f-h OP BW & Friends-TTT, Freitach 12.12.2003
Pivots für den 12.12.2003 DAX
Pivot-Punkte Resist 3 3.910,56 Resist 2 3.887,45 Resist 1 3.873,15 Pivot 3.850,04 Support 1 3.835,74 Support 2 3.812,63 Support 3 3.798,33
Pivots für den 12.12.2003 DAX-Future DEC3Pivot-Punkte Resist 3 3.913,2 Resist 2 3.890,3 Resist 1 3.873,7 Pivot 3.850,8 Support 1 3.834,2 Support 2 3.811,3 Support 3 3.794,7
Pivots für den 12.12.2003 Dow Jones Industrial AveragePivot-Punkte Resist 3 10.155,03 Resist 2 10.090,78 Resist 1 10.049,47 Pivot 9.985,22 Support 1 9.943,91 Support 2 9.879,66 Support 3 9.838,35
Pivots für den 12.12.2003 S&P 500 IndexPivot-Punkte Resist 3 1.091,19 Resist 2 1.082,41 Resist 1 1.076,81 Pivot 1.068,03 Support 1 1.062,43 Support 2 1.053,65 Support 3 1.048,05
Pivots für den 12.12.2003 Nasdaq 100Pivot-Punkte Resist 3 1.465,50 Resist 2 1.443,99 Resist 1 1.430,48 Pivot 1.408,97 Support 1 1.395,46 Support 2 1.373,95 Support 3 1.360,44
Pivots für den 12.12.2003 BUND-Future DEC3Pivot-Punkte Resist 3 113,33 Resist 2 113,21 Resist 1 113,06 Pivot 112,94 Support 1 112,79 Support 2 112,67 Support 3 112,52
Quelle:
| Freitag, 12.12.2003 | Woche 50 | |||
| • 00:50 - | JP Tankan Report Dezember | |||
| • 08:00 - | DE Außenhandel mit Polen 2002 | |||
| • 08:00 - | DE Gehalts- u. Lohnstrukturerhebung 2001 | |||
| • 08:45 - | FR Produktion verarbeitendes Gewerbe Oktober | |||
| • 08:50 - | FR Industrieproduktion Oktober | |||
| • 09:00 - | IT Industrieproduktion Oktober | |||
| • 10:00 - | EU 3-Monatszinssätze November | |||
| • 12:00 - ! | EU Zahlungsbilanz 3. Quartal | |||
| • 14:30 - ! | US Erzeugerpreisindex November | |||
| • 14:30 - ! | US Handelsbilanz Oktober | |||
| • 15:45 - ! | US Verbraucherstimmung Uni Michigan Dezember | |||
Wünsche allen good trades
Greetz f-h
Greenspan warns against making China a scapegoat for US jobs 14.12.2003 11:56 Headlines
---- by Claire Gallen ----
WASHINGTON (AFX-ASIA) - Federal Reserve Chairman Alan Greenspan has warned
against making China a scapegoat for all the ills of the American labor market
in the runup to the November 2004 elections.
"The renminbi (yuan) is widely believed to be markedly undervalued, and it
is claimed that a rise in the renminbi will slow exports from China to the
United States -- which, according to some, will create increased job
opportunities for Americans at home," he told a group of Texas business
executives.
"The story on trade and jobs, in my judgment, is a bit more complex --
especially with respect to China -- than this strain of conventional wisdom
would lead one to believe," he said.
In fact, "a rise in the value of the renminbi would be unlikely to have
much, if any, effect on aggregate employment in the United States."
Increasingly vocal China critics here argue that Beijing is artificially
depressing the value of its currency by tying the yuan at about 8.3 per usd
despite a boom in its economy.
The low yuan makes Chinese goods unfairly cheap in the United States while
effectively shutting out US exports to China, some American manufacturers
complain.
As a result, critics say, jobs are lost in the United States.
Responding to pressure in key electoral states, US President George W.
Bush's administration decided last month to slap textile import quotas on China.
Washington filed petitions under a provision of China's accession agreement
to the World Trade Organization that allows the United States and other WTO
members to impose temporary quotas on textile imports from China if they are
found to cause market disruption.
US officials say they will enter a dialogue with China to cap imports of
Chinese dressing gowns, knit fabrics and bras. Beijing has already warned the
decision will harm Sino-US trade ties.
"China policy could become a heated US campaign issue as the presidential
election approaches in November 2004," said Wells Fargo chief economist Sung Won
Sohn.
The United States has undeniably become heavily dependent on goods stamped
"Made in China": In October, China accounted for almost one-third of the US
trade deficit.
If China were to allow the yuan's value to rise, US imports from the world's
most populous nation would likely plunge.
But that would not necessarily favor American factories, Greenspan warned.
"If the renminbi were to rise, presumably US imports from China would fall
as China loses competitive position to other low-wage economies. But would, for
example, reduced imports of textiles from China induce increased output in
American factories?" he asked.
"Far more likely is that our imports from other low-wage countries would
replace Chinese textiles."
Some analysts say US industry has undergone an irreversible structural
change.
"For one thing, manufacturing job losses are primarily a historic
inevitability propelled by technological advances, just like the loss of
agricultural jobs was at the turn of the last century," said John Markan,
strategist at Pinnacle Investment Advisors.
"It's not much of an exaggeration to suggest that the largest Chinese
company in the world is Wal-Mart, which makes its popular house-brand goods
there," he said.
Consumers now demand the lowest prices, and the United States has lost its
competitive advantage on salaries.
"The major cause of China's booming exports is not an undervalued currency.
It is an upsurge of foreign direct investment, which has significantly boosted
China's productive capacity and managerial competence," said Hale Advisers chief
David Hale.
"Foreign companies produce over half of China's exports and accounted for 65
pct of export growth during the past decade," he added.
"The major complaints are coming from small or medium-sized US companies,
which don't have the capital to invest in China or have not yet had time to
penetrate the market there."
Greenspan warned against a new protectionist tendency gaining hold in the
United States.
"For the most part, we as a nation have not engaged in significant and
widespread protectionism for more than five decades," Greenspan said, adding:
"The consequences of moving in that direction in today's far more globalized
financial world could be unexpectedly destabilizing."
cg-djw/ejp
Greetz f-h
