecast: -2.9 -0.8 +1.2 +0.1
Figures in millions of barrels, except for refining use, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.
The U.S. Department of Energy is scheduled to report stockpiled inventory's on Thursday for the week ending last Friday. The report is due at 11 a.m. The American Petroleum Institute, an industry group, will issue its own report Wednesday at 4:30 p.m. after the close. Both reports were delayed due to the Christmas holiday.
WEDNESDAY OIL FUTURES: Nymex Crude Settles 37c Lower At $91.12/Bbl
Light, sweet crude for February delivery settled down 37 cents, or 0.4%, at $91.12 a barrel. Brent crude on the ICE futures finished down 24 cents, or 0.3%, at $94.14 a barrel.
Front-month January reformulated gasoline blendstock, or RBOB, lost 1.52 cents, or 0.6%, to finish at $2.3904 a gallon. January heating oil gave 0.28 cent, or 0.1% at $2.5215 a gallon.
TUESDAY'S OIL FUTURES: Nymex Crude Settles 49c Higher At $91.49/Bbl
Oil futures traded higher Tuesday as the dollar hit a record low against major currencies and cold weather persisted across the northern hemisphere.
Light, sweet crude for February delivery settled up 49 cents, or 0.5%, at $91.49 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures rose 53 cents, or 0.6%, to settle at $94.38 a barrel.
Front-month January reformulated gasoline blendstock, or RBOB, fell 1.53 cents, or 0.6%, to $2.4056 a gallon. January heating oil added 0.77 cent, or 0.3%, to settle at $2.5243 a gallon.
MONDAY'S OIL FUTURES: Nymex Crude Closes 48c Lower At $91.03/Bbl
January heating oil fell 2.42 cents, or 1%, to settle at $2.5166 a gallon on the New York Mercantile Exchange on Monday. Front-month reformulated gasoline blendstock, or RBOB, gave up 2.17 cents, or 0.9%, at $2.4209 a gallon.
Monday, Iraq's newly appointed oil minister on Monday said the country's daily oil production has increased by about 100,000 barrels a day, exceeding 2.6 million barrels per day for the first time in 20 years.
Abdul-Karim Elaibi said Iraq's production of crude will continue to rise and will reach its planned, higher targets "sooner than expected." "Today, our production exceeded 2.6 million barrels a day," Elaibi told reporters during a ceremony to formally put him in charge of Iraq's oil ministry after the country's new government was sworn in last week. "We haven't reached this figure since 20 years ago," Elaibi said.
Last Friday, the national average price for a gallon of gas has risen to over $3 a gallon for the first time since October, 2008, when it felt like the bottom had just dropped out of the American economy.
According to the AAA Fuel Gauge Report, the price for a gallon of gasoline nationwide hit $3.013. California once again has the highest gas prices in the Lower 48 states, hovering at about $3.27 a gallon. In total, 26 states plus the District of Columbia have gas prices exceeding $3 a gallon, while Colorado has the lowest average gas prices, about $2.75 a gallon. The rise in gas prices coincides with a rise in crude prices, which recently topped $90 a barrel...another high not seen since October 2008.
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NATURAL GAS:
FRIDAY: Natural Gas: $4.41
FRIDAY US GAS: Futures Settle 1.5% Higher At $4.405/MMBtu
Natural gas prices rose Friday as forecasts for colder-than-normal temperatures in January lifted heating demand expectations.
Futures are poised to end the year higher. Natural gas for February delivery recently traded up 4.3 cents, or 1%, at $4.381 per million British thermal units on the New York Mercantile Exchange.
If natural gas settles around this level however, it will mark the lowest end-of-year settlement for the heating fuel since 2001.
THURSDAY'S US GAS: Futures Settle 1.2% Higher At $4.338/MMBtu
Smaller-Than-Expected Storage Draw
Natural gas futures pared their gains Thursday after a smaller-than-expected weekly draw from U.S. gas stockpiles.
Natural gas for February delivery recently traded 2.2 cents, or 0.5% higher, at $4.309 a million British thermal units on the New York Mercantile Exchange. The benchmark contract had traded as high as $4.364/MMBtu before the report.
The U.S. Energy Information Administration reported that natural gas inventories fell by 136 billion cubic feet last week, less than consensus estimates for a withdrawal of 146 bcf.
Natural gas futures rose Thursday ahead of a government report expected to show a larger-than-average weekly decline in U.S. gas stockpiles last week.
Natural gas for February delivery recently traded 5.3 cents, or 1.2% higher, at $4.340 a million British thermal units on the New York Mercantile Exchange. Futures earlier rose as high as $4.364/MMBtu, the highest intraday price since Dec. 14.
The benchmark contract has spent November and December in choppy, range-bound trading, supported when forecasts called for cold and a boost to gas-heating demand, but pressed by ample supplies.
WEDNESDAY'S US GAS: Futures Settle 0.1c Lower At $4.287/MMBtu
Natural gas for February delivery recently traded 5.7 cents, or 1.3% lower, at $4.231 a million British thermal units on the New York Mercantile Exchange on its first day as the front-month contract. The January contract expired Tuesday at $4.216/MMBtu.
TUESDAY'S US GAS: Futures Settle 2.5% Higher At $4.216/MMBtu
Natural gas for January delivery on the New York Mercantile Exchanged settled up 10.4 cents, or 2.5%, at $4.216 per million British thermal units. The January contract expired at the end of floor trading, and February futures settled up 3.2% at $4.288/MMBtu.
FRIDAY US GAS: Futures Settle 1.5% Higher At $4.405/MMBtu
Natural gas prices rose Friday as forecasts for colder-than-normal temperatures in January lifted heating demand expectations.
Futures are poised to end the year higher. Natural gas for February delivery recently traded up 4.3 cents, or 1%, at $4.381 per million British thermal units on the New York Mercantile Exchange.
If natural gas settles around this level however, it will mark the lowest end-of-year settlement for the heating fuel since 2001.
THURSDAY'S US GAS: Futures Settle 1.2% Higher At $4.338/MMBtu
Smaller-Than-Expected Storage Draw
Natural gas futures pared their gains Thursday after a smaller-than-expected weekly draw from U.S. gas stockpiles.
Natural gas for February delivery recently traded 2.2 cents, or 0.5% higher, at $4.309 a million British thermal units on the New York Mercantile Exchange. The benchmark contract had traded as high as $4.364/MMBtu before the report.
The U.S. Energy Information Administration reported that natural gas inventories fell by 136 billion cubic feet last week, less than consensus estimates for a withdrawal of 146 bcf.
Natural gas futures rose Thursday ahead of a government report expected to show a larger-than-average weekly decline in U.S. gas stockpiles last week.
Natural gas for February delivery recently traded 5.3 cents, or 1.2% higher, at $4.340 a million British thermal units on the New York Mercantile Exchange. Futures earlier rose as high as $4.364/MMBtu, the highest intraday price since Dec. 14.
The benchmark contract has spent November and December in choppy, range-bound trading, supported when forecasts called for cold and a boost to gas-heating demand, but pressed by ample supplies.
WEDNESDAY'S US GAS: Futures Settle 0.1c Lower At $4.287/MMBtu
Natural gas for February delivery recently traded 5.7 cents, or 1.3% lower, at $4.231 a million British thermal units on the New York Mercantile Exchange on its first day as the front-month contract. The January contract expired Tuesday at $4.216/MMBtu.
TUESDAY'S US GAS: Futures Settle 2.5% Higher At $4.216/MMBtu
Natural gas for January delivery on the New York Mercantile Exchanged settled up 10.4 cents, or 2.5%, at $4.216 per million British thermal units. The January contract expired at the end of floor trading, and February futures settled up 3.2% at $4.288/MMBtu.
Monday's US GAS: Futures Settle 0.7% Higher At $4.112/MMBtu
Natural gas for January delivery on the New York Mercantile Exchanged settled 2.9 cents, or 0.7%, higher at $4.112/MMBtu. The January contract expires on Tuesday, and trading volume was light. February gas settled at $4.155 a million British thermal units, up 0.5%.
____________________________________________________________Natural gas for January delivery on the New York Mercantile Exchanged settled 2.9 cents, or 0.7%, higher at $4.112/MMBtu. The January contract expires on Tuesday, and trading volume was light. February gas settled at $4.155 a million British thermal units, up 0.5%.
PRECIOUS METALS:
FRIDAY: Gold: $1,421
FRIDAY: Silver: $30.86 Gold futures finished the year with a 10th consecutive annual gain amid expectations for new record highs next year. The yellow metal was firmly above the $1,400 mark on the last trading day of 2010 and locked in a 29.7% gain for the year, the largest in three years.
The most actively traded contract, for February delivery, settled up 1.1%, or $15.50, at $1,421.40 per troy ounce on the Comex division of the New York Mercantile Exchange. The thinly-traded January-delivery contract was up 1.1%, or $15.50, at $1,421.10 per troy ounce.
Palladium futures capped off the year with a 96.5% gain and a fresh nine-year high, as the recovering automotive sector boosted demand across the world. The most actively traded palladium contract, for March delivery, settled up 2.2%, or $17.10, at $803.30 per troy ounce on the New York Mercantile Exchange.
Silver futures ended the year at a new 30-year high Friday, up 83.7% this year. The cheapest member of the precious metals family has gained from spillover investment demand as gold soared outside of some investors' budgets.
The most actively traded silver contract, for March delivery, settled up 1.4%, or 42.4 cents, at $30.937 per troy ounce on the Comex division of the New York Mercantile Exchange.
Platinum lagged precious metals in 2010, locking in an increase of just 20.9% on the year. The white metal is widely used in catalytic converters for diesel engines, as well as in oil refining equipment.
The most actively traded contract, for April delivery, settled up 1.7%, or $28.90 higher, at $1,778.20 per troy ounce on the New York Mercantile Exchange.
Settlements (range includes floor and electronic trading):
Feb gold $1,421.40, up $15.50; Range $1,404.60-$1,422.00
Mar silver $30.937, up 42.4 cents; Range $30.475-$30.975
Apr platinum $1,778.2, up $28.90; Range $1,722.00-$1,780.90
Mar palladium $803.30, up $17.10; Range $786.30-$804.90
Engelhard Corp's base price for industrial gold bullion was $1414.25 per troy ounce, up $5.71 from previous. It's selling price for gold in fabricated form was $1520.32, up $6.14.
Handy & Harman's base price for gold was per troy ounce, unchanged. The fabricated form price was , unchanged.
THURSDAY: The most actively traded contract, for February delivery, was down 0.3%, or $4.80, at $1,408.70 per troy ounce on the Comex division of the New York Mercantile Exchange.
The thinly-traded January contract was down 0.3%, or $3.70, at $1,409.40 per troy ounce.
Engelhard Corp's base price for industrial gold bullion was $1408.54 per troy ounce, down $7.01 from previous. It's selling price for gold in fabricated form was $1514.18, down $7.54.
Handy & Harman's base price for gold was $1405.50 per troy ounce, down $7.00. The fabricated form price was $1517.94, down $7.56.
WEDNESDAY: The most actively traded contract, for February delivery, settled up 0.6%, or $7.90, at $1,413.50 per troy ounce on the Comex division of the New York Mercantile Exchange.
The thinly traded December delivery contract was up 0.6%, or $7.90, at $1,413.10 per troy ounce.
Engelhard Corp's base price for industrial gold bullion was $1415.55 per troy ounce, up $11.52 from previous.It's selling price for gold in fabricated form was $1521.72, up $12.39.
Handy & Harman's base price for gold was $1412.50 per troy ounce, up $11.70. The fabricated form price was $1525.50, up $12.64.
Wednesday Settlements (range includes floor and electronic trading):
London PM Gold Fix: $1,412.50; previous PM $1,373.50
Feb gold $1,413.50, up $7.90; Range $1,401.50-$1,414.90
Mar silver $30.704, up 38.1 cents; Range $30.315-$30.720
Jan platinum $1,754.20, up $2.50; Range $1,743.70-$1,761.80
Mar palladium $793.40, up $6.20; Range $782.25-$796.95
TUESDAY: Gold futures rallied above the $1,400 mark as traders eyed thin volumes and Comex option expirations Tuesday afternoon.
The most actively traded contract, for February delivery, settled up 1.6%, or $22.70, at $1,405.60 a troy ounce on the Comex division of the New York Mercantile Exchange. The thinly traded December delivery contract ended up 1.7%, or $22.80, at $1,405.20 a troy ounce.
TuesdaySettlements (range includes floor and electronic trading):
Feb gold $1,405.60, up $22.70; Range $1,383.10-$1,407.20
Mar silver $30.323, up $1.068; Range $29.280-$30.370
Jan platinum $1,751.70, up $16.20; Range $1,737.00-$1,755.30
Mar palladium $787.20, up $20.10; Range $768.95-$787.70
MONDAY: Gold: $1,382
MONDAY: Silver: $29.25Handy & Harman's base price for gold was $1405.50 per troy ounce, down $7.00. The fabricated form price was $1517.94, down $7.56.
WEDNESDAY: The most actively traded contract, for February delivery, settled up 0.6%, or $7.90, at $1,413.50 per troy ounce on the Comex division of the New York Mercantile Exchange.
The thinly traded December delivery contract was up 0.6%, or $7.90, at $1,413.10 per troy ounce.
Engelhard Corp's base price for industrial gold bullion was $1415.55 per troy ounce, up $11.52 from previous.It's selling price for gold in fabricated form was $1521.72, up $12.39.
Handy & Harman's base price for gold was $1412.50 per troy ounce, up $11.70. The fabricated form price was $1525.50, up $12.64.
Wednesday Settlements (range includes floor and electronic trading):
London PM Gold Fix: $1,412.50; previous PM $1,373.50
Feb gold $1,413.50, up $7.90; Range $1,401.50-$1,414.90
Mar silver $30.704, up 38.1 cents; Range $30.315-$30.720
Jan platinum $1,754.20, up $2.50; Range $1,743.70-$1,761.80
Mar palladium $793.40, up $6.20; Range $782.25-$796.95
TUESDAY: Gold futures rallied above the $1,400 mark as traders eyed thin volumes and Comex option expirations Tuesday afternoon.
The most actively traded contract, for February delivery, settled up 1.6%, or $22.70, at $1,405.60 a troy ounce on the Comex division of the New York Mercantile Exchange. The thinly traded December delivery contract ended up 1.7%, or $22.80, at $1,405.20 a troy ounce.
TuesdaySettlements (range includes floor and electronic trading):
Feb gold $1,405.60, up $22.70; Range $1,383.10-$1,407.20
Mar silver $30.323, up $1.068; Range $29.280-$30.370
Jan platinum $1,751.70, up $16.20; Range $1,737.00-$1,755.30
Mar palladium $787.20, up $20.10; Range $768.95-$787.70
MONDAY: Gold: $1,382
Monday morning precious metals are thinly traded. Gold trading was closed in the U.K. for celebration of the Boxing Day holiday. A weaker dollar and thin pre-holiday trading volumes helped Comex gold futures inch higher Monday.
The most actively traded contract, for February delivery, settled up 0.2%, or $2.40, at $1,382.90 per troy ounce on the Comex division of the New York Mercantile Exchange. The thinly traded December-delviery contract settled up 0.2%, or $2.40, at $1,382.40 per troy ounce.
Monday Settlements (range includes floor and electronic trading):
Feb gold $1,382.9, up $2.40; Range $1,372.70-$1,387.70
Mar silver $29.255, down 7.3 cents; Range $28.810-$29.355
Jan platinum $1,735.50, up $12.40; Range $1,701.50-$1,741.00
Mar palladium $767.10, up $9; Range $747.00-$771.00
____________________________________________________________
BASE METALS:
FRIDAY: Copper $4.31 per pound
Copper soared further into uncharted territory on the final trading day of 2010, with the red metal poised to settle at a fresh record amid dollar weakness and thin trading volumes.
The most actively traded copper futures contract, for March delivery, was recently up 1.4%, or 5.95 cents, at $4.4220 a pound. Thinly traded January copper was up 1.3%, or 5.6 cents, at $4.4125 per pound on the Comex division of the New York Mercantile Exchange.
THURSDAY:
The most actively traded contract, for March delivery, settled down 0.4%, or 1.65 cents, at $4.3115 a pound on the Comex division of the New York Mercantile Exchange. The thinly traded December-delivery contract was down 0.4%, or 1.5 cents, at $4.3090 a pound. The most active contract set a fresh all-time intraday high in morning trade, hitting $4.3320 a pound.
Comex Copper Settles At Record $4.3280/lb
Copper prices marched into uncharted territory Tuesday as a weaker dollar and investor appetite for commodities increased. The most actively traded contract, for March delivery, settled up 1.15, or 4.8 cents, at $4.3280 a pound on the Comex division of the New York Mercantile Exchange. This is a new record settlement price, beating Monday's record of $4.2800.
The most actively-traded contract also set a fresh intra-day record at $4.3350. The thinly-traded December delivery contract settled up 1.2%, or 4.9 cents, at $4.3240 a pound.
The rally is likely to continue into next year as many analysts forecast a copper supply shortfall for 2011, including BMO Capital Markets base metals strategist Bart Melek who pegs the deficit at 387,000 metric tons.
Tuesday's record-breaking leap launched as the dollar declined against the euro. The euro was recently at $1.3213, from $1.3155 late Monday. Investors using foreign currencies tend to purchase more dollar-denominated contracts like copper futures when the greenback weakens, as these assets appear cheaper.
MONDAY: Copper $4.28 per pound + 0.61%
Copper soared further into uncharted territory on the final trading day of 2010, with the red metal poised to settle at a fresh record amid dollar weakness and thin trading volumes.
The most actively traded copper futures contract, for March delivery, was recently up 1.4%, or 5.95 cents, at $4.4220 a pound. Thinly traded January copper was up 1.3%, or 5.6 cents, at $4.4125 per pound on the Comex division of the New York Mercantile Exchange.
THURSDAY:
The most actively traded contract, for March delivery, settled down 0.4%, or 1.65 cents, at $4.3115 a pound on the Comex division of the New York Mercantile Exchange. The thinly traded December-delivery contract was down 0.4%, or 1.5 cents, at $4.3090 a pound. The most active contract set a fresh all-time intraday high in morning trade, hitting $4.3320 a pound.
Comex Copper Settles At Record $4.3280/lb
Copper prices marched into uncharted territory Tuesday as a weaker dollar and investor appetite for commodities increased. The most actively traded contract, for March delivery, settled up 1.15, or 4.8 cents, at $4.3280 a pound on the Comex division of the New York Mercantile Exchange. This is a new record settlement price, beating Monday's record of $4.2800.
The most actively-traded contract also set a fresh intra-day record at $4.3350. The thinly-traded December delivery contract settled up 1.2%, or 4.9 cents, at $4.3240 a pound.
The rally is likely to continue into next year as many analysts forecast a copper supply shortfall for 2011, including BMO Capital Markets base metals strategist Bart Melek who pegs the deficit at 387,000 metric tons.
Tuesday's record-breaking leap launched as the dollar declined against the euro. The euro was recently at $1.3213, from $1.3155 late Monday. Investors using foreign currencies tend to purchase more dollar-denominated contracts like copper futures when the greenback weakens, as these assets appear cheaper.
MONDAY: Copper $4.28 per pound + 0.61%
Comex Copper Record Settlement $4.2800/lb
The most actively traded contract, for March delivery, settled up 0.5%, or 2.15 cents, at $4.2800 a pound on the Comex division of the New York Mercantile Exchange. This is the highest ever settlement price.
The most-actively traded contract had set a fresh intraday record of $4.2985 a pound overnight in electronic trading.
The thinly traded December-delivery copper futures settled up 0.5%, or 2.3 cents, at $4.2750 a pound.
An ongoing supply problem at one of Chile's largest copper mines supported copper prices Monday. The Dona Ines de Collahuasi copper mine, with annual output of around 550,000 metric tons of copper or around 3% of annual global supply, suspended sales contracts on Dec. 20 after a fatal accident at its port.
The mine, jointly owned by Xstrata PLC, Anglo American PLC and a consortium led by Mitsui & Co., continues to look for an alternate port.
U.S. TREASURYS/BONDS:
FRIDAY:
Demand for Treasurys rose, pushing the yield on the 10-year note down to 3.30%. U.S. Treasurys prices also pushed up Friday on the final trading day of 2010 on month-end buying, leaving the bond market poised to end volatile year of trading on a high note. The U.S. Treasury market saw a record year of debt sales in 2010, rallying strongly in early months amid rising worries about fiscally troubled euro zone nations, and then weakening in latter months amid signs that the U.S. economy is poised to improve in 2011.
THURSDAY:
Treasurys prices dropped on the last full trading day of 2010. Treasury prices fell, lifting the yield on the 10-year note to 3.39%. . The benchmark 10-year Treasury yield, which moves inversely to its price, has risen by some 100 basis points since October. In recent trading, the two-year note was off 1/32 to yield 0.657%, the 10-year was down 10/32 to yield 3.398% and the 30-year off 13/32 to yield 4.462%. Treasurys' losses Thursday follow a sharp rally Wednesday, which came on the heels of a strong seven-year note auction, the final Treasury note sale of 2010. . WEDNESDAY: Demand for U.S. Treasurys rose one day after an auction of five-year notes saw weak demand and ahead of a sale of seven-year debt. Yield on the 10-year note fell to 3.44%. Early morning demand for U.S. Treasurys rose one day after an auction of five-year notes saw weak demand and ahead of a sale of seven-year debt. Yield on the 10-year note fell to 3.48%.
TUESDAY: Demand for Treasurys was mixed Tuesday, with the two-year note up and the 10-year note down, sending its yield up to 3.36%. The tepid reception for a $35 billion sale of five-year Treasury notes caught attention in otherwise quiet credit markets Tuesday.
Higher yields failed to lure enough buyers to underwrite the auction, a marked contrast to a $35 billion sale in two-year notes Monday. The lukewarm reception of the five-year notes sent Treasury prices lower across the board. Some market participants also worried about the fate of Wednesday's sale of $29 billion in seven-year Treasury notes. .
MONDAY: Demand for U.S. Treasurys declined, sending yield on the 10-year note up to 3.41%. The dollar weakened against both the euro and the yen. The euro was traindg recently at $1.3156, up from $1.3117 late Thursday in New York. Treasurys declined, lifting the yield on the 10-year note to 3.38%.
FRIDAY, DEC. 31, 2010: 1:00 PM EST:
3 Month 0.10% -0.01 (-9.09%)
6 Month 0.17% -0.01 (-5.56%)
2 Year 0.59% -0.04 (-6.35%)
5 Year 2.01% -0.05 (-2.43%)
10 Year 3.30% -0.03 (-0.90%)
30 Year 4.35% -0.03 (-0.68%)
____________________________________________________________6 Month 0.17% -0.01 (-5.56%)
2 Year 0.59% -0.04 (-6.35%)
5 Year 2.01% -0.05 (-2.43%)
10 Year 3.30% -0.03 (-0.90%)
30 Year 4.35% -0.03 (-0.68%)
U.S. ECONOMIC NEWS:
FRIDAY:
NY BUSINESS CONDITIONS INDEX HITS 7-MONTH HIGH
ISM-New York's Current Business Conditions index jumps to 70.0 in December from 65.6 in November, the highest reading since May. Businesses are also more optimistic about 2011.
THURSDAY:
FDIC Requires Banks To
Make Changes In Quarterly Call Reports
U.S. banks submitting quarterly reports on their financial conditions next month must make several changes due to new regulations, the Federal Deposit Insurance Corp. said Thursday.
The FDIC said banks must report the amount and number of noninterest-bearing transaction accounts valued at more than $250,000. They are also required to report data on reverse mortgages, the agency said.
The quarterly reports, known in the industry as Call Reports, for the fourth quarter are due Jan. 30. The FDIC reported in November that U.S. banking industry profits jumped again in the third quarter, as banks saw stronger revenue and set aside fewer reserves.
Net income for the roughly 7,700 U.S. banks and thrifts totaled $14.5 billion for the quarter, up from just $2 billion a year earlier. However, the number of banks on the FDIC's list of problem institutions rose to 860 at the end of September, inching up from 829 at the end of June.
Chicago Business Barometer Reported Rise
A surge of new orders saw the closely-watched Chicago Business Barometer blow past analysts' expectations in December, with the seasonally-adjusted reading of 68.6 released Thursday marking the highest level seen in 22 years.
The survey of regional purchasing managers produced by the Institute for Supply Management-Chicago is valued as a leading indicator of national activity, and has advanced for 15 straight months.
While new orders and prices paid for employment and services drove most of the gains, the employment indicator rose for the third month in a row and at 60.2 was at its highest level in more than five years, adding to the sentiment generated by data released earlier Thursday showing lower initial jobless claims over the past week
The barometer, once known as the Chicago PMI, is compiled from a survey of purchasing managers in the manufacturing, resources and service sectors. with readings above 50 pointing to economic expansion.
U.S. HOME SALES REPORT
The year is shaping up to be the worst for home sales since 1997.
Pending Sales of US Existing Homes Rose 3.5% in November
The number of signed contracts to buy homes rose in November, the fourth increase since contract signings hit a low in June.
The number of signed contracts to buy homes rose in November, the fourth increase since contract signings hit a low in June.
The National Association of Realtors says its index of sales agreements for previously occupied homes increased 3.5 per cent last month from a downwardly revised reading in October.
Contract signings were up in the West and Northeast, but down in the South and Midwest.
Signings are 22.1 per cent above June's index reading, which was the lowest level since the private group began tracking the data in 2001. Still, signings are 5 per cent lower than November 2009 when buyers were scrambling to close purchases to qualify for the first federal tax credit.
U.S. MORTGAGE RATES REPORT
Mortgage rates are up after easing slightly last week, according to Freddie Mac's weekly survey of mortgage rates. The 30-year fixed-rate mortgage averaged 4.86%, up from 4.81%, while 15-year fixed-rate mortgages were 4.2%, up from 4.15%.
388,000 MORE AMERICAN'S LOST THEIRS JOBS LAST WEEK
New claims for unemployment benefits dropped more than expected last week to their lowest level in more than two years, Initial jobless claims fell by 34,000 to 388,000 in the week ended Dec.25, from 422,000 in the prior week, according to the Labor Department.
:WEDNESDAY:
US Retail Sales For Week Ended Dec 25 Down 4.1%
Retail sales in the week leading up to Christmas fell 4.1% from the prior year, though much of that can be blamed on a calendar shift, according to ShopperTrak, which monitors U.S. sales and shopping traffic in retail outlets and malls. Christmas fell on a Saturday this year, compared with a Friday in 2009. The comparable week-of-sales data in the year-ago period included sales from Dec. 26, a major day for shoppers to cash in gift cards, exchange unwanted sweaters and take advantage of after-Christmas promotions.
According to data from ShopperTrak, traffic fell 6.8% in the week ended Dec. 25 from the prior-year period.
Financial Investors' Advisers
Intelligence Poll - Lower Sentiment
Bullish Sentiment Lower
The percentage of financial advisers expecting a market correction rose to 24.4% from 20.6%. In the week ended Tuesday, 77.95% of stocks listed on the New York Stock Exchange were above their 10-week moving averages.
http://www.InvestorsIntelligence.com/
TUESDAY:
Edmunds Reported New Car Sales
Are Trending Upwards For 2010
New automobile sales of 1.1 million units sold was reported by Edmunds.com The past year was marked by increased demand for larger vehicles and used cars. For 2010, Edmunds expects truck sales rose 15% and SUV sales, 21%. Sales of midsize and compact cars are expected to be up 7.8% and 1.1%, respectively. Hybrid car sales are seen down 8.1%. Are Trending Upwards For 2010
Auto makers outside Japan scaled back incentives, car shopping website Edmunds.com said Tuesday in its review of 2010 trends.
Used cars were also more popular: their average price was $19,345 this month versus $16,586 a year earlier. Consumers, particularly those who put off buying a car in the recession, were warmer to trucks and sports utility vehicles as gas prices remained stable.
The group's data on incentives costs found that U.S., European and Korean auto makers scaled back their large incentives in 2010, while Japan car makers increased their relatively meager ones.
Japanese brands remained the lowest in average incentive spending with $1,968 per car sold this year, up from $1,637 the prior year. In comparison, U.S. cars averaged $3,333 in incentives this year, down from $3,766 in 2009.
U.S. Consumer Confidence Index Declines
U.S. consumers turned a bit more cautious about the economy in December, according to a report released Tuesday. However, the change in sentiment didn't slow holiday shopping. The Conference Board, a private research group, said its index of consumer confidence fell to 52.5 in December from a revised 54.3 in November, first reported as 54.1. The present situation index, a gauge of consumers' assessment of current economic conditions, fell to 23.5 from a revised 25.4, originally reported as 24.0.
Consumer expectations for economic activity over the next six months dropped back to 71.9 after jumping to a revised 73.6, first reported as 74.2.
Lynn Franco, director of the Conference Board Consumer Research Center, said, "Despite this month's modest decline, consumer confidence is no worse off today than it was a year ago. Consumers' assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious."
Consumers are more worried about the labor markets this month. A large 46.8% think jobs are "hard to get" this month, up from 46.3% in November, while 3.9% of respondents think jobs are "plentiful," down from 4.3% last month.
Expectations about labor markets also turned darker. The percentage of consumers expecting more jobs in the months ahead dropped to 14.3% from 15.1%, and the proportion expecting fewer jobs increased to 19.5% from 19.1%.
CHAIN STORE SALES RISE 1%
ICC/Goldman Sachs Retail Chain Store Sales Index rises 1% in the week ended Saturday from the week before. The last-minute holiday spending lift is aided by consumers having more money as a result of the improving economy.CHINA CUTS RARE EARTH EXPORT QUOTA
China's decision to sharply cut its rare earth export quotas for the first half of 2011 after cutting second-half export quotas this year will exacerbate concerns among global buyers of the materials.
U.S. Home Prices Falling Faster in Major Cities; Further Declines Expected in 2011
Home prices are dropping in America's largest cities and are expected to fall through next year, with the worst declines coming in areas with high numbers of foreclosures. The Standard & Poor's/Case-Shiller 20-city home price index fell 1.3 per cent in October from September. All cities recorded monthly price declines.
Atlanta recorded the largest decline. Prices there fell 2.9 per cent from a month earlier. Washington, which had posted increases for six straight months, dropped 0.2 per cent in October.
The 20-city index has risen 4.4 per cent from their April 2009 bottom. But it remains 29.6 per cent below its July 2006 peak.
Average U.S. Home Mortgage Rate Falls to 4.42%
Federal Housing Finance Agency's national average rate for loans used to purchase homes dips 0.7 percentage point from a month earlier to 4.42% in November. Rate on 30-year loans falls 0.12 percentage points to 4.38.
Richmond Fed Manufacturing index Rises
The Federal Reserve Bank of Richmond reported that economic activity among manufacturers in the central Atlantic region expanded this month, . The service sector also showed improvement. The index jumps to 25 in December from 9 in November.
Average U.S. Home Mortgage Rate Falls to 4.42%
Federal Housing Finance Agency's national average rate for loans used to purchase homes dips 0.7 percentage point from a month earlier to 4.42% in November. Rate on 30-year loans falls 0.12 percentage points to 4.38.
Richmond Fed Manufacturing index Rises
The Federal Reserve Bank of Richmond reported that economic activity among manufacturers in the central Atlantic region expanded this month, . The service sector also showed improvement. The index jumps to 25 in December from 9 in November.
MONDAY:
Chicago Fed Manufacturing index Rises
The Chicago Fed's Midwestern Manufacturing Index is up 0.4% to a seasonally adjusted 81.1 in November as gains in steel and machinery production offset a decline in auto production.Dallas Fed Dec Business Activity 12.8 Vs Nov 16.2
Texas factory activity increased in December, but at a slower pace, according to a report released Monday by the Federal Reserve Bank of Dallas, with improvement in employment a highlight. The bank said that its general business activity index moved to 12.8 from 16.2 in November. The production index for the current month slipped to 12.8 from 13.1. It was positive for the fourth consecutive month.
The shipments index held steady at 7.8, where it was last month, after it turned positive following five months of negative readings. The new orders index was at 1.6 this month from 9.1 in November. The growth rate of new orders was at 2.5 from 9.3.
The materials inventory index moved to -3.2 in December from -7.1, and the finished goods inventory index stood at -1.1 from -12.2. The prices-paid index jumped to 43.9 from 34.9, while the prices-received index turned positive, rising to 11.6 from 6.0.
The employment index increased to 15 from 5.8 in November. The jobs expectations index that looks out six months was at 36.2 from 37.9.
The Wall Street Journal Says 100 Banks in Trouble
Nearly 100 U.S. banks that got bailout funds from the federal government show signs they are in jeopardy of failing. The total, based on an analysis by The Wall Street Journal, is up from 86 in the second quarter.
J.P. Morgan Chase & Co. (JPM) reported Monday that branches in the metropolitan New York area remained closed Monday due to heavy snow storm that buried the area Sunday.
Other major New York banks didn't return phone calls or weren't able to give any details about their branches.
A spokeswoman for New York's largest bank by number of branches and deposits said J.P. Morgan hopes to be able to open branches later Monday, and local managers are assessing which can be opened safely and how many employees can safely reach the branches.
Some mortgage and auto lending operations centers in New York and New Jersey also remain closed, but staff is working from home. The disruptions remain confined to the metro New York area, the spokeswoman said. Branches in Rochester, N.Y., and Syracuse, N.Y., are open.
U.S. Economic Confidence Declines in Early December
Gallup's Economic Confidence Index worsened considerably during the first two weeks of December, offsetting November's improvement. Consumer optimism decreased among upper-income consumers and their middle- and lower-income counterparts.
According to a Harris Survey:
42% Feel Less Financially Secure
About 42% of Americans feel less financially secure than a year ago, though that's an improvement from last year at this time, according to Harris Poll data.
In a survey of 2,331 adults from Dec. 6 to Dec. 13, a third felt just as secure and 19% felt more secure. A year ago more than half surveyed felt less financially secure.
The survey showed more pessimism about the direction of the economy than just last month. About 26% expect the economy will worsen this year, while 29% thought it would improve and 45% think it will stay the same. In November, 34% expected the economy to improve, with just 25% expecting it to get worse, according to Harris.
Regarding their regional job markets, just 13% of Americans rated their area as good, while 63% rated it as bad. About a quarter expect the job market to improve in the next six months, while 22% expect it to get worse.
About 49% of Americans plan to reduce household spending this year, and 41% plan to reduce their debt levels, according to the poll. Meanwhile about 22% plan to shed one or more credit cards and save more for retirement. About 13% expect to make home improvements.
____________________________________________________________
U.S. EQUITY NEWS:
FRIDAY:
Dollar Financial agreed to buy online payday loan business Purpose U.K. Holdings
Ltd. for an anticipated $195 million, its second international acquisition this
month. Dollar Financial shares were down 0.5% to $28.49 in light after-hours
trading.
New Mexico's Office of Natural Resources Trustee and Freeport-McMoRan Copper & Gold Inc. (FCX) have reached a $13 million settlement over allegations that the release of hazardous substances from the company's mining in southwestern New Mexico damaged groundwater, the agency said Thursday. The settlement includes nearly $12.8 million to restore groundwater resources and $206,000 to the Office of Natural Resources Trustee to reimburse outstanding damage assessment costs.
Borders Group tumbled 22% ($0.91, -$0.25, -21.84%) after the company said it is delaying payments to some publishers. The bookstore chain said the delays were part of its efforts to refinance its debt, but warned "there can be no assurance" that its larger refinancing efforts will be successful. The nation's second-largest bookstore chain by revenue said the delays were part of its efforts to refinance its debt and that it had notified the publishers with which it is seeking to restructure payments.
The Ensign Group Inc. (ENSG, $26.37, +$1.83, +7.46%), a skilled-nursing and
assisted-living services company, said it is acquiring Wisteria Place, a
continuing-care retirement community, and its sister facility Wisteria Independent
Living, both located in Texas. Ensign expects the facilities, which have an
occupancy rate of about 73%, to be accretive to earnings in 2011.
Other Stocks In Focus
Shares of Anadarko Petroleum Corp. (APC, $78.33, +$2.74, +3.63%) continued to move
up, a day after the U.K.'s Daily Mail reported that BHP Billiton Ltd. (BHP,
$93.02, +$0.12, +0.13%) (BHP.AU) may be preparing an offer worth $90 a share for
the oil and gas exploration company. Anadarko climbed 6.9% Thursday.
Luxembourg-based steel giant ArcelorMittal (MT, $38.32, +$0.54, +1.43%) matched
the price of Nunavut Iron Ore Acquisition Inc.'s sweetened bid for Baffinland Iron
Mines Corp. (BIM.T) Friday, the latest move in a three-month battle for control of
the junior miner.
Biglari Holdings Inc. (BH, $421.31, +$1.06, +0.25%), a holding company engaged in
diverse business activities, said it has increased its proposal to acquire all of
the common stock of property and casualty insurance carrier Fremont Michigan
InsuraCorp Inc. (FMMH, $28.40, +$2.40, +9.23%) to $31 per share in cash.
Jefferies & Co. initiated coverage on E-House (China) Holdings Ltd. (EJ, $15.25,
+$0.66, +4.52%) with a stock-investment rating of buy, saying the real-estate
services company is well positioned to benefit from a growth uptrend in the
Chinese property market, and is less sensitive to market volatility.
Standpoint Research cut its rating on Gap Inc. (GPS, $22.16, -$0.30, -1.34%) to
hold from buy, as the firm said its has decided to lock in gains after a recent
run up in the retailer's stock.
China may not announce a second rare-earths export quota in 2011, the official
China Securities Journal said on Friday, after Beijing raised concern by cutting
exports of the minerals next year. Rare-earth plays, like Molycorp Inc. (MCP,
$50.05, -$1.94, -3.73%) and Rare Element Resources Ltd., (REE, $16.01, -$0.73,
-4.36%), have been volatile lately around reports of China's quota actions.
PetroChina Co. (PTR, $131.59, +$2.25, +1.74%), China's largest listed gas producer
by capacity, said Friday it agreed to sell its wholly owned PetroChina Guangxi Oil
Storage Ltd. unit to its parent for CNY2.11 billion (US$320 million).
PharmAthene Inc. (PIP, $4.17, +$0.18, +4.51%) gained as a trial on the biodefense
company's breach of contract lawsuit against SIGA Technologies Inc. (SIGA, $13.95,
-$0.01, -0.07%) is set to begin on Jan. 3. The case involves rights to a smallpox
antiviral following a failed merger between the two companies.
Mine-development company PolyMet Mining Corp. (PLM, $2.33, +$0.10, +4.48%) (POM.T)
announced changes to its board. Effective immediately, Chairman William Murray is
stepping down, but will continue to serve as an active, non-management director.
Directors Ian Forrest and Frank Sims will become independent co-chairmen.
CVS Caremark agrees to acquire Universal American's Medicare Part D prescription drug business for $1.25 billion. The deal will more than double the size of CVS's share in that program.
FDA discloses PRock Marketing will recall all Fruta Planta weight loss products, after testing confirmed they contained sibutramine, a drug withdrawn from the market for safety reasons.
Steel giant ArcelorMittal matches the price of Nunavut Iron Ore Acquisition's sweetened bid for Baffinland Iron Mines, the latest move in a three-month battle for control of the junior miner.
A U.S. court grants Wi-LAN's motion to change certain terminology in a patent-infringement case involving its Wi-Fi patents, a ruling that delays the trial for the case by about a month.
Sony is considering a $40-a-share bid for big-screen movie company Imax, with Walt Disney interested as well, U.K. newspaper the Daily Mail reports.
AIG converts 35.7 million partnership units in Blackstone Group into the same amount of common shares that can be more easily sold in the public market. The shares represent an 11.7% stake in the global investment manager.
THURSDAY:
Among the companies whose shares are actively trading in the after-hours session are Cumberland Pharmaceuticals Inc. (CPIX). Cumberland Pharma said it is recalling six lots of Acetadote, the specialty pharmaceutical company's treatment for overdose of acetaminophen.
Peabody Energy Corp. (BTU) said it has issued force majeure notices advising customers of weather-related shipment disruptions in Queensland, the latest miner to do so amid unprecedented rainfall across large stretches of eastern Australia.
American Express fell 0.9%, Pfizer slipped 0.5% and Microsoft shed 0.6%. Intel helped keep the declines in check with a 0.5% increase, while Alcoa tacked on 0.3% and Caterpillar rose 0.2%.
Carlyle has sold part of its stake in China Pacific for around $860 million via a private placing of shares, having been subject to a lockup until the end of 2010 as part of the insurer's Hong Kong IPO last year.
The trustee attempting to recoup money for the companies of convicted Ponzi schemer Tom Petters has sued J.P. Morgan Chase seeking more than $300 million in multiple lawsuits.
Chrysler initiates three separate recalls for 144,065 Dodge Ram and Journey vehicles and Ford issues one for 14,737 vehicles over fire concerns, the National Highway Traffic Safety Administration says on its website.
Germany's Keiper Recaro Group plans to sell the bulk of its auto-parts business to Johnson Controls and focus on the booming market in commercial aircraft seats. The sale price wasn't disclosed.
Anadarko Petroleum(APC, $75.59, +$4.86, +6.87%) jumped 6.9% after the U.K.'s Daily Mail reported BHP Billiton may be preparing an offer worth $90 a share for the oil and gas exploration company. BHP slipped 0.1%.
CIT will redeem $500 million of its 7% Series A second-lien notes maturing in 2013, leaving $1.6 billion of the series outstanding, as the lender continues its efforts to bolster its balance sheet.
Endo Pharmaceuticals Holdings Inc. (ENDP, $35.79, +$0.57, +1.62%) said the U.S. Food and Drug Administration approved its Fortesta gel to treat low testosterone, moving the company into another treatment outside its traditional pain-killer focus. Endo has an agreement with U.K. drug company ProStrakan Group PLC (PSK.LN) to market Fortesta in a deal that could be worth up to $210 million if the gel meets sales targets.
CIT will redeem $500 million of its 7% Series A second-lien notes maturing in 2013, leaving $1.6 billion of the series outstanding, as the lender continues its efforts to bolster its balance sheet.
Endo Pharmaceuticals Holdings Inc. (ENDP, $35.79, +$0.57, +1.62%) said the U.S. Food and Drug Administration approved its Fortesta gel to treat low testosterone, moving the company into another treatment outside its traditional pain-killer focus. Endo has an agreement with U.K. drug company ProStrakan Group PLC (PSK.LN) to market Fortesta in a deal that could be worth up to $210 million if the gel meets sales targets.
The U.S. Navy awards multibillion-dollar contracts to Lockheed Martin and a unit of Australia's Austal, finalizing a revamped plan to buy two
Major independent oil refiner Tesoro (TSO) $18.44 a share down $0.24 in light trading, is flanked by larger rivals that have shed assets to better compete in a tough business environment for the sector, is betting that it can raise its profits by holding on to its refineries.
Chartis, the property-and-casualty insurance unit of AIG, takes steps to improve disclosures about guarantees its subsidiaries provided to other AIG units, after a state regulator found "deficiencies" in its reporting.
Endo Pharmaceuticals climbed 1.9% after the U.S. Food and Drug Administration approved its Fortesta gel to treat low testosterone.
WEDNESDAY:
McDonald's is higher, rising 1%, while Disney added 1% and Chevron gained 0.8%. BJ's Wholesale Club rose 7% after the New York Post cited unnamed sources as saying buyout firm Leonard Green & Partners might launch a hostile bid for the warehouse-club retailer.
Simon Property agrees the terms of a loan to fund its GBP3 billion plan to buy Capital Shopping Centres. Simon Property has cautioned that its proposal is conditional on CSC not completing the planned purchase of Manchester's Trafford Centre.
A pension fund for Ohio school employees sues Wachovia and its current owner Wells Fargo over losses the fund sustained from investing in Wachovia's securities lending program.
A federal judge rules that SAP must pay interest on a $1.3 billion award that Oracle won against it in a November copyright-infringement case, but not the amount Oracle originally sought.
Sears Holdings soared 5.2% after it was reported that the parent company of Sears and Kmart would jump into the online movie downloading business.
Endo Pharmaceuticals climbed 1.9% after the U.S. Food and Drug Administration approved its Fortesta gel to treat low testosterone.
WEDNESDAY:
McDonald's is higher, rising 1%, while Disney added 1% and Chevron gained 0.8%. BJ's Wholesale Club rose 7% after the New York Post cited unnamed sources as saying buyout firm Leonard Green & Partners might launch a hostile bid for the warehouse-club retailer.
Simon Property agrees the terms of a loan to fund its GBP3 billion plan to buy Capital Shopping Centres. Simon Property has cautioned that its proposal is conditional on CSC not completing the planned purchase of Manchester's Trafford Centre.
A pension fund for Ohio school employees sues Wachovia and its current owner Wells Fargo over losses the fund sustained from investing in Wachovia's securities lending program.
A federal judge rules that SAP must pay interest on a $1.3 billion award that Oracle won against it in a November copyright-infringement case, but not the amount Oracle originally sought.
Sears Holdings soared 5.2% after it was reported that the parent company of Sears and Kmart would jump into the online movie downloading business.
Bank of America edged up 0.2%, after Allstate sued the bank and its Countrywide Financial mortgage-originator unit over a $700 million investment made by the insurer into residential mortgage-backed securities. J.P. Morgan fell 0.3% to lead the decliners.
A federal judge rules that SAP must pay interest on a $1.3 billion award that Oracle won against it in a November copyright-infringement case, but not the amount Oracle originally sought.
A federal judge rules that SAP must pay interest on a $1.3 billion award that Oracle won against it in a November copyright-infringement case, but not the amount Oracle originally sought.
Blackstone Group jumps into the bidding war for Australian shopping-center owner Centro Properties Group, intensifying what is likely to be one of the largest property takeover battles of 2011.
Shares of GenVec jumped 8.2% after the biopharmaceutical company said it will be working with Sanofi-Aventis' animal-health unit Merial to commercialize GenVec's vaccine technology for treatment of foot-and-mouth disease.
Savient Pharmaceuticals shed 2.6% after its board started a search for a chief executive, a role the company left vacant since late 2008 when Christopher G. Clement resigned in an "involuntary termination by the company without cause," according to a regulatory filing at the time.
Savient Pharmaceuticals shed 2.6% after its board started a search for a chief executive, a role the company left vacant since late 2008 when Christopher G. Clement resigned in an "involuntary termination by the company without cause," according to a regulatory filing at the time.
TUESDAY: Metals and mining stocks rebounded after dipping Monday in the wake of China's interest rate hikes. Newmont Mining gained 1.6%, Alcoa rose 0.7%, and Titanium Metals gained 0.3%. shares of General Motors rose 2.4% after a flank of Wall Street firms initiated coverage of GM with a barrage of bullish predictions. JPMorgan calls GM a "high-octane macro play" that will see a "product renaissance" within two years, while even more bullish Morgan Stanley sets a $50 price target and predicts "dramatic improvement" for the company's balance sheet.
The Federal Trade Commission approves Carl Icahn's $665 million, or $5.50 a share, buyout of Dynegy, according to the commission's web site. Dynegy shares are down 1%.
Allstate has sued Bank of America's Countrywide mortgage unit regarding $700 million in residential mortgage-backed securities the insurer purchased, claiming Countrywide misrepresented the investments, Bloomberg News reports.
Hewlett-Packard wins an up to $2.5 billion, 10-year contract to supply personal computers, accessories and support services to NASA, beating incumbent Lockheed Martin.
Shares of Alcatel-Lucent gained 2.1% after the Paris telecommunications group agreed to pay $137 million to settle charges by the Securities and Exchange Commission that it paid bribes to win business in certain emerging markets.
American International Group (AIG) could raise between $2.20 billion and $3.00 billion in its second attempt to sell its Taiwan life insurance unit, a Taiwan lawmaker says.
Johnson & Johnson and AstraZeneca PLC have halted studies of experimental painkillers due to concerns that a class of drugs may raise the risk of joint damage, Bloomberg News reported late Monday. Still, U.S. shares of AstraZeneca were down just one cent, while Johnson & Johnson rose 0.2%.
MONDAY: Amazon.com says on its peak day, also known as "Cyber Monday," customers ordered more than 13.7 million items, up 44% from its peak day a year earlier, and its third-generation Kindle is the best-selling product in its history.
AIG establishes $3 billion in new bank credit facilities, split between a 364-day line and a 3-year facility, under which banks agree to make loans to AIG. Also, AIG's Chartis subsidiary enters a one-year, $1.3 billion letter of credit facility. AIG shares up 7%.
Tesla Motors Inc. (TSLA) shares dropped as much as 17% early Monday after a 180-day, post-IPO restriction on certain stock sales expired and allowed investors to unload their positions. Tesla shares had bounced back from a session low of $25.06 but were still down more than 14% at $25.76.
The stock, despite some big hits, has managed to stay well above its $17-a-share IPO price
Cal-Maine Foods Inc. (CALM) fiscal second-quarter earnings fell 5.6% as the largest U.S. producer and distributor of fresh shell eggs reported that higher feed costs and weak demand in September following a nationwide egg recall.
General Electric will form separate joint ventures with Russian energy company Inter and state-owned technology holding company Rostekhnologii, the U.S. conglomerate says.
Santander will buy a $2 billion mortgage portfolio of Mexican real estate assets from General Electric's finance division for $162 million plus the assumption of debt.
Intel and AMD chip makers soon will deliver one of biggest joint venture advances in years in the technology that powers laptop and desktop computers.
H&R Block. The tax-preparation company tumbled 7% after the company disclosed late Friday that HSBC Holdings ended its long-term contract for the controversial refund anticipation loans.
Online travel company Expedia was also weak, falling 2.9% after AMR Corp's American Airlines said Thursday that Expedia was hiding its flights
Late Friday after the bell DryShips Inc. (DRYS) said it was entering into the tanker industry with a $770 million purchase of 12 vessels from a South Korean shipyard and planned to set the new segment up for a spinoff or initial public offering. Shares were down a penny at $5.96 in after-hours trading.
Canadian Market:
Canadian financial markets and institutions will be closed Monday.
TORONTO
FRIDAY:
Toronto Stocks Mixed Higher Friday
Toronto stocks closed modestly higher Friday, led by mining companies, with Canada's benchmark index capping 2010 as it spent much of the year -- outperforming the S&P 500 index. The Toronto stock market closed little changed on the final day of 2010, as mining stocks benefited from record high copper, silver, gold, and platinum prices.The S&P/TSX composite index gained 8.81 points to 13,443.22 with most other sectors negative, adding up to a solid double-digit gain on the year.
The TSX Venture Exchange rose 26.16 points to 2,287.85 for a surge of 767 points or 50.4 per cent this past year.
The Canadian dollar closed above parity against the American currency, up 0.54 to 100.54 cents U.S., its highest close since May 2008.
The TSX ended 2010 up 1,697.11 points or 14.45 per cent, led by a 47 per cent surge in the base metals sector. The surge reflected a 33 per cent rise in the price of copper, on demand from China and other emerging markets.
The Toronto gold sector was ahead about 26 per cent for 2010 as the precious metal smashed through record highs a number of times during 2010 as investors looked for a safe haven amid inflation worries and a hedge against weaker currencies.
The energy sector advanced about 8.6 per cent as oil prices ran ahead 15 per cent, while the other big weighting on the TSX, the financials group, finished the year up 4.4 per cent.
The tech sector was up 4.7 per cent while shares in sector leader Research In Motion Ltd. (TSX:RIM) fell about 18 per cent as investors worried about competition from other devices including Apple's iPhone.
On Friday, the base metals group climbed 0.4 per cent as copper prices moved further into record territory as the March contract on the New York Mercantile Exchange rose eight cents from Thursday’s latest record close to US$4.45 a pound.
Teck Resources (TSX:TCK.B) gained 83 cents to $61.79 while Quadra FNX Mining (TSX:QUX) was ahead 19 cents to $16.75.
Gold stocks also advanced as bullion made headway with the February contract on the Nymex ahead $15.50 to US$1,421.40 an ounce. Goldcorp Inc. (TSX:G) gained 54 cents to $45.88 while Barrick Gold Corp. (TSX:ABX) ran up 51 cents to $53.12.
The TSX energy sector was slightly lower even as oil prices moved ahead after losing ground in the wake of data Thursday which showed a much smaller than expected decline in U.S. crude inventories in the latest week. The February crude contract in New York was up $1.54 to US$91.38 a barrel. Cenovus Energy (TSX:CVE) was ahead 33 cents to $33.28 while Talisman Energy (TSx:TLM) shed 13 cents to $22.12.
The telecom sector was up about 12 per cent for the year, but was the leading laggard on the TSX Friday with Telus Corp. (TSX:T) down 46 cents to $45.48.
In corporate news, global steel giant ArcelorMittal has increased its bid for Baffinland Iron Mines Corp. (TSX:BIM) to $1.40 per share cash, matching the price offered by rival Nunavut Iron Ore Acquisition Inc. ArcelorMittal is offering to buy 100 per cent of Baffinland, whereas Nunavut Iron is proposing to acquire just 60 per cent of the company. Baffinland shares ran ahead five cents to $1.43.
Imax Corp. (TSX:IMX) shares rose $1.16 to $28.04 after earlier going as high as $32.56 after Britain’s Daily Mail newspaper reported that Sony Corp. was eyeing the theatre system company for a takeover. However, the company issued a statement Friday afternoon saying it was not aware of any corporate developments that would account for the stock movement.
Shares of Ottawa-based Wi-LAN Inc. (TSX:WIN) gained 40 cents to close at $6.40 after the company said a U.S. district court’s ruling bodes well for the technology company’s defence of one of its patents.
SeAH Holdings Corp. of Seoul, South Korea, has substantially increased its holdings of Avanti Mining Inc. (TSXV:AVT) through a private placement and now owns nearly 13 per cent of the Vancouver-based company’s common shares. Avanti shares edged up two cents to 35.5 cents.
Parkland Income Fund (TSX:PKI.UN), Canada’s largest independent fuel distributor has acquired Island Petroleum Products Ltd. of Prince Edward Island in a cash and equity deal valued at $22.6 million. Its units were up nine cents at $11.49.
The stock market was higher at midday Friday in a quiet New Year's Eve session, led by mining companies, on the final day of a year that saw the S&P/TSX Composite once again outperform the S&P 500. The TSX Venture Exchange was trading at 2,273.25 on Friday, up 11.56 points. The volume at noon was at 128.9 million shares. The Canadian dollar closed at 100.54 cents US on Friday, up 0.54 of a cent.The U.S. dollar stood at 99.46 cents Cdn, down 0.54 of a cent. Pound sterling closed at C$1.5513, up 0.86 of a cent, and US$1.5597, up 1.70 cents. The euro was worth C$1.3319, up 0.31 of a cent. Quotations provided by BMO Capital Markets.
At 11:45 a.m. EST (1645 GMT), the S&P/TSX Composite Index was up 9.21 points, or 0.1%, at 13443.62. Advances led declines 720 to 536. Trading volume was light at 102 million shares. The S&P/TSX 60 Index was down 0.45 points, or 0.1%, to 767.53.
Materials is the only sector in the green Friday, while all others remain in the red by 10 am.
Before the open, with precious metal rising, the Toronto stock market looked for mining stocks to provide a lift on the final trading day of 2010 as gold prices ran ahead and copper prices hit new records for a third day.Bullion was also higher with the February contract on the Nymex ahead $6.70 to US$1,412.60 an ounce.
The TSX is set to end 2010 up almost 1,700 points or 14.3 per cent, led by a 46 per cent surge in the base metals sector, reflecting a 30 per cent rise in the price of copper on higher demand from China and other emerging markets. .
The Canadian Dollar Opened at 100.18 cents
Canadian dollar opened on Friday at 100.18 cents US, up 0.18 of a cent. The Canadian dollar opened at 100.18 cents US, up 0.18 of a cent from Thursday's close. The U.S. dollar stood at 99.82 cents Cdn, down 0.18 of a cent. Pound sterling was worth C$1.5493, up 0.66 of a cent and US$1.5521, up 0.94 of a cent. The euro was worth C$1.3358, up 0.70 of a cent.
Canada Bonds Move Higher
Canadian bond prices moved higher Friday, as the market closed its books for 2010.
Canada's two-year bond yield was at 1.668% Friday, from 1.692% late Thursday. The 10-year bond yield was at 3.126%, from 3.151%. Bond yields and prices move in opposite directions.
The modest rally in bonds was largely driven by year-end pressures and position-squaring, said Paul Ferley, assistant chief economist at RBC Capital Markets in Toronto.
Canadian markets were open Friday, but bond trading closed at 1 p.m. EST (1800 GMT) in advance of the New Year's Day holiday.
Toronto Indexes, Friday Volume; 4:15 PM EST Composite Up 8.81
S&P/TSX Composite 13443.22 up 8.81 or 0.1%
S&P/TSX 60 Index 768.65 up 0.67 or 0.1%
Financials 183.86 up 0.18 or 0.1%
Materials 446.61 up 3.06 or 0.7%
Energy 323.18 off 0.34 or 0.1%
Industrials 110.22 off 0.20 or 0.2%
IT 30.70 off 0.09 or 0.3%
Volume Friday Thursday
3-4:15 63.7M 49.6M
9:30-4:15 247.4M 295.1M
THURSDAY:
Toronto Stocks Mixed To Lower
The Toronto stock market was stuck in the red Thursday afternoon as energy and gold stocks fell alongside lower prices for bullion and oil.
The S&P/TSX composite index slipped 31.38 points to 13,417.8 as the market found support from mining stocks after strong Chinese economic data helped push copper prices deeper into record territory. The TSX Venture Exchange was 6.81 points higher to 2,250.39 in thin, yearend trading. The Canadian dollar was ahead 0.01 of a cent against the American currency to 99.95 cents US.
Canadian Natural Resources (TSX:CNQ) moved down 22 cents to $44.08 while Cenovus Energy (TSX:CVE) fell 26 cents to $32.97.
Gold prices backed away with the February bullion contract in New York off $7.90 to US$1,405.60. Gold spot price was quoted at C$1,405 bid (US$1,405) and C$1,406 asked (US$1,406) at the close of trading Thursday at Travelex Canada Ltd., a major gold and foreign exchange dealer. At the close, silver spot price was quoted at C$30.54 bid (US$30.54) and C$30.59 asked (US$30.59) .
The TSX global gold sector faded 0.74 per cent as Goldcorp Inc. (TSX:G) declined 32 cents to $45.31 and Barrick Gold Corp. (TSX:ABX) lost 39 cents to $52.74. The TSX base metals sector gained 0.23 per cent as the March copper contract rose six cents to US$4.37 a pound.
The HSBC China Manufacturing Purchasing Managers Index dipped to a three-month low of 54.4 in December from November’s 55.3 on a 100-point scale where numbers above 50 show activity expanding. Production still expanded at a steep pace in December and didn’t slow enough to allow factories to cut down on order backlogs, HSBC said.
Strong demand from emerging economies such as China's has pushed copper prices up more than 30 per cent during 2010. Teck Resources (TSX:TCK.B) gained $1.01 to $60.92 while Western Coal Corp. (TSX:WTN) advanced 16 cents to $12.37.
Research In Motion Ltd. (TSX:RIM) is disputing a report in The Economic Times of India that it has offered to install a “network data analysis” system at its location in India to resolve a dispute with the government. India views encrypted communications over RIM’s BlackBerry system as a potential security threat. RIM shares dipped 14 cents to $58.01.
Shares in GWR Global Water Resources Corp. (TSX:GWR) began trading for the first time at $7.40 on the Toronto Stock Exchange Thursday. The company had set an initial public offering price of $7.50 per common share.GWR owns 46.4 per cent of a company that operates water utilities near Phoenix, Arizona. The company brought in $61.4 million from the initial public offering. It said it would use the money to expand its technology into more municipalities and build upon its existing base of customers.
At mid-day trading the S&P Composite was down 42 point in light volume.The stock market was lower at midday Thursday, as the energy sector joined the heavily weighted materials and financial groups in the red after crude oil fell and natural gas futures pared their gains. Canadian dollar is up 0.06 of a cent to 100 cents US at 11 a.m. ET Thursday.
At 11:45 a.m. EST (1645 GMT), the S&P/TSX Composite Index was down 33.37 points, or 0.2%, at 13415.80. Declines led advances 678 to 633. Trading volume was 136.3 million shares. The S&P/TSX 60 Index was down 2.13 points, or 0.3%, to 766.36.
Prices were mixed in mid-morning trading
at ICE Futures Canada on Thursday.
Canola:Jan ’11 $1.20 lower $576.10; March ’11 $2.00 lower $583.90; May ’11 $2.20 lower $588.40; July ’11 $1.00 higher $591.00; Nov. '11 $2.10 higher $529.50; Jan. '12 unchanged $532.00; March '12 unchanged $534.40; May '12 unchanged $531.70; July '12 unchanged $530.40; Nov. '12 unchanged $499.00; Jan. '13 unchanged $499.00.
Barley (Western):March '11 unchanged $194.00; May '11 unchanged $194.00; July '11 unchanged $194.00; Oct. '11 unchanged $185.00; Dec. '11 unchanged $190.00; March '12 unchanged $190.00; May '12 unchanged $190.00; July '12 unchanged $190.00; Oct. '12 unchanged $190.00; Dec. '12 unchanged $190.00; March '13 unchanged $190.00.
CANADA SLASHES BUSINESS LEVIES
Canada is poised to cut its corporate-tax rate to 16.5% on Jan. 1, part of a decade-long campaign that some experts say is making the country one of the most cost-effective places to do business in the developed world.
CANADIANS TO PAY MORE IN 2011 TAXES
For a year of little tax changes, Canadians will still be paying quite a bit more to governments and public agencies starting on Jan. 1, 2011.
For working Canadians, 2011 will go down as the year they saw their net pay stubs shrink, in some cases by significant amounts. All workers will be paying higher premiums for employment insurance and the Canada Pension Plan, adding up to $76 more on anyone earning greater than $44,200.
But a quirk in the way Ottawa indexes tax brackets to adjust for inflation means most Canadians will be paying higher income taxes as well, says the Canadian Taxpayers Federation.
According to the federation's calculations, some families in Ontario, where inflation was highest last year, will wind up paying more than $1,000 in taxes in 2011 compared with 2010.
On average, a family with one earner and an income of $45,000 will pay about $184 more in taxes next year. A similar family with an income of $100,000 will pay $437 more. In Ontario, those same families will wind up paying $390 and $1,077 more respectively, according to the lobby group.
WEDNESDAY:
Toronto Stocks Higher Wednesday
The Toronto S&P composite closed 66 points higher Wednesday led by materials. The stock market was higher at midday Wednesday, as near-record gold and copper prices lifted commodity and materials issues. The Canadian dollar was stronger Wednesday, trading at parity with its U.S. rival for most of the session in a very thin, holiday market.
The U.S. dollar was at C$1.0004 at 3 p.m. EST (2000 GMT) Wednesday, from C$1.0020 at 8 a.m. EST and C$1.0044 late Tuesday, according to data provider CQG. The U.S. dollar touched an overnight low of C$0.9969
At 11:45 a.m. EST (1645 GMT), the S&P/TSX Composite Index was up 42.33 points, or 0.3%, at 13425.49. Advances led declines 901 to 552. Trading volume was light at 172.6 million shares. The S&P/TSX 60 Index was up 1.59 points, or 0.2%, to 766.40.
In late morning trading under a low volume, the TSX composite was up 40 points to 13,423.96 led by the materials sector. The Toronto stock market enjoyed a higher open Wednesday following a four-day Christmas break with mining stocks expected to catch up to a sharp run up in copper prices, and news from the weekend that China is again raising a key interest rate. Toronto gold quoted at C$1,405 bid, C$1,406 asked in mid-morning trading. The TSX Venture Exchange opened on Wednesday at 2,223.30, up 35.90 points.
The Canadian dollar gained ground against the American dollar, rising 0.22 of a cent from Friday's close to 99.73 cents US.
In the mining sector, Nunavut Iron Ore Acquisition Inc. has raised its offer to buy Baffinland Iron Mines Corp. (TSX:BIM) to $1.40 per share for 60 per cent of Baffinland shares.
Other commodity prices softened Wednesday morning with the February bullion contract on the Nymex down 30 cents to US$1,405.30 an ounce while the February crude contract in New York lost 51 cents to US$90.98 a barrel.
Canadian Consumer Confidence Ends 2010 Stable
Canadian consumer confidence has become more subdued, despite an upswing early in 2010. A Harris/Decima study done for the Investor's Group measured consumer confidence at 82.8 in November, little changed from the third quarter.
Harris/Decima says consumer confidence hit a post-recession high of 89 in February, but fell for two quarters. The poll results are consistent with a consumer confidence report issued last week by the Conference Board of Canada.
Barley (Western):March '11 unchanged $194.00; May '11 unchanged $194.00; July '11 unchanged $194.00; Oct. '11 unchanged $185.00; Dec. '11 unchanged $190.00; March '12 unchanged $190.00; May '12 unchanged $190.00; July '12 unchanged $190.00; Oct. '12 unchanged $190.00; Dec. '12 unchanged $190.00; March '13 unchanged $190.00.
CANADA SLASHES BUSINESS LEVIES
Canada is poised to cut its corporate-tax rate to 16.5% on Jan. 1, part of a decade-long campaign that some experts say is making the country one of the most cost-effective places to do business in the developed world.
CANADIANS TO PAY MORE IN 2011 TAXES
For a year of little tax changes, Canadians will still be paying quite a bit more to governments and public agencies starting on Jan. 1, 2011.
For working Canadians, 2011 will go down as the year they saw their net pay stubs shrink, in some cases by significant amounts. All workers will be paying higher premiums for employment insurance and the Canada Pension Plan, adding up to $76 more on anyone earning greater than $44,200.
But a quirk in the way Ottawa indexes tax brackets to adjust for inflation means most Canadians will be paying higher income taxes as well, says the Canadian Taxpayers Federation.
According to the federation's calculations, some families in Ontario, where inflation was highest last year, will wind up paying more than $1,000 in taxes in 2011 compared with 2010.
On average, a family with one earner and an income of $45,000 will pay about $184 more in taxes next year. A similar family with an income of $100,000 will pay $437 more. In Ontario, those same families will wind up paying $390 and $1,077 more respectively, according to the lobby group.
WEDNESDAY:
Toronto Stocks Higher Wednesday
The Toronto S&P composite closed 66 points higher Wednesday led by materials. The stock market was higher at midday Wednesday, as near-record gold and copper prices lifted commodity and materials issues. The Canadian dollar was stronger Wednesday, trading at parity with its U.S. rival for most of the session in a very thin, holiday market.
The U.S. dollar was at C$1.0004 at 3 p.m. EST (2000 GMT) Wednesday, from C$1.0020 at 8 a.m. EST and C$1.0044 late Tuesday, according to data provider CQG. The U.S. dollar touched an overnight low of C$0.9969
At 11:45 a.m. EST (1645 GMT), the S&P/TSX Composite Index was up 42.33 points, or 0.3%, at 13425.49. Advances led declines 901 to 552. Trading volume was light at 172.6 million shares. The S&P/TSX 60 Index was up 1.59 points, or 0.2%, to 766.40.
In late morning trading under a low volume, the TSX composite was up 40 points to 13,423.96 led by the materials sector. The Toronto stock market enjoyed a higher open Wednesday following a four-day Christmas break with mining stocks expected to catch up to a sharp run up in copper prices, and news from the weekend that China is again raising a key interest rate. Toronto gold quoted at C$1,405 bid, C$1,406 asked in mid-morning trading. The TSX Venture Exchange opened on Wednesday at 2,223.30, up 35.90 points.
The Canadian dollar gained ground against the American dollar, rising 0.22 of a cent from Friday's close to 99.73 cents US.
In the mining sector, Nunavut Iron Ore Acquisition Inc. has raised its offer to buy Baffinland Iron Mines Corp. (TSX:BIM) to $1.40 per share for 60 per cent of Baffinland shares.
Other commodity prices softened Wednesday morning with the February bullion contract on the Nymex down 30 cents to US$1,405.30 an ounce while the February crude contract in New York lost 51 cents to US$90.98 a barrel.
Canadian Consumer Confidence Ends 2010 Stable
Canadian consumer confidence has become more subdued, despite an upswing early in 2010. A Harris/Decima study done for the Investor's Group measured consumer confidence at 82.8 in November, little changed from the third quarter.
Harris/Decima says consumer confidence hit a post-recession high of 89 in February, but fell for two quarters. The poll results are consistent with a consumer confidence report issued last week by the Conference Board of Canada.
Canadian Canola Futures Prices Higher
Prices were higher in mid-morning trading at ICE Futures Canada on Tuesday.
Canola:Jan ’11 $5.40 higher $584.00; March ’11 $5.50 higher $592.00; May ’11 $4.80 higher $595.20; July ’11 $4.00 higher $594.50; Nov. '11 $1.00 higher $528.70; Jan. '12 unchanged $534.60; March '12 unchanged $537.00; May '12 unchanged $534.30; July '12 unchanged $533.00; Nov. '12 unchanged $504.00; Jan. '13 unchanged $504.00.
Barley (Western):March '11 unchanged $194.00; May '11 unchanged $194.00; July '11 unchanged $194.00; Oct. '11 unchanged $185.00; Dec. '11 unchanged $190.00; March '12 unchanged $190.00; May '12 unchanged $190.00; July '12 unchanged $190.00; Oct. '12 unchanged $190.00; Dec. '12 unchanged $190.00; March '13 unchanged $190.00.
Chamber Sees Subdued Canadian Economy 2011
The Canadian Chamber of Commerce says the domestic economy faces subdued growth in the new year as an initially strong economic rebound from the recession transitions into a more sluggish expansion.
In its annual outlook for 2011, the chamber says Canadians are focused on "more prudent spending" as they work to repair their own financial situations.
The Canadian economy is projected to grow at an average annual rate of less than 2.5 per cent in 2011, it said in the report released Monday.
That's after the domestic economy expanded at a "sluggish" 2.3 per cent annual rate in the second quarter and a much slower one per cent rate in the third quarter.
"The Canadian economy is chugging along but not at full steam," said chamber president and CEO Perrin Beatty in a statement.
Government spending and stimulus programs are winding down and will make a "considerably smaller contribution" to the growth of real GDP in 2011, the chamber said.
The chamber said it expects the Bank of Canada to keep interest rates steady until the summer, with the overnight rate climbing to two per cent by the end of next year, and three per cent by the end of 2012.
____________________________________________________________
South American Markets:
BRAZIL:
THURSDAY:
Brazil's Coffee Growers Face Rains
Minas Gerais, Brazil's largest coffee-producing state, faces continuing rains, according to a forecaster at private weather service Somar. The rains, which foster the growth of fungus, "have not stopped" in the state, said Celso Oliveira, a meteorologist at Somar in Sao Paulo.
The rains are falling more heavily in the coffee-growing regions of Minas Gerais than in the parts of the state raising corn, according to Oliveira. One coffee-producing region in the state bordering Espirito Santo state has had 320 millimeters of rain since Dec. 22, though 100 millimeters would be normal, the meteorologist said.
Rains in Minas Gerais state caused the death of four more people Thursday, daily Folha de Sao Paulo reported. Eleven people have died this week in the state because of the heavy rains, Folha said in its report.
Brazil is the world's largest coffee producer and exporting country. It is the world's second-largest coffee consumer country after the United States.
WEDNESDAY:
Brazilian Stocks Close Higher Wednesday
Stocks closed higher Wednesday spurred by encouraging data on inflation and a rise in Petroleo Brasileiro SA (PBR.PETR4.BR) share values following positive developments on oil and gas reserves.
The Ibovespa index of blue-chip companies closed at 68,952 points, up 1.34% on Tuesday's close of 68,040 points and its highest since Dec. 13.
The Bovespa exchange's trading values marched steadily higher after Brazil's Getulio Vargas Foundation announced encouraging news on inflation early in the day. Brazil's general price inflation as measured by the IGP-M index slowed to 0.69% in December, from 1.45% in November, and below the 0.77% median expectation of economists surveyed by the local Estado news agency.
The drop was led by declining inflation in the country's important agricultural goods sector, which fell to 1.15% from 5.43% the previous month. The December data was interpreted by traders as positive for the markets despite the overall leap in Brazilian inflation rates this year.
Petrobras closed 1.16% higher at BRL26.97 ($16.05) after it declared the giant Tupi and Iracema presalt oil and gas areas commercially viable in a document sent to Brazil's National Oil Regulator ANP.
he two fields hold a total of 8.3 billion barrels of oil equivalent recoverable volume, which will boost registered reserves of the company and its partners at the sites, BG Group PLC (BG.LN) and Galp Energia SGPS SA (GALP.LB).
"The market expects a substantial increase in Petrobras' proven reserves when these are announced in January 2011, above the 14.8 billion barrels of oil and gas reserves announced in January this year," a Petrobras spokesman said.
Brazilian President Luiz Inacio Lula da Silva's confirmation that Petrobras CEO Jose Sergio Gabrielli will remain in his post under Brazil's new government which takes office Jan. 1 also was well received by Petrobras investors.
Miner Vale (VALE, VALE5.BR) recovered from earlier in the week after the news that spot iron ore prices for sale to China, the company's main buyer, rose to close to their highest this year, at $177 per metric ton. The iron ore price has risen 21% over the last quarter. Vale shares rose 0.43% to BRL48.51. Miner MMX Mineracao e Metalicos SA (MMXM3.BR), which has a Chinese partner, rose 3.21% to BRL11.24.
Steel maker Usinas Siderurgicas de Minas Gerais SA (USIM5.BR), or Usiminas, gained 2.79% to BRL18.82 after it registered an accounting gain of BRL890 million on the sale of a 30% stake in its iron-ore business to Sumitomo Corporation. Sumitomo made an extra payment above the value stipulated in the stake sale as a cushion in case of future needs.
The exchange's best performer was paper company Klabin SA (KLBN4.BR), which registered a 4.60% gain to BRL5.91.
Brazil's Government Finances Fall Into the Red
Brazil's public sector finances fell deeper into the red in November, adding to concerns over spending, inflation and interest rates.
The government's primary budget surplus for the rolling 12-month period fell to 2.51% of gross domestic product, from 2.85% of GDP in October, according to central bank data published on Wednesday. Including interest payments on debt, the nominal deficit increased to 2.74% of GDP at the end of November.
Officials have admitted that it will be tough to meet the country's fiscal targets for 2011, and economists said the November results make that all but impossible.
Tax revenues have soared thanks to the rebounding economy, with GDP expected to rise more than 7.5% this year. But public sector spending has kept pace, initially as a response to the global economic crisis and also in the run-up to October's national elections.
TUESDAY:
Brazil Stocks Move Higher Tuesday
Brazilian stocks edged higher early Tuesday, helped along by European markets which were higher in thin trading, although U.S. stocks threatened the fragile gains after some disappointing data on housing prices and consumer confidence.In Sao Paulo, the Ibovespa index ended up 0.4% at 68,040.94 points, led by telecoms and mining stocks. The index is still down since the beginning of the year, by 0.8%.
One of the major blue chips, oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, helped keep stocks higher, amid one of the day's strongest performances. Its preferred shares ended up 2.3% at BRL26.66. Oil futures traded higher Tuesday as the dollar fell and hit a record low against the Swiss franc and cold weather persisted across the northern hemisphere.
The Ibovespa index was up 0.2% at 67,923.7 points, amid thin holiday week trading.
Spain's Telefonica SA (TEF) said that, as had been expected, it will incorporate its Brazilian fixed and mobile phone operators into one of its Brazilian units, Telecomunicacoes de Sao Paulo (TLPP4.BR), or Telesp. Earlier this year, Telefonica acquired the 50% stake in leading cellular operator Vivo Participacoes (VIV) which it didn't already own from Portugal Telecom SGPS SA (PT).
The companies said that a reduction in costs is expected from the restructuring, but didn't provide details. Executives have previously said that they eventually expect all operations in Brazil to use the Vivo brand.
The price for the merger hasn't been divulged, but Vivo shares were among the biggest gainers on Tuesday, rising 2.3% to BRL53.75. Telesp shares were up 0.5% at BRL40.76.
The board of Brazil's largest retailer, Companhia Brasileira de Distribuicao (PCAR5.BR), has authorized the company to raise 610 million Brazilian reais ($358 million) from the issue of non-convertible debentures, the company said late Monday in a statement. The debentures will mature on Jan. 5, 2014 and the company is proposing to pay an annual interest rate of 7.75 percentage points over the variation of local interbank rate called DI.
CBD's shares were up 0.4% at 68.30.
Brazilian education company Anhanguera Educacional Participacoes SA (AEDU3.BR) said Tuesday that international investors bought 75% of its primary offering of shares on the Brazilian Stock Exchange, or BMFBovespa. The company raised a total of 844 million Brazilian reais ($496 million) from the offer.
Anhanguera sold 23 million shares, with each priced at BRL36.70. International investors acquired 17.27 million shares. The company said it will use the proceeds from the offer to finance expansion plans, which includes acquisitions.
Brazil November Surplus BRL1.1B Vs BRL10.7B
Brazil's central government continued to increase its operating surplus in November, though possibly not at a fast enough pace to meet its target for this year, the government reported Tuesday.
The central government, which includes the treasury, the publicly administered social security system and the central bank, posted a 1.09 billion Brazilian real ($646 million) primary budget surplus in November.
The November result, which came within market forecasts, narrowed from a BRL7.72 billion surplus in October this year, and from a BRL10.7 billion surplus in November 2009.
The November result brought the country's central government budget surplus for the first 11 months of the year to BRL64.56 billion, or the equivalent of 1.95% of gross domestic product.
Brazil's government has pledged to post a consolidated public sector primary budget surplus this year equivalent of 3.1% of GDP. The consolidated public sector result includes state and local government and state-controlled company results, in addition to the central government result.
The latest central government monthly surplus was composed of a federal treasury surplus of BRL5.67 billion, a social security administration deficit of BRL4.24 billion, and a central bank deficit of BRL152 million.
Brazil's federal tax department posted November revenue collection of BRL71.1 billion, down from record revenue of BRL74 billion in October. Revenue during the first 11 months of the year rose by BRL139 billion, or 24.6%, from the same period in 2009, in line with a 24.6% increase in expenditures.
The increase in revenue was due in large part to more than BRL74 billion in payments for oil exploration rights, as well as rising industrial production and economic activity.
The November central government figures reported Tuesday are a key component of consolidated public sector results, scheduled for release by the country's central bank Wednesday.
In October, Brazil posted a 12-month consolidated public sector primary surplus of BRL63.38 billion, or 2.19% of gross domestic product.
Brazil's Soy Quotes Rise
Brazil is the world's second-largest producer of soybeans after the United States.
Brazilian soy prices on Tuesday rose because of the drought in neighboring Argentina, although traders reported little business in advance of the year-end holidays.
Soybeans were quoted at $26 for a 60-kilogram (132 pounds) bag for delivery next April 30 in Rondonopolis in Brazil's Mato Grosso state, Samir Rosa, a trader at Diversa Corretora de Cereais, told Dow Jones by telephone. "This is one dollar more than a week ago," he said.
Quotations rose by 4% from a week ago because of the continued drought in Argentina, Rosa said. Diversa Corretora de Cereais is based in Rondonopolis, an agricultural center in Mato Grosso, Brazil's largest soy-producer state.
Though quotations rose, there were no transactions Tuesday, according to Rosa. Many soy traders were on holiday and couldn't be reached in advance of the year-end holiday and the beginning of harvesting of Brazil's 2010-11 soy crop in January.
Soybeans for January delivery, the nearby contract, advanced but failed to take out a 28-month high of $13.85 1/4 set in overnight trading, this news service reported earlier Tuesday. The contract recently was up 9 1/2 cents, or 0.7%, at $13.82 1/2.
Grupo Bom Jesus increased the area it planted to soybeans 10% to 110,000 hectares for the 2010-11 crop it began harvesting this week. Vigolo termed the beginning of harvesting incipient and said collecting the crop will begin in earnest in the Jan. 10-15 period, according to Agencia Estado.
MONDAY:
Brazil Stocks Move Lower Monday
The benchmark Ibovespa stock index closed at 67803 points, a 1% decline from Thursday's close of 68485 points. Markets were closed Friday for the Christmas holiday.
A weekly Brazil central-bank survey of economists placed the 2010 year-end forecast for the IPCA inflation rate at 5.90%, up from 5.88% a week earlier. Economists also increased their average estimate for 2011 inflation to 5.31% from 5.29%, above the central bank's inflation target of 4.5% for the year.
JBS SA (JBSS3.BR), the world's biggest beef producer, fell the most on the index, after announcing plans to sell four billion Brazilian reais ($2.36 billion) of convertible debentures. JBS dropped 3.4% to BRL7.31.
Stocks also retreated on higher rates in China, the biggest trade partner of commodity exporting Brazil. The People's Bank of China issued a statement Saturday on its website announcing a 25-basis-point increase to both its one-year lending and one-year deposit rates.
Vale SA (VALE5.BR, VALE), the world's biggest iron-ore producer, which sells most of its ore to China, dropped 1.9% to BRL49.10.
Brazil's blue-chip stocks were mostly lower in Monday trading.
Government-controlled energy giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, advanced 1.2% to BRL26.05. Usinas Siderurgicas de Minas Gerais (USIM5.BR, USNZY), Brazil's biggest maker of flat steel for the automotive industry, retreated 1.4% to BRL18.70. Telephone giant Tele Norte Leste SA (TNE, TNLP4.BR), or Oi, slipped 1.4% to BRL23.97.Minas Gerais utility Cemig (CIG, CMIG4.BR) fell 1.2% to BRL26.47. Aircraft manufacturer Empresa Brasileira de Aeronautica (ERJ, EMBR3.BR), or Embraer, dropped 2.7% to BRL11.87.
Brazilian stocks opened lower Monday as domestic inflation expectations rose and trade partner China raised rates in its first steps to cool growth.
Brazil Gov. Statistics Bureau Reports Record Employment
New government statistics say Brazil has record employment levels — and even shortages of workers in some sectors. Monday's report from the government's IBGE statistics bureau on Monday shows the lowest level of unemployment ever recorded, 5.7 per cent.Employers in sectors ranging from construction to retail say they're not finding enough workers to meet needs. Banking group Santander has delayed contracting 1,200 people in Brazil because of difficulty finding applicants. Bradesco bank raised the wages of managers to avoid poaching by competitors.
Labor unions say Brazil's heated economy has led to above-inflation wage increases in nearly all sectors.
MEXICO:
FRIDAY:
Mexico's Stocks Open Higher, Adding To Record Close
Mexican stocks gained in early trading Friday after the previous session's record close, as volume thinned in the last trading day of the year.
The IPC index of the 35 most-traded stocks was gaining 0.2% to 38,316 points at about 10:35 a.m. EST on volume of 4.3 million shares worth 131.4 million pesos ($10.6 million).
Silver mining company Industrias Penoles (PE&OLES) gained 2.6% to MXN452.48 as silver prices hovered near record levels. Mexico's largest retailer Wal-Mart de Mexico's (WMMVY, WALMEX.MX) V shares were rising 0.4% to MXN35.38.
Global cement and building materials company Cemex's (CX, CEMEX.MX) CPO shares fell 0.2% to MXN13.25. Latin America's biggest cellular provider America Movil's (AMX, AMX.MX) L shares were 0.1% lower at MXN35.13.
The Mexican peso was gaining against the U.S. dollar and was quoted in Mexico City at MXN12.3550 to the dollar, according to Infosel, versus Thursday's close of MXN12.3795.
WEDNESDAY:
Mexico Stocks Close Higher, Near Record
Mexican stocks closed 0.2% higher on Wednesday, just one point shy of last week's record, with mining issues leading the charge toward what many investors believe will be a year of solid expansion in 2011.
The IPC index of the 35 most-traded issues mounted a late-session rally to settle at 38,230 points on light volume of 67.1 million shares worth 2.14 billion pesos ($173 million). The index had reached a record close of 38,231 points on Dec. 21.
Mining company Industrias Penoles (PE&OLES) shares rose 3.6% to MXN437.29. Penoles is the parent company of London-listed Fresnillo PLC (FRES.LN), the world's biggest primary silver producer. In commodities markets, silver futures gained and were near a record high.
Global copper mining giant Grupo Mexico (GMEXICO.MX) B shares gained 1.2% to close at MXN49.77. Copper futures also hovered near record levels.
Mexico's largest retailer Wal-Mart de Mexico (WMMVY, WALMEX.MX) V shares fell 0.2% to MXN34.94, and Latin America's biggest wireless provider America Movil (AMX, AMX.MX) L shares slipped 0.2% to MXN35.13.
The Mexican peso gained against the U.S. dollar and was quoted in Mexico City at MXN12.3715 versus Tuesday's close of MXN12.3960.
TUESDAY:
Mexico's Stocks Open Higher Close Flat Tuesday
Mexico's stocks opened higher Tuesday, with U.S. equities mixed following reports of strong holiday spending but weaker-than-expected consumer confidence and house pricing.
The market's IPC index of leading issues was up 0.1% around 10:20 a.m. EST to 38163 points. Volume was a light 5.7 million shares worth 159 million pesos ($12.9 million).
Among the most active gainers, cement company Cemex CPO shares were up 0.3% to MXN13.10, and copper mining company Grupo Mexico B shares were rising 0.3% to 49.02 as copper prices rose on a weaker dollar. Retailer Wal-Mart de Mexico V shares were 0.5% higher at MXM35.41.
The peso was stronger against the dollar, which was losing ground against the euro, the yen and the Swiss franc. The peso was quoted in Mexico City at MXN12.3415 to the dollar, according to Infosel, compared with MXN12.3745 at the close Monday.
The Bank of Mexico reported that foreign reserves increased by $1.11 billion last week to a record $113 billion on Dec. 24. Mexico's reserves have risen by more than $22 billion this year, bolstered by oil dollars, federal government foreign borrowing and the purchase of dollars under put options.
Last week the central bank bought $495 million under the options, bringing to $501 million the amount of December's $600 million in options that have been exercised so far.
Mexico applied this month to extend its flexible contingency credit line with the International Monetary Fund for two years and expand the amount available to $73 billion from $48 billion, leading to some speculation the exchange commission--formed by government and central bank officials--could reduce the amount of the dollar options in 2011 as the need to accelerate reserve accumulation diminishes.
MONDAY:
Mexico's Stocks Close Higher, Peso Strengthens
The benchmark IPC index of 35 most-traded shares closed up 0.1% at 38133 points. Volume was a light 50.9 million shares worth 1.48 billion pesos ($119.6 million).
Mexico's stocks resumed trading around midday Monday after technical problems led operations to be halted. The market resumed operations at 12:52 p.m. EST. The market's benchmark IPC index was down 0.3% at 37,959 points around 1:10 p.m. EST.
Trading on the Mexican stock exchange was halted mid-morning Monday owing to technical issues, the exchange confirmed. Trading stopped at 10:47 a.m. EST. The market's benchmark IPC index was off 0.3% at 37967 points .
Mexican stocks opened lower Monday. Mining company Grupo Mexico B shares rose 1.1% to MXN48.86, home builder Geo B shares rose 0.3% to MXN44.79, and phone company Telmex L shares rose 0.9% to MXN9.96.
Bellwether America Movil L shares finished 0.2% lower at MXN34.94 and cement company Cemex CPO shares closed down 0.3% at MXN13.06.
Trading was halted for about two hours during the morning because of technical problems. The interruption had little effect on the market, which was already showing low holiday volume.
A Mexico City equities trader said he doubted that the final week of this year would see a major runup in local stocks, which had eased from a record high in recent sessions.
"The market's at a good level. Some people might like to push it up a bit for the close of the year, but without spending much money," the trader said.
The Chinese interest-rate increase put pressure on the U.S. dollar, and also on Mexico's peso which, after opening stronger, closed slightly weaker at MXN12.3745, according to Infosel, compared with MXN12.3610 Friday.
"China will have an initial unfavorable effect on global markets, affecting the peso as the effect of the increase is digested," the Actinver brokerage said in a report, in which it added that it expects the peso to trade between MXN12.35 and MXN12.4150 this week.
On the local debt market, the yield on benchmark 10-year government bonds closed flat at 7.02%, and the yield on 20-year bonds due 2029 rose four basis points to 7.73%.
FRIDAY:
Mexico's Stocks Open Higher, Adding To Record Close
Mexican stocks gained in early trading Friday after the previous session's record close, as volume thinned in the last trading day of the year.
The IPC index of the 35 most-traded stocks was gaining 0.2% to 38,316 points at about 10:35 a.m. EST on volume of 4.3 million shares worth 131.4 million pesos ($10.6 million).
Silver mining company Industrias Penoles (PE&OLES) gained 2.6% to MXN452.48 as silver prices hovered near record levels. Mexico's largest retailer Wal-Mart de Mexico's (WMMVY, WALMEX.MX) V shares were rising 0.4% to MXN35.38.
Global cement and building materials company Cemex's (CX, CEMEX.MX) CPO shares fell 0.2% to MXN13.25. Latin America's biggest cellular provider America Movil's (AMX, AMX.MX) L shares were 0.1% lower at MXN35.13.
The Mexican peso was gaining against the U.S. dollar and was quoted in Mexico City at MXN12.3550 to the dollar, according to Infosel, versus Thursday's close of MXN12.3795.
WEDNESDAY:
Mexico Stocks Close Higher, Near Record
Mexican stocks closed 0.2% higher on Wednesday, just one point shy of last week's record, with mining issues leading the charge toward what many investors believe will be a year of solid expansion in 2011.
The IPC index of the 35 most-traded issues mounted a late-session rally to settle at 38,230 points on light volume of 67.1 million shares worth 2.14 billion pesos ($173 million). The index had reached a record close of 38,231 points on Dec. 21.
Mining company Industrias Penoles (PE&OLES) shares rose 3.6% to MXN437.29. Penoles is the parent company of London-listed Fresnillo PLC (FRES.LN), the world's biggest primary silver producer. In commodities markets, silver futures gained and were near a record high.
Global copper mining giant Grupo Mexico (GMEXICO.MX) B shares gained 1.2% to close at MXN49.77. Copper futures also hovered near record levels.
Mexico's largest retailer Wal-Mart de Mexico (WMMVY, WALMEX.MX) V shares fell 0.2% to MXN34.94, and Latin America's biggest wireless provider America Movil (AMX, AMX.MX) L shares slipped 0.2% to MXN35.13.
The Mexican peso gained against the U.S. dollar and was quoted in Mexico City at MXN12.3715 versus Tuesday's close of MXN12.3960.
TUESDAY:
Mexico's Stocks Open Higher Close Flat Tuesday
Mexico's stocks opened higher Tuesday, with U.S. equities mixed following reports of strong holiday spending but weaker-than-expected consumer confidence and house pricing.
The market's IPC index of leading issues was up 0.1% around 10:20 a.m. EST to 38163 points. Volume was a light 5.7 million shares worth 159 million pesos ($12.9 million).
Among the most active gainers, cement company Cemex CPO shares were up 0.3% to MXN13.10, and copper mining company Grupo Mexico B shares were rising 0.3% to 49.02 as copper prices rose on a weaker dollar. Retailer Wal-Mart de Mexico V shares were 0.5% higher at MXM35.41.
The peso was stronger against the dollar, which was losing ground against the euro, the yen and the Swiss franc. The peso was quoted in Mexico City at MXN12.3415 to the dollar, according to Infosel, compared with MXN12.3745 at the close Monday.
The Bank of Mexico reported that foreign reserves increased by $1.11 billion last week to a record $113 billion on Dec. 24. Mexico's reserves have risen by more than $22 billion this year, bolstered by oil dollars, federal government foreign borrowing and the purchase of dollars under put options.
Last week the central bank bought $495 million under the options, bringing to $501 million the amount of December's $600 million in options that have been exercised so far.
Mexico applied this month to extend its flexible contingency credit line with the International Monetary Fund for two years and expand the amount available to $73 billion from $48 billion, leading to some speculation the exchange commission--formed by government and central bank officials--could reduce the amount of the dollar options in 2011 as the need to accelerate reserve accumulation diminishes.
MONDAY:
Mexico's Stocks Close Higher, Peso Strengthens
The benchmark IPC index of 35 most-traded shares closed up 0.1% at 38133 points. Volume was a light 50.9 million shares worth 1.48 billion pesos ($119.6 million).
Mexico's stocks resumed trading around midday Monday after technical problems led operations to be halted. The market resumed operations at 12:52 p.m. EST. The market's benchmark IPC index was down 0.3% at 37,959 points around 1:10 p.m. EST.
Trading on the Mexican stock exchange was halted mid-morning Monday owing to technical issues, the exchange confirmed. Trading stopped at 10:47 a.m. EST. The market's benchmark IPC index was off 0.3% at 37967 points .
Mexican stocks opened lower Monday. Mining company Grupo Mexico B shares rose 1.1% to MXN48.86, home builder Geo B shares rose 0.3% to MXN44.79, and phone company Telmex L shares rose 0.9% to MXN9.96.
Bellwether America Movil L shares finished 0.2% lower at MXN34.94 and cement company Cemex CPO shares closed down 0.3% at MXN13.06.
Trading was halted for about two hours during the morning because of technical problems. The interruption had little effect on the market, which was already showing low holiday volume.
A Mexico City equities trader said he doubted that the final week of this year would see a major runup in local stocks, which had eased from a record high in recent sessions.
"The market's at a good level. Some people might like to push it up a bit for the close of the year, but without spending much money," the trader said.
The Chinese interest-rate increase put pressure on the U.S. dollar, and also on Mexico's peso which, after opening stronger, closed slightly weaker at MXN12.3745, according to Infosel, compared with MXN12.3610 Friday.
"China will have an initial unfavorable effect on global markets, affecting the peso as the effect of the increase is digested," the Actinver brokerage said in a report, in which it added that it expects the peso to trade between MXN12.35 and MXN12.4150 this week.
On the local debt market, the yield on benchmark 10-year government bonds closed flat at 7.02%, and the yield on 20-year bonds due 2029 rose four basis points to 7.73%.
CHILE:
FRIDAY:
Markets, businesses and government offices in Chile will be closed Friday for the New Year's eve holiday.
THURSDAY:
Chile Stocks Close Higher,
Cap 37.6% Rise In 2010
Chile's blue-chip Ipsa index higher Thursday, capping its meteoritic 37.6% rise during 2010 which was greatly slowed in the final quarter of the year.
The Ipsa rose 0.8% to 4927.53, while volume surged to an unusually high 373.1 billion Chilean pesos ($798.5 million), compared with volume of CLP287.1 billion the prior session.
With the end of year approaching, volume and share prices rose as investors shuffled around their portfolios and snapped up stocks for accounting and tax purposes, traders said.
The Ipsa's strong gains this year came on the back of robust domestic demand and strong investments--which fueled corporate bottom lines--as Chile quickly recovers from last year's recession and February's devastating earthquake.
Chile's gross domestic product is expected to grow 5.2% in 2010 from 2009, while domestic demand is forecast to jump 16.1%, according to the central bank.
At the outset of 2010, analysts expected the Ipsa to end the year between 4,000 and 4,100 points.
During the fourth quarter, the Ipsa rose a much more modest 2.8% following the sharp rise during the preceding three quarters. The Ipsa's rise slowed after breaking the psychological barrier of 5,000 points, as some speculated the index had risen too quickly, and then posted an accumulated loss of 3.7%, prior to this Wednesday's and Thursday's gains, after the central bank said on Monday last week that the select-stock index was "overvalued."
Retailers have been among the Ipsa's biggest gainers as domestic demand and consumer confidence rebounded.
Among retailers, retail holding giant Cencosud (CENCOSUD.SN) gained 1.3% to CLP3,680.00, and the nation's largest department store Falabella (FALABELLA.SN) rose 1.5% to CLP5,257.80.
Commodities-related companies, which have benefited from strong demand for their products, especially from emerging-market nations such as China, also posted gains.
Fuel and forestry conglomerate Copec (COPEC.SN), the Ipsa's heaviest-weighted share, increased 1.3% to CLP9,100.00, and pulp and paper producer CMPC (CMPC.SN) jumped 2% to CLP24,950.00.
The peso ended stronger against the dollar at a fresh 31-month high, inching toward levels thought to merit an intervention and topping off a year in which the local currency appreciated 7.8% versus the dollar. The peso finished stronger at CLP467.30 to the dollar, compared with Wednesday's close of CLP468.70, while trading in a range of CLP467.30 to CLP468.90.
In recent months, Chilean exporters have clamored for currency-market intervention as the strength of the local currency hurts their competitiveness abroad.
Early last week, the central bank said it won't rule out increasing its foreign-currency reserves as a way to limit the peso's recent strength.
Traders now believe there is an increased risk of intervention if the peso appreciates to CLP450-CLP460. Previously they saw an increased risk at CLP460 to CLP465.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended flat in light over-the-counter trading. The yield on five-year BCU bonds ended unchanged on the day at 2.65%, while the yield on 10-year BCUs closed flat at 2.89%.
Chile Sept-Nov Unemployment 7.1%
FRIDAY:
Markets, businesses and government offices in Chile will be closed Friday for the New Year's eve holiday.
THURSDAY:
Chile Stocks Close Higher,
Cap 37.6% Rise In 2010
Chile's blue-chip Ipsa index higher Thursday, capping its meteoritic 37.6% rise during 2010 which was greatly slowed in the final quarter of the year.
The Ipsa rose 0.8% to 4927.53, while volume surged to an unusually high 373.1 billion Chilean pesos ($798.5 million), compared with volume of CLP287.1 billion the prior session.
With the end of year approaching, volume and share prices rose as investors shuffled around their portfolios and snapped up stocks for accounting and tax purposes, traders said.
The Ipsa's strong gains this year came on the back of robust domestic demand and strong investments--which fueled corporate bottom lines--as Chile quickly recovers from last year's recession and February's devastating earthquake.
Chile's gross domestic product is expected to grow 5.2% in 2010 from 2009, while domestic demand is forecast to jump 16.1%, according to the central bank.
At the outset of 2010, analysts expected the Ipsa to end the year between 4,000 and 4,100 points.
During the fourth quarter, the Ipsa rose a much more modest 2.8% following the sharp rise during the preceding three quarters. The Ipsa's rise slowed after breaking the psychological barrier of 5,000 points, as some speculated the index had risen too quickly, and then posted an accumulated loss of 3.7%, prior to this Wednesday's and Thursday's gains, after the central bank said on Monday last week that the select-stock index was "overvalued."
Retailers have been among the Ipsa's biggest gainers as domestic demand and consumer confidence rebounded.
Among retailers, retail holding giant Cencosud (CENCOSUD.SN) gained 1.3% to CLP3,680.00, and the nation's largest department store Falabella (FALABELLA.SN) rose 1.5% to CLP5,257.80.
Commodities-related companies, which have benefited from strong demand for their products, especially from emerging-market nations such as China, also posted gains.
Fuel and forestry conglomerate Copec (COPEC.SN), the Ipsa's heaviest-weighted share, increased 1.3% to CLP9,100.00, and pulp and paper producer CMPC (CMPC.SN) jumped 2% to CLP24,950.00.
The peso ended stronger against the dollar at a fresh 31-month high, inching toward levels thought to merit an intervention and topping off a year in which the local currency appreciated 7.8% versus the dollar. The peso finished stronger at CLP467.30 to the dollar, compared with Wednesday's close of CLP468.70, while trading in a range of CLP467.30 to CLP468.90.
In recent months, Chilean exporters have clamored for currency-market intervention as the strength of the local currency hurts their competitiveness abroad.
Early last week, the central bank said it won't rule out increasing its foreign-currency reserves as a way to limit the peso's recent strength.
Traders now believe there is an increased risk of intervention if the peso appreciates to CLP450-CLP460. Previously they saw an increased risk at CLP460 to CLP465.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended flat in light over-the-counter trading. The yield on five-year BCU bonds ended unchanged on the day at 2.65%, while the yield on 10-year BCUs closed flat at 2.89%.
Chile Sept-Nov Unemployment 7.1%
Unemployment in Chile fell to a better-than-expected 7.1% in the September through November period, from 7.6% in August through October, the government statistics agency reported Thursday.
Unemployment fell on the seasonal increase in agricultural jobs as the southern hemisphere's crops season kicked into gear and on higher employment rates in the retail sector, said the INE, as the statistics agency is known locally.
Chile's government aims to create a total of 1 million new jobs, or 200,000 per year, during its 2010-2014 term. Unemployment is falling quickly "due to the recovery of our economy and global economy following the global crisis and due to reconstruction efforts following the earthquake," said Economy Minister Juan Andres Fontaine.
In total, 7.31 million people held jobs during the latest period, higher than the 7.24 million people who held jobs in the previous three-month period, according to the INE's new employment survey.
Chile, as part of its process to join the Organization for Economic Cooperation and Development, recently restructured its unemployment and consumer price indexes, among other indicators, to meet OECD standards.
WEDNESDAY:
Chile Stocks End 1.1% Higher Wednesday
Chile's blue-chip Ipsa index ended 1.1% higher Wednesday, as shares rebounded following a recent steep drop and as retail, corporate and institutional investors adjusted their investment portfolios.
The Ipsa rose to 4888, while volume surged to 287.1 billion Chilean pesos ($612.6 million), compared with volume of CLP130.2 billion the prior session.
Prior to Wednesday's gain, the Ipsa had posted an accumulated loss of 3.7% since last Monday after the central bank said that day that the select-stock index was "overvalued" considering its sharp climb during 2010.
Also, "stocks rose as investors shuffled around their portfolios and bought into stocks, for accounting and tax purposes, as the end of the year approaches," said Arturo Curtze, senior trader with brokerage BBVA Corredores de Bolsa.
Among gainers, fuel and forestry conglomerate Copec (COPEC.SN), the heaviest-weighted share on the Ipsa, rose 1.7% to CLP8,999.00, flagship carrier LAN Airlines (LFL, LAN.SN) increased 0.9% to CLP14,479.00, and specialty chemical and fertilizer producer SQM's (SQM) more liquid B-series shares (SQM-B.SN) jumped 3.1% to CLP26,443.
The peso ended stronger against the dollar, at a new 31-month high, nearing levels thought to merit a central bank intervention.
The peso finished stronger at CLP468.70 to the dollar compared to Tuesday's close of CLP469.70, while trading in a range of CLP467.60 to CLP469.50. As the peso has gained over 12% against the dollar since mid-year, exporters have demanded currency-market intervention -- which traders believe may happen if the currency appreciates to CLP460-CLP465 -- as the strength of the peso hurts their competitiveness abroad.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended flat in light over-the-counter trading.
The yield on five-year BCU bonds ended unchanged on the day at 2.65%, while the yield on 10-year BCUs closed flat at 2.89%.
TUESDAY:
Chile Stocks Close Lower Tuesday
Chile's blue-chip Ipsa index ended lower Tuesday as participants shuffled their investment portfolios around with the end of the year approaching.
The Ipsa lost 0.1% to 4835.22, while volume grew to 130.2 billion Chilean pesos ($277.2 million) after local natural-gas supplier Gasco (GASCO.SN) sold 7.31 million shares of cement maker Cemento Polpaico (POLPAICO.SN), equivalent to a 40.9% stake in the company. Volume the prior session totaled CLP77.6 billion.
After the sale, which raised $116.7 million for Gasco, Cemento Polpaico's shares ended flat at CLP7,500.00, while Gasco's shares gained 1.3% to CLP3,090.00.
"It's the end of the year and participants are moving around their portfolios, so certain shares are seeing a correction," said Allan Becker of local brokerage CorpBanca Corredores de Bolsa.
Three of the most liquid stocks on the local market posted declines.
Fuel and forestry conglomerate Copec (COPEC.SN), the heaviest-weighted share on the Ipsa, lost 1.2% to CLP8,846.40, retail holding giant Cencosud (CENCOSUD.SN) shed 0.9% to CLP3,606.80, and flagship carrier LAN Airlines (LFL, LAN.SN) decreased 0.6% to CLP14,347.00.
The Ipsa has posted a cumulative loss of 3.7% since last Monday after the central bank said the select-stock index was "overvalued" considering its sharp rise during 2010.
Market attention Tuesday also focused on information technology firm Sonda (SONDA.SN), which surged 6.1% to CLP1,125.00 after local brokerage IM Trust gave the company a buy recommendation and target price of CLP1,427 per share for year-end 2011.
Sonda, which has an aggressive 2010-12 investment plan of $500 million--including recent acquisitions of Mexican firm NextiraOne, Colombian company Red Colombia, Argentina-based Ceitech and Brazilian companies Telsinc, Kaizen and TI Procwork--also plans to list shares in Brazil in 2011 and raise a minimum of $350 million.
The peso ended stronger versus the dollar, approaching a 31-month high, as participants brushed aside China's weekend interest rate hike and as international copper prices rose to a record high.
The peso finished at CLP469.70 to the dollar compared to Monday's close of CLP471.40, while trading in a range of CLP469.30 to CLP470.30.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended mixed again in light over-the-counter trading.
The yield on five-year BCU bonds ended unchanged on the day at 2.65% for a second straight session, while the yield on 10-year BCUs closed at 2.89%, from 2.92% the prior session.
Unemployment fell on the seasonal increase in agricultural jobs as the southern hemisphere's crops season kicked into gear and on higher employment rates in the retail sector, said the INE, as the statistics agency is known locally.
Chile's government aims to create a total of 1 million new jobs, or 200,000 per year, during its 2010-2014 term. Unemployment is falling quickly "due to the recovery of our economy and global economy following the global crisis and due to reconstruction efforts following the earthquake," said Economy Minister Juan Andres Fontaine.
In total, 7.31 million people held jobs during the latest period, higher than the 7.24 million people who held jobs in the previous three-month period, according to the INE's new employment survey.
Chile, as part of its process to join the Organization for Economic Cooperation and Development, recently restructured its unemployment and consumer price indexes, among other indicators, to meet OECD standards.
WEDNESDAY:
Chile Stocks End 1.1% Higher Wednesday
Chile's blue-chip Ipsa index ended 1.1% higher Wednesday, as shares rebounded following a recent steep drop and as retail, corporate and institutional investors adjusted their investment portfolios.
The Ipsa rose to 4888, while volume surged to 287.1 billion Chilean pesos ($612.6 million), compared with volume of CLP130.2 billion the prior session.
Prior to Wednesday's gain, the Ipsa had posted an accumulated loss of 3.7% since last Monday after the central bank said that day that the select-stock index was "overvalued" considering its sharp climb during 2010.
Also, "stocks rose as investors shuffled around their portfolios and bought into stocks, for accounting and tax purposes, as the end of the year approaches," said Arturo Curtze, senior trader with brokerage BBVA Corredores de Bolsa.
Among gainers, fuel and forestry conglomerate Copec (COPEC.SN), the heaviest-weighted share on the Ipsa, rose 1.7% to CLP8,999.00, flagship carrier LAN Airlines (LFL, LAN.SN) increased 0.9% to CLP14,479.00, and specialty chemical and fertilizer producer SQM's (SQM) more liquid B-series shares (SQM-B.SN) jumped 3.1% to CLP26,443.
The peso ended stronger against the dollar, at a new 31-month high, nearing levels thought to merit a central bank intervention.
The peso finished stronger at CLP468.70 to the dollar compared to Tuesday's close of CLP469.70, while trading in a range of CLP467.60 to CLP469.50. As the peso has gained over 12% against the dollar since mid-year, exporters have demanded currency-market intervention -- which traders believe may happen if the currency appreciates to CLP460-CLP465 -- as the strength of the peso hurts their competitiveness abroad.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended flat in light over-the-counter trading.
The yield on five-year BCU bonds ended unchanged on the day at 2.65%, while the yield on 10-year BCUs closed flat at 2.89%.
TUESDAY:
Chile Stocks Close Lower Tuesday
Chile's blue-chip Ipsa index ended lower Tuesday as participants shuffled their investment portfolios around with the end of the year approaching.
The Ipsa lost 0.1% to 4835.22, while volume grew to 130.2 billion Chilean pesos ($277.2 million) after local natural-gas supplier Gasco (GASCO.SN) sold 7.31 million shares of cement maker Cemento Polpaico (POLPAICO.SN), equivalent to a 40.9% stake in the company. Volume the prior session totaled CLP77.6 billion.
After the sale, which raised $116.7 million for Gasco, Cemento Polpaico's shares ended flat at CLP7,500.00, while Gasco's shares gained 1.3% to CLP3,090.00.
"It's the end of the year and participants are moving around their portfolios, so certain shares are seeing a correction," said Allan Becker of local brokerage CorpBanca Corredores de Bolsa.
Three of the most liquid stocks on the local market posted declines.
Fuel and forestry conglomerate Copec (COPEC.SN), the heaviest-weighted share on the Ipsa, lost 1.2% to CLP8,846.40, retail holding giant Cencosud (CENCOSUD.SN) shed 0.9% to CLP3,606.80, and flagship carrier LAN Airlines (LFL, LAN.SN) decreased 0.6% to CLP14,347.00.
The Ipsa has posted a cumulative loss of 3.7% since last Monday after the central bank said the select-stock index was "overvalued" considering its sharp rise during 2010.
Market attention Tuesday also focused on information technology firm Sonda (SONDA.SN), which surged 6.1% to CLP1,125.00 after local brokerage IM Trust gave the company a buy recommendation and target price of CLP1,427 per share for year-end 2011.
Sonda, which has an aggressive 2010-12 investment plan of $500 million--including recent acquisitions of Mexican firm NextiraOne, Colombian company Red Colombia, Argentina-based Ceitech and Brazilian companies Telsinc, Kaizen and TI Procwork--also plans to list shares in Brazil in 2011 and raise a minimum of $350 million.
The peso ended stronger versus the dollar, approaching a 31-month high, as participants brushed aside China's weekend interest rate hike and as international copper prices rose to a record high.
The peso finished at CLP469.70 to the dollar compared to Monday's close of CLP471.40, while trading in a range of CLP469.30 to CLP470.30.
In the bond market, yields on inflation-indexed Chilean central bank bonds, or BCUs, ended mixed again in light over-the-counter trading.
The yield on five-year BCU bonds ended unchanged on the day at 2.65% for a second straight session, while the yield on 10-year BCUs closed at 2.89%, from 2.92% the prior session.
MONDAY:
Chile Stocks Close 1.1% Lower Monday
In recent trading, the Ipsa fell to 4846.94 in light volume of 35.3 billion Chilean pesos ($74.8 million). Volume the prior session skyrocketed to an unusually high CLP1.033 trillion, after the local Cueto family transferred its 28.1% controlling stake of flagship carrier LAN Airlines (LFL, LAN.SN) to a new holding company, in the single largest transaction to ever take place on the Santiago Stock Exchange.
Retailers, which have fueled the Ipsa's record run this year, were among the session's biggest decliners.
The nation's largest department store Falabella (FALABELLA.SN) lost 1.4% to CLP5,120.00 and retailer La Polar (LAPOLAR.SN) shed 1.3% to CLP3,319.00.
Also slipping were construction and real-estate companies, as investors took profits following the sector's sharp increase in recent weeks on expectations that a ramping up of post-earthquake reconstruction activity will boost profits. Construction company Besalco (BESALCO.SN) fell 1.1% to CLP1,019.00 and rival SalfaCorp (SALFACORP.SN) dropped 2.2% to CLP1,662.00.
Chile Peso Ends Weaker
Chile's peso ended weaker against the dollar Monday in light trading after China's interest rate hike over the weekend put a speed bump in the way of the peso's appreciation.
The peso ended weaker at CLP471.40 to the dollar compared to Friday's close of CLP469.80, while trading in a range of CLP469.00 to CLP472.00.
All markets in Chile were open only for a half day on Friday in observance of Christmas Eve.
COLUMBIA:
MONDAY:
Colombian Stocks Climb Monday
Colombian stocks rose for a fifth session Monday as a jump in state-run oil firm Ecopetrol SA (ECOPETROL.BO) more than offset a dip in Isagen SA (ISAGEN.BO), a state-controlled power generator.
The IGBC index of blue-chip stocks rose 0.87% to 15,805 points. Shares of Ecopetrol SA, which are the heaviest-weighted in the index, added 1.58% to COP4,170.
Isagen shed some of its big gains from Friday, slipping 1.1% to COP2,700. The company announced in November it is considering listing in the U.S. through an American Depositary Receipt next year.
The Colombian peso lowered toward the COP2,000 to the dollar mark, ending at COP1,995.00 from COP1,935.00 Friday.
PERU:
TUESDAY:
Peru's Stock Indexes End Higher Tuesday
Peru's main stock market ended higher Tuesday, as a number of mining companies benefited from rising mineral prices.
The Lima Stock Exchange's broad General index closed higher by 0.43%, at 23,057.30. The Selective blue-chip index ended 0.41% stronger at 31,649.50.
Base metals miner Southern Copper Corp.(SCCO) increased 1.15% to end at $48.31, while copper miner Sociedad Minera Cerro Verde SAA(CVERDEC1.VL) gained 1.92% at end at $53.00 as copper prices improved.
Precious metals miner Compania de Minas Buenaventura SAA (BVN, BUENAVC1.Vl) gained 1.68% to end at $48.45, as the price of gold rose.
Financial holding Credicorp Ltd. (BAP) gained 1.01% to end at $120.10. It owns Banco de Credito, Peru's largest bank.
The sol ended slightly weaker at PEN2.805 per dollar, compared with PEN2.803 per dollar in the previous session.
ARGENTINA:
THURSDAY:
Argentina Exchange Raises Wheat Forecast
Excellent conditions through key development phases boosted Argentina's wheat yields and led the Buenos Aires Cereal Exchange on Thursday to raise its forecast for total production by one million metric tons to 14.5 million tons.
The harvest is almost two-thirds complete and the crop is expected to be up 45.5% from last season, the exchange said in its weekly crop report.
The exchange also made its first forecast for sunflower seed production, pegging output at 2.7 million tons, up 25.6% on the year. Estimates for Argentina's 2010-11 crop production in million of hectares (HA) or millions of metric tons (MT) (One hectare equals 2.47 acres):
Wheat Soy Corn Sunseed
Ag Ministry 13MT 52MT 26MT 2.5MT
USDA 13.5MT 52MT 25MT 2.8MT
B.A. Cereals Exch 14.5MT 18.7HA 3.15HA 2.7MT
Rosario Grain Exch 10-11.5MT 49.5MT 21-22MT --
WEDNESDAY:
Argentina Stocks Close Higher Wednesday
Argentine stocks followed international markets higher Wednesday, climbing to a new record while bonds held on to recent gains.
Argentina's benchmark Merval stock index added 0.8% to close at 3,523 points.
On Wednesday, the positive mood overseas and expectations for continued strong economic growth in Argentina next year provided a boost, said Julian Siri, analyst at Maxinver brokerage.
That growth is expected to continue to drive market gains. "We're still bullish," Siri said.
Petrobras Argentina (PZE, PESA.BA), the local unit of the Brazilian oil giant, posted one of the largest gains on Wednesday, rising 5% to ARS10.45 ($2.63) amid a global rally of energy companies.
Bonds were little changed but tended positive, continuing to enjoy a tailwind from the government's defaulted bond swap which was opened this week and will run through Friday.
The peso-denominated 2033 discount bond was unchanged at ARS187.10, to yield 7.3%. the peso edged higher against the dollar for the second straight day, closing at ARS3.98 compared to ARS3.9825.
Supermarket, Shopping-Center Sales
Rise In November
Sales at Argentina's supermarkets and shopping centers logged hefty gains in November as consumers ramped up spending ahead of the holiday season. Supermarket sales rose 19.4% year-on-year in seasonally adjusted prices in November, and were up 3.3% from October, the national statistics institute, Indec, reported Wednesday.
In peso terms, supermarket sales rose 29.6% on the year to ARS5.61 billion ($1.41 billion) in the prior month, Indec said.
Shopping center sales increased 20.1% on the year in seasonally adjusted prices in November, and were up 1.1% from October, Indec said in a separate report. Sales in pesos totaled ARS953.4 million, a 26% increase from November 2009.
Indec's supermarket sales data are based on a survey of 66 companies across the country. Its shopping center survey polled 34 establishments in the capital city and neighboring urban area in Buenos Aires Province.
Argentina is enjoying strong consumer spending thanks to an economy that is expected to grow about 9% this year, low unemployment and government social programs that put cash directly in the hands of the poor. That consumption boom has been accompanied by inflation, which, according to Indec's heavily questioned consumer price index data, put the annual rate at 11.1% at the end of November.
Automobile Sale Increased
Argentine auto makers are aiming to set a new record for vehicle production next year, beating the high mark set in 2010.
Car makers hope to crank out 840,000 vehicles next year, up from the record of 730,000 set this year, production minister Debora Giorgi was quoted by state news agency Telam as saying on Wednesday.
Car makers hope to crank out 840,000 vehicles next year, up from the record of 730,000 set this year, production minister Debora Giorgi was quoted by state news agency Telam as saying on Wednesday.
Vehicle sales and production have surged this year amid a broad economic recovery and strong demand from neighboring Brazil.
November Construction +17.2%
Argentina's construction activity rose 17.2% in November from the same month a year earlier in seasonally adjusted terms, the national statistics agency, Indec, reported Wednesday. Construction activity last month increased 3.3% from October in seasonally adjusted terms, Indec said.
The following annual increases were observed in construction materials in November: cement 30%, asphalt 28.8%, bricks 23%, rebar 9.2%, paint 4.6% and ceramic tiles 4.2%.
TUESDAY:
Argentina's Stocks Rise Tuesday
Argentina's stocks edged slightly higher to set a new record Tuesday, led by rising share prices for energy companies while bonds generally added to recent gains fueled by the government's defaulted debt swap offer.
Argentina's benchmark Merval stock index added 0.5% to close at 3,494.90 points.
Utility stocks have been on a tear in recent days amid speculation that the government is poised to loosen rate controls. Shares of electricity transmission company Transener (TRAN.BA) have risen 15% over the past three days, closing at ARS1.70 on Tuesday.
That comes despite rolling blackouts which have plagued the capital Buenos Aires in recent days as residents overwhelm the system by cranking up air conditioners to fight a heat wave.
Electricity demand has grown 6% a year on average since 2003 thanks to strong economic growth and low rates due to government price controls that give consumers little reason to conserve energy. Although the government has invested heavily in electricity generation and transmission infrastructure in recent years, the country's distribution system struggles when demand spikes.
Most bonds racked up more gains on Tuesday following the government's announcement late Monday that the holders of about 52% of Argentina's defaulted Brady bonds representing about $172 million have accepted a debt-swap offer. Three weeks ago, the government offered the swap for a basket of U.S. dollar-denominated bonds and a cash payment.
The government is currently on a big push to try to mop up the rest of the defaulted bonds stemming from the country's economic meltdown in 2001 and 2002 when the country stopped making payments on over $100 billion in sovereign debt.
Last week, the government announced it reopened another debt swap that closed in June. In that swap, which runs through the end of the year, the government is offering U.S. dollar- and peso-denominated Discount 2033 bonds and GDP warrants as well as dollar-denominated Global 2017 bonds. About $6.1 billion of default bonds are eligible for the swap.
The peso-denominated 2033 discount bond slipped 0.4% in price terms to ARS187.10, to yield 7.3%. The dollar-denominated Boden 2015 bond rose 0.2% in price terms to ARS388.75, with the yield at 8.3%.
The peso recovered some ground on Tuesday after easing against the greenback during the previous two sessions. The peso closed at ARS3.9825 to the dollar compared to ARS3.9850 on Monday.
Argentina's benchmark Merval stock index added 0.5% to close at 3,494.90 points.
Utility stocks have been on a tear in recent days amid speculation that the government is poised to loosen rate controls. Shares of electricity transmission company Transener (TRAN.BA) have risen 15% over the past three days, closing at ARS1.70 on Tuesday.
That comes despite rolling blackouts which have plagued the capital Buenos Aires in recent days as residents overwhelm the system by cranking up air conditioners to fight a heat wave.
Electricity demand has grown 6% a year on average since 2003 thanks to strong economic growth and low rates due to government price controls that give consumers little reason to conserve energy. Although the government has invested heavily in electricity generation and transmission infrastructure in recent years, the country's distribution system struggles when demand spikes.
Most bonds racked up more gains on Tuesday following the government's announcement late Monday that the holders of about 52% of Argentina's defaulted Brady bonds representing about $172 million have accepted a debt-swap offer. Three weeks ago, the government offered the swap for a basket of U.S. dollar-denominated bonds and a cash payment.
The government is currently on a big push to try to mop up the rest of the defaulted bonds stemming from the country's economic meltdown in 2001 and 2002 when the country stopped making payments on over $100 billion in sovereign debt.
Last week, the government announced it reopened another debt swap that closed in June. In that swap, which runs through the end of the year, the government is offering U.S. dollar- and peso-denominated Discount 2033 bonds and GDP warrants as well as dollar-denominated Global 2017 bonds. About $6.1 billion of default bonds are eligible for the swap.
The peso-denominated 2033 discount bond slipped 0.4% in price terms to ARS187.10, to yield 7.3%. The dollar-denominated Boden 2015 bond rose 0.2% in price terms to ARS388.75, with the yield at 8.3%.
The peso recovered some ground on Tuesday after easing against the greenback during the previous two sessions. The peso closed at ARS3.9825 to the dollar compared to ARS3.9850 on Monday.
Argentina's Agra Business Plagued by Heat
The sweltering heat has impacted the corn, soy, and grain harvest figures in Argentina for December-January delivery. Even after the crop size planted was larger, the yield is expected to be reduced by 20% percent overall.
Argentina's developing corn and soybean crops are wilting under a blistering heat wave and a cloudless sky, which has already taken a deep bite out of the prospects for corn production and threatens to stunt soy yields.
The drought has pushed international corn and soy prices to two-and-a-half-year highs as strong global demand meets fears over supply problems from Argentina. Argentina is the world's second leading corn exporter behind the U.S. and trails only the U.S. and Brazil in soybean exports.
It's already too late for the corn crop to escape major damage, said the vice president of local brokerage Panagricola, Ricardo Baccarin.
Early expectations were for production of about 25 million metric tons, a new record, but the drought has caused prospects to fall about 20% over the last two weeks, Baccarin said. Moreover, "if the drought continues, prospects will plunge further with every passing day."
Beyond the heat, what's causing farmers to sweat is that there's no relief in sight. Hot, dry weather is expected over the next two months due to the La Nina weather phenomenon.
This season's La Nina is one of the most intense in recent decades, according to the Buenos Aires Cereals Exchange. In the central farm belt, the corn fields are in their flowering stage and between 60 and 120 millimeters of rain are desperately needed, according to the Rosario Grain Exchange.
While a weather front appears to be headed towards the fields on Friday, the most optimistic hopes are for about 20 millimeters of rain, "far from covering the crops' demands," the Rosario Grain Exchange said in press release.
The soy crop is also feeling the heat, although there's still time for a recovery if it gets a good soaking soon. The next 15 days are crucial, but there aren't high hopes that the crops will get enough rain, Baccarin said.
Early forecasts had called for near-record soy production of 52 million metric tons. However, now "nobody is thinking about more than 50 million," Baccarin said.
The price of soybeans may reach $15 (a bushel) in Chicago in the event the drought continues in Argentina, said Nelson Vigolo, managing director of Grupo Bom Jesus, one of the largest soy producers in Mato Grosso state, Agencia Estado reported Tuesday.
Venezuela Sets Single Exchange Rate
For U.S. Dollar
Beginning Jan. 1, 2011 Venezuela will have a single exchange rate for the U.S. dollar, Venezuelan Finance Minister Jorge Giordani said Thursday. As of January 1, 2011, Venezuela will remove the VEF2.6/Dollar exchange rate. It will now take 4.30 Venezuelan bolivars to buy one dollar.
This measure eliminates an earlier exchange rate of 2.6 bolivars per dollar for imports of health products, food, machinery, and most government imports.
Venezuela Reports 2010 GDP -1.9%
Inflation Jumps 26.9%The Venezuelan economy contracted 1.9% in 2010 as the country continued to struggle with high inflation, low investment and declining oil production, its central bank reported Thursday in an annual report.
The pullback is Venezuela's second-straight loss in productivity, after the economy shrank by 3.3% during 2009. In the report, Central Bank President Nelson Merentes attributed the shrinking economy to a 2.2% drop in petroleum-sector activity, the lifeblood of the OPEC-member. Oil and natural gas extraction slid 2.8%, the bank said.
Activity in the nonoil sectors, meanwhile, fell 1.8%.
"During the first months of the year, the energy crisis, caused by the prolonged period drought and the need to implement a rationing program, limited capacity expansion of the manufacturing sector and influenced the downturn that started in 2009," Merentes said.
The country recorded an annual inflation rate of 26.9%, among the highest in the world. Inflation at the end of 2009 was reported at 25.1%.
The central bank estimated 8.7% unemployment this year, up from 8% last year.
"It will be a year of economic growth and increased social welfare," Merentes said, adding, the bank will be working to reduce inflation levels, while at the same time stimulate credit growth and investment.
The country's struggling economy has drawn increasing attention at a time when much of the South American continent is experiencing robust growth and high investment. Indeed, even with oil prices at a high and stable level, Venezuela continues to struggle.
Critics have blamed the policies of President Hugo Chavez as he continues to nationalize companies and property, which many say has stifled investment into the country. Chavez, in turn, has blamed the economic hardships on the global financial system and has justified his actions as integral to his socialist revolution.
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____________________________________________________________
European Markets:
FRIDAY: EURO STOXX 50 2,807.04 -34.19 (-1.20%)
THURSDAY: EURO STOXX 50 2,807.04 -34.19 (-1.20%)
WEDNESDAY: EURO STOXX 50 2,841.23 +16.93 (0.60%)
Stoxx 600 index finished a thin trading session up 0.3% to 280.63.
TUESDAY: EURO STOXX 50 2,832.02 +5.51 (0.19%)
MONDAY: EURO STOXX 50 2,826.51 -35.43 (-1.24%)
THURSDAY: EURO STOXX 50 2,807.04 -34.19 (-1.20%)
WEDNESDAY: EURO STOXX 50 2,841.23 +16.93 (0.60%)
Stoxx 600 index finished a thin trading session up 0.3% to 280.63.
TUESDAY: EURO STOXX 50 2,832.02 +5.51 (0.19%)
MONDAY: EURO STOXX 50 2,826.51 -35.43 (-1.24%)
Estonia Becomes Latest Euro State
Estonia becomes the 17th member of the Eurozone - the first former Soviet republic to adopt the EU's single currency.
UK - United Kingdom:
FRIDAY: FTSE 100 5,899.94 -71.07 (-1.19%) THURSDAY: FTSE 100 5,971.01 -25.35 (-0.42%)
WEDNESDAY: FTSE 100 5,996.36 -12.56 (-0.21%)
TUESDAY: FTSE 100 6,008.92 +12.85 (0.21%)
MONDAY: The U.K. for celebration of the Boxing Day holiday
Friday, the final trading day of the year shows the FTSEurofirst 300 .FTEU3 index of top European shares is down 0.2 percent in holiday-thinned trade. In London, Brent crude fell 11 cents to $92.98 a barrel on the ICE Futures exchange..
Wednesday, the U.K.'s FTSE 100 index reopened for the first time since Christmas Eve and slipped 0.2% to 5,996.36.
GERMANY:
FRIDAY:
Germany 'stronger' after crisis
Germans have emerged stronger from the economic crisis, Chancellor Angela Merkel says in an upbeat new year's message.
A U.S. federal judge dismissed a lawsuit by 10 hedge fund groups accusing German automaker Porsche SE of cornering the market in shares of Volkswagen AG, resulting in more than $2 billion of damages.
THURSDAY: The DAX 30 index fell 1.2% to 6,914.19
EXPORTS RISE 21.5% PERCENT
Germany's third quarter exports up by 21.5% per cent on the year to $322 billion. Official data show Germany's third quarter exports rose by 21.5 per cent to €245 billion (US$322 billion) from €202 billion a year earlier.
Germany's Federal Statistics Office said Thursday trade with other European Union member rose by 16.5 per cent and amounted to almost 60 per cent of all exports between July and September.
But it says exports to countries outside the bloc recorded the strongest growth, with sales to the U.S. up by 32 per cent to €17 billion, and those to China by 34 per cent to €14 billion. Those to Russia were up by 42 per cent to €7 billion.
The data show German exports in the first three quarters combined rose from €591 billion to €703 billion as demand for German goods increased amid a strengthening world economy.
WEDNESDAY: Germany's DAX 30 added 0.3% to 6,995.47.
GERMAN DECEMBER CPI SURGES ON TOURISM, FUEL, FOOD
German inflation edges up to 1.7 per cent in December
Consumer prices in Germany rise by more in December than in the previous eight months put together, according to a preliminary estimate released by the Federal Statistics Office, Destatis.
An official estimate shows that Germany's annual inflation rate picked up to 1.7 per cent in December, with higher oil and fuel prices helping push the rate higher.
The Federal Statistical Office said Wednesday that annual consumer price inflation was up from 1.5 per cent in November. Prices were up one per cent on the month. Data from Germany, Europe's biggest economy, are important for interest rate decisions by the European Central Bank. The bank has kept its main interest rate at one per cent since May 2009 and shows no signs of raising it any time soon.
IRELAND:
WEDNESDAY: Dublin Stocks: ISEQ Ends Flat At 2,885; Bank Of Ireland +7.5%
FRANCE:
FRIDAY: CAC 40 3,804.78 -45.98 (-1.19%)
THURSDAY: CAC 40 3,850.76 -39.89 (-1.03%)
WEDNESDAY: CAC 40 3,898.16 +39.44 (1.02%)
TUESDAY: CAC 40 3,874.53 +12.34 (0.32%)
MONDAY: CAC 40 3,862.19 -38.20 (-0.98%)
FRENCH 3Q FINAL GDP REVISED DOWN TUESDAY
The French economy slowed in 3Q compared with the previous three-month period, revised data shows. National statistics office Insee say 3Q GDP rose 0.3% between June and September, revising down previously reported preliminary figures.
SPAIN:
FRIDAY:
The increase will take monthly minimum pay to 641.50 euros (£551; $851).
Mr Zapatero said state pensions would go up by at least the same percentage - and more in the case of those receiving the smallest pensions. He told a news conference the government was making "a special effort at solidarity" despite Spain's economic crisis.
The proposed rise in the minimum wage is well below inflation, which is currently 2.3% a year in Spain. The prime minister predicted that Spain would go from recession to recovery in 2011 after "a difficult year" in 2010.
This view has already been endorsed by the Organisation for Economic Co-operation and Development (OECD), which said earlier this month that Spain's economy would grow by 0.9% in 2011 and by 1.8% in 2012.
The country's unemployment, which at almost 20% is the highest in the EU, would "drop slightly" to 19.1% next year and to 17.4% in 2012, the OECD said.
The body also reiterated its forecast that the government's budget deficit would be 9.2% this year, 6.3% in 2011 and 4.4% in 2012.
The Spanish government is currently able to borrow money from the international money markets in order to fund its debts, although at much higher rates than before the eurozone debt crisis began.
FRIDAY:
Germany 'stronger' after crisis
Germans have emerged stronger from the economic crisis, Chancellor Angela Merkel says in an upbeat new year's message.
A U.S. federal judge dismissed a lawsuit by 10 hedge fund groups accusing German automaker Porsche SE of cornering the market in shares of Volkswagen AG, resulting in more than $2 billion of damages.
THURSDAY: The DAX 30 index fell 1.2% to 6,914.19
EXPORTS RISE 21.5% PERCENT
Germany's third quarter exports up by 21.5% per cent on the year to $322 billion. Official data show Germany's third quarter exports rose by 21.5 per cent to €245 billion (US$322 billion) from €202 billion a year earlier.
Germany's Federal Statistics Office said Thursday trade with other European Union member rose by 16.5 per cent and amounted to almost 60 per cent of all exports between July and September.
But it says exports to countries outside the bloc recorded the strongest growth, with sales to the U.S. up by 32 per cent to €17 billion, and those to China by 34 per cent to €14 billion. Those to Russia were up by 42 per cent to €7 billion.
The data show German exports in the first three quarters combined rose from €591 billion to €703 billion as demand for German goods increased amid a strengthening world economy.
WEDNESDAY: Germany's DAX 30 added 0.3% to 6,995.47.
GERMAN DECEMBER CPI SURGES ON TOURISM, FUEL, FOOD
German inflation edges up to 1.7 per cent in December
Consumer prices in Germany rise by more in December than in the previous eight months put together, according to a preliminary estimate released by the Federal Statistics Office, Destatis.
An official estimate shows that Germany's annual inflation rate picked up to 1.7 per cent in December, with higher oil and fuel prices helping push the rate higher.
The Federal Statistical Office said Wednesday that annual consumer price inflation was up from 1.5 per cent in November. Prices were up one per cent on the month. Data from Germany, Europe's biggest economy, are important for interest rate decisions by the European Central Bank. The bank has kept its main interest rate at one per cent since May 2009 and shows no signs of raising it any time soon.
IRELAND:
WEDNESDAY: Dublin Stocks: ISEQ Ends Flat At 2,885; Bank Of Ireland +7.5%
FRANCE:
FRIDAY: CAC 40 3,804.78 -45.98 (-1.19%)
THURSDAY: CAC 40 3,850.76 -39.89 (-1.03%)
WEDNESDAY: CAC 40 3,898.16 +39.44 (1.02%)
TUESDAY: CAC 40 3,874.53 +12.34 (0.32%)
MONDAY: CAC 40 3,862.19 -38.20 (-0.98%)
FRENCH 3Q FINAL GDP REVISED DOWN TUESDAY
The French economy slowed in 3Q compared with the previous three-month period, revised data shows. National statistics office Insee say 3Q GDP rose 0.3% between June and September, revising down previously reported preliminary figures.
SPAIN:
FRIDAY:
MINIMUM WAGE RAISED
Spain's minimum wage will rise by 1.3% in 2011, Prime Minister Jose Luis Rodriguez Zapatero has announced.
Mr Zapatero said state pensions would go up by at least the same percentage - and more in the case of those receiving the smallest pensions. He told a news conference the government was making "a special effort at solidarity" despite Spain's economic crisis.
The proposed rise in the minimum wage is well below inflation, which is currently 2.3% a year in Spain. The prime minister predicted that Spain would go from recession to recovery in 2011 after "a difficult year" in 2010.
This view has already been endorsed by the Organisation for Economic Co-operation and Development (OECD), which said earlier this month that Spain's economy would grow by 0.9% in 2011 and by 1.8% in 2012.
The country's unemployment, which at almost 20% is the highest in the EU, would "drop slightly" to 19.1% next year and to 17.4% in 2012, the OECD said.
The body also reiterated its forecast that the government's budget deficit would be 9.2% this year, 6.3% in 2011 and 4.4% in 2012.
The Spanish government is currently able to borrow money from the international money markets in order to fund its debts, although at much higher rates than before the eurozone debt crisis began.
RUSSIA:
WEDNESDAY:
Norilsk Buying Back $3B In Shares; Rusal
Hours after failing to reach a compromise on United Co. Rusal PLC's (0486.HK) 25% stake in OAO Norilsk Nickel (GMKN.RS), Norilsk Wednesday offered to buy back up to $3 billion in shares. Embattled shareholders in Russian mining giant Norilsk Nickel fail to reach a compromise on the future of a 25% stake in the company, prolonging a bitter, two-year-old conflict.
Deripaska: Glencore Sought To Buy Trafigura's Norilsk Stake
Billionaire and United Co. Rusal PLC (0486.HK) major shareholder Oleg Deripaska said Wednesday that commodities giant Glencore had offered to buy the OAO Norilsk Nickel (GMKN.RS) stake that ultimately went to commodities rival Trafigura Beheer BV.
TUESDAY:
RUSSIAN PANEL APPROVED PEPSICO PURCHASE
Russia's government commission on foreign investment approved PepsiCo's purchase of juice and dairy maker OAO Wimm-Bill-Dann, according to the head of the Anti-Monopoly Service, Igor Artemyev, Interfax reports.
MONDAY:
Norilsk Buying Back $3B In Shares; Rusal
Hours after failing to reach a compromise on United Co. Rusal PLC's (0486.HK) 25% stake in OAO Norilsk Nickel (GMKN.RS), Norilsk Wednesday offered to buy back up to $3 billion in shares. Embattled shareholders in Russian mining giant Norilsk Nickel fail to reach a compromise on the future of a 25% stake in the company, prolonging a bitter, two-year-old conflict.
Deripaska: Glencore Sought To Buy Trafigura's Norilsk Stake
Billionaire and United Co. Rusal PLC (0486.HK) major shareholder Oleg Deripaska said Wednesday that commodities giant Glencore had offered to buy the OAO Norilsk Nickel (GMKN.RS) stake that ultimately went to commodities rival Trafigura Beheer BV.
TUESDAY:
RUSSIAN PANEL APPROVED PEPSICO PURCHASE
Russia's government commission on foreign investment approved PepsiCo's purchase of juice and dairy maker OAO Wimm-Bill-Dann, according to the head of the Anti-Monopoly Service, Igor Artemyev, Interfax reports.
MONDAY:
General Electric Co. and two Russian companies have formed joint ventures to build and sell health-care and power equipment in Russia. The deal is part of a broader strategy by GE to boost overseas growth, the company said Monday. CEO Jeffrey Immelt told investors earlier this month that such partnerships will help GE capitalize on rising investments in foreign projects.
GE and state-owned Russian Technologies and INTER RAO UES JSC will create new businesses to manufacture, sell and service gas-fired power generation turbines. GE also formed a partnership with Russian Technologies to manufacture, sell and service high-tech medical diagnostic equipment.
____________________________________________________________
Asian Pacific Markets:
CHINA:
THURSDAY:Shanghai 2,759.57 +8.05 (0.29%)
Hang Seng Index 22,999.34 +30.04 (0.13%)
WEDNESDAY: Shanghai 2,751.53 +18.54 (0.68%)
Hang Seng Index 22,969.30 +347.57 (1.54%)
TUESDAY: Shanghai 2,744.41 -37.00 (-1.33%)
Hang Seng Index: 22,624.94 -208.86 (-0.91%)
MONDAY: Shanghai 2,781.40 -53.75 (-1.90%)
Hang Seng Index: 22,833.80 -69.17 (-0.30%)
THURSDAY:
China's largest digital-media company Focus Media Holding Ltd. (FMCN, $21.77, +$0.98, +4.71%) agreed to acquire 15.3 million VisionChina Media Inc. (VISN, $4.67, +$0.80, +20.67%) shares for $61 million, giving it with a 15% stake in the Chinese mass-transportation mobile TV advertising company.
WEDNESDAY:
China's largest digital-media company Focus Media Holding Ltd. (FMCN, $21.77, +$0.98, +4.71%) agreed to acquire 15.3 million VisionChina Media Inc. (VISN, $4.67, +$0.80, +20.67%) shares for $61 million, giving it with a 15% stake in the Chinese mass-transportation mobile TV advertising company.
WEDNESDAY:
China's Shanghai Composite Index rose 0.7 per cent to close at 2,751.53 while Hong Kong's Hang Seng index climbed 1.5 per cent to finish at 22,969.30.
Chinese stocks bounced back after two days of losses in reaction to news at the weekend that authorities would raise a key interest rate. Chinese officials are trying to keep a lid on rising inflation and the rate hike was the second such move in just over two months.
The People's Bank of China raises the rediscount and refinancing rates, making it more expensive for banks to borrow from the central bank.
The People's Bank of China raises the rediscount and refinancing rates, making it more expensive for banks to borrow from the central bank.
China said it is reducing the amount of rare earths it will export for the first half of the year by more than 10 percent — likely to be an unpopular move worldwide since the minerals are vital to the manufacture of high-tech products.
China accounts for 97 percent of the global production of rare earths, which are essential to devices as varied as cell phones, computer drives and hybrid cars. Countries were alarmed when Beijing blocked shipments of the minerals to Japan earlier this year amid a dispute over islands claimed by both countries.
Concerns over China's grip on rare earths has led countries on a hunt for alternative sources. A number of companies in North America; notably Molycorp Inc. in the U.S. and Thompson Creek Metals Co. in Canada are hurrying to open or reopen rare earth mines. Two Australian companies are also preparing to mine rare earths.
China accounts for 97 percent of the global production of rare earths, which are essential to devices as varied as cell phones, computer drives and hybrid cars. Countries were alarmed when Beijing blocked shipments of the minerals to Japan earlier this year amid a dispute over islands claimed by both countries.
Concerns over China's grip on rare earths has led countries on a hunt for alternative sources. A number of companies in North America; notably Molycorp Inc. in the U.S. and Thompson Creek Metals Co. in Canada are hurrying to open or reopen rare earth mines. Two Australian companies are also preparing to mine rare earths.
China is also cracking down on illegal mining operations that are producing rare earth materials without proper permits.
TUESDAY: December 28, 2010
China's Markets Closed Lower Tuesday
The Shanghai Composite Index was down 1.7% as securities firms fell in China as investors were concerned over tighter credit and the possibility of further monetary tightening measures from Beijing. The Hang Seng Index closed at 22,624.94 losing -208.86 points, down -0.91% percent on the day. Higher interest rates would make it more expensive for people to borrow money to buy homes. China auto stocks have been dragged down in recent days after an announcement last week that traffic-clogged Beijing would sharply limit new vehicle registrations.
China Cuts First-Round Rare Earth Export Quotas by 11%
China cut its rare earths export quotas by 11 percent in the first round of permits for 2011, threatening to worsen a global shortage of the minerals needed for smartphones, hybrid cars and guided missiles.
The government allotted 14,446 metric tons of rare earth exports split among 31 companies, the Ministry of Commerce said in a statement. That compares with the first round this year of 16,304 tons and the second round of 7,976 tons, according to previous ministry statements. The government usually issues two rounds of export quotas every year.
China, which accounts for more than 90 percent of world supplies, slashed export quotas by 72 percent in the second half of this year, sparking a surge in prices. Japan, the biggest user, has sought alternate supplies with companies including Hitachi Metals Ltd. and Toyota Motor Corp. seeking cooperative ventures at home and abroad to secure the minerals.
Read the entire article on Bloomberg News:
http://www.bloomberg.com/news/2010-12-28/china-cuts-first-round-rare-earth-export-quotas-by-11-correct-.html.
China Investigates U.S. Feed Exports
China's Ministry of Commerce opened an anti-dumping investigation into U.S. exports of a livestock feed that the U.S. farm industry lobby has sought to promote among Chinese feed mills.
China May Hike Interest Rate First Half of 2011
China's central bank could raise interest rates to alleviate negative real interest rates in the first half of next year while inflation pressures are large, the central bank-backed Financial News reported Tuesday.
SATURDAY: December 25, 2010
China raises key interest rates again after inflation hit 28-month high
BEIJING, China - China increased interest rates Saturday for the second time in little more than two months as the government steps up its fight against rising inflation that could threaten political stability.
The move by the People's Bank of China had been expected by the end of the year or early next year.
Effective from Sunday, the benchmark one-year lending rate will climb 25 basis points to 5.81 per cent, while the one-year deposit rate will go up the same amount to 2.75 per cent, the central bank said on its website.
Earlier this month, China's leaders wrapped up an annual economic planning meeting with a pledge to cool surging inflation while shifting the economy toward more stable, balanced growth.
Inflation is especially sensitive in a society where poor families spend up to half their incomes on food. Rising incomes have helped to offset price hikes, but inflation undercuts economic gains that help support the ruling Communist party's claim to power.
Inflation jumped to 5.1 per cent in November, a 28-month high despite a crackdown on speculation and repeated moves to curb a flood of money circulating in the economy from massive stimulus spending and bank lending.
Chinese banks lent a total of 7.45 trillion yuan (US$1.1 trillion) in January-November and are certain to overshoot the government's official lending target of 7.5 trillion yuan.
While a frenzy of lending over the past two years has helped China rebound quickly from the global crisis, combined with bad weather and rising global commodity prices, it has complicated efforts to cool inflation.
November's rate was way above the government's original target of three per cent.
The rate increases, which follow similar moves Oct. 19, also highlight the divergence of China's robust economic expansion from the United States, Europe and Japan, which still are trying to shore up growth.
China's rapid economic growth eased to 9.6 per cent in the three months ending in September from a post-crisis high of 11.9 per cent in the first quarter. It is expected to fall further in coming months but to remain strong.
Mindful of the political turmoil linked to past bouts of inflation, Beijing has already sought to reassure the public it has prices under control.
Earlier this month it raised banks' reserve requirement ratio — meaning they have to hold more deposit funds in reserve rather than lending them out —for the sixth time this year to help curb the surge in lending.
JAPAN:
WEDNESDAY: Nikkei 225 10,344.54 +51.91 (0.50%)
TUESDAY: Nikkei 225 10,306.62 -49.37 (-0.48%)
MONDAY: Nikkei 225 10,355.99 +76.80 (0.75%)
THURSDAY:
In the last trading day of the year for Japan, the Nikkei lost 1.1% on a stronger yen. Hong Kong's Hang Seng, which will have a shortened trading session on Friday, added 0.1%.
TUESDAY: December 28, 2010
Japan Threatens Currency Intervention
Japan's finance minister threatens to intervene again in the currency market as the yen marks three-week highs against the dollar. But doubts remain on whether Tokyo can carry out its threat.
Japanese Markets Declined Tuesday.
Asian stock markets were mixed Tuesday with the Japanese market weighed by profit-taking. Japan's Nikkei Stock Average fell 0.4%.
Japanese Markets Declined Tuesday.
Asian stock markets were mixed Tuesday with the Japanese market weighed by profit-taking. Japan's Nikkei Stock Average fell 0.4%.
Japan's Industrial Output Increased in November
Japan's government says industrial production rose in November for the first time in six months. The Ministry of Economy, Trade and Industry said Tuesday that factory output climbed 1 percent from the previous month due to stronger demand for transport equipment and electronic parts. Data last week showed that export growth in November accelerated for the first time in nine months.
The result was slightly better than Kyodo News agency's average market forecast for a 0.9 percent climb. The increase follows a 2 percent drop in October, when the Japanese auto sector took a major hit from the expiration of government subsidies for eco-car purchases.
The ministry's survey points to stronger growth ahead. It expects industrial production to rise 3.4 percent in December and 3.7 percent in January.
Separately, the government said prices in November fell for the 21st straight month as deflation kept its grip on the economy. The key consumer price index, which excludes volatile fresh food prices, fell 0.5 percent from a year earlier.
Japan's unemployment rate held steady at 5.1 percent, and household spending fell a real 0.4 percent from a year earlier, according to the Ministry of Internal Affairs and Communications.
Tokyo has been struggling to keep its fragile economic recovery alive, battling deflation and a strong yen, which can hurt exports. The current government is facing low approval ratings and has made job creation a priority, recently passing a $61 billion stimulus package with support for small businesses and regional economies.
The result was slightly better than Kyodo News agency's average market forecast for a 0.9 percent climb. The increase follows a 2 percent drop in October, when the Japanese auto sector took a major hit from the expiration of government subsidies for eco-car purchases.
The ministry's survey points to stronger growth ahead. It expects industrial production to rise 3.4 percent in December and 3.7 percent in January.
Separately, the government said prices in November fell for the 21st straight month as deflation kept its grip on the economy. The key consumer price index, which excludes volatile fresh food prices, fell 0.5 percent from a year earlier.
Japan's unemployment rate held steady at 5.1 percent, and household spending fell a real 0.4 percent from a year earlier, according to the Ministry of Internal Affairs and Communications.
Tokyo has been struggling to keep its fragile economic recovery alive, battling deflation and a strong yen, which can hurt exports. The current government is facing low approval ratings and has made job creation a priority, recently passing a $61 billion stimulus package with support for small businesses and regional economies.
SOUTH KOREA:
TUESDAY: South Korea's Kospi rose 0.8 per cent to 2,039.06TAIWAN:
TUESDAY: Taiwan's main index lost 0.2%AUSTRALIA:
Aussies Bring in 2011 with a Bang
New Year's Eve celebrations were muted for many Queenslanders as the state struggles to come to grips with its mounting flood disaster.
Sydney promised a party better than any since the 2000 Olympics and judging by crowd reaction, it delivered.
http://www.abc.net.au/news/stories/2011/01/01/3104647.htm
FRIDAY: S&P/ASX 200 4,745.20 -45.20 (-0.94%)
THURSDAY: S&P/ASX 200 4,790.40 +15.20 (0.32%)
WEDNESDAY: S&P/ASX 200 4,775.20 -2.10 (-0.04%)
Floods devastating large areas of Australia's Queensland state will worsen in the coming days, authorities warned. Separately, a tropical cyclone is expected to develop Saturday in the northwest.
The impact of bad weather on key Australian resources exports worsens as oil and iron ore facilities on the North West coast scramble to shut down ahead of a tropical cyclone due over the weekend.
There are concerns that damage could cost billions of Australian dollars to repair.
State Treasurer Andrew Fraser said the economic impact would be severe, with huge costs compounded by lost income from mining, farming and tourism.
Mr Fraser has had to delay a fiscal and economic review in order to account for the costs of the floods.
Rockhampton, where 77,000 people live, is the latest city bracing for impact, amid warnings of 30ft (9m) floodwaters.More than 20 other towns have already been left cut off or flooded. The town's airport was closed to commercial flights.
Among the areas already hit by the flooding are Emerald - a town of some 11,000 people - and two smaller towns, Theodore and Condamine, which have been completely evacuated. In some areas, helicopters were used to deliver supplies and food to cut-off householders.
.
MONDAY-TUESDAY: The Australian market is closed for Boxing Day holiday.
S&P/ASX 200 4,777.30 -21.70 (-0.45%)
NEW ZEALAND: 
Australians have welcomed a fresh decade with cheers, beers and in some cases a few tears, as fireworks brightened night skies in states ranging from the sunburnt to the sodden.
Sydney promised a party better than any since the 2000 Olympics and judging by crowd reaction, it delivered.
http://www.abc.net.au/news/stories/2011/01/01/3104647.htm
FRIDAY: S&P/ASX 200 4,745.20 -45.20 (-0.94%)
THURSDAY: S&P/ASX 200 4,790.40 +15.20 (0.32%)
WEDNESDAY: S&P/ASX 200 4,775.20 -2.10 (-0.04%)
FLOODS HALT AUSTRALIA COAL OUTPUT
AND DESTROYS CROPS
Torrential rains across Australia's North-eastern Queensland state are inundating mines, flooding crops and threatening to strand tens of thousands of people. The area is 1.73 million sq km (668,000 sq mile)Floods devastating large areas of Australia's Queensland state will worsen in the coming days, authorities warned. Separately, a tropical cyclone is expected to develop Saturday in the northwest.
The impact of bad weather on key Australian resources exports worsens as oil and iron ore facilities on the North West coast scramble to shut down ahead of a tropical cyclone due over the weekend.
There are concerns that damage could cost billions of Australian dollars to repair.
State Treasurer Andrew Fraser said the economic impact would be severe, with huge costs compounded by lost income from mining, farming and tourism.
Mr Fraser has had to delay a fiscal and economic review in order to account for the costs of the floods.
Rockhampton, where 77,000 people live, is the latest city bracing for impact, amid warnings of 30ft (9m) floodwaters.More than 20 other towns have already been left cut off or flooded. The town's airport was closed to commercial flights.
Among the areas already hit by the flooding are Emerald - a town of some 11,000 people - and two smaller towns, Theodore and Condamine, which have been completely evacuated. In some areas, helicopters were used to deliver supplies and food to cut-off householders.
.
MONDAY-TUESDAY: The Australian market is closed for Boxing Day holiday.
S&P/ASX 200 4,777.30 -21.70 (-0.45%)
MONDAY-TUESDAY: The New Zealand market was closed for Boxing Day holiday.
____________________________________________________________
WORLD FOREX CURRENCIES SNAPSHOT:
(FRIDAY, DEC 31, 2010 1:05 PM EST)
EUR/USD 1.3391 +0.0101 (0.76%)
USD/JPY 81.1200 -0.3900 (-0.48%)
GBP/USD 1.5598 +0.0171 (1.11%)
USD/CAD 0.9948 -0.0051 (-0.51%)
USD/HKD 7.7732 -0.0085 (-0.11%)
USD/CNY 6.5900 -0.0100 (-0.15%)
AUD/USD 1.0234 +0.0065 (0.64%)
____________________________________________________________
WORLD MARKETS SNAPSHOT:
(FRIDAY, DEC. 31, 2010 1:00 PM EST)
Shanghai 2,808.08 +48.50 (1.76%)
Nikkei 225 10,228.92 -115.62 (-1.12%)
Hang Seng Index 23,035.45 +36.11 (0.16%)
TSEC 8,972.50 +64.59 (0.73%)
FTSE 100 5,899.94 -71.07 (-1.19%)
DJ EURO STOXX 50 2,792.87 -48.36 (-1.70%)
CAC 40 3,804.78 -45.98 (-1.19%)
S&P TSX 13,445.51 +11.10 (0.08%)
S&P/ASX 200 4,745.20 -45.20 (-0.94%)
BSE Sensex 20,509.09 +120.02 (0.59%)
____________________________________________________________
FRIDAY'S U.S. ECONOMIC CALENDAR:
8:30 a.m.
Dec US ISM-NY Business Index (previous 65.6
9:45 a.m.
Dec DJ Economic Sentiment Indicator (previous 43.9)
December 31, 2010
New Year's Eve; Govt offices closed.
____________________________________________________________
US STOCK MARKET SUMMARY, THURS., DEC.30, 2010:
STOCKS:
U.S. stocks edged lower Thursday amid a holiday week that was low volume, choppy, boosted by a falling dollar. U.S. stocks are posting small declines Thursday. The Dow Jones Industrial Average shed 15 points, or 0.14%, to 11569.71. The Nasdaq Composite Index slid almost 4 points to close at 2662.98. The Standard & Poor's 500 index shed 0.15% to end the days trades at 1257.88. The week between Christmas and New Year, almost always a quiet interval for markets.
TREASURYS:
Treasury prices slipped a little further Thursday, pushing yields up, after reports showed fewer Americans filing for first-time jobless benefits than economists had forecast and pending home sales higher than predicted. Analysts noted that most bond investors would treat the session as the last of the year, even though the market is open for a half-day Friday. That will mean a lot of position adjustments and so-called window dressing of portfolios for the end of the month and year.
FOREX:
The dollar had rallied sharply following upbeat economic readings on manufacturing, home sales and unemployment claims on Thursday, but has been unable to sustain momentum from those reports.
On Wednesday, the dollar weakened broadly in light trading after strong demand for safe-haven Treasury debt fanned concerns about the U.S. economic recovery.
Tuesday the yen strengthened broadly as encouraging industrial production data from Japan and year-end positioning converged to increase demand for the Japanese currency. Data released during the Asian trading session showed that Japan's industrial output rose in November for the first time in six months, logging a seasonally adjusted 1% gain.
The euro rose against the dollar and yen on Monday in thin trading. The few traders in the market brushed aside initial concerns about China's interest-rate increase, opting to send the euro higher. The dollar touched a three-week low against the yen. The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, declined 0.3 percent and touched the lowest since Dec. 17. The yen gained 0.1 percent to 82.81 versus the dollar at 5:02 p.m. in New York, compared with 82.88 on Dec. 24. The Japanese currency touched 82.66, the strongest since Dec. 7. The dollar declined 0.3 percent to $1.3165 per euro from $1.3122.
The Australian and New Zealand dollars weakened against most of their major counterparts as China’s rate increase damped the outlook for spending in one of the biggest export markets for commodities from the two South Pacific countries. The euro gained against 13 of its 16 most-traded counterparts after failing to break through a technical level.
The Swiss franc traded at 1.2641 versus the euro, compared with 1.2627, after touching 1.2439 on Dec. 22, the strongest level since the European currency began trading in 1999.
Swiss National Bank President Philipp Hildebrand, who ended 15 months of intervening in foreign-exchange markets this year, may prove powerless to stop the currency from extending a record rally that he calls a “burden.”
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