REVIEW OF SCHOLARSHIP
WEDNESDAY, September 15, 2010
(1) SUMMARY OF THE SCENARIO:
Asian markets were mixed on Wednesday closed Thursday with the Tokyo market readying an impressive turnaround (the famous cow dribble), after the yen dropped sharply due to intervention in foreign exchange by the Japanese authorities.
JAPAN: The Japanese stocks rose Wednesday, led by shares of exporters and banks, with government intervention in currency markets that led to retreat in the yen against the dollar. The intervention took the market by surprise, because the "players" bet on the yen and fall of stocks with the victory of Prime Minister Naoto Kan on Ichiro Ozawa, the leader of the Democratic Party of Japan (Ozawa was preferred because of the market had committed publicly to weaken the yen, while Kan was seen as conservative and less likely to make such a move).
CHINA: In China, the roles of the real estate sector continued its motion losses. "Uncertainty about the new tightening measures for the housing market continues to weigh. The markets were cautious on the proximity of the holiday of three days next week (fall festival) because in the past China has implemented new policy measures in this period. The dollar advanced against the Chinese yuan, with another record low set by the Bank of China. Another issue is the provision of mining company BHP Billiton to the largest fertilizer manufacturer in the world, Potash Corp., from which China imports 7% manufacturer's production. The Chinese fear that a takeover BHP could raise the cost of fertilizer, essential for food production to its huge population in coming years. Chinese officials ordered the state enterprises to meet with investment bankers and study options possívies to block the BHP bid.
EUROPE: European markets struggled to stay in positive territory on Wednesday, with an appreciation of roles automaker in CCS, while falls in the FTSE pharmaceutical (AstraZeneca shares devalued with news that the U.S. FDA need more time to complete its review of the anti-clotting drug ticagrelor and GlaxoSmithKline with the drug's risk for diabetes treatment Avandia). The number of British workers that claim unemployment benefits rose by 2.3 k while economists forecast a fall of 5k. The unemployment rate for the three months ending in July was 7.8% against 7.9% in the previous three months. Average earnings excluding bonuses, in the period from May to July increased at an annual rate of 1.8%. Economists had forecast an increase of 1.6%. Consumer inflation in the euro area slowed to an annual rate of 1.6% in August from 1.7% in July. The annual rate remains below the target of the European Central Bank which is just below 2%. Core CPI, which excludes alcohol, food and tobacco prices rose at an annual rate of 1%, unchanged from July and in line with forecasts
(2) AGENDA OF THE MARKET:
TODAY:
USA:
9:30 - Export Prices (prices of exported goods, excluding agricultural products) and Import Prices (prices of imported goods excluding petroleum), both for August.
9.30 - NY Empire State Index (manufacturing activity in the state of New York) September.
10:15 - Industrial Production (production plants), and Capacity Utilization (capacity used by U.S. industry) in August.
11.30 - Stocks Oil North American weekly.
THURSDAY:
USA: 9.30 - Current Account (current account U.S.) 9.30 - Producer Price Index - PPI and its core (prices charged by manufacturers), 9.30 - Initial Claims (claims for state unemployment), 11:00 - Philadelphia Fed Index ( industrial activity in the state).
EUROPE: Trade Balance (balance of trade in the euro area).
UK: Retail Sales Index (British retail sales).
GERMANY: No provision is the dissemination of economic indicators.
(3) WORLD INDEX (7:20 a.m.):
ASIA
Australia: +0.72%
Nikkei: +2.34%
Hong Kong: +0.14%
Shanghai Composite: -1.34%
EUROPE
London - FTSE: -0.22%
Paris Cac 40: -0.46%
Netherlands: -0.28%
Frankfurt - Dax: -0.40%
Madrid IBEX: -0.48%
Zurich: -0.29%
Milan Mib: -0.66%
Moscow RTS: -0.92%
OIL
BRENT: -0.57%
WTI: -1.35%
METALLIC COMMODITIES
COPPER: -0.30%
NICKEL: -0.01%
INDICES AMERICAN FUTURE
Dow: -0.20%
P & S: -0.28%
NASDAQ: -0.17%
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