US Daten
Der "Chicago Fed National Activity Index" hat sich im Januar auf -0,74 Punkte ermäßigt, nachdem er im Dezember noch 0,36 Zähler betragen hatte. Der aussagekräftigere Dreimonatsschnitt des Stimmungsbarometers für die Wirtschaft im Großraum Chicago sinkt damit von -0,19 auf -0,29 Punkte. Die Chicagoer Fed gab zu, dass das Wirtschaftswachstum derzeit unterhalb des historischen Schnitts liege, betonte aber zugleich, dass sie für dieses Jahr nur geringe Inflationsrisiken sehe.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung der Zahlen zum US-amerikanischen State Street Investor Confidence Index für Februar 2007
aktuell:
Der US-amerikanische State Street Investor Confidence Index notiert im Februar bei 90,4. Einen Monat zuvor hatte der Index noch bei 85,2 gestanden. Damit wurde der Vormonatswert von 85,0 nach oben revidiert.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Die US-Filialumsätze sind in der Woche zum 17. Februar gegenüber dem Vergleichszeitraum des Vorjahres um 3,5 Prozent gestiegen. Dies meldete heute das International Council of Shopping Centers (ICSC). Gegenüber der Vorwoche ist ein Rückgang von 0,1 Prozent zu registrieren.
Laut ICSC-Chefökonom Mike Niemira hat das harte Winterwetter besonders im mittleren Westen und Nordosten der USA zu einer Minderung der Ausgabebereitschaft geführt.
Das ICSC rechnet für Februar gegenüber dem Vergleichszeitraum des Vorjahres mit einem Filialerlöszuwachs von rund 3 Prozent.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung der Zahlen zum US-amerikanischen Verbraucherpreisindex ("Consumer Price Index, CPI") für Januar 2007
aktuell:
Die US-amerikanischen Verbraucherpreise sind im Januar um 0,2 % gestiegen. Erwartet wurde ein Anstieg um 0,1 bis 0,2 %. Im Monat zuvor waren die Preise der Konsumenten noch um 0,4 % geklettert.
Die Kernrate ist in den USA um 0,3 % gestiegen. Gerechnet wurde hier mit mit einem 0,2 % Anstieg. Im Vormonat hatte die Kernrate um 0,1 % zugelegt.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
U.S. CPI up 0.3% in January, more than expected
By Rex Nutting
Last Update: 8:30 AM ET Feb 21, 2007
WASHINGTON (MarketWatch) - U.S. consumer prices increased 0.3% in January, led by large increases in food, medical care and tobacco prices, the Labor Department reported Wednesday. Core inflation, which ignores movements in food and energy prices, rose 0.3% in January, the biggest increase since June. The greater-than-expected consumer price index could lessen the odds that the Federal Reserve would cut interest rates. The core CPI is up 2.7% in the past year, a notch higher than the 2.6% year-on-year rate in November and December. Economists surveyed by MarketWatch were looking for a 0.1% gain on the CPI and for a 0.2% gain on the core CPI.
U.S. Jan core CPI rises 0.3% vs. 0.2% expected
8:30 AM ET, Feb 21, 2007
U.S. Jan. CPI rises 0.3% vs. 0.1% expected
8:30 AM ET, Feb 21, 2007
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung der Zahlen zu den US-amerikanischen Frühindikatoren ("Leading Indicators") für Januar 2007
aktuell:
Die US-amerikanischen Frühindikatoren sind im Januar um 0,1 % gestiegen. Erwartet wurde ein Anstieg im Bereich 0,2 bis 0,3 %.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Quelle: Postbank
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung des Sitzungsprotokolls zur letzten Sitzung des Federal Open Market Committees (FOMC Minutes)
aktuell:
Der Offenmarktausschuss der Fed hatte in seiner letzten Sitzung am 31. Januar für eine Belassung der Zinsen bei 5,25 % entschieden.
Das Gros der Mitglieder habe eine Verbesserung der Wirtschaftssituation gegenüber Dezember gesehen. Auch gebe es Anzeichen für eine Stabilisierung im Immobiliensektor. Die Risiken eines großen Crashs in diesem Bereich wären zumindest gesunken.
Bezüglich der Inflationsrisiken waren sich alle Fed-Mitglieder einig, dass sich die Lage entspanne.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
stay cash........and go short
KAHULUI, Hawaii (YF) -- Market wise, equities are in the midst of the second-longest rally since 1929. Yet there are some serious warning signs -- especially sentiment
The odds are high that the current advance won't be able to continue. Stocks remain stretched and trade above past market multiples. What goes up must come down.
On the economic front, we are overdue for a recession. The last one occurred in 2000 and 2001. Business expansions don't last forever. The boom-and-bust pattern of an economic cycle has not been repealed.
An inverted yield curve almost always points to a deep business slowdown. The Fed publicly claims there's a 40% chance of a recession. However, a model of the Federal Reserve Bank of New York is essentially forecasting an outright recession.
Double-digit corporate earnings growth will be a thing of the past. Companies should consider themselves fortunate to experience single-digit growth.
The housing industry remains on the verge of a massive collapse. In our estimation, this real estate debacle is only in the top half of the second inning of a nine-inning ballgame.
Sentimentally speaking, our indicators are flashing major warning signals. At extremes, sentiment can indicate a peak or an important low. This contrary indicator is presently at an extreme level. Unfortunately, it's a very bearish one.
You need not look far for the evidence of the euphoria in today's market:
Fox plans to launch a new business channel. Newsweek magazine recently had a write-up on the success of the CNBC Business Channel.
Based on surveys by Investors Intelligence, bullish investment advisers hover between the 50% to the 60% range. These are at the high end of the spectrum.
The Dow Jones Industrial Average (INDU) achieved an all-time record high and the other indexes reached multiyear highs.
Small-cap stocks outperformed the other averages by a wide margin. Case in point, the Russell 2000 (RUT) skyrocketed to a record high in early 2007. In addition, it enjoyed an 18.9% gain last year.
Wall Street expects to pay out $23.9 billion in bonuses. A startling increase of 17% over the previous year's record. The world's largest investment banker, Goldman Sachs (GS), reported a whopping profit of $9.4 billion -- the most ever for a Wall Street company in a given year. And it has set aside $16.5 billion for salaries, bonuses and benefits for employees. Lehman Brothers Holdings (LEH) also produced record profits for the quarter and year. Bear Sterns experienced a record quarter.
In 2006, a combined total value of $1.6 trillion of mergers and acquisitions in the United States nearly beat the $1.7 trillion record for values in 2000 (the top of the high-tech bubble). Internationally, mergers and acquisitions of $3.8 trillion did overcome 2000's figures.
The utilization of derivatives surged to the quickest pace in eight years during the first half of 2006. According to the Bank for International Settlements, the face value of derivatives based on corporate bonds, currencies, interest rates, commodities and stocks leaped 24% to $370 trillion. It marked the biggest percentage increase since 1998.
On Feb. 9, Fortress Investment Group (FIG) made history. It was the first hedge and private equity fund to go public, a $634 million initial public offering. In its first day of trading, Fortress shot up 89% in intraday trading.
In the United States, the number of hedge funds resumed its growth. There are in excess of 9,000 of these funds. Around the world it's 30,000 funds.
With all the frenzy, mania and froth, Wall Street failed to take note of how corporate insider selling has increased to its highest pace in 20 years. Furthermore, cash levels of mutual funds are near record lows. Without money for buying support, how do equities keep moving up?
Hence, our investing strategy: cash and go short.
We started the new year with 100% in cash, earning well over 5%, risk free. On Jan.17, we deployed 10% into the Rydex Ursa Fund (RYURX). Ursa will rise when the Standard and Poor's 500 Index (SPX) heads down in price. Another 10% is earmarked for RYURX if the S&P 500 moves higher in the coming weeks. The inverse action will provide us a lower cost-average price. The total return from cash and the short position should beat the market's performance for the new year
NovaStar Reignites Worries for Subprime Lenders
The company warns it expects to recognize little, if any, taxable income for the next five years
When NovaStar Financial (NFI) announced a loss for the December quarter and warned that it might not keep its status as a real estate investment trust (REIT), worries about the subprime mortgage lending market reignited on Feb. 21. As borrowing costs rise and the housing market slows, selling loans to people with poor credit histories has become a shakier business.
For the quarter ended Dec. 31, 2006, the Kansas City, (Mo.) company reported a net loss of $14.4 million, compared to earnings of $26.4 million during the same period of 2005. "The credit performance of our portfolio, and specifically our 2006 originations, deteriorated during the fourth quarter," CEO Scott Hartman said in a press release Feb. 20. NovaStar's earnings took hits from things like lower loan prices and losses on its investments.
What's more, the company expects to recognize little, if any, taxable income between 2007 and 2011. REITs must distribute most of their taxable income to shareholders every year. Now NovaStar management is evaluating whether to retain the company's status as a REIT beyond 2007.
"While NovaStar's results were disappointing, the guidance of little to no taxable income from 2007 until 2011 was unexpected," Deutsche Bank analyst Stephen Laws said in a research note dated Feb. 21. Laws slashed his $29 price target on the stock to $8 per share and downgraded NovaStar to hold from buy. (Deutsche Bank does business with NovaStar.)
Investors dumped NovaStar's shares, which plummeted 41% to $10.36, a new 52-week low, in afternoon trading on the New York Stock Exchange Feb. 21.
The market has already gotten warning that more of NovaStar's customers are failing to make their payments on loans as agreed. On a pool of mortgages NovaStar securitized in September 2006, more than 3% are more than 30 days past due, Morningstar reported Feb. 9. "If delinquencies in NovaStar's mortgages continue to rise, pullback from investors in its securities could create a liquidity crunch, limiting NovaStar's ability to originate new loans in the future," analyst Ryan Lentell wrote Feb. 9. After NovaStar's news on Feb. 21, Lentell added that "liquidity remains our number-one concern associated with the firm."
The market has been fretting about the state of subprime lenders recently, consequently making it tougher for those companies to raise funds. On Feb. 8, the group got hit after HSBC Finance, the Prospect Heights (Ill.)-based consumer lending unit of British banking giant HSBC Holdings (HBC), said it was setting aside 20% more than analysts had estimated for bad loans in 2006.
The same day, New Century Financial (NEW) shares skidded 30%, after the Irvine (Calif.)-based lender announced it would restate results for the first three quarters of 2006 to correct accounting errors related to loan repurchase losses. The company expects to see a loss for the fourth quarter of 2006 due to early payment defaults (see BusinessWeek.com, 2/9/07, "Subprime Time Bomb")
HSBC's shares slipped 0.2% to $89.44 in afternoon trading on the New York Stock Exchange Feb. 21, while New Century's shares lost 6.9% to $17.48. If misery loves company, NovaStar can take heart.
Quelle: Business Week, USA
Liz Rappaport
Hopes for Move to Neutral Squashed
2/21/2007 2:25 PM EST
Investor hopes that the Fed would move to neutral should be firmly squashed after reading the Jan. 31 FOMC minutes.
The minutes from the Jan. 31 FOMC minutes were largely in line with Bernanke's testimony last week, but revealed that committee members considered using more neutral language to accurately portray their view that "economic information received since the last meeting pointed to a somewhat more favorable outlook regarding both inflation and economic growth than they had earlier anticipated."
But that was then and this is now. That was before today's uptick in CPI and before a spate of slightly weaker economic data that's streamed since the beginning of the month.
If the Fed didn't go to neutral after three months of weak core inflation readings, they're not going to after it ticks up again.
Veröffentlichung der Zahlen zu den US-amerikanischen Erstanträgen auf Arbeitslosenhilfe ("Initial Jobless Claims") für die Vorwoche
aktuell:
Die Zahl der Erstanträge ist in den USA auf 332.000 zurückgegangen. Erwartet wurden 320.000 bis 325.000 neue Anträge nach zuvor 359.000 (revidiert von 357.000).
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung der Zahlen zum US-amerikanischen Help Wanted Index für Januar 2007
aktuell:
Der US-amerikanische Help Wanted Index notiert im Januar bei 32 nach einem Stand von 34 im Vormonat. Gerechnet wurde mit einer Bandbreite von 33 bis 34. Ein Jahr zuvor hatte der Index noch bei 38 notiert.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung des wöchentlichen Ölmarktberichts der Energy Information Administration (EIA) zur US-amerikanischen Lagerhaltung
aktuell:
Die US-amerikanischen Rohölvorräte (Crude Oil Inventories) sind in der vorangegangenen Woche um 3,7 Mio. Barrel gestiegen, nach zuvor -600.000 Barrel.
Die Benzinvorräte (Gasoline Inventories) haben sich in den USA im Wochenvergleich um 3,1 Mio. Barrel verringert, nach zuletzt Minus 2,0 Mio. Barrel.
Die Vorräte an Destillaten (Distillate Inventories), die auch das Heizöl beinhalten, sind gegenüber der Vorwoche in den Vereinigten Staaten um 5,0 Mio. Barrel geschrumpft, nach zuvor -3,0 Mio. Barrel.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung des wöchentlichen Erdgasberichts der Energy Information Administration (EIA) zur US Lagerhaltung
aktuell:
Die US-amerikanischen Erdgasvorräte ("Nat Gas Inventories") sind in der letzten Woche um 223 Bcf auf 1.865 Bcf zurückgegangen. In der vorangegangenen Woche waren die Bestände in den USA um 259 Bcf geschrumft, im Vorjahr hatten sie bei 2.161 Bcf gelegen.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Survey of Tenth District Manufacturing Tenth District manufacturing activity growth rebounded strongly in February, and expectations for future factory hiring and capital spending rose as well. The majority of price indexes in the survey increased moderately for the second straight month, due largely to rising food prices. The net percentage of firms reporting month-over-month increases in production in February was 18, up from 5 in January and 7 in December (Tables 1 & 2, Chart). Production accelerated at most types of factories, but especially among producers of machinery and high-tech equipment. The overall year-over-year production index also increased from 19 to 31, and the future production index remained steady after a slight decrease last month. Although sample sizes make it difficult to draw firm conclusions about individual states, the data available suggest that production remained well above year-ago levels in all district states. Like production, the majority of other month-over-month indexes increased significantly. The new order index jumped from 9 to 20, and the shipments index also increased for the second straight month. Growth in the order backlog index expanded for the first time in four months, rising from -4 to 9. In addition, the employment, new orders for exports, and supplier delivery time indexes all recorded solid gains. The raw materials inventory index increased to its highest level in six months, while the finished goods inventory index remained unchanged. Most other year-over-year indexes increased over last month. The shipments and new order indexes both rebounded strongly after reaching their lowest levels in over three years. The order backlog index climbed from 7 to 23, and the employment index reached its highest level since the survey began in 1995. The capital expenditures index edged up from 13 to 17, and the new orders for exports and supplier delivery time indexes remained relatively unchanged. The raw materials inventory index declined slightly, while the finished goods inventory index increased for the third straight month. Other indexes for future factory activity increased or remained fairly stable. The future capital expenditures index reached its highest level in over two years, and the employment and order backlog indexes increased as well. The future shipments index edged up after a decline last month, and the new orders index rose from 21 to 23. On the other hand, the future supplier delivery time index edged down from 11 to 8, and the new orders for exports index fell for the second straight month. Both future inventory indexes decreased slightly. Most price indexes in the survey edged up slightly but generally remain lower than peaks reached over the past few years. The month-over-month raw materials price index rose from 11 to 15, and the finished goods price index also increased marginally for the third straight month. The future raw materials and finished goods price indexes also recorded slight gains following strong increases in January. On the other hand, both year-over-year price indexes decreased moderately. |
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Federal Reserve Bank of Kansas City
Manufacturing Survey Home Page
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)
Veröffentlichung der Zahlen zu den US-amerikanischen Auftragseingängen für langlebige Wirtschaftsgüter ("Durable Goods Orders") für Januar 2007
aktuell:
Die US-amerikanischen Auftragseingänge für langlebige Wirtschaftsgüter sind im Januar um 7,8 % gestiegen. Erwartet wurde ein Minus in Höhe von 3,0 %. Im Vormonat waren die Auftragseingänge bei den langlebigen Wirtschaftsgütern noch um 2,8 % gestiegen. Damit wurde der Vormonatswert von zuvor veröffentlichten +2,9 % nach unten revidiert.
Servus, J.B.
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"If any man seeks for greatness, let him forget greatness and ask for truth, and he will find both." (Horace Mann)