Bucks Bunny

United States: nearly a quarter of households without savings

noreply@blogger.com (Bucky) — Wed, 09 May 2012 04:29:00 +0000

The savings? A major problem in the United States? It seems so. While everything seems to get credit or almost on the other side of the Atlantic, a study released Tuesday by the University of Michigan indicates that 23.4% of U.S. households were without savings in 2011 against 18, 5% two years ago.

Squirrels are therefore rated as the Central Park ...

Analysts have established indicator using data from a panel of 9,000 households living on incomes of the month and have no liquid financial asset (certificate of deposit, treasury bills, mutual fund, etc..).

If we add households with less than $ 1,500 savings, the share rises to 41.6%, against 40.1% in 2009.

According to researchers at the University of Michigan, this observation suggests the continuing crisis of indebtedness of borrowers estate in the coming years.

"More than one in five households in the U.S. has a debt in credit cards, medical bills, student loans and other loans not secured by an asset exceeds their savings," also indicates the University of Michigan.

With particular regard to student loans, note that a growing number of senior citizens are indebted for this type of loans taken years earlier. According to the New York Federal Reserve, Americans over 60 are still indebted to the tune of $ 36 billion [27.4 billion] by student loans. And over 10% of these receivables are past due.

The savings rate remains historically low already alarmed in 2007 - a few months before the outbreak of the crisis - U.S. economist Charles Steindel, while the latter taking the situation could eventually pose problems of financing the U.S. economy.

Steel: European demand declined before a rebound in 2013

noreply@blogger.com (Bucky) — Tue, 08 May 2012 02:24:00 +0000

According to figures reported Monday by the European steel federation, Eurofer, the European demand in the sector should fall in 2012.

Things should get better in 2013 when a rebound is expected following the recovery prospects of the activity of industrial consumers.

"The steel market sees the risk of recession in Europe gradually move away from the second quarter, however the strength and timing of economic recovery remain fraught with uncertainty and risk", and considers Eurofer said in a statement.

In this context, the activity of the steel consuming sectors would fall by less than 1% in 2012.

Note however that according to Eurofer early 2012 was better for the European steel market the last quarter of 2011.

At the end of 2011, the European plants have "adjusted their production levels to that demand and lower imports from other countries has kept to the beginning of a relative balance between supply and demand, "said the federation as well. Overall, the apparent steel consumption in Europe is expected to decline by only 2.7% in 2012.

The Director General Gordon Moffat Eurofer for its part expects "a further improvement in activity level" that he estimated dervait lead to a modest rebound in consumption and real to restockages.

The apparent steel consumption expected to increase by 2.5% "in 2013 he also said.

Beginning in January, analysts at Macquarie Research had forecast in turn on an upturn in 2012, expecting a resumption of growth in major emerging markets and a slowdown in the OECD countries.

Holland meets Merkel on Sunday evening if they win?

noreply@blogger.com (Bucky) — Sun, 06 May 2012 05:19:00 +0000

It is clear, the EU does more than invite the French election campaign. At a time when France could join the blacklist of countries of the EU in great financial difficulty, the possibility of a meeting Holland Merkel is already extremely close on everyone's lips.

Remains that this also tends to demonstrate the urgency of the economic situation of France or even the entire European Union.

Jean-Marc Ayrault, the Socialist candidate Special Counsel, in effect year said Sunday that the Franco-German count "immediately" if they win.

As appropriate, Francois Hollande may have an exchange with Angela Merkel on Sunday evening.

"This is the key to the recovery of Europe, the reorientation of Europe in the direction of growth, in the sense of competitiveness, protection," he wanted to argue.

Friday already, the Socialist candidate's entourage and diplomats had suggested that if Francis Holland was elected President of France, he could take office before May 15 and continue with a meeting with Angela Merkel. All in the perspective of an informal EU summit to be held late May or early June.

The Socialist candidate has already stated several times wanting to book his first trip abroad to the German Chancellor, if he wins.

Friday, speaking in Paris at the European American Press Club, Pierre Moscovici, campaign manager for the Socialist candidate, said that "growth strategy is essential, indispensable." Adding that "growth agenda" should "be fixed quickly."

The Socialists opposed the German Chancellor on the ratification of the Treaty of fiscal discipline, text signed last March by 25 of the 27 countries and serves as one of the most important tools in place to end the debt crisis in euro area.

Francois Hollande wants to re-open negotiations for the treaty to complete a section on growth, one of the highlights of the discussion addressing the issue of funding at European level of environmental or industrial projects.

If Germany refuses to renegotiate the treaty, Merkel said recently, however, that the EU was preparing a growth agenda for the upcoming EU summit.

Dow Jones: 01/05/12

noreply@blogger.com (Bucky) — Tue, 01 May 2012 16:18:00 +0000

Still uncertain last week, the configuration of U.S. indexes is again a little more positive, with the crossing of significant resistance. Does this mean that we left for an upturn? Side of the Dow, this is certainly a hypothesis to consider, with the crossing of the red downtrend resistance at last Wednesday (passing light green area - slightly upward trend). A crossing which can invalidate the figure-head-shoulder Shoulder mentioned lately.

However, the Dow has stumbled Tuesday on the resistance area of 13,300 pts, corresponding to its highest annual. An area slightly raised, but returned late in the session the Dow Jones violet resistance.

If we have been a number of bullish signals in recent days, the worst is yet to be done, namely to overcome these highest annual real return for a consideration of the increase.

For now, the trend is also still neutral, and more likely that it can be a bear back again towards the base of the horizontal channel current. An option to follow ...

Scenarios of the past week:

My bearish scenario under 12,840 was never able to be engaged: the better :-). As for the bullish scenario, the threshold crossing was clearly well positioned, as the Dow came close to 12 points only, and to decline late in the session. I renew it for next week.

Scenarios for the coming week:

Scenario 1:

Buy:> 13350
Objective 1: 13440
Objective 2: 13555
Alert threshold: 13,260
Stop: 12 960 (up to once a goal is reached)

Scenario 2:

Sale: <13170
Objective 1: 13115
Objective 2: 13,030 maximum, if slow descent / 12760 if rapid descent
Alert threshold: 13,230
Stop: 13,350 (to lower the target as soon as one is reached)

For a better understanding of these scenarios, I urge you to read the page "How to follow our scenarios on U.S. markets."

The price of sugar at its lowest level since May 2011

noreply@blogger.com (Bucky) — Tue, 01 May 2012 03:09:00 +0000

Sugar prices continued their decline this week, dropping even Friday until 21.01 cents a pound in New York, something that had not been seen since May 2011. In London, the situation was no longer thriving, prices falling to 571 dollars per tonne, a level that had been observed since September 2010.

The sector remains heavily impacted by the prospects of a bountiful harvest for the main producing countries (Thailand, India, Russia). Recall that last week already, investors had reacted strongly to the announcement of strong growth of crops in these countries, a movement that could reverse new estimates of analyst firm Canaplan, leaving the latter yet to hear that the harvest Brazil is one level below the official forecast.

While the results for the 2011-2012 season in Brazil - the world leader in exports - had proved extremely disappointing, harvesting sugar cane there should jump by 5.7%, to 33.1 million tonnes, during the 2012-2013 harvest, which has just begun. This is certainly indicated by the government forecasts.

The trade association sector in Brazil recently reported that for its sugar production taken from the 2012-2013 harvest is expected to represent an annual increase of 3.2%.

The Thai government for its part said that his country, second largest exporter of sugar, expected this year a record yield of plantations.

The significant increase in sugar exports authorized by the Indian government is far from salvage the situation.

It is in this context that the International Sugar Organization (ISO) has revised upward its forecast surplus on the world market, now amounting to "more than 6 million tons" for 2011-2012 , building on previous estimates 5.17 million.

Finally on the London Liffe, a tonne of white sugar for August delivery was worth 572.80 dollars against 582.90 dollars Friday last week.

Meanwhile, on the NYBOT-ICE U.S. a pound of raw sugar for July delivery was trading at 21.05 cents against 21.67 cents last Friday.

Portugal: EU raises 2.7 billion euros to lend

noreply@blogger.com (Bucky) — Sat, 28 Apr 2012 15:00:00 +0000

The European Union Thursday raised 2.7 billion euros of bonds to 10 years to pay the following in Portugal. An operation that fits within the European stabilization mechanism (FESM) wished to clarify the European Union. The demand proved to be a strong level therefore, amounting to 7.8 billion euros. A positive note, especially since the program has enrolled at the result of a transaction of this type of 1.8 billion euros to 26 years. Issue also in Portugal and also designed, launched last week by the European Union.

The bond issue matures Thursday April 4, 2022. It offers a coupon of 2.75%, a rate of 56 basis points (0.56 percentage point) above the risk free rate of similar maturity.

Remember, this is part of an assistance program, provided by the FESM, the Support Fund of the euro area (EFSF), and the International Monetary Fund that Portugal benefits from loans.

The amount of aid in Portugal is 78 billion euros over three years. The European Union, through the FESM, it contributes about 26 billion euros, 20.1 billion has been disbursed.

Between January and the date of Thursday, the European Union has raised a total of 39.7 billion euros in the bond market, including 38.5 billion through the FESM.

€ 2 billion will be raised again in 2012, an operation that should take place from September, wished to clarify the European Commission.

Given the concerns of a possible contagion of the Greek debt to Portugal, the interest rates on Portuguese bonds in recent weeks have reached new highs.

The Bank of Portugal already provides for it’s a recession "unprecedented" 3.1% of GDP.

Another disturbing development: the slowing global economy particularly that observed in the euro zone is likely to restrict the Portuguese exports, Lisbon unfortunately relying on this engine to boost growth.

According to Cristina Casalinho, bank BPI, "structural indicators place the Portugal midway between Greece and Ireland," and it is "premature" to Lisbon to consider a new aid plan or a restructuring its debt. "The Portuguese deficit has narrowed faster and is at a level below the Greek", she also emphasized.

Let us recall that Portugal should bring its deficit to about 4% of GDP in 2012, worth more than the 5.9% target that was set.

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The current oil rose slightly thanks to U.S. companies

noreply@blogger.com (Bucky) — Wed, 25 Apr 2012 17:03:00 +0000

Oil prices have made some progress Tuesday in New York, prices benefit the publication of quarterly results of companies in the United States, which were deemed generally encouraging for investors. The fact remains that economic indicators are not very pleasing whole.

A barrel of light sweet crude (WTI) crude for June delivery, will be able to garner 44 cents from the close of Monday, trading now at 103.55 dollars on the New York Mercantile Exchange (Nymex).

Meanwhile in London, a barrel of Brent North Sea crude for June delivery closed at 118.16, down 55 cents from the end of Monday.

The markets were reacting favorably to the publication of quarterly results of the conglomerate 3M and the telephone company AT & T, which announced Tuesday figures better than expected. Information likely to reassure investors, such a situation is synonymous with a potential resurgence of energy demand.

A renewed optimism to gloom contrasts observed in early trading, a round of disappointing economic indicators in the U.S. then worrying commodities market.

Thus, the index of U.S. consumer confidence released Tuesday by the Conference Board rose to 69.2, the median forecast of analysts is expected to 69.5.

Also note that sales of new single in the U.S. fell in March after reaching their highest level in more than two years.

Relocation from China to the United States..

noreply@blogger.com (Bucky) — Sat, 21 Apr 2012 15:49:00 +0000

Here we go ... Towards the end of relocation? .... even the end of a myth? Who knows.... According to research firm Boston Consulting Group (BCG), many U.S. companies now plan to repatriate U.S. production they had relocated to China.

Reasons: in labor costs becoming higher

37% of U.S. business leaders interviewed for this study are currently conducting or planning a relocation of their production from China to the United States.

The rate climbs to 48% for companies with more than $ 10 billion in revenue.

Main arguments used by leaders to implement this new strategy: labor costs (57%), product quality (41%), ease of doing business (29%) and proximity to customers (28%).

7 out of 10 employers believe that production in China is more expensive than their estimates, nine out of 10 expecting a continuation of rising labor costs.

Movement particularly affecting sectors of the plastics industry, machine tools, electronics and electrical components, computer equipment. Areas where over 40% of CEOs surveyed say consider relocation.

A study that comes at the end of February when the city of Shanghai announced a 13% increase in the minimum wage to 1,450 yuan (172 euros) as of April. Following in the footsteps of other cities ... where employers have difficulty recruiting.

Last January, the local government had announced that Shenzhen city bordering Hong Kong, the minimum wage would be raised in February from 13.6% to 1,500 yuan (178 euros).

While in Beijing, the increase was only 9% to 1,260 yuan (149 euros), increases reach at least 23% in Sichuan province (southwest), where wages are lower than in big cities of coastal China.

Some Chinese cities are now facing a shortage of labor since the resumption of activity after the Chinese New Year celebrations, a number of migrant workers are not returned to their place of work, put off by the increase in the cost of living and low wages.

During last fall, several movements of strikes took place in China, especially in Guangdong province, the country's largest exporter, to obtain wage increases. In early 2011, the minimum wage had been raised from 18% in Beijing and 20% in Guangdong.

In May 2011, Bruce Rockowitz, the director of Li & Fung, the largest Chinese supplier of consumer goods from the United States, meanwhile had already said that the average cost of the company's products had increased 15% in 5 months.

Comes in effect on the labor market the second generation of workers from rural areas. More educated than the first generation, but also more urban, this generation demands of better working conditions and better wages.

The price of sugar leaded by Brazil

noreply@blogger.com (Bucky) — Wed, 18 Apr 2012 05:39:00 +0000

The price of sugar has largely recovered this week, reaching levels below which no longer had been observed since mid-March. Main reasons for this trend: the prospect of bumper crops in Brazil. Prices will have dropped to 23.80 cents a pound in New York Tuesday, falling parallel to 616 dollars per tonne in London on Wednesday.

Note that these levels were no longer been seen since March 14. Investors are worried now the prospect of a global oversupply.

While the results for the 2011-2012 season in Brazil had proved extremely disappointing, harvesting sugar cane in the world's leading exporter is expected to jump 5.7%, to 33.1 million tonnes, at harvest 2012-2013, which has just begun. This is certainly indicated by the government forecasts released Tuesday.

Meanwhile, the trade association sector in Brazil (UNICA) said Thursday that the production of sugar derived from the 2012-2013 harvest is expected to represent an annual increase of 3.2%.

Information that occur while other major producing countries such as Thailand also expect them abundant crops.

The Thai government has recently indicated that the country, second largest exporter of sugar, expected this year a record yield of plantations.

Finally, on the London Liffe, a tonne of white sugar for August delivery was worth 622.20 dollars on Friday at the lunch break against 637.80 dollars last Thursday regarding the deadline of May.

Meanwhile on the NYBOT-ICE, a pound of raw sugar for May delivery was trading at 24.11 cents against 24.42 cents last week.

Libya: Malta unblocks 300 million euros of assets

noreply@blogger.com (Bucky) — Fri, 13 Apr 2012 04:34:00 +0000

Small step forward for the Libyan government, otherwise subject to severe tests, the revolution does not seem to have had the last word, and the departure of Qaddafi seemed to plunge the country into chaos between rival factions.

An official spokesman said Wednesday that Malta would unlock the assets belonging to Libyan companies, totaling about 300 million euros.

"Sanctions against Libya were lifted and Malta has allocated these funds. When the new Libyan government claims them, Malta will be happy to transfer "has the official said.

Note however that the freezing of assets of the Gaddafi family, worth about 86 million euros has been maintained.

Recall that last August, Libyan assets were frozen in Valletta, as part of the sanctions decided by the UN and the EU.

These guidelines were the assets of Muammar Gaddafi and 25 of his relatives. The United States, Canada, Australia and Switzerland took similar actions following the UN sanctions. Britain was then frozen 3.27% stake in British publishing group (publisher of Financial Times) held by the LIA (Libyan Investment Authority), sovereign fund controlled by Gaddafi.

Tunisia: a demonstration of unemployed violently repressed by police

noreply@blogger.com (Bucky) — Mon, 09 Apr 2012 05:26:00 +0000

Like what we can not compare decidedly Tunisia to Morocco, the political climate in both countries are far from similar. While I myself have attended in the past week in demonstrations of unemployed graduates in Rabat (Morocco's political capital), but we can not make reports of tensions between police and protesters, this is not the case in Tunisia.

Indeed, according to AFP journalists, several people were injured Saturday during a demonstration of unemployed graduates dispersed by police in downtown Tunis, the Tunisian capital.

Thousands of protesters demanding jobs and have seen brutally denied access to Central Avenue Habib Bourguiba, now banned the demonstrations.

The police have indeed fired tear gas and batons given to halt their advance.

Ambulances evacuated the wounded, while the protesters retreated outside the offices of the General Union of Tunisian Workers (UGTT trade union history).

According to Belgacem Ben Abdallah, head of the Union of Unemployed Graduates who called the rally, about twenty demonstrators were injured when police "unleashed" has loaded.

"We came to demonstrate peacefully for jobs, freedom and dignity because nothing has changed since the revolution. The police behaved savagely as in the days of Ben Ali, "the president overthrown in January 2011, he also said.

The Interior Ministry reported on its side of six police officers wounded by stone throwing, accusing protesters parallel to act contrary to law. Indeed justify the refusal of permission to the march under the Decision of 28 March banning marches to the Avenue Habib Bourguiba for "considerations relating to the protection of public and private property including shops and schools tourism and traffic flow.”

Note that since 28 March, the central avenue of Tunis was banned rallies after incidents during a demonstration demanding the Salafist sharia, Islamic law.

"They were warned but deliberately ignored the ban to invade the premises by force, the police used tear gas to stop them, causing clashes", was also trying to argue the door Ministry spokesman Khaled Tarrouche.

"The protesters were ordered to back off. But before their insistence involving violence, the police intervened to disperse them, "also attempts to explain the ministry.

"We will not allow chaos and install will not allow the law to be trampled," said Mr. Tarrouche.

Protesters demanding jobs or failing unemployment benefits equal to the minimum wage Tunisian (about 150 euros). Unemployment is officially 19% in Tunisia, nearly a quarter of graduates.

Ben Abdallah has also accused the government led by the Islamist party Ennahda not keep its promises and take over the policy of Ben Ali in employment.

"Eighteen months after the revolution we are still unemployed at the same point and no prospects," commented another leader of the Union of unemployed graduates.

The Tunisian League for Human Rights (LTDH) has meanwhile denounced the brutality of the police and insisted on the right of citizens to demonstrate peacefully.

In a statement, the LTDH states that "law enforcement officers in plainclothes and in uniform have also violently attacked the organizers of this movement as they tried to protest on Avenue Habib Bourguiba, causing numerous injuries among demonstrators over the arrest of several citizens.”

LTDH also emphasizes the need to respect the right of citizens to demonstrate peacefully, in accordance with what is guaranteed in laws and international charters ratified by Tunisia, adding that this right "can not be limited following a ministerial decision ".

LTDH also affirms its support for the legitimate claims of the unemployed, stating that "the authorities should have treated the issue of unemployment and to find urgent solutions instead of repressing its victims."

The executive office of the General Union of Tunisian Workers (UGTT) has meanwhile condemned the attacks against the unemployed protesting to demand their right to employment, recommending the initiation of an investigation to determine responsibilities.

In a statement released Saturday, the UGTT called the Interior Ministry to "end the use of force against demonstrators," adding that "the right to demonstrate and protest is an acquired and continuation of the ban can only lead to tensions and attacks on freedom.”

Greece leases its police

noreply@blogger.com (Bucky) — Mon, 02 Apr 2012 02:28:00 +0000

Nothing stops the progress is well known. With this assumption, Greece has announced that henceforth the police services of the State may be leased. An initiative somewhat surprising for the repayment to the state coffers. The Department of Citizen Protection has indeed said Sunday that subject to fulfill the modest sum of 30 euros per hour, potential clients may request the reinforcement of security forces and their equipment.

The Department has confirmed in a statement late March the adoption of a ministerial decision in this sense, the aim being "to amortize the cost of using equipment and infrastructure of the police, and modernize" . This reform, which was adopted in the biggest secret was revealed by the Sunday newspaper Proto Thema tabloid, which would have surprised even told us a while newly appointed minister, Michalis Chryssohoidis.

According to Proto Thema, the rates for different services offered range from 30 euros per hour for a police officer, 40 euros for a patrol car, 200 euro for a speedboat or a helicopter for 1500.

History to coax any recalcitrant to such a project for less "futuristic", these rental services will not concern only "exceptional cases". Note also that recourse to such practices will be permitted only to the extent that it will not cause a reduction in operational capacity of the body.

Services of the escort were "available for free" for years, also recalls the ministry, which has often been accused in recent months to give police protection to the costly political and economic elite of the country.

Deutsche Bank: mutual agreement on mortgages

noreply@blogger.com (Bucky) — Thu, 29 Mar 2012 20:17:00 +0000

All's well that ends well? We only ask to be believed ... German bank Deutsche Bank has agreed to pay $ 32.5 million to end prosecutions stock in partnership investors. The latter accused him of having deceived them before the crisis by selling securities backed by subprime loans. Lawyers for investors and banking have indeed made a draft of agreement to the New York Court Eastern District. The latter must still be approved by Judge Leonard Wexler.

The proposed agreement will provide a significant amount of 32.6 million in cash. If the agreement is approved, it will terminate all charges against (Deutsche Bank) in this litigation, the document said.

Recall that a complaint was filed in summer 2008 with a series of institutional investors, mainly pension funds. The latter claimed that Deutsche Bank had sold securities backed by mortgage loans by making misleading representations or omitting important elements of the quality of these credits. Also note that in May 2011, U.S. authorities have filed suit against Deutsche Bank, accusing it of "unsafe practices" in granting loans for years.

"The United States and the producer Manhattan federal Preet Bharara undertake this action against Deutsche Bank (its subsidiary mortgage) MortgageIT", accusing him of having "lied repeatedly to participate in government programs benefiting selecting loans federal insurance, "stated a press release and the federal prosecutor in New York Preet Bharara.

"Once integrated into the program (both entities) selected recklessly mortgages that violated the rules (the program) because they were completely unaware if borrowers were able to meet their repayments," added the text. U.S. authorities then asked "to be compensated for their losses" in the insurance program related to government loans for the poorest households.

They then wanted to receive damages of an amount "to determine", stating that the conduct of entities accused had already led the government to pay more than $ 386 million in compensation from defaults. The German bank had quickly responded by saying that the complaint was "unfounded", and announcing that it would defend itself "vigorously".

The complaint against Deutsche Bank accuses it of using the programs of the Federal Housing Agency (FHA), the "largest mortgage insurer in the world", which covers "approximately one third of all new residential mortgages United States ".

According to the U.S., MortgageIT, acquired by Deutsche Bank in 2007, have failed to meet standards, while achieving inadequate monitoring of the payment delays, and quality control is insufficient or nonexistent.

Coffee: the price of arabica back to its lowest since October 2010

noreply@blogger.com (Bucky) — Mon, 26 Mar 2012 03:11:00 +0000

The price of arabica fell this week to its lowest level since October 2010, the abundance of supply from Brazil drape prices. Thursday, prices actually fell in London to 174.45 cents a pound. Barclays Capital analysts point out that coffee prices are under pressure since the beginning of the year. Investors with eyes on Brazil, while the leader in world coffee exports is currently in the upswing of the cycle bi-annual production.

Nevertheless, the market continues to experience tight supply globally in view of sustained consumption and rising demand from emerging countries (Brazil itself does not escape to the rule). The experts want to show the 4% drop recorded in January of coffee stocks stored in European ports, the latter amounting to 9.69 million bags according to latest figures from the European Federation of Coffee ( ECF), which brings together businesses. Another bearish factor observed this week: investor caution in the face of mixed economic indicators in Europe and China.

Finally, on the London Liffe, a tonne of Robusta for May delivery was worth 1,995 dollars on Friday midday against 2,040 dollars last Friday. Meanwhile, on the NYBOT-ICE New York, a pound of Arabica for May delivery was trading at 177.80 cents 185.40 cents against the previous Friday.

Greece: declining rates for new issuance of Treasury bills

noreply@blogger.com (Bucky) — Wed, 21 Mar 2012 06:05:00 +0000

Markets may be somewhat reassured. As investors eagerly awaiting the outcome of the first issue carried out by Greece after the restructuring of part of its sovereign debt, the Greek agency management of public debt (PDMA) said on Tuesday that Athens could raise € 1.3 billion in Treasury bonds to three months at 4.25%.

In any event, the rate obtained Tuesday fell sharply relative to that of 4.61% agreed at the last auction of the same type, on Feb. 14.

The agency also states that the issue was oversubscribed more than two and a half times the initial offer, amounting to 1 billion euros.

Note that since 2010, when u start of the debt crisis, Greece can use markets to finance its medium to long term. It emits no more than short term bonds, and, twice a month.

The European Union and the International Monetary Fund (IMF) have recently pledged to implement a second bailout of 130 billion euros. A decision following the restructuring granted by private creditors, for erasing a slate of over 100 billion euros.

Sugar: the course at its highest since November

noreply@blogger.com (Bucky) — Sat, 17 Mar 2012 04:00:00 +0000

If the price of sugar had declined over the past two weeks, a trend reversal has occurred in recent days. Prices have indeed rebounded sharply, exceeding even the highest since Nov. 10. Friday, the course has even flown up to 675 dollars per tonne in London.

Main reasons: fears of pressure on short-term supply

Reacting to increased risk of shortage, CIESU, trade association bringing together the main European industrial sector, on Thursday urged the European Commission to raise 1 million tonnes of quota sugar imports by countries of the European Union (EU). According to the International Sugar Organization (ISO), during the 2010-2011 seasons, the EU imported slightly more than 4.2 million tonnes.

Nevertheless, most analysts believe that the current rise in prices could quickly slowed down,, abundant crops is expected soon in most major producing countries (Thailand, India, Russia). Finally, on the London Liffe, a tonne of white sugar for May delivery was worth 670.40 dollars late Friday morning against 631.30 dollars last Friday. Meanwhile, on the NYBOT-ICE U.S. a pound of raw sugar for May delivery was trading at 25.57 cents against 24.02 cents the previous week.

Greece: the debt reduced to 117% of GDP in 2020

noreply@blogger.com (Bucky) — Mon, 12 Mar 2012 20:51:00 +0000

It is clear, Jean-Claude Juncker, the leader of Finance Ministers of the euro area has decided to believe. Or at least blow hot markets ...

This has indeed said Monday that Greece's debt would be reduced to 117% of GDP in 2020. A higher level - if any - the target date by the Eurogroup, which had stood at 120.5%.

Miracle method: get a high turnout in terms of erasing Greek debt by the private sector. It is sure a nice little rub on a sacred slate arranges things well.

Especially since the recent swap of bonds allows the launch of the second program of aid to Greece, amounting to 130 billion euros for 2012-2013.

A method well though costly to offer keeping Greece in the euro area.

Oil: U.S. boosts employment

noreply@blogger.com (Bucky) — Sat, 10 Mar 2012 03:46:00 +0000

Oil prices continued to rise Friday in New York, thanks to the publication of indicators on employment with the U.S. level was satisfactory. Investors are concerned, however the decline in demand worldwide. A barrel of light sweet crude (WTI) for April delivery rose by 82 cents during the day, finally closing in at 107.40 dollars on the New York Mercantile Exchange (Nymex). Meanwhile in London, a barrel of Brent North Sea crude for April delivery ended the session at 125.98 dollars, up 54 cents from the close of Thursday.

If the day had begun with a downward trend even hesitant, good monthly employment figures have reversed the slope. February has indeed seen - if one believes the results of the calculations more or less flattering - the massive hiring, the unemployment rate remained unchanged in turn to 8.3%, which corresponds to its level the lowest for three years. However, this upward trend has been offset by higher than expected trade deficit of the United States. Which is strongly accentuated in January, reaching its highest level since October 2008 to $ 52.6 billion.

Situation suggests that the surge in oil prices has an impact on demand, if you believe the analysts. Finding supported by Friday's announcement by the Organization of Petroleum Exporting Countries (OPEC) of the downward revision of the forecast of global demand for crude in 2012, and this for the second consecutive month. In its monthly report, OPEC shows a continuing concern about weak growth in developed countries, particularly that of countries in the euro area. Therefore, it evaluates the demand for crude from 2012 to 88,630,000 barrels per day (bpd), while she was counting on further 88.76 million bpd a month ago.

Also note that the euro has been the subject of numerous sales following the announcement of the success of the restructuring of the debt taken by Greece. Let us recall that the weakening of the euro against the dollar makes it less attractive purchases of raw materials denominated in dollars for investors provided with other currencies.

Aluminum: the course to its highest since September 2011

noreply@blogger.com (Bucky) — Tue, 06 Mar 2012 02:40:00 +0000

The aluminum prices reached a record high Friday for 6 months. Like most industrial metals traded on the London Metal Exchange (LME), it has been supported by the publication of encouraging indicators in China and the United States.

Tensions in the Middle East have exacerbated the trend. Friday, the price of aluminum has climbed to 2,361.50 dollars per tonne, its highest level since September 19, 2011. Tensions over the Iranian boost prices now, the markets taking into account the current surge in oil prices, while production of aluminum requires a lot of energy, spending representing 36% because of production costs if one believes Barclays Capital.

Markets see a dim view of the current tensions in the Middle East, while the region concentrated 8% of the world aluminum production in 2011.

More generally, the metals market has been drawn up earlier this week by the new operation of outstanding loans granted by the European Central Bank (ECB) for euro area banks. Note that the ECB has finally announced it had lent 529.53 billion euros to 800 European banks, which is a record.

Investors have also welcomed the upward revision of U.S. growth in the fourth quarter of 2011, as well as rising incomes of U.S. households and a slight decline in weekly jobless claims.

Thursday, the publication of an official index showing an increase in manufacturing activity in China in February has enabled the markets to keep confidence, information to reassure investors on the Chinese demand for metals in the country after the fall recorded in January.

Finally, Friday, aluminum was worth 2,340 dollars per tonne against 2,304 dollars the previous week.

Gold weighed down by Bernanke

noreply@blogger.com (Bucky) — Mon, 05 Mar 2012 03:34:00 +0000

Certainly Bernanke's remarks - they are too optimistic - have done much harm to the market of raw materials this week. Does not escape the rule, the price of gold has fallen sharply, tumbling 5% on the only day on Wednesday. Markets will have reacted to the President of the U.S. central bank (Fed) on the U.S. economy. If positive steps have been noted, investors have been particularly disappointed with the lack of action to revive from the famous financial institution.

Ironically, this is because Ben Bernanke has shown a bit more optimistic about the economic situation of the United States, that the price of gold collapsed. Within four hours, the price of an ounce of gold has plummeted by nearly $ 100, down to 1688 dollars, which corresponds to its lowest level in a month. The following day he did not have allowed it to resume, then prices ranging around $ 1700.

Some analysts believe that for their part, the absence of additional measures to support the Fed's economy have been a pretext for operators to make profits on the gold market. Investors awaited the contrary a "boost" the Fed has any chance of translating his - if any - with injections of liquidity into the economy, an environment likely to boost investments in precious metals . The weakening of the dollar from making purchases in ca gold - denominated in U.S. currency - even more attractive. But in the absence of Federal Reserve policy in this direction, the dollar has rebounded against the euro Wednesday, aggravating the fall in the yellow metal.

Commerzbank said the current trend, however, by the combined action of speculative investors, observing the longer-term investors will in turn seized the opportunity that comes their way now to inflate their gold purchases, expecting a rise courses. SPRD Gold Trust, the largest gold funds listed in the world, will have seen the level of its investments to increase by 9 tonnes on Wednesday. Finally on the London Bullion Market, an ounce of gold finished Friday at 1707 dollars at auction tonight against 1777.50 dollars last Friday.

Cooperation Agreement Chicago Stock Exchange / Bank of China

noreply@blogger.com (Bucky) — Thu, 01 Mar 2012 20:51:00 +0000

The Chicago Mercantile Exchange (CME), the second exchange operator in the United States, and Bank of China, one of the four commercial banks in China's largest, announced Thursday the signing of a Memorandum of Understanding on their cooperation, which focuses specifically on raw materials.

Both groups also indicated that their agreement - not binding - main objective was to exchange information in the field of training and marketing. The CME, specializing in derivatives, and Bank of China, which has a subsidiary specializing in clearing commodity Commodities & Futures-BOCI - have a strong desire to develop links to facilitate international trade in futures raw materials.

Last December, already, Phupinder Gill, WWC President, had told the daily AGEFI be in negotiations with the Chinese regulator to make its debut on the national market of derivatives. Indicating when a pilot project could be implemented allowing Chinese brokers trade futures on the Chicago futures market.

The group suggested that he wanted to create a clearing in Asia and strengthen its teams in the region. Last February, the Financial Times for his part said that the CME was in the running to buy the London Metal Exchange (LME), the primary metals market. thereby competing with NYSE Euronext on the folder.

Also be noted that China is a major importer of raw materials, the latter proving indispensable for the development of its economy and industry, and food of the world's largest population.

The title Essar Energy tumbles to the London Stock Exchange

noreply@blogger.com (Bucky) — Tue, 28 Feb 2012 18:46:00 +0000

The action of Essar Energy, a subsidiary of Indian conglomerate Essar, has again plummeted Monday at the London Stock Exchange. A large sliding which follows the publication of an annual loss, the company recognize parallel to face serious difficulties. Around 1530 GMT, so the title was declining 14.84% to 107.25 pence, to close at 107.6 pence in the end down 14.60%.

Recall that the action fell nearly 37.5% since the beginning of the year, the company being heavily impacted by an unfavorable judgment of the Supreme Court of India challenging significant tax benefits that had been granted. The Supreme Court has rejected a previous decision of the High Court of Gujarat state, which allowed the group to stagger the payment of certain taxes totaling some $ 1.24 billion.

Judgment of a significant negative impact for Essar Energy, which posted a net loss of 568.2 million dollars in 2011 against a profit of 248.3 million the previous year. Speaking in a statement, the CEO, Naresh Nayyar, said the group was seeking a retrial. Adding, however, have taken steps in parallel to obtain funding and liquidity to repay the amount at present. Essar Energy has also reported unexpected difficulties in obtaining licenses needed to supply two of its coal power plants in India.

Record production of biodiesel in the U.S.

noreply@blogger.com (Bucky) — Sat, 25 Feb 2012 18:40:00 +0000

The American Association of Soy (ASA for American Soybean Association) has announced at the agriculture committee of the Senate record production of biodiesel.

According to Steve Wellman, its president, the sector generated 39,000 jobs and incomes of over $ 1.7 billion in 2011.

It also recalled the importance of the education program for biodiesel, to encourage farmers and consumers to produce and use this fuel.

Remember, the U.S. produced 1.1 billion gallons of biodiesel (4.1 billion liters) in 2011, half of which comes from American soybean oil, the rest mainly from oil rapeseed. The main biodiesel production remains bioethanol from corn with 13.5 billion gallons (51 billion liters) in 2011, nearly half of world production.

Note that biodiesel is a biofuel biodegradable, nontoxic, produced from renewable resources (vegetable oils, recycled cooking oil or animal fat) and contains no petroleum products.

Unlike some other biofuels, it requires no modification or adjustment, either in the engine, the components of the fuel system or fuel storage system.

Petroleum: crude oil inventories declined, contrary to expectations

noreply@blogger.com (Bucky) — Mon, 20 Feb 2012 19:31:00 +0000

Anticipated impact on oil prices. While analysts expected a net increase in crude inventories, they were down last week in the United States. This is indeed what had indicated Wednesday the U.S. Department of Energy (DoE).

During the week ending February 10, volumes and fell 200,000 barrels to reach 339.1 million now in barrels. Note that analysts polled by Dow Jones Newswires had expected for their part to an increase of 1.3 million barrels.

Finally, though, stocks were up 300,000 barrels last week, significantly below expectations this time. Inventories of distillates fell meanwhile by 2.9 million barrels, amounting to 143.7 million barrels.

A fall well below analysts' forecasts, which had expected a decline of 1 million barrels. Gasoline inventories rose to their share of 400,000 barrels to 232.2 million barrels, figures consistent with analysts' forecasts. In reaction, in mid-afternoon Wednesday, a barrel of "light sweet crude" for March delivery progressed from 80 cents to 101.54 dollars on the New York Mercantile Exchange (Nymex).