Derivati USA: CME-CBOT-NYMEX-ICE T-Bronx5Y-10Y-Bund .. il ritorno del figliol prodigo (vm18) (5 lettori)
- Creatore Discussione ditropan
- Data di Inizio
gipa69
collegio dei patafisici
Slower Japan money growth seen sign of asset shift
Thu Oct 12, 2006 4:11am ET
By Hideyuki Sano
TOKYO, Oct 12 (Reuters) - The slowest growth in Japan's money supply in 13 years is most likely the result of a shift of funds from cash to other assets, not a sign the economy is losing momentum, economists said on Thursday.
Japan's M1 money supply in September, covering cash and call deposits, grew 1.5 percent from a year earlier, the smallest increase since 1993, when the country's economy had been deeply troubled by the bursting of asset price bubbles.
A more widely watched measure of money supply -- M2 plus certificates of deposit (CDs) -- was up 0.6 percent in September, but the Bank of Japan revised down the August increase to 0.4 percent, another 13-year low, from an earlier reading of 0.5 percent.
But few economists are concerned about slow money growth. Many say the trend probably reflects a move from cash and deposits into other financial assets, such as bonds and investment trusts, which are not included in money supply.
The year-on-year rise in M1, the narrowest gauge of money supply, has been dwindling constantly since April, when it was up 5.1 percent, just after the BOJ in March ended its five-year-old super-easy policy of flooding the banking system with cash.
That policy, dubbed "quantitative easing", kept short-term interest rates around zero. It also reduced interest rates on term deposits to levels on a par with those on call deposits, prompting many savers to pile up their funds in call deposits.
That is now being unwound, especially after the BOJ raised rates to 0.25 percent from zero in July, its first rate hike in six years.
"Term deposits are now offering meaningful interest, so funds that had once concentrated in M1 are now moving out to other assets," said Hideo Kumano, a senior economist at Dai-ichi Life Research Institute.
A big chunk of money is also moving into investment trusts and other types of trusts, which are out of the scope of M2+CD.
Investment trusts in September were up 16.3 percent from a year earlier, the highest increase in six years, BOJ data showed.
BOJ Deputy Governor Toshiro Muto said last week that such a fund shift is a sign of normalisation in the Japanese economy, which had been plagued by financial crises and stop-and-go growth in the 1990s and early 2000s.
Many economists say M2+CD is an unreliable indicator of overall economic trends, and the government removed it a decade ago from the list of components in its diffusion index of leading economic indicators.
But some economists say the steady slide in money supply, taken together with some disappointing economic data in the past few months, could have worrying implications.
Seiji Adachi, a senior economist at Deutsche Securities, said M1 could be falling because corporate activity is slowing, reducing call deposits that companies use mainly for settlements.
Earlier this week, data showed Japanese machinery orders rose less than expected in August. Core orders rose 6.7 percent from the previous month, a lacklustre rebound from a record fall in July.
(Additional reporting by Leika Kihara)
Thu Oct 12, 2006 4:11am ET
By Hideyuki Sano
TOKYO, Oct 12 (Reuters) - The slowest growth in Japan's money supply in 13 years is most likely the result of a shift of funds from cash to other assets, not a sign the economy is losing momentum, economists said on Thursday.
Japan's M1 money supply in September, covering cash and call deposits, grew 1.5 percent from a year earlier, the smallest increase since 1993, when the country's economy had been deeply troubled by the bursting of asset price bubbles.
A more widely watched measure of money supply -- M2 plus certificates of deposit (CDs) -- was up 0.6 percent in September, but the Bank of Japan revised down the August increase to 0.4 percent, another 13-year low, from an earlier reading of 0.5 percent.
But few economists are concerned about slow money growth. Many say the trend probably reflects a move from cash and deposits into other financial assets, such as bonds and investment trusts, which are not included in money supply.
The year-on-year rise in M1, the narrowest gauge of money supply, has been dwindling constantly since April, when it was up 5.1 percent, just after the BOJ in March ended its five-year-old super-easy policy of flooding the banking system with cash.
That policy, dubbed "quantitative easing", kept short-term interest rates around zero. It also reduced interest rates on term deposits to levels on a par with those on call deposits, prompting many savers to pile up their funds in call deposits.
That is now being unwound, especially after the BOJ raised rates to 0.25 percent from zero in July, its first rate hike in six years.
"Term deposits are now offering meaningful interest, so funds that had once concentrated in M1 are now moving out to other assets," said Hideo Kumano, a senior economist at Dai-ichi Life Research Institute.
A big chunk of money is also moving into investment trusts and other types of trusts, which are out of the scope of M2+CD.
Investment trusts in September were up 16.3 percent from a year earlier, the highest increase in six years, BOJ data showed.
BOJ Deputy Governor Toshiro Muto said last week that such a fund shift is a sign of normalisation in the Japanese economy, which had been plagued by financial crises and stop-and-go growth in the 1990s and early 2000s.
Many economists say M2+CD is an unreliable indicator of overall economic trends, and the government removed it a decade ago from the list of components in its diffusion index of leading economic indicators.
But some economists say the steady slide in money supply, taken together with some disappointing economic data in the past few months, could have worrying implications.
Seiji Adachi, a senior economist at Deutsche Securities, said M1 could be falling because corporate activity is slowing, reducing call deposits that companies use mainly for settlements.
Earlier this week, data showed Japanese machinery orders rose less than expected in August. Core orders rose 6.7 percent from the previous month, a lacklustre rebound from a record fall in July.
(Additional reporting by Leika Kihara)
gipa69
collegio dei patafisici
Costco posts higher quarterly profit
Thu Oct 12, 2006 3:47am ET
NEW YORK (Reuters) - Costco Wholesale Corp. (COST.O: Quote, Profile, Research) on Thursday said quarterly profit rose, beating its lowered forecast, as improving margins from its gasoline stations and an income tax benefit made up for slack demand for big-ticket items such as furniture.
Earnings rose to $355.6 million, or 75 cents per share, in the fiscal fourth quarter that ended on September 3, from $354.7 million, or 73 cents per share, in the same period a year earlier.
On August 30, Costco lowered its earnings forecast to a range of 68 cents to 71 cents per share, including a 3 cents per share income tax charge, citing a drop in demand for big-ticket discretionary goods like furniture and electronics.
Analysts on average expected earnings of 73 cents per share, according to Reuters Estimates.
Costco said fourth quarter net sales rose 19 percent to $19.50 billion from the year-ago period.
The company also said it formed an independent committee to review past options grants, based on the actions other companies have taken.
Dozens of companies have launched reviews into options practices to see if options were improperly handled.
Costco said that based on its review, it does not expect any restatement of previously filed financial statements based on its stock options review.
(Reporting by Michael Flaherty in New York and Emily Kaiser in Chicago)
© Reuters 2006. All Rights Reserved.
Thu Oct 12, 2006 3:47am ET
NEW YORK (Reuters) - Costco Wholesale Corp. (COST.O: Quote, Profile, Research) on Thursday said quarterly profit rose, beating its lowered forecast, as improving margins from its gasoline stations and an income tax benefit made up for slack demand for big-ticket items such as furniture.
Earnings rose to $355.6 million, or 75 cents per share, in the fiscal fourth quarter that ended on September 3, from $354.7 million, or 73 cents per share, in the same period a year earlier.
On August 30, Costco lowered its earnings forecast to a range of 68 cents to 71 cents per share, including a 3 cents per share income tax charge, citing a drop in demand for big-ticket discretionary goods like furniture and electronics.
Analysts on average expected earnings of 73 cents per share, according to Reuters Estimates.
Costco said fourth quarter net sales rose 19 percent to $19.50 billion from the year-ago period.
The company also said it formed an independent committee to review past options grants, based on the actions other companies have taken.
Dozens of companies have launched reviews into options practices to see if options were improperly handled.
Costco said that based on its review, it does not expect any restatement of previously filed financial statements based on its stock options review.
(Reporting by Michael Flaherty in New York and Emily Kaiser in Chicago)
© Reuters 2006. All Rights Reserved.
gipa69
collegio dei patafisici
Tra le altre cose da analizzare e che purtroppo non ho la continuità di seguire e quindi evidenzio in ritardo 
c'è uno switch tra Asia ed Europa nelle ultime sedute dovuto probabilmente a motivi geopolitici e solo in parte economici.
Diversi mercati hanno avuto andamenti negativi e questo ha consentito all'Europa un andamento più sostenuto.
c'è uno switch tra Asia ed Europa nelle ultime sedute dovuto probabilmente a motivi geopolitici e solo in parte economici.Diversi mercati hanno avuto andamenti negativi e questo ha consentito all'Europa un andamento più sostenuto.
f4f
翠鸟科
grazie Gipa, impressing la correlazione
e io spetto uno storno a 39100/39200 sullo spmibmerd, storno che non viene managgia
per me si sale a rotta di colo fino alle elezioni usa, e poi il CHAOS
gggooood news
vado in ritiro di forum, sulla prossima pagggina non scrivo nulla
ma vi leggerò
no ropture di quazz, festeggiate e lodatemi
e io spetto uno storno a 39100/39200 sullo spmibmerd, storno che non viene managgia
per me si sale a rotta di colo fino alle elezioni usa, e poi il CHAOS
gggooood news
vado in ritiro di forum, sulla prossima pagggina non scrivo nulla
ma vi leggerò
no ropture di quazz, festeggiate e lodatemi
gipa69
collegio dei patafisici
ditropan ha scritto:breve intervallo pubblicitario ...
Immagine sostituita con URL per un solo Quote: http://213.215.144.81/public_html/fotodelgiorno/20061010ft_big.jpg
.. holas bandidos !!!
Bravo Ditro
dopo tutti i problemi sulla privacy dei parlamentari hai pensato bene di rispettare la privacy di questa simpatica donzella