gastronomo
Forumer storico
Infatti...la strada sembra per i 114 come primo target, ma...chi può dirlo 
.....
.....
Bund e diavolerie varie: LO SPIACCICAMENTO in diretta!!!!
- Creatore Discussione maria
- Data di Inizio
gastronomo
Forumer storico
Bernanke sees 'palpable' short-term Katrina hit
Thu Sep 15, 2005 12:47 PM ET
WASHINGTON, Sept 15 (Reuters) - Hurricane Katrina will hurt the U.S. economy in the short run but bright long-term prospects mean the Bush administration can push ahead with its reform agenda, a top White House economic adviser said on Thursday.
"In the shorter term, the devastation wrought by Hurricane Katrina will have a palpable effect on the national economy," White House economic adviser Ben Bernanke said in prepared remarks for delivery at the National Press Club. But he said private-sector forecasts were for healthy long-run growth.
Bernanke said the White House intends to continue pursuing policies that have make the economy able to withstand shocks and that will keep growth on track.
"These policies include making tax relief permanent, reducing the budget deficit by limiting spending, strengthening retirement and health security through efforts like Social Security reform ... and enhancing energy security," Bernanke said.
UPDATE 1-US rate futures fall as Philly stirs inflation pot
Thu Sep 15, 2005 12:51 PM ET
(Adds Philadelphia Fed survey)
By Ros Krasny
CHICAGO, Sept 15 (Reuters) - U.S. short-term interest rate futures turned lower on Thursday after a surprisingly weak Philadelphia Federal Reserve factory survey for September stirred fresh worries about inflation.
The Philly Fed's headline index plunged to 2.2 from 17.5 in August -- far short of Wall Street forecasts of 14.0 -- with the latest reading showing just a whisker of growth.
At the same time, the prices paid index rocketed to 52.7 from 25.9 in August, the highest since January, reflecting higher energy costs and in some cases higher prices for other raw materials as well. The six-month prices paid expectation was 69.8 against 43.6 in August.
The report left dealers confident that the Federal Reserve will raise interest rates at its Sept. 20 meeting as a way to stay ahead of the inflation curve. Chances of a rate increase next week are about 85 percent.
"The data tends to play to the view that the Fed cannot afford to pause at this juncture given the inflationary risks," Alan Ruskin, research director at 4CAST Ltd., said in a research note.
Fed officials recently have indicated that while they see threats to second-half growth from the aftermath of Hurricane Katrina, the bigger challenge will be to keep higher inflation expectations from taking hold.
The Philadelphia report obscured a mild reading on August inflation earlier on Thursday from the Labor Department's consumer price index report.
In August the core CPI, stripped of food and energy costs, rose 0.1 percent for a fourth straight month to suggest that higher energy costs were still not being reflected broadly in other prices.
The projected year-end federal funds rate is near 3.90 percent, implying that the Fed will skip a rate hike at one of its final three meetings for 2005.
Bigger losses were posted in deferred Eurodollar futures after the Philly Fed report on ideas the Fed's program of tightening will need to be prolonged.
© Reuters 2005. All Rights Reserved.
Thu Sep 15, 2005 12:47 PM ET
WASHINGTON, Sept 15 (Reuters) - Hurricane Katrina will hurt the U.S. economy in the short run but bright long-term prospects mean the Bush administration can push ahead with its reform agenda, a top White House economic adviser said on Thursday.
"In the shorter term, the devastation wrought by Hurricane Katrina will have a palpable effect on the national economy," White House economic adviser Ben Bernanke said in prepared remarks for delivery at the National Press Club. But he said private-sector forecasts were for healthy long-run growth.
Bernanke said the White House intends to continue pursuing policies that have make the economy able to withstand shocks and that will keep growth on track.
"These policies include making tax relief permanent, reducing the budget deficit by limiting spending, strengthening retirement and health security through efforts like Social Security reform ... and enhancing energy security," Bernanke said.
UPDATE 1-US rate futures fall as Philly stirs inflation pot
Thu Sep 15, 2005 12:51 PM ET
(Adds Philadelphia Fed survey)
By Ros Krasny
CHICAGO, Sept 15 (Reuters) - U.S. short-term interest rate futures turned lower on Thursday after a surprisingly weak Philadelphia Federal Reserve factory survey for September stirred fresh worries about inflation.
The Philly Fed's headline index plunged to 2.2 from 17.5 in August -- far short of Wall Street forecasts of 14.0 -- with the latest reading showing just a whisker of growth.
At the same time, the prices paid index rocketed to 52.7 from 25.9 in August, the highest since January, reflecting higher energy costs and in some cases higher prices for other raw materials as well. The six-month prices paid expectation was 69.8 against 43.6 in August.
The report left dealers confident that the Federal Reserve will raise interest rates at its Sept. 20 meeting as a way to stay ahead of the inflation curve. Chances of a rate increase next week are about 85 percent.
"The data tends to play to the view that the Fed cannot afford to pause at this juncture given the inflationary risks," Alan Ruskin, research director at 4CAST Ltd., said in a research note.
Fed officials recently have indicated that while they see threats to second-half growth from the aftermath of Hurricane Katrina, the bigger challenge will be to keep higher inflation expectations from taking hold.
The Philadelphia report obscured a mild reading on August inflation earlier on Thursday from the Labor Department's consumer price index report.
In August the core CPI, stripped of food and energy costs, rose 0.1 percent for a fourth straight month to suggest that higher energy costs were still not being reflected broadly in other prices.
The projected year-end federal funds rate is near 3.90 percent, implying that the Fed will skip a rate hike at one of its final three meetings for 2005.
Bigger losses were posted in deferred Eurodollar futures after the Philly Fed report on ideas the Fed's program of tightening will need to be prolonged.
© Reuters 2005. All Rights Reserved.
Fleursdumal
फूल की बुराई
hai voglia a taroccare i dati sull'inflazione, il demone è tanto forte da costringere a un rialzo controvoglia e controKatrina, anche i bonds se ne sono accorti
gastronomo
Forumer storico
Treasuries fall as Philly Fed prices gauge soars
Thu Sep 15, 2005 01:19 PM ET
NEW YORK, Sept 15 (Reuters) - Treasury debt prices fell on Thursday despite a plunge in Mid-Atlantic factory activity as a huge jump in prices paid by manufacturers stoked fears of rising inflation.
It was one of the first reports to offer a peek into economic conditions after Hurricane Katrina, and the news showing factories were paying more for energy was not good.
The regional index, published by the Philadelphia Federal Reserve, plummeted to 2.2 in September from 17.5 in August, well beneath forecasts for a drop to 14.0.
But the prices paid component of the survey surged to 52.7 from 25.9, more than offsetting the sharp slowdown in growth that might have ordinarily helped safe-haven government debt.
While growth may be slowing, increases in energy prices should grab the attention of the Federal Reserve, which meets next Tuesday to decide whether to raise interest rates.
"If the Fed can withstand the political heat, they will stick to their guns with a quarter-point rate hike," said Michael Englund, chief economist at Action Economics in Boulder, Colorado, stressing that Fed policy is forward looking and takes six months to have any effect.
The market's reaction to the Philadelphia Fed data echoed early price action on Thursday after benign, bond-friendly, inflation data was offset by a separate survey on manufacturing in New York State that also showed a sharp increase in the prices paid component.
The long end of the market, reflecting growing concern in the market about longer-term inflationary pressures, led the downward movement.
"The prices thing really affected the long end," said one trader, referring to the concerns about inflation that characterized the bond market's reaction to the Philadelphia Fed data.
The benchmark 10-year note (US10YT=RR: Quote, Profile, Research) sagged 12/32 for a yield of 4.22 percent, compared with 4.17 percent on Wednesday. The 30-year bond erased 1-1/32 to yield 4.52 percent from 4.45 percent on Wednesday.
The two-year note (US2YT=RR: Quote, Profile, Research) held up better, but was still pushed down 1/32 in price to yield 3.90 percent, compared with 3.89 percent on Wednesday.
The five-year note (US5YT=RR: Quote, Profile, Research) lost 5/32, for a yield of 4.00 percent, up from 4.96 percent on Wednesday.
The New York Fed's "Empire State" index showed overall conditions for manufacturers fell to 16.97 from August's 23.04, in line with market expectations. The zero level separates growth from contraction.
But, like in the Philadelphia Fed survey, the prices paid component of the Empire State data soared to 53.41 in September from 29.0 in August.
That chased sellers out of the market after benign inflation data had lured them in.
Bonds briefly jumped after the Labor Department said the core consumer price index, which excludes food and energy prices, ticked up 0.1 percent in August, compared with economists' expectations of a 0.2 percent increase and July's 0.1 percent rise.
But the reading was pre-Katrina and led the market to downplay the August inflation data and instead focus on post-Katrina data, like the Philadelphia and New York surveys.
© Reuters 2005. All Rights Reserved.
Thu Sep 15, 2005 01:19 PM ET
NEW YORK, Sept 15 (Reuters) - Treasury debt prices fell on Thursday despite a plunge in Mid-Atlantic factory activity as a huge jump in prices paid by manufacturers stoked fears of rising inflation.
It was one of the first reports to offer a peek into economic conditions after Hurricane Katrina, and the news showing factories were paying more for energy was not good.
The regional index, published by the Philadelphia Federal Reserve, plummeted to 2.2 in September from 17.5 in August, well beneath forecasts for a drop to 14.0.
But the prices paid component of the survey surged to 52.7 from 25.9, more than offsetting the sharp slowdown in growth that might have ordinarily helped safe-haven government debt.
While growth may be slowing, increases in energy prices should grab the attention of the Federal Reserve, which meets next Tuesday to decide whether to raise interest rates.
"If the Fed can withstand the political heat, they will stick to their guns with a quarter-point rate hike," said Michael Englund, chief economist at Action Economics in Boulder, Colorado, stressing that Fed policy is forward looking and takes six months to have any effect.
The market's reaction to the Philadelphia Fed data echoed early price action on Thursday after benign, bond-friendly, inflation data was offset by a separate survey on manufacturing in New York State that also showed a sharp increase in the prices paid component.
The long end of the market, reflecting growing concern in the market about longer-term inflationary pressures, led the downward movement.
"The prices thing really affected the long end," said one trader, referring to the concerns about inflation that characterized the bond market's reaction to the Philadelphia Fed data.
The benchmark 10-year note (US10YT=RR: Quote, Profile, Research) sagged 12/32 for a yield of 4.22 percent, compared with 4.17 percent on Wednesday. The 30-year bond erased 1-1/32 to yield 4.52 percent from 4.45 percent on Wednesday.
The two-year note (US2YT=RR: Quote, Profile, Research) held up better, but was still pushed down 1/32 in price to yield 3.90 percent, compared with 3.89 percent on Wednesday.
The five-year note (US5YT=RR: Quote, Profile, Research) lost 5/32, for a yield of 4.00 percent, up from 4.96 percent on Wednesday.
The New York Fed's "Empire State" index showed overall conditions for manufacturers fell to 16.97 from August's 23.04, in line with market expectations. The zero level separates growth from contraction.
But, like in the Philadelphia Fed survey, the prices paid component of the Empire State data soared to 53.41 in September from 29.0 in August.
That chased sellers out of the market after benign inflation data had lured them in.
Bonds briefly jumped after the Labor Department said the core consumer price index, which excludes food and energy prices, ticked up 0.1 percent in August, compared with economists' expectations of a 0.2 percent increase and July's 0.1 percent rise.
But the reading was pre-Katrina and led the market to downplay the August inflation data and instead focus on post-Katrina data, like the Philadelphia and New York surveys.
© Reuters 2005. All Rights Reserved.
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WRAPUP 4-World worries over expensive oil, OPEC predicts dip
Thu Sep 15, 2005 01:27 PM ET
(updates after IEA decision no to extend emergency release)
By Brian Love, European Economics Correspondent
PARIS, Sept 15 (Reuters) - Saudi Arabia vowed to do all it could to meet world oil demand on Thursday as France predicted decades of sky-high prices and met other oil-importing nations to assess the state of play after hurricane Katrina.
Meanwhile, the Organisation of Petroleum Export Countries cut its forecasts for demand this year in a report blaming the surge in pump prices for refined oil products such as diesel and petrol, which if strong enough dampens demand in turn.
The International Energy Agency's board assessed the impact of its decision to release emergency oil reserves after Katrina slammed into refineries and rigs on the U.S. Gulf coast, and announced that it would not take additional action.
Saudi Arabia's Crown Prince Sultan, in New York for a United Nations gathering, promised that the world's top oil exporter would fill any crude oil shortages or increases in demand. But he said the world needed more refineries to process the oil.
Hurricane Katrina laid bare just how overstretched the world's refineries are. The temporary loss of Gulf of Mexico plants sent gasoline prices shooting through $3 a gallon, and the United States scrambling for emergency supplies from Europe. "We are concerned about the rise in oil prices and confirm the kingdom's readiness to do its utmost to compensate for shortages in supply and to meet increasing demand," the state news agency SPA on Thursday quoted Sultan as saying.
But he added: "The current rise in oil prices does not stem from a shortage in crude oil supplies but is due to, as everyone knows, to increased demand for products and a shortage in refining capacity."
Europe's governments got some political relief as threats of protests by British, French and Belgian truckers came to little, averting the risk of crippling blockades of roads and refineries of the kind they all had to deal with in 2000.
But French Finance Minister Thierry Breton, who has summoned oil company chiefs to talks on Friday with orders from President Jacques Chirac to lower fuel pump prices, painted a grim picture of the outlook for oil prices which have doubled in 18 months.
"This crisis will last. All the factors have come together for oil to remain expensive for years and, alas, decades to come," Breton said.
World crude oil prices have eased a bit from a recent record of more than $70 dollars a barrel but were rising a little again on Thursday and trading close to $65 ahead of the IEA meeting later on Thursday the OPEC gathering on Sept. 19.
Back in 2000, oil-consuming nations were rattled when oil topped $30 and they demanded a return to around $25, long seen as a fair trade-off with OPEC oil-exporting countries.
BANKRUPT FISHERMEN
The European Commission said overnight that up to 30 percent of fishermen risked going bankrupt because of the rising costs of running their boats, and Ireland's Aer Lingus [AERL.UL] joined a long list of airlines hit by soaring fuel costs.
"While the increase in fuel prices affects the whole European economy ... it is having a particularly significant negative impact on the fisheries sector," said Joe Borg, who is in charge of EU fishing policy at the Commission.
Aer Lingus said its privatisation plans were on course and income strong but that jet fuel costs were causing trouble.
"Clearly we and the rest of the industry are hurting very, very badly," chief executive Dermot Mannion said.
Many airlines are raising fares to deal with the problem and on the other side of the Atlantic, soaring fuel costs were compounding the woes of an industry crumbling under huge debts.
Delta Air Lines (DAL.N: Quote, Profile, Research) . and Northwest Airlines (NWAC.O: Quote, Profile, Research) , the third- and fourth-largest U.S. carriers, declared bankruptcy on Wednesday, offering them partial shelter from creditors.
India, where retail petrol and diesel prices rose around 7 percent last week, was scathing towards oil-producing states.
"I think oil prices are outrageous," Finance Minister Palaniappan Chidambaram told Reuters in an interview.
"Oil-producing countries are exploiting the situation caused by the high growth rates of China, India and perhaps the U.S.," he said. "They are making windfall profits. In the result they are impoverishing developing countries."
CALMING DOWN
Things looked a little calmer from the U.S. perspective, as Washington said it was not seeking extra help from the IEA at the meeting in Paris.
The IEA, the agency that coordinates the interests of 26 big oil-consuming nations, ordered the release on Sept. 2 of 60 million barrels of crude oil, gasoline and other oil products.
British finance minister Gordon Brown and the rest of the European Union have called for more OPEC output nonetheless.
OPEC meets on Monday and the cartel's president Sheikh Ahmad al-Fahd al-Sabah repeated on Wednesday that he would propose a rise of 500,000 barrels per day.
For oil-thirsty countries, there was positive news too on the refining front with a report that Shell and Saudi Arabia are considering a plan to expand a joint venture refinery in Texas.
The move, not confirmed by Shell or the Saudis, could double capacity and make the refinery capable of handling the medium and heavy sour crude oils that Saudi Arabia can produce in abundance, according to the Oil Daily newsletter.
France's Breton talked tough before his Friday meeting with oil firm executives, making it clear in public that he wanted concessions for consumers.
"I am telling the oil sector that it must provide strong and intelligent responses. Failing that, I'll be obliged to intervene -- if necessary, by imposing a tax on these exceptional profits," he told La Tribune newspaper.
(with reporting from London, Paris, Dublin, Brussels, Houston, Riyadh and New Delhi)
WRAPUP 4-World worries over expensive oil, OPEC predicts dip
Thu Sep 15, 2005 01:27 PM ET
(updates after IEA decision no to extend emergency release)
By Brian Love, European Economics Correspondent
PARIS, Sept 15 (Reuters) - Saudi Arabia vowed to do all it could to meet world oil demand on Thursday as France predicted decades of sky-high prices and met other oil-importing nations to assess the state of play after hurricane Katrina.
Meanwhile, the Organisation of Petroleum Export Countries cut its forecasts for demand this year in a report blaming the surge in pump prices for refined oil products such as diesel and petrol, which if strong enough dampens demand in turn.
The International Energy Agency's board assessed the impact of its decision to release emergency oil reserves after Katrina slammed into refineries and rigs on the U.S. Gulf coast, and announced that it would not take additional action.
Saudi Arabia's Crown Prince Sultan, in New York for a United Nations gathering, promised that the world's top oil exporter would fill any crude oil shortages or increases in demand. But he said the world needed more refineries to process the oil.
Hurricane Katrina laid bare just how overstretched the world's refineries are. The temporary loss of Gulf of Mexico plants sent gasoline prices shooting through $3 a gallon, and the United States scrambling for emergency supplies from Europe. "We are concerned about the rise in oil prices and confirm the kingdom's readiness to do its utmost to compensate for shortages in supply and to meet increasing demand," the state news agency SPA on Thursday quoted Sultan as saying.
But he added: "The current rise in oil prices does not stem from a shortage in crude oil supplies but is due to, as everyone knows, to increased demand for products and a shortage in refining capacity."
Europe's governments got some political relief as threats of protests by British, French and Belgian truckers came to little, averting the risk of crippling blockades of roads and refineries of the kind they all had to deal with in 2000.
But French Finance Minister Thierry Breton, who has summoned oil company chiefs to talks on Friday with orders from President Jacques Chirac to lower fuel pump prices, painted a grim picture of the outlook for oil prices which have doubled in 18 months.
"This crisis will last. All the factors have come together for oil to remain expensive for years and, alas, decades to come," Breton said.
World crude oil prices have eased a bit from a recent record of more than $70 dollars a barrel but were rising a little again on Thursday and trading close to $65 ahead of the IEA meeting later on Thursday the OPEC gathering on Sept. 19.
Back in 2000, oil-consuming nations were rattled when oil topped $30 and they demanded a return to around $25, long seen as a fair trade-off with OPEC oil-exporting countries.
BANKRUPT FISHERMEN
The European Commission said overnight that up to 30 percent of fishermen risked going bankrupt because of the rising costs of running their boats, and Ireland's Aer Lingus [AERL.UL] joined a long list of airlines hit by soaring fuel costs.
"While the increase in fuel prices affects the whole European economy ... it is having a particularly significant negative impact on the fisheries sector," said Joe Borg, who is in charge of EU fishing policy at the Commission.
Aer Lingus said its privatisation plans were on course and income strong but that jet fuel costs were causing trouble.
"Clearly we and the rest of the industry are hurting very, very badly," chief executive Dermot Mannion said.
Many airlines are raising fares to deal with the problem and on the other side of the Atlantic, soaring fuel costs were compounding the woes of an industry crumbling under huge debts.
Delta Air Lines (DAL.N: Quote, Profile, Research) . and Northwest Airlines (NWAC.O: Quote, Profile, Research) , the third- and fourth-largest U.S. carriers, declared bankruptcy on Wednesday, offering them partial shelter from creditors.
India, where retail petrol and diesel prices rose around 7 percent last week, was scathing towards oil-producing states.
"I think oil prices are outrageous," Finance Minister Palaniappan Chidambaram told Reuters in an interview.
"Oil-producing countries are exploiting the situation caused by the high growth rates of China, India and perhaps the U.S.," he said. "They are making windfall profits. In the result they are impoverishing developing countries."
CALMING DOWN
Things looked a little calmer from the U.S. perspective, as Washington said it was not seeking extra help from the IEA at the meeting in Paris.
The IEA, the agency that coordinates the interests of 26 big oil-consuming nations, ordered the release on Sept. 2 of 60 million barrels of crude oil, gasoline and other oil products.
British finance minister Gordon Brown and the rest of the European Union have called for more OPEC output nonetheless.
OPEC meets on Monday and the cartel's president Sheikh Ahmad al-Fahd al-Sabah repeated on Wednesday that he would propose a rise of 500,000 barrels per day.
For oil-thirsty countries, there was positive news too on the refining front with a report that Shell and Saudi Arabia are considering a plan to expand a joint venture refinery in Texas.
The move, not confirmed by Shell or the Saudis, could double capacity and make the refinery capable of handling the medium and heavy sour crude oils that Saudi Arabia can produce in abundance, according to the Oil Daily newsletter.
France's Breton talked tough before his Friday meeting with oil firm executives, making it clear in public that he wanted concessions for consumers.
"I am telling the oil sector that it must provide strong and intelligent responses. Failing that, I'll be obliged to intervene -- if necessary, by imposing a tax on these exceptional profits," he told La Tribune newspaper.
(with reporting from London, Paris, Dublin, Brussels, Houston, Riyadh and New Delhi)
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