Bund, Tbond e la matrixiana allo yen vm18

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Wall St. looks to jobs report
Stocks set for mixed open as traders await release of government's monthly figures; European markets struggle, Asia slips.
July 6 2007: 6:10 AM EDT


NEW YORK (CNNMoney.com) -- Wall Street will focus on the June jobs report Friday for the latest clues as to the direction of interest rates and the strength of the U.S. economy.

At 6 a.m. ET, futures were narrowly higher, with a comparison to fair value pointing to a mixed start for U.S. stocks.

Millions of Americans are a job loss or illness away from financial disaster. CNN's Bill


Employers are forecast to have added 125,000 jobs last month, down from 157,000 in May, according to economists surveyed by Briefing.com. The unemployment rate is forecast to remain at 4.5 percent.

The jobs report, which is slated for release at 8:30 a.m. ET, is likely to set the tone for the trading day - although activity will be muted because many market participants are taking an extended Independence Day break.

A much stronger-than-forecast jobs report could spark a sell-off in bonds and perhaps also in stocks, which would be hit by the rising interest rates. But a much weaker than forecast jobs gain could also raise concern among stock investors about the strength of the economy and corporate profits in the second half of the year.

Treasury prices were higher in early trading ahead of the jobs report, taking the yield on the benchmark 10-year note to 5.13 percent from 5.14 percent late Thursday. The dollar was little changed against the euro and higher versus the yen ahead of the report.

Oil prices were modestly higher in early trading. U.S. light crude gained 10 cents to $71.91 a barrel in electronic trading.

Stocks were on a roll this week before traders cleared out for the Independence Day holiday. They closed trading mixed on Thursday, with the tech-heavy Nasdaq higher and blue-chip Dow lower, while the S&P 500 was little changed.

In global markets, European stocks struggled in early trading. Most Asian markets finished the session lower.

In major corporate news, Microsoft (Charts, Fortune 500) said late Thursday that it would take a more than $1 billion charge for repairs to its Xbox 360 video game consoles. It also warned it had missed shipment targets for the end of June. Shares of the Dow component slipped 0.4 percent in after-hours trading.

Cell phone maker Motorola (Charts, Fortune 500) also announced late Thursday it expects to incur a net pretax charge of $101 million in the second quarter in connection with previously announced staff cuts. Shares of Motorola gained 0.3 percent in after-hours trading on the announcement.

Medical supply company Advanced Medical Optics (Charts) has offered to buy Bausch & Lomb (Charts) for $75 in cash and stock, according the contact lens-maker. The offer is an attempt to trump the $65 a share offer that Bausch & Lomb already agreed to in May from private-equity firm Warburg Pincus.

UBS (Charts) late Thursday announced it's replacing CEO Peter Wuffli with deputy CEO Marcel Rohner, among other executive management changes, after a hedge fund loss of $124 million on a large bet on subprime mortgages.

 

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ASIA MARKETS
Asia ends mostly higher in late rebound
Shanghai stages biggest one-day gain in six months
By V. Phani Kumar
Last Update: 6:15 AM ET Jul 6, 2007


HONG KONG (MarketWatch) -- Asian stocks staged a late reversal to end mostly higher Friday, with markets in Shanghai and Hong Kong leading the rebound as Japan's Nikkei closed in the red, bringing a six-session winning steak to an end.
China's Shanghai Composite bounced from an early deficit to post its biggest one-day gain in six months -- 165.48 points, or 4.6%, to 3,580.50. Friday's session mark its biggest one-day gain in percentage terms since rallying 4.7% on Jan. 15.
The Shanghai benchmark had tumbled 5.3% on Thursday amid concerns the government may take additional steps to cool the securities markets. Turnover on the index Friday rose to 94.27 billion yuan ($12.40 billion) from 75.65 billion yuan Thursday.
Also Friday, the Dow Jones China 88 Index, which tracks 88 of the largest and most liquid yuan-denominated shares listed in Shanghai and Shenzhen, climbed 4.3% to 321.07.
One market observer remained cautious on what the future may hold for the mainland's largest stock exchange.
"I'm kind of nervous on Shanghai," said Andrew Clarke, a sales trader with Societe Generale in Hong Kong. "If you look at turnover, it has really dried up from what it was."
Clarke noted that daily combined turnover on the two Chinese exchanges decline was down 75% from its June highs, raising concerns that fund flows have been diminishing -- and leaving, he said, less to cushion against a sudden sell-off.
"If people start panicking in the mainland and start hitting it down, you could see the thing really start screaming off," Clarke said.
In Hong Kong, the Hang Seng Index (HK:1804580: news, chart, profile) tracked gains in China, shrugging off midsession weakness to end 1.3% higher at 22,531.74. The Hang Seng China Enterprises Index, a measure of 41 China-related stocks, added 0.8% to 12,681.44.
But in Tokyo, the Nikkei 225 average (JP:1804610: news, chart, profile) eased 0.4% to 18,140.94 and the broader Topix index fell 0.5% to 1,779.67, led lower by weakness among automakers and retailers.
Elsewhere, South Korea's Kospi (XX:1807211: news, chart, profile) rose another 0.7% to 1,861.01, its third consecutive record close.
Meanwhile, Thailand's SET Index rose 0.5%, Indonesia's JSX Composite added 0.3% and India's Sensex index was trading 0.8% late in the session, on track for a record close.
Rounding out the Asian action, Australia's S&P/ASX 200 was 0.2% lower at 6,351.10 and New Zealand's NZX 50 index fell 0.3% to 4,223.52, but Singapore's Straits Times Index (XX:1815656: news, chart, profile) rose 0.3% and Taiwan's Weighted Price index (XX:1805301: news, chart, profile) added 0.4%.
In energy, crude oil for August delivery fell 18 cents to $71.63 a barrel. The benchmark contract had closed 40 cents a barrel higher on the New York Mercantile Exchange on Thursday.
Stocks in focus
Shanghai-listed shares of China Life (LFC : china life ins co ltd spon adr rep h
News , chart , profile , more
Last: 55.00-0.86-1.54%

LFC55.00, -0.86, -1.5%) jumped 6.6% and Ping An Insurance rose 3.8%. Analysts said large financial firms were in focus on expectations that they stand to report strong first-half operating results.
Similarly, shares of China Vanke led the property sector higher on expectations that earnings for the first six months of the calendar year will show improvement. Shenzhen-listed shares of China Vanke rose 4.4%.
In Tokyo, retailers fell on a Nikkei business daily report that cited Prime Minister Shinzo Abe as saying during a television appearance that the government is considering lifting Japan's consumption tax.
Shares of Seven & I Holdings (JP:3382: news, chart, profile) were down 0.8%, while Fast Retailing Co. (JP:9983: news, chart, profile) fell 1.1%.
Shares of Fast Retailing Co. had risen earlier in the session on news it has offered $900 million to buy Barneys, the high-end clothier owned by Jones Apparel Group Inc. (JNY : Jones Apparel Group, Inc
News , chart , profile , more
Last: 28.60+0.20+0.70%

 

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July 05, 2007

First Glimmers: New Dollar Era?
by Wilfred Hahn


Recently, we have been approaching our strategy deliberations with more trepidation than usual. And not because our assessments have faced any major revisions, but simply because our analysis seems ever more misaligned with the apparent consensus.

Quite frankly, optimism in financial markets has shown itself to be incredibly resilient in recent weeks and months. Though bond markets have virtually collapsed recently, no great sense of fear has emerged. Risk spreads have not widened substantially, nor have the "carry trade" currencies strengthened sharply. Financial markets show themselves eager to recover ... rebounding rapidly from any setbacks. Even though colossal, epic shifts and imbalances are occurring across the globe, none of these are widely thought to present sufficient risks to the current global financial party. At least, such popular thinking holds true for the majority. However, as long-time market observers know, the majority always will tend to be caught unaware at major inflection points. Are we approaching any inflection points?

We definitely see major developments. We have identified no less than 3 Significant Events (SE) in recent quarters (one of which remains pending) which in more normal times would portend reason for caution. But, apparently such monumental shifts are taking place invisible to most market observers ... at least to this point. While the general investment consensus -- virtually around the globe, no less -- is more brazenly complacent and optimistic than ever, we see ever-heightening risks and deteriorating investment values.

As always, we focus upon opportunities, but not without first understanding risks. And, it is this latter concept, that has been mortifying us. Risks are high and without adequate or reasonable promise of compensation. When we say high risk, we do not mean to imply that we can forecast any short-term development nor, of course, any financial accidents. It simply means that an above-normal level of vulnerability exists. Let's next review the new Significant Event that we perceive -- the retrenchment of the legendary North American consumer. In time, it may hold implications for the US dollar.

New Significant Event-Consumer Retrenchment. It is a significant development that has been long and often anticipated .. though, mostly wrongly. However, this behavioral change in the North American consumer has unfolded somewhat differently and much later than we had originally expected. All the same, this SE, in our minds, is absolutely pivotal. Quite a number of strategy perspectives hinge upon this one change. Included among these are such core issues as the direction of the USD and the world economy growth rate. In turn, several more factors hinge on these outcomes.



Why is this consumer SE so pivotal? Quite simply, the biggest core contributor to the current world boom and its imbalances has been the willingness of the US household sector to run towards a deficit. In short, the US household has been willing or forced to maintain spending well in excess of income growth. Related to this seminal impulse for global financial markets, was the US housing boom and the associated "mortgage" bubble. Not only have US household savings rates collapsed over these past decades, they are at negative levels. Given the widening wealth skew in America -- fast approaching Latin Americantype Gini scores -- one shudders how negative the savings rate may actually be for the "median" household. It goes without saying that this savings collapse is simply unprecedented and has been identified as such for some years by numerous analysts.

Remarkably, despite a rise of 70-80% in US residential home prices over the past 6 years or so, the average homeowner's net equity ratio has declined over this period. It is important to gain a sense of the potential impact that this statistic unveils. As housing values soared, home equity ratio should have increased as much as 16-17 percentage points to perhaps 70% of home value (assuming debt growth in line with nominal GDP growth). Instead, it decreased by approximately 5 percentage points, slumping to a new low of 52.7% at the end of 1Q this year (Fed Flow of Funds Z1 report.)

It is obvious that an enormous amount of extra housingrelated leverage -- possibly amounting to $3 trillion and more over the period between 2000 and 1Q 2007 -- has inflated consumption. The flipside is that debt-service and debtleverage for households has since increased sharply ... certainly far faster than underlying incomes. Some time in the future, historians may look back on the chart shown in Figure #1 and refer to it as the "smoking gun" and the main emblem of financial recklessness of our current era. Time will tell.

What should happen were the above-mentioned savings trends and behaviors ever to reverse? It would certainly exert significant pressure on US economic growth (as is already occurring). It could also mean an eventual turning point in the US dollar, given certain attendant conditions.

Crucially, we think that consumer behavior has begun to change. The US consumer is gradually and belatedly beginning to conserve cash and lower consumption. There is both anecdotal and theoretical indicators of this shift. We list a number of these:

• Credit card debt increased 9.2% in May 2007, a sharp increase in growth. We consider this a sign of consumer duress, particularly as housing Refi has fallen substantially.

• The US household sector has not acquired net financial assets for the past year. We interpret this as a symptom of insufficient cash flow.

• Consumer spending (despite a strong May statistic) has been steadily declining. The current growth rate has usually coincided with the onset of a recession in the past.

• Interest rates costs are rising. Mortgage resets are currently accelerating as previous "teaser loan" features are coming to an end. Also, in recent weeks, long-term interest rates have soared to the highest levels since 2003.

• Employment gains remain sub-par for any past economic recovery in the past 60 years. Recent corporate HR surveys, indicate that many companies anticipate higher lay-offs and outsourcing activities in the next year.

• Oil and gasoline prices are not declining. In recent weeks, prices have in fact risen.

• Household debt growth has slowed sharply. According to the Federal Reserve Z1 report, household debt growth registered 6.0% growth (annualized) in Q1 of this year, versus 9.3% the same quarter a year ago.

• On balance, consumer spending surveys show marked spending slowdowns as of late February this year. Even the mighty Wal-Mart has experienced negative sales growth during some periods.

• US import growth has slowed sharply in recent months.

In conclusion, these developments, further catalyzed by recent interest rate increases and slowing Refi (mortgage equity withdrawal is declining), signal that the retrenchment of the US household balance sheet has begun. It stands to have global implications ... in time.

Significantly, we expect US imports to begin declining, in fact, possibly even faster than the (ex ante) capital account. This argues that the major world imbalance represented by the large trade and current account deficits of the US, could begin to contract ... albeit slowly. For now. the major pressure on the US trade deficit is high energy volumes and prices.

It is important to grasp the significant leverage of such a shift. Currently, the US external savings deficit approximates 6.5% of US GDP, which in turn represents 26-27% of world GDP. As such, US excess demand is stimulating Rest of World GDP by 2-3% per year, not to mention the sizable impact upon currency reserve accumulation in surplus countries. Therefore, should the US deficit contract (and also, considering all of the multiplier effects that are involved) the slowing effect upon world growth is potentially significant. Even China would be impacted at the margin.

Assuming a US dollar funding crisis does not occur first, it is possible that such a consumption shift will again boost the US dollar. However, for the time-being, even though the larger trends are beginning to shift for the US dollar, it nevertheless remains in a vulnerable position.

To again re-emphasize, we consider this SE -- Consumer Retrenchment -- the most pivotal in many years. Several other SEs hang on its expected outworkings -- a world economic slowdown (and therefore a reversal in the attendant effects upon commodity prices ... etc). We will comment on these potential issues more fully in future strategy updates.





Wilfred Hahn
Hahn Investment Stewards & Company Inc.

 

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I know this kind of a title could invite a bevy of vitriol-laced rants and more. I’ve never quite understood the automatic dollar-bashing mentality that has gripped the world the past few years and has seemed to do more with pure anti-Americanism — whether targeting the war in Iraq or that immoral consumerism — than anything remotely logical. Then you get moves in the dollar like the past few days that are clearly not related to any fundamentals (all pretty much good lately unless you have some inside info about a terrorist attack), with the USD suddenly falling against most major currencies, especially and most peculiarly the Swiss franc. What’s going on? Flows from the Q2/Q3 handover? That new Chinese SWF starting to buy something else? In the end, it’s probably noise. But it’s noise that all those dollar bears only love and emboldens them even more.

 

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Can money trees in fact grow to heaven? It is certainly beginning to look that way when considering global stock market returns.

World stock markets again delivered good returns in US dollar for the quarter ended 30 June 2007. The best performance came from the Peru Composite Index with an eye-popping capital appreciation of 31.8%, followed by the Brazil Bovespa Index with 26.0% and the Philippines Index with 25.1%.



Last month’s leader, the Shanghai Composite Index, was in fourth position with a gain of 21.9% - still comfortably among the front runners.



China and Brazil are still the best performers of the BRIC countries. India improved strongly from twentieth position to sixth position with a gain of 21.2%, but Russia remained the third-worst performer with a loss of 2.3%.

The following five stock market indices were the only ones to register declines for the three-month period:

Morocco -1.0%
Tokyo -1.1%
Russia -2.3%
Sri Lanka -6.7%
Jordan -7.8%



Pan-European stock markets (German DAX Index with +15.8%, French CAC 40 Index with +8.9% and the FTSE 100 with +4.1%) were a mixed basket, but the US stock markets in general (Nasdaq 100 Index with +9.2%, Dow Jones Industrial Index with +8.5% and the S&P 500 Index with +5.8%) were more consistent performers. However, the performance of the major Asian indices (Hang Seng Index with +10.0% and the Nikkei 225 Index with +0.2%) was characterized by little consistency.

The following stock market rankings have improved considerably compared to the six-month rankings:

Index
Three-month ranking Six-month ranking
Venezuela 9 46
Colombia 11 29
India 6 22
Hungary 16 32
Dow Jones Industrial 28 42


The stock market rankings that have taken a turn for the worse compared to the six-month rankings are:

Index
Three-month ranking Six-month ranking
Morocco 48 7
Malaysia 29 10
Copenhagen 40 26
Turkey 22 8
Czech Republic 42 31


For some reason the following lyrics of Electric Light Orchestra’s classic, Living Thing, keep resounding in my head: “You took me, ooh, woah, higher and higher, baby. It’s a livin’ thing … “ The next line, just in case you have run out of analytical tools, is “It’s a terrible thing to lose … “

Click the next link for the detailed performance figures:

Personal trivia
I have interrupted my Swiss sojourn for a few days of business in Prague, the beautiful capital of the Czech Republic also known as the Golden City. Situated in the heart of Europe and regarded by many as the most beautiful city on the continent, Prague rates as one of my all-time favourite travel destinations.

Prague has so many appealing factors, ranging from the Bohemian café society and its mouth-watering Plzensky Prazdroj beer to the rich historical heritage and fascinating architecture to live music everywhere one cares to listen.

But above all, I have become very fond of the Czech people – a nation (at least the ones I have dealt with and befriended) filled with pride and big on delivery, almost as if they have a sense of urgency to make up for the lost years of communism.

I have also come to understand the infatuation of young American guys with the natural beauty that abounds - and I am not referring to the historical heritage or the landscape…

As far as investments go, the name of the game is still property. The Prague property market may be somewhat further along the development curve than most other parts of Central and Eastern Europe, but the right trends are in place for sustained longer-term growth. The positives include rising personal incomes, a growing property ownership culture, a good rental market (also spurred on by employees of multi-nationals, establishing businesses in the Czech Republic) and sophisticated mortgage finance options. On the negative side, prices are no longer at bargain-basement levels and one needs to be more selective than a few years ago. But the longer-term outlook remains solid, albeit perhaps interrupted by a short-term flattening out of prices.

I will be heading back to Switzerland tomorrow for more yodelling, and, who knows, perhaps buying fractional ownership in an Alpine cow.

 

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U.K. Factory Production Climbs to Highest Since 2001 (Update3)

By Jennifer Ryan and Brian Swint

July 6 (Bloomberg) -- U.K. factory production climbed to the highest in almost six years in May, a sign that higher interest rates have yet to derail the economy's best performance in three years.

An index of manufacturing rose to 103.1, the highest since August 2001, from 102.8 in April, the Office for National Statistics said in London. Output increased 0.4 percent on the month. Economists expected a gain of 0.3 percent, the median of 33 forecasts in a Bloomberg News survey showed.

Faster growth and demand from the rest of Europe are helping manufacturers increase prices, which the central bank says is a risk to inflation. Bank of England policy makers lifted the key interest rate for the fifth time in a year yesterday and investors are betting on another increase this year.

``There has been good growth in manufacturing and this provides evidence that the U.K. economy is doing quite well,'' said Matthew Sharratt, an economist at Bank of America Corp. in London. ``This supports the case for higher interest rates.''

Sharratt raised his rate forecast yesterday to predict a peak of 6 percent later this year. Investors are also betting the central bank will lift its benchmark from the current 5.75 percent. The implied yield on the December futures contract was 6.30 percent as of 10:30 a.m. in London today, down one basis point from yesterday.

The contract settles to the three-month London interbank offered rate for the pound, which averaged about 15 basis points more than the central bank benchmark for the past decade.

European Growth

Eight of 13 manufacturing categories showed increases on the month, led by a 1.3 percent gain in transport and equipment production as output rose at navy shipyards. On the year, manufacturing expanded 1 percent.

The 13-nation euro region economy will grow about 2.6 percent this year, close to last year's 2.7 percent expansion, which was the fastest since 2000, according to the European Central Bank's forecasts last month.

``Manufacturing is having a much easier time,'' said Philip Shaw, chief economist at Investec Securities in London. ``That's partly because of robust domestic demand but also because of heavy demand from continental Europe.''

Charter Plc, the world's biggest maker of welding gear, said June 26 demand from customers in Europe helped boost profit at its welding and cutting unit.

Today's report suggests manufacturing has rebounded from a 0.4 percent decline in the first quarter.

Industrial Production

Overall industrial production, which includes mining, utilities, oil and gas, rose 0.6 percent on the month, the most since November.

Output rose in all industry categories. Oil production was 3.6 percent higher than in May last year as extraction at the North Sea's Buzzard field picked up, the statistics office said.

A stronger pound is still denting demand for U.K. goods. Investor speculation about higher interest rates drove the currency to $2.0207, a 26-year high, on July 4. The currency was little changed after today's report and traded at $2.0098.

Cookson Group Plc, the world's biggest maker of ceramic linings for steel smelters, said yesterday the stronger dollar will clip the ``significant improvement'' it has forecast for annual earnings.

``The data aren't going to get any stronger,'' said Simon Ward, an economist at New Star Asset Management in London. ``A stronger currency will really give exporters a difficult time.''

Bank of England policy makers said in a statement yesterday that a ``robust'' pace of world economic growth and ``firm'' expansion in the U.K., along with signs companies can raise prices, supported their move to raise interest rates to curb inflation. Consumer prices rose an annual 2.5 percent in May, exceeding the 2 percent target for a 13th month.

To contact the reporters on this story: Jennifer Ryan in London at [email protected] ; Brian Swint in London at [email protected] .

Last Updated: July 6, 2007 05:55 EDT

 

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AP
Payrolls Growth Signfificant in June
Friday July 6, 8:37 am ET
By Jeannine Aversa, AP Economics Writer
Employers Boost Payrolls by 132,000 in June, Unemployment Rate Holds Steady at 4.5 Percent


WASHINGTON (AP) -- Employers boosted payrolls by a better-than-expected 132,000 jobs in June, enough to keep the unemployment rate at a relatively low 4.5 percent. It was another sign that the economy is snapping out of a nearly yearlong sluggish spell.
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The latest picture of the nation's employment climate, released by the Labor Department on Friday, also showed that workers saw solid gains in their wages last month.

The tally of 132,000 new jobs was stronger than the 125,000 that economists were forecasting. They did, however, predict that job growth would be sufficient to hold the unemployment rate at 4.5 percent, where it has stood for three straight months.

New hiring in the areas of education, health services, leisure and hospitality and government drove overall job growth last month. Construction companies also expanded employment. Those gains swamped job cuts at factories, retailers and certain professional and business services.

Meanwhile, the economy added more jobs in April and May than the government previously thought. Revised figures released Friday showed that payrolls grew by a strong 190,000 in May, much stronger than the 157,000 reported last month. In April, 122,000 positions were added, which was better than the 80,000 previously reported, which had been the fewest in two and a half years.

Workers saw modest wage gains in June.

Average hourly earning rose to $17.38, a 0.3 percent increase from May. That matched the rise anticipated by economists. Over the last 12 months, wages grew by 3.9 percent.

Wage growth is important to workers and supports consumer spending, a major ingredient in healthy overall economic activity. The modest increase in wages should ease inflation fears.

Federal Reserve Chairman Ben Bernanke and his colleagues keep a close eye on wages for any signs that they might generate inflation.

Out of control inflation is bad for the economy and for the pocketbook. It shrinks paychecks, erodes purchasing power and eats into the value of investments.

The Federal Reserve last week noted that there have been some improvements on some inflation readings but made clear that it is not letting down its guard on this front. The biggest danger to the economy is if inflation doesn't recede as the Fed anticipates, Fed policy-makers said.

Still, Fed policy-makers have enough faith in their inflation forecast that they left a key interest rate last week at 5.25 percent, where it has been for a year.

 

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Germania: Ordini Industria Maggio, +3,2% Mese, + 7,5% Anno





(ANSA) - FRANCOFORTE, 6 LUG. - Il volume degli ordinativi per le industrie tedesche, nel mese di maggio, è salito del 3,2 %, rispetto al mese precedente, superando le attese degli esperti.
Come ha comunicato il Ministero dell'Economia, l' aumento degli ordini dall'estero è cresciuto del 4,4%, mentre la crescita della domanda dalla Germania è stata del 2,2%. Rispetto allo stesso periodo dell'anno precedente l'incremento è stato del 7,5%. (ANSA)

 

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Banche: Nel 2006 Finanziamenti +11,5% In Italia, +9,3% Nell'Eurozona




(ASCA) - Roma, 6 lug - Crescono i finanziamenti bancari in Italia e nella zona dell'euro. Nel 2006, secondo l'osservatorio permanente sui rapporti banche e imprese, gli impieghi complessivi alle famiglie e alle imprese non finanziarie hanno registrato una crescita dell'11,5%, rispetto all'anno precedente e maggiore dei rialzi gia' assegnati nel 2005 e 2004 (rispettivamente a +7,5% e +7,6%). Alla fine del 2006 il rapporto tra impieghi bancari e Pil risulta in crescita oltre il 90% con un incremento di 20 punti percentuali rispetto al livello del 1995 (80,6% nel 2004 e 85,3% nel 2005). Nell'area dell'euro i finanziamenti bancari hanno registrato a fine 2006 un tasso di crescita del totale degli impieghi pari al 9,3% (+9% alla fine del 2005 e +5,7% a fine 2004). In merito alle sofferenze lorde a dicembre 2006 la crescita si e' rivelata del 7,1% nel nord Italia (-16,7% a dicembre 2005), del 4,6% nel centro (-6,6% un anno prima) e del 2,3% nel Mezzogiorno (-24,8% a dicembre 2005).

 

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Wall Street: Indici Deboli In Avvio, Dow -0,06%, Nasdaq -0,03%




(ASCA) - Roma, 6 lug - Indici deboli a Wall Street in avvio di giornata. Il Dow Jones cede lo 0,06% a 13.557 punti, lo S&P500 lo 0,04% a 1.524 punti mentre il Nasdaq Composite (NASDAQ: notizie) lascia sul terreno lo 0,03% a 2.655 punti