Tuesday 29 September 2009

DATA SNAP:UK Corporate M4 Aug YY Rise Strongest Since Mar 08

LONDON (Dow Jones)--Holdings of M4 by U.K. companies posted the strongest annual rate of increase in more than a year in August, but growth in overall holdings of M4 weakened, painting a mixed picture of economic health.

Data from the Bank of England, released Tuesday, showed that corporate holdings of M4 broad money slipped 0.1% on the month, but rose 0.7% on the year, while household holdings lifted 0.6% on the month and 2.9% on the year.

The BOE's new series of overall M4, excluding intermediate other financial corporations whose practices distort the data, posted a 0.2% on the month rise, weaker than a downwardly revised 0.4% increase in July.

-By Natasha Brereton, Dow Jones Newswires, +44-20-7842-9254, natasha.brereton@dowjones.com

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September 29, 2009 04:50 ET (08:50 GMT)

DATA SNAP: UK 2Q GDP Revised Up, Record Annual Fall Stands

DATA SNAP: UK 2Q GDP Revised Up, Record Annual Fall Stands

By Nicholas Winning and Joe Parkinson
OF DOW JONES NEWSWIRES


LONDON (Dow Jones)--The U.K. economy shrank slightly less than previously estimated in the second quarter, but still posted its steepest fall in annual terms since records began in 1955, the Office for National Statistics said Tuesday.

The final reading of gross domestic product showed it shrank 0.6% between April and June from the first quarter, a narrower fall than the previous estimate of a 0.7% contraction.

"The revision is almost entirely due to stronger estimates of construction output than previously forecast," the ONS said in a statement.

But the data also showed GDP was 5.5% lower than in the second quarter of 2008 - unchanged from the previous reading.

Economists were expecting revised declines of 0.6% on the quarter and 5.4% on the year, according to a Dow Jones Newswires survey last week.

The ONS said the quarterly fall in GDP in the first three months of the year was also revised wider to 2.5% from 2.4% - the sharpest drop since the second quarter of 1958 - as a result of weaker data on the output of services.

The GDP growth rate for last year as a whole was also revised down to 0.6% from 0.7%.

Web site: www.ons.gov.uk

-By Nicholas Winning, Dow Jones Newswires; +44 207 842 9498; nick.winning@dowjones.com

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September 29, 2009 04:40 ET (08:40 GMT)


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DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July


DATA SNAP: UK Aug Net Consumer Lending +GBP699 Mln Vs July

LONDON (Dow Jones)--U.K. net consumer lending rose more sharply than expected in August, driven by a large increase in mortgage lending, data from the Bank of England showed Tuesday.

The robust figures will dampen concerns that consumers are unable to access funds to buy homes because financial institutions are unwilling to lend amid the harsh economic climate.

Total consumer lending rose GBP699 million in August, its largest rise since April, following a downwardly-revised drop of GBP462 million in July.

Economists had expected net consumer lending to increase by GBP300 million, according to a Dow Jones Newswires survey last week.

The rise in consumer lending was driven by an increase of GBP1.009 billion in mortgage lending, which was partially offset by a fall of GBP309 million in consumer credit.

This rise in mortgage lending was the biggest since February.

Mortgage approvals eased back slightly in August to 52,317, down from 52,404 in July.

Web site: http://www.bankofengland.co.uk/

-By Adam Bradbery, Dow Jones Newswires; 44 20 7842 9305; adam.bradbery@dowjones.com

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September 29, 2009 04:41 ET (08:41 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP: UK 2Q Current Account Deficit Widens Sharply

Tue, Sep 29 2009, 08:33 GMT
http://www.djnewswires.com/eu

DATA SNAP: UK 2Q Current Account Deficit Widens Sharply

By Joe Parkinson and Nicholas Winning

OF DOW JONES NEWSWIRES

LONDON (Dow Jones)--The U.K.'s current account deficit widened in the second quarter to its largest level for nearly two years, as investment income narrowed and trade in services weakened, data from the Office for National Statistics showed Tuesday.

The current account deficit for the April-to-June period totaled GBP11.4 billion, compared with a revised deficit of GBP4.1 billion in the first three months of the year.

The first-quarter deficit was originally reported as GBP8.5 billion.

The deficit was larger than the market consensus estimate of a GBP8.0 billion deficit from a Dow Jones Newswires survey of economists last week.

As a share of economic output, the deficit rose to 3.3% of gross domestic product from a downwardly revised 1.2% in the first quarter.

The surplus on investment income shrank to GBP1.4 billion from an upwardly revised GBP7.0 billion in the first quarter, while the deficit on the trade in goods fell to GBP19.9 billion from GBP20.8 billion.

However, the surplus on the trade in services fell to GBP11.3 billion from GBP13.4 billion.

Web site: www.ons.gov.uk

-By Joe Parkinson and Nicholas Winning, Dow Jones Newswires; +44 207 842 9291; joe.parkinson@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:33 ET (08:33 GMT)


Copyright 2009 Dow Jones & Company, Inc.

UPDATE: Spain Sep Flash HCPI -1% On Year Vs -0.8% In Aug


UPDATE: Spain Sep Flash HCPI -1% On Year Vs -0.8% In Aug

(Adds analyst comment.)


By Jonathan House
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--The pace of decline of Spanish consumer prices accelerated again in September, preliminary data from Spain's National Statistics Institute showed Tuesday.

In a statement, the INE said Spain's European Union-harmonized consumer price index fell 1% on the year earlier in September after falling 0.8% on the year in August.

A Dow Jones Newswires survey of five analysts had forecast an 0.8% annual decline in September.

BNP Paribas said in a research note that the fall was more than expected and the weaker data was a surprise.

However, BNP said the downward tick in September should be temporary, noting that strong food and energy price base effects should help push overall inflation higher in the coming months. Core inflation, on the other hand, should continue to move lower as Spain is going through a price adjustment to regain competitiveness, BNP said.

In March, Spain became the first country in the euro zone to report an annual decline in consumer prices during the global economic recession. Weak economic conditions continued to hurt domestic consumption amid rising unemployment during recent months.

Inflation has eased sharply across the euro-zone trading area, allowing the European Central Bank to slash interest rates to support the economy.

-By Jonathan House and Jason Sinclair, Dow Jones Newswires; +34-91-3958121; jonathan.house@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:35 ET (08:35 GMT)


ECB's Noyer: Financial Globalization Not Cause Of Crisis

ECB's Noyer: Financial Globalization Not Cause Of Crisis

PARIS -(Dow Jones)- Financial globalization isn't "in itself" the cause of the economic crisis, European Central Bank governing council member and governor of the Bank of France, Christian Noyer, said Tuesday.

But it has highlighted failures in the regulatory framework, Noyer said at a conference in Paris.

Noyer added the crisis has revealed the need to supervise the financial system as a whole and not just individual financial institutions.

-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1740; ruth.bender@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:18 ET (08:18 GMT)


Polish Central Bank Base Scenario Sees Econ Rebound In 2010

Polish Central Bank Base Scenario Sees Econ Rebound In 2010

WARSAW (Dow Jones)--The Polish central bank said Tuesday its base scenario for the country assumes that the economy will gradually rebound in 2010 and reach 2% growth in 2011.

In a report called "Poland and the Global Economic Crisis," the bank said the public sector deficit will rise to over 7% of gross domestic product growth in 2010 from the projected 5.9% of GDP this year.

The higher deficit will fuel a rise in public debt to close to 60% in 2010, breaching the 55% threshold, which under the constitution triggers austerity measures, the bank said.


National Bank of Poland website: http://www.nbp.pl


-By Malgorzata Halaba; Dow Jones Newswires; +4822 447 2433; malgorzata.halaba@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 04:30 ET (08:30 GMT)

Forex: GBP/USD: Pound continues to target 1.5690/10 - Commerzbank

Tue, Sep 29 2009, 08:05 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound has turned down from session high at 1.5955 and dropped about 100 pips on early European session to hit day lows at 1.5845, targeting levels around 1.5690/10, according to Karen Jones, technical analyst at Commerzbank.

Pound's rebounds will, most likely be corrective and capped by 1.6110/50, says Jones: "Yesterdays rebound filled the weekend gap (to 1.5920) and we look for near term corrective rebounds to main capped by 1.6110/50 (break down point for the top pattern) and we continue to target initially 1.5690/10 (Fibonacci retracement and the 55 week ma) and then 1.5270."

Support levels, according to Jones lie at 1.5800/0, and below there, 1.5770 and 1.5690. On the upside, resistance levels are 1.6000, 1.6045 and 1.6110/48.


DJ Currency Rates Of Coffee Producing, Consuming Countries


DJ Currency Rates Of Coffee Producing, Consuming Countries

Current Prior
Producers
Angola (Readj Kwanza) AOA 77.805 78
Bolivia (Boliviano) BOB 7.02 7.02
Brazil (Real) BRL 1.791 1.791
Burundi (Franc) BIF 1240 1241
Central African States XAF 449.5 448.5
Central Bank of West AfriXOF 449.5 448.5
Colombia (Peso) COP 1923.5 1917.6
Costa Rica (Colon) CRC 582.7 582.7
Cuba (Peso) CUP 1 1
Dominican Rep (Peso) DOP 36.1 36.1
Ecuador (USD) USD 1 1
El Salvador (Colon) SVC 8.7475 8.7475
Ethiopia (Birr) ETB 12.59 12.59
Guatemala (Quetzal) GTQ 8.3065 8.3065
Guinea Rep (Franc) GNF 5025 5020
Haiti (Gourde) HTG 39.75 39.75
Honduras Rep (Lempira) HNL 18.895 18.895
India (Rupee) INR 48.07 47.87
Indonesia (Rupiah) IDR 9715 9720
Kenya (Shilling) KES 75.35 75.78
Malawi (Kwacha) MWK 140.6057 140.6069
Mexico (Peso) MXN 13.5575 13.5865
Nicaragua (Cordoba Oro) NIO 19.9603 19.972
Papua New Guinea (Kina) PGK 0.37375 0.37175
Peru (Nuevo Sol) PEN 2.88 2.88
Philippines (Peso) PHP 47.6 47.63
Venezuela (Bolivar) VEB 2147.3 2147.3
Vietnam (Dong) VND 17841.5 17842
Zambia (Kwacha) ZMK 4740 4750
Zimbabwe (Dollar) ZWD 364.6 362.7

Consumers
Denmark (Krone) DKK 5.1059 5.0954
European Union (Euro) EUR 1.45755 1.46065
Japan (Yen) JPY 89.77 89.605
Norway (Krone) NOK 5.84185 5.8595
Sweden (Krona) SEK 7.02825 7.0285
Switzerland (Franc) CHF 1.0363 1.034


* = The CFA Franc is the common currency of 14 African countries
which are members of the Franc zone:
XOF = Benin, Burkina, Ivory Coast, Guinea Bissau, Mali, Niger,
Senegal and Togo under the Central Bank of the West African States.
XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea,
and Gabon, under the Bank of the Central African States.


All currencies are quoted in units of currency per U.S. dollar.
Source: Thomson Reuters


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(END) Dow Jones Newswires

September 29, 2009 04:09 ET (08:09 GMT)

DATA SNAP: Italian August Hourly Wages +2.4% On Year

Tue, Sep 29 2009, 08:04 GMT
http://www.djnewswires.com/eu

DATA SNAP: Italian August Hourly Wages +2.4% On Year

By Luca Di Leo
Of DOW JONES NEWSWIRES




ROME (Dow Jones)--Italian hourly wage growth in August rose significantly more than inflation as salaries of public sector workers increased, statistics office Istat said Tuesday.

Hourly wages in August rose by 2.4% on the year, accelerating from a 2.1% increase in July, Istat said. By comparison, the annual inflation rate in Italy stood at 0.1% in August.

Wages in the public administration rose by 3.1% on the year in August, while they were up an annual 2.1% in the private sector.

Public sector wages in Italy have risen twice as fast as the private sector in recent years despite lower productivity gains.


Statistics office web site: www.istat.it




-By Luca Di Leo, Dow Jones Newswires; +39 06 6976 6921; luca.dileo@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 04:04 ET (08:04 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Forex: EUR/USD: Euro drops below 1.4600, pares gains

Tue, Sep 29 2009, 07:41 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Euro has lost about 50 pips at the European opening, and from 1.4635 area, the pair has dipped to levels below 1.4600, trading at 1.4595 at the moment of writing.

On a wider perspective, the Pair remains, moving within the range seen during the last 12 hours from 1.4585 to 1.4635, although range floor at 1.4585 has been tested recently. Below here, next support levels lie at 1.4560 (Sept 15 low) and 1.4530/35 projection. On teh upside, resistance levels lie at 1.4650, and above here, 1.4675/80 and 1.4720/25 (Sept 25/28 high).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair will continue consolidating at current levels: "Correcting and consolidating, clearly above the most recent Fibonacci retracement, between the nine-day and twenty-six day averages. Allow for more sideways work today and maybe for a fortnight."

DATA SNAP:Italy Business Confidence Falls To 74 In September


Tue, Sep 29 2009, 07:45 GMT
http://www.djnewswires.com/eu

DATA SNAP:Italy Business Confidence Falls To 74 In September

By Chiara Vasarri and Giada Zampano
Of DOW JONES NEWSWIRES


ROME (Dow Jones)--Italian business confidence dropped in September as the outlook for international orders worsened markedly, with the data surprising markets by reversing the past five months' upward trend, figures showed Tuesday.

The business confidence index in the European Union's fourth-largest economy fell to 74 from a downwardly revised 74.4 in August, as sentiment about current demand and output perspectives deteriorated, state-funded research center ISAE said.

The reading was well below a Dow Jones Newswires poll of nine economists, which forecast business confidence to rise to 75.8 in September.

The ISAE business sentiment survey was conducted Sept. 1-17.

Web site: www.isae.it

-By Chiara Vasarri and Giada Zampano; Dow Jones Newswires; +39 06 697 66920; chiara.vasarri@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 03:45 ET (07:45 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP: Spain August Retail Sales -4% Vs -4.6% In July

Tue, Sep 29 2009, 07:14 GMT
http://www.djnewswires.com/eu

DATA SNAP: Spain August Retail Sales -4% Vs -4.6% In July

By Jonathan House
Of DOW JONES NEWSWIRES


MADRID (Dow Jones)--Spanish retail sales continued to fall in August, Spain's National Statistics Institute said Tuesday, as high unemployment weighs on consumption.

Retail sales fell 4% on the year in August, after falling 4.6% in July and 3% in June.

In calendar-adjusted terms, retail sales also fell by 4% in August.

Spanish consumption has been undermined by rapidly rising unemployment and declining consumer confidence as the country's ailing construction industry sheds hundreds of thousands of jobs.

INE Web site: www.ine.es

-By Jonathan House, Dow Jones Newswires; +34 91 395 8121; jonathan.house@dowjones.com

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(END) Dow Jones Newswires

September 29, 2009 03:14 ET (07:14 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Swedish August Retail Sales -2.1% On Month


Tue, Sep 29 2009, 07:30 GMT
http://www.djnewswires.com/eu

Swedish August Retail Sales -2.1% On Month

The following is a press release from Statistiska Centralbyran, or SCB, the Swedish central government authority for official statistics.

STOCKHOLM--Retail trade sales decreased by 2.1% in August compared to July, seasonally adjusted figures. Compared to August 2008 the retail trade sales increased by 1.2%.

Retail trade for mostly food increased 3.3% compared to August 2008 and retail trade for mostly durables decreased by 0.3%.

Statistics Sweden Web site: www.scb.se

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(END) Dow Jones Newswires

September 29, 2009 03:30 ET (07:30 GMT)

DATA SNAP: Spain Sep Flash HCPI -1% On Yr Vs -0.8% In Aug

Tue, Sep 29 2009, 07:00 GMT
http://www.djnewswires.com/eu

DATA SNAP: Spain Sep Flash HCPI -1% On Yr Vs -0.8% In Aug

By Jonathan House
Of DOW JONES NEWSWIRES




MADRID (Dow Jones)--The pace of decline of Spanish consumer prices accelerated again in September, preliminary data from Spain's National Statistics Institute showed Tuesday.

In a statement, the INE said Spain's European Union-harmonized consumer price index fell 1% on the year earlier in September after falling 0.8% on the year in August.

A Dow Jones Newswires survey of five analysts had forecast an 0.8% annual decline in September. In March, Spain became the first country in the euro zone to report an annual decline in consumer prices during the global economic recession. Weak economic conditions continued to hurt domestic consumption amid rising unemployment during recent months.

Inflation has eased sharply across the euro-zone trading area, allowing the European Central Bank to slash interest rates to support the economy.

-By Jonathan House, Dow Jones Newswires; +34-91-3958121; jonathan.house@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EcD%2BzY6KbOZIxjF%2FqGjJDw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 29, 2009 03:00 ET (07:00 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Forex: USD/JPY: Prices will hold above 88.23 today, and probably all week - Mizuho


Tue, Sep 29 2009, 07:14 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Dollar sank on Monday to a fresh 7-month low at 88.20 to recover later towards levels right below 90.00, and according To Nicole Elliott, senior technical analyst at Mizuho Corporate Bank the pair will hover around here during the day.

Yesterda's low at 88.20, thus, will remain intact today and possibly, all week, says Elliott: " massive ‘hammer’ candle yesterday suggests prices will hold above its low at 88.23 today and probably all week. This morning the corrective bounce has been capped by the 9-day moving average at 90.39 and we may hover around here for much of today."

Furthermore, Elliott sees rallies to 91.50 as good selling opportunities: "Rallies towards 91.50 are seen as medium term selling opportunities for an eventual test of January’s low at 87.10. The US dollar is hardly oversold any more and at-the-money implied volatility should increase as prices thrash around between 87.00 and 92.00 this month."





Monday 28 September 2009

USD buying sees USDJPY back up towards 89.20

Mon, Sep 28 2009, 01:43 GMT
http://www.forexlive.com

Bargain hunters, profit takers and Importer bids has seen USDJPY trade back up towards 89.20. There are sellers here, looking to re-establish shorts for another look lower. If we can get above 89.30 convincingly then its back up to 89.70 we go.

Sterling keeps printing lower lows

Mon, Sep 28 2009, 02:02 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – GBP/USD Current Price: 1.5820. Pair keeps printing lower lows in the hourly charts, accelerating the fall with the risk aversion dollar rally triggered by local shares. Rally seems over extended both in 1 and 4 hours charts, yet no signs of reversal or upside corrections yet.

“Break under 1.5800 level, will find next supports at 1.5754, past May 22th daily low, followed by the 1.5710 area,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.5800 1.5754 1.5710. Resistance levels: 1.5860 1.5920 1.5990.

Yen continues strengthen across the board

Mon, Sep 28 2009, 02:14 GMT
http://www.fxstreet.com

FXstreet.com (Buenos Aires) – USD/JPY Current Price: 89.00. With Japan Minister of Finance blessing, yen continues strengthen across the board, reaching extreme hourly readings at the 88.20 level, and rebounding to current 89.00 zone, still bearish in bigger time frames.

20 SMA above current price, in both 1 and 4 hours charts, suggest trend remains strong, yet 4 hours indicators approach to extreme readings. “Watch for the pair to regain the 89.60 level to extend upside corrections to the 90.00 area,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 88.60 88.20 87.90. Resistance levels: 89.30 89.60 89.00.

ASIA MARKETS: Japan Exporter Shares Skid As Yen Surges

Mon, Sep 28 2009, 03:21 GMT
http://www.djnewswires.com/eu

ASIA MARKETS: Japan Exporter Shares Skid As Yen Surges

By V. Phani Kumar

Japanese exporters plunged Monday as the yen jumped to an eight-month high against the U.S. dollar, sparking fresh fears that repatriated earnings of automobile and electronics companies could take a hit.

The yen's latest rally came after Japanese finance minister reiterated the government's continued unwillingness to intervene in the currency market.

In early Asian trading, the U.S. dollar fell as low as 88.23 yen, a level it hasn't seen since January 21, according to FactSet Research data. The dollar hit a 13-year low of 87.10 yen that month, according to EBS. More recently, the dollar was buying 89.08 yen, down from 89.61 yen in late New York trading Friday.

The yen also soared against other currencies, with the euro recently changing hands at 129.96 yen, down from 131.70 yen late Friday. The British pound slumped to 140.78 yen from 143.00 yen Friday, and the Australian dollar slid to 76.67 yen from 77.81 yen Friday.

Automakers were hurt the most Monday, with shares of Honda Motor Co. (HMC) slumping 5.3%, Nissan Motor Co. (NSANY) skidding 6.2% and Toyota Motor Corp. (TM) sliding 3.8%.

The steep fall in exporter shares reflected concerns that many of them, which had assumed an exchange rate of 90 yen to 95 yen against the U.S. dollar when they made their annual forecasts, might miss those targets as the stronger yen erodes the value of their overseas earnings.

But some analysts remained positive about automobile makers.

"While Japanese auto stocks have weakened since August, reflecting the impact of yen appreciation to [90 yen to a U.S. dollar], there is growing evidence of U.S.-led earnings recovery," Goldman Sachs analysts Kota Yuzawa and Yuichiro Isayama wrote in a report.

"We see improvement in both U.S. individual consumption and the sales financing environment, which has shackled sales," they wrote, adding that stronger-than-expected production volumes at Toyota were likely to drive analysts' consensus forecasts.

Among other exporters, shares of Nintendo Co. (NTDOY) dropped 3.4% and Toshiba Corp. fell 5.2%.

In wider Asian market action, Japan's Nikkei 225 Average dropped 2.4% to 10,023.99, China's Shanghai Composite rose 0.2%, Hong Kong's Hang Seng Index fell 1.1%, Australia's S&P/ASX 200 slid 1.3% and South Korea's Kospi shed 1.1%.

'Not abnormal'

Japanese Finance Minister Hirohisa Fujii said Monday that recent movements in the U.S. dollar/yen exchange rate are "not abnormal" at this point, suggesting he still isn't worried about the Japanese currency's rise, according to Dow Jones Newswires.

Fujii also reiterated that "foreign exchange dumping" to defend Japanese exporters would be the wrong policy for the government to take, and that artificially influencing foreign exchange rates would be "a mistake."

Analysts have attributed the yen's rally also to seasonal, end-of-quarter strength as exporters repatriated their overseas earnings.

Fuji reportedly made similar comments Friday, echoing comments he has consistently made since being appointed Finance Minister earlier this month in the new government of Prime Minister Yukio Hatoyama.

Despite Fujii's stated opposition to intervention, some analysts were skeptical the government can really afford to wait much longer to intervene if the yen's strength continued.

"In our opinion, even though Fujii has proven to be more supportive of a stronger than weaker yen, political pressure on the new government may force them to intervene prematurely," Kathy Lien, director for currency research, wrote in a note to clients.

Lien, however, cautioned selling in the dollar-yen pair could accelerate "if there are any disappointments in economic data next week."

Fujii's Friday comments "are probably an indication that he wouldn't intervene even if the dollar breaks below 90 yen," Eisuke Sakakibara, who served as vice finance minister for international affairs in 1997-1999, said in an interview with Dow Jones Newswires Friday.

Sakakibara was also quoted as saying that the finance minister would likely take fall below 80 yen as abnormal.

"These comments are about as clear a buy signal as is likely to be heard," said Societe Generale's Asia forex and rates strategist Patrick Bennett.

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=qaPjW9BvV%2BVg1VIZNjeFbw%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 27, 2009 23:21 ET (03:21 GMT)

China confident it can overcome economic crisis



Mon, Sep 28 2009, 02:29 GMT
http://www.forexlive.com

Vice Chairman, Liu Tienan, of the NDRC, has said that they are confident that China can overcome the economic crisis but should guard against risks such as inflation. He also said there was an improvement in production in recent months.

Shanghai Composite turns negative, Nikkei trades under 10,000

The Shanghai Composite is trading in negative territory after opening up this morning, currently its down 0.3%, as weak Shanghai copper prices weigh on the Index. The move lower has accelerated the Nikkei's losses, now trading under 10,000, down 2.8% as a strong Yen contiues to hit shares of exporters.


Fujii says currency moves becoming one-sided, USDJPY edges higher, Fu


In his latest comments, Hirohisa Fujii said that currency moves were becoming one-sided in favour of a rising Yen, and that he was watching the Yen's rise carefully. He said he favours stable currency moves. Seems he has changed his tone a bit after such a big move. USDJPY has moved up thru 89.30.

Japan Fin Min Fujii: Desirable If Forex Rates Stable

Mon, Sep 28 2009, 05:14 GMT
http://www.djnewswires.com/eu

Japan Fin Min Fujii: Desirable If Forex Rates Stable

TOKYO -(Dow Jones)- Japanese Finance Minister Hirohisa Fujii Monday adjusted his pro-strong-yen comments from earlier in the day, saying the currency's recent rise is slightly "one-sided" and that it is desirable for foreign exchange rates to stay stable.

"The temporary movements (in the yen against the dollar) at present are a little one-sided," Fujii said at a seminar in Tokyo. "Prime Minister (Yukio) Hatoyama said in Pittsburgh that it's desirable if foreign exchange rates are stable, and I feel absolutely the same," he added.

Fujii also said that although he voiced opposition to nations devaluing their currencies to lift exports, he did not mean to signal support for a further rise in the yen.

Fujii's comments suggest that while he has little intention to intervene in markets to curb a strengthening yen, he doesn't want to unnecessarily fuel speculation and encourage dealers to push the currency higher to the detriment of Japan's export-led economy.

-By Takashi Nakamichi, Dow Jones Newswires; 813-6895-7558; takashi.nakamichi@dowjones.com

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(END) Dow Jones Newswires

September 28, 2009 01:14 ET (05:14 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Asian Forex Wrap


Mon, Sep 28 2009, 04:32 GMT
http://www.forexlive.com

Merkel to form Center-Right Coalition. EURUSD trades up to 1.4720 on the back of the Merkel victory. RBA says downturn in Australia "mild", interest rates to move higher. Japan Finance Minister, Fujii, says recent FX moves normal. Accelerates USDJPY sell off. NDRC: Confident China can overcome economic crisis. Nikkei smashed down thru 10,000. Gold lower at 988.50. Fujii Backtracks, says currency moves becoming one sided in favour of a rising Yen. Prefers stable currency moves. USDJPY pops up above 89.30 on the comments. Probably the busiest days so far in USDJPY seen in Asia. It was a wild and volatile day which started with the EURUSD taking out stops above 1.4700 for a run to 1.4720 on the back of the Merkel win, only to end up over 100 points lower soon after. USDJPY started steadily but with comments from the new Japanese government implying that they will not intervene in the FX market, the sell off was soon under way. It fell away thru the much talked about bids at 89.50 like a knife thru butter. Stops were hit all the way down before eventually pulling up at 88.20. Support came via importer bids and profit takers which saw USDJPY rebound back above 89.00 and continue higher with backtracking comments from Fujii saying that the FX moves were one sided in favour of arising Yen. Yen crosses also suffered, GBPJPY the most volatile, falling from 143.15 to 139.70 at one stage, before recovering to above 141.40. EURJPY followed the USDJPY lower trading under 130.00, but found support from importer bids into the Tokyo fix, helping it recover back above 130.50 in the afternoon. It found no support via the EURUSD though, it collapsing down thru Sovereign bids at 1.4620 and taking out stops under 1.4600 and 1.4580. Notable sellers towards 9300 in EURGBP also added to its fall. AUDUSD found some early morning resilience via hawkish RBA comments but was no match for the sell off in AUDJPY, pushing the AUD back below 86c, in what turned out to be a 100 pip range trading day. Ranges: EURUSD 1.4559 - 1.4720 GBPUSD 1.5768 - 1.5972 USDJPY 88.22 - 89.65 EURJPY 129.80 - 131.81 AUDUSD 8582 - 8682 Goodluck, Sam


GLOBAL MARKETS: European Stocks Seen Lower On Earns Concerns

Mon, Sep 28 2009, 06:26 GMT
http://www.djnewswires.com/eu

GLOBAL MARKETS: European Stocks Seen Lower On Earns Concerns

By Ishaq Siddiqi
Of DOW JONES NEWSWIRES


LONDON (Dow Jones)--European stock markets are expected to open on a weaker note Monday, weighed down by negative sessions on U.S. markets Friday and Asia earlier Monday, as concerns mount over the quality of upcoming third quarter corporate earnings.

Following the disappointment from Blackberry maker Research in Motion, there’s a growing feeling among analysts that the next set of results out of corporate America won’t be as rosy as the previous quarter, said Ben Potter, research analyst at IG Markets.

"Globally, the momentum generated from second quarter earnings is fast abating with investors concerns growing by the day as to whether or not this market has got ahead of itself. Gone are the days of rising on ‘less bad’ economic releases. The market is desperately searching for the next catalyst to take us higher and at the moment, no one seems to know where it might come from," he said.

Potter expected London's FTSE 100 index to open 15 points lower at 5067, Frankfurt's DAX index off 11 points at 5570, and the CAC-40 index in Paris 21 points lower at 3718.

Still, as the week progresses, "we have the final U.K. GDP figure for 2Q tomorrow (at 0830 GMT) and the U.S. non farm payrolls on Friday (at 1230 GMT) as just a couple of the higher profile numbers due, so although the short term may end up being focused on consolidation, there’s certainly scope for another break out in the coming days," Potter added.

Earlier Monday, Asian stock markets were sharply lower, tracking Wall Street's weak showing on Friday. Tokyo stocks were leading the losers, hurt by the Japanese yen's continued strength against the dollar.

"Concern over the yen’s recent appreciation and how this will impact profits in Japan is weighing heavily across the continent and with the month-end nearing, the potential for traders to keep taking money off the table amidst this current uncertainty cannot be overlooked," said Potter.

Japan's Nikkei 225 index closed 2.5% lower at 9994.66, below the key 10,000 mark for the first time since July. South Korea's Kospi Composite was down 0.8%, and Hong Kong's Hang Seng Index was down 1.6%.

On Wall Street Friday, a prevailing concern that the nearly six-month surge in stocks may have overextended the current economic environment forced some of the best-performing companies of the third quarter, including Caterpillar and American Express, to the downside Friday, while Research In Motion paced technology companies into the red.

Overall, the Dow Jones Industrial Average slipped 0.4% to 9665.19, marking its fourth decline in five sessions. The index lost 155.01 points, or 1.6%, this week, snapping a two-week winning streak. For September, the DJIA remains up 1.8%. The Standard & Poor's 500 lost 0.6% to 1044.38, on Friday, closing out the week down 23.92, or 2.2%.

In the currency markets, the spotlight was on the rising Japanese yen. At 0620 GMT, the dollar was buying Y89.36, down from Y89.76 late in New York trade on Friday. The dollar hit Y88.23 earlier, an eight-month low, with the yen bolstered by increased risk aversion as well as exporters' yen purchases for settling accounts before the end of the third quarter.

Japanese Finance Minister Hirohisa Fujii told reporters early Monday that he had no comment on the current level of the yen against the dollar, but the yen's recent strengthening trend was "not abnormal." He added that it was a mistake to use "foreign exchange dumping" to defend industry.

Royal Bank of Scotland said in a note that "investors may try to push the dollar below the year's low of Y87.10 in the early stage of this week. But still, we don't think the Japanese government will step into the market to curb the yen's rise."

The euro was also hit by increased risk aversion, and touched a two-month low against the yen of Y129.84. It was last at Y130.58 from Y131.72 in late New York trade on Friday. The euro was at $1.4613, from $1.4672.

Meanwhile, the sterling continued its recent selloff against the greenback. At 0620 GMT, sterling stood at $1.5844, compared with $1.5932 on Friday.

Elsewhere, spot gold traded at $989.55 per troy ounce, down over $4 from the New York close, while Nymex light, sweet crude contract for November delivery was 36 cents lower on Globex, at $65.66 per barrel.

European government bonds have opened strongly Monday, boosted by the weak tone on the equity markets. At 0625 GMT, the December bund contract stood at 121.73, 0.25 higher.

-By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.siddiqi@dowjones.com

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(END) Dow Jones Newswires

September 28, 2009 02:26 ET (06:26 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Asian stocks fall on earns concerns, Yen continues with its strengthening

Mon, Sep 28 2009, 07:00 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – Asian stocks markets have started today's session following the weak note posted by Wall Street last Friday on the back of concerns on earnings and yen strengthening. European markets seem to continue with the red numbers. USD/JPY fell to 8-month low.

Nikkei 225 collapses 2.50% today to trade just above 10,000 points level. Hang Seng index drops 1.66% so far today, S&P 500 posts 0.75% declines, MSCI Asia Apex 50 decreases 1.75%.

Asian stocks, as well as European markets, are concerning on earnings on the back of the Yen strengthening and the Japanese finance minister blessing the recent appreciation

Yen has continue today with its strengthening against the Dollar with the pair losing 0.35% on the day from opening price at 89.63 to the current 89.30, and collapsing around 335 pips from last Thursday high at 91.60 to 8-month low at 88.22.

EUR/USD is falling 0.90% from opening price action at 1.4704 to the current 1.4610/20 after posting 1.4560 as 2-week low. GBP/USD is trading at 4-month lows close to 1.5800, 0.90% below todqay's opening price action at 1.5966.

EUR/JPY trades 0.75% lower than 131.76 opening price to the current 130.80. GBP/JPY declines 1.00% from opening at 143.10 to the 141.50 zone.

DATA SNAP: Hungary Jun-Aug Jobless Rate At 13-Year High

Mon, Sep 28 2009, 07:00 GMT
http://www.djnewswires.com/eu

DATA SNAP: Hungary Jun-Aug Jobless Rate At 13-Year High

By Veronika Gulyas
Of DOW JONES NEWSWIRES


BUDAPEST (Dow Jones)--Hungary's average unemployment rate in June-August again hit a 13-year high, meeting analysts' expectations, as a result of the deep economic downturn, data published Monday showed.

The three-month moving-average rate of unemployment rose in June-August to 9.9%, from 9.7% in May-July and from 7.5% in the corresponding period a year earlier, the Central Statistics Office, or KSH, said.

The data met the forecast of three analysts polled by Dow Jones Newswires for 9.9%.

Unemployment hit a 13-year high of 9.9% in the February-April period.

Statistics office Web site: www.ksh.hu

-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623; veronika.gulyas@dowjones.com

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(END) Dow Jones Newswires

September 28, 2009 03:00 ET (07:00 GMT)


Copyright 2009 Dow Jones & Company, Inc.

DATA SNAP:Italy Sep Consumer Confidence Highest Since Dec 06

DATA SNAP:Italy Sep Consumer Confidence Highest Since Dec 06

By Luca Di Leo and Chiara Vasarri
Of DOW JONES NEWSWIRES


ROME (Dow Jones)--Italian consumer confidence rose unexpectedly in September to its highest level in nearly three years on households' optimism over the economy and their own personal situation, data showed Monday.

State-funded research center ISAE said its seasonally-adjusted consumer confidence index for Europe's fourth-largest economy jumped to 113.6 in September from 111.8 in August.

The 113.6 reading was well above the 111.4 forecast by eight economists polled by Dow Jones Newswires. Consumer confidence has been rising since March, when the index hit a low of 99.8.


Web site: www.isae.it


-By Luca Di Leo and Chiara Vasarri, Dow Jones Newswires; 39 06 69766925; luca.dileo@dowjones.com

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(END) Dow Jones Newswires

September 28, 2009 03:39 ET (07:39 GMT)


Copyright 2009 Dow Jones & Company, Inc.

UK Mandelson: Economy Has Relied Too Much On Financial Services

Mon, Sep 28 2009, 07:48 GMT
http://www.djnewswires.com/eu

UK Mandelson: Economy Has Relied Too Much On Financial Services

LONDON -(Dow Jones)- The U.K. economy has relied too heavily on financial services and failed to develop alternative generators of rapid growth, Secretary of State for Business, Innovation and Skills Peter Mandelson said Monday.

Mandelson was speaking to the BBC during the annual conference of the ruling Labour Party, which is set to sharply increase regulation of the banking sector, having championed the industry as a source of dynamism since it came to power in 1997.

"We relied too much on financial services," Mandelson said. "We should have been nurturing different bases in our economies."

Mandelson defended the government's record in regulating the banking sector, and particularly the decision to create the Financial Services Authority, which concentrated powers previously distributed across a variety of different agencies, including the Bank of England.

"It's not that it didn't work," Mandelson said. "It should have been more intrusive, should have imposed its will on more banking practices, on banking bonuses. We did the right thing, but we could have supplied the solutions in a tougher way."

-Paul Hannon, Dow Jones Newswires, +44 20 7842 9491, paul.hannon@dowjones.com

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(END) Dow Jones Newswires

September 28, 2009 03:48 ET (07:48 GMT)


Copyright 2009 Dow Jones & Company, Inc.

Friday 25 September 2009

US ECONOMIC INDICATORS: Housing Data

Fri, Sep 25 2009, 16:36 GMT
http://www.djnewswires.com/eu/

US ECONOMIC INDICATORS: Housing Data
    Data seasonally adjusted except actual, which is not seasonaly adjusted.
Median and average prices for existing and single family homes in dollars.
Housing construction and homes sold in 1,000 units. R = revised.
(*) data reflect the increase in the universe of permits-issuing places
from 19,000 to 20,000 places. tbr = To Be Released.

HOUSING CONSTRUCTIO Aug Jul Jun May Apr Mar
Housing Starts 598 : 589R: 590R: 551 : 479 : 521
% change 1.5 : -0.2R: 7.1R: 15.0 : -8.1 : -9.2
Actual (NSA) 55.1 : 56.5R: 59.1R: 52.2 : 42.5 : 42.7
% change -2.5 : -4.4R: 13.2R: 22.8 : -0.5 : 7.3
Permits Issued(*) 579 : 564 : 570 : 518 : 498 : 511
% change 2.7 : -1.1 : 10.0 : 4.0 : -2.5 : -7.1
Actual (NSA) 52.3 : 54.7 : 59.5 : 48.2 : 46.5 : 44.0
% change -4.4 : -8.1 : 23.4 : 3.7 : 5.7 : 15.8
Units Completed 760 : 804R: 794R: 812 : 846 : 833
% change -5.5 : 1.3R: -2.2R: -4.0 : 1.6 : 0.6
Actual (NSA) 71.0 : 67.7R: 70.3R: 68.1 : 65.5 : 62.1
% change 4.9 : -3.7R: 3.2R: 4.0 : 5.5 : 9.9
Under Constr 595 : 612R: 630R: 650 : 680 : 719
% change -2.8 : -2.9R: -3.1R: -4.4 : -5.4 : -4.8
Actual (NSA) 610.3 : 628.4R: 640.2R: 654.2 : 672.9 : 701.6
% change -2.9 : -1.8R: -2.1R: -2.8 : -4.1 : -4.1

EXISTING HOME SALES Aug Jul Jun May Apr Mar
Total Homes Sold 5,100 : 5,240 : 4,890R: 4,720 : 4,660 : 4,550
% change -2.7 : 7.2 : 3.6R: 1.3 : 2.4 : -3.4
Median Prices 177.7 : 181.5 : 182.0R: 174.7 : 166.6 : 169.9
Average Prices 222.8 : 227.4 : 227.9R: 218.1 : 208.8 : 211.3
S/F Homes Sold tbr : 4,610 : 4,330R: 4,220 : 4,170 : 4,080
% change 6.5 : 6.5 : 2.6R: 1.2 : 2.2 : -3.3
Median Prices 178.3 : 178.3 : 181.6R: 174.6 : 166.0 : 169.7
Average Prices 238.5 : 238.5 : 228.5R: 218.3 : 208.5 : 211.4

NEW S/F HOMES Aug Jul Jun May Apr Mar
Homes Sold 429 : 426 : 400R: 371R: 345R: 332
% change 0.7 : 6.5 : 7.8R: 7.5R: 3.9R: -6.2
Actual (NSA) 38 : 38R: 37R: 34R: 32R: 31
% change unch : 2.7 : 8.8R: 6.3R: 3.2R: 6.9
Median Prices 195.2 : 215.6 : 212.5R: 222.3R: 219.2R: 205.1
Average Prices 256.8 : 273.1 : 275.6R: 274.6R: 269.8R: 259.8

FHLB Aug Jul Jun May Apr Mar
ARM Index tbr : 5.26 : 5.09 : 4.88 : 4.88 : 5.06
-By Kareema Clark; Dow Jones Newswires; 202-646-1880;
csstat@dowjones.com
Related fixed story numbers:
84697 US ECONOMIC INDICATORS: FWN Survey of Forecasters (STATS)
84698 US ECONOMIC INDICATORS: Latest 6 months (STATS)
80055-57 US MONTHLY ECONOMIC CALENDAR


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(END) Dow Jones Newswires

September 25, 2009 12:36 ET (16:36 GMT)


Copyright 2009 Dow Jones & Company, Inc.

BASE METALS: Comex Copper Rises On Short-Covering Correction

Fri, Sep 25 2009, 17:35 GMT
http://www.djnewswires.com/eu/

BASE METALS: Comex Copper Rises On Short-Covering Correction

By Allen Sykora
Of DOW JONES NEWSWIRES


Copper futures bounced Friday on short covering as traders who previously sold were buying back to offset their positions ahead of the weekend.

Most-active December copper rose 3.10 cents to settle at $2.7405 per pound on the Comex division of the New York Mercantile Exchange.

"It's just re bounding from its two-day sell-off," said one trader. "Yesterday, it was down sharply, and we're certainly down from where we were just Tuesday."

As recently as three days ago, the metal was as high as $2.8920 before hitting a five-week low of $2.6730 early Friday.

"This is a little short covering," the trader said. The market held just above the Aug. 19 low of $2.66.

Ira Epstein, director of the Ira Epstein division of The Linn Group, described copper's uptick as a correction in a market disappointed by a U.S. existing-home sales report Thursday.

"It took all the pizzazz out of it, but it got oversold because it has fallen so far from its most recent high," he said. "That [existing-home sales] took it back three or four steps at one time, and today's rally is probably no more than a reaction to being the weakest of the metals, falling the most and now bouncing a bit. It's just a correction-type bounce."

Epstein listed support for December lies around $2.71, although noting it dipped as low as $2.6730. He lists resistance at $2.84.

Inventories of copper stored in London Metal Exchange warehouses fell 175 metric tons Friday, leaving them at 340,700. The most recent Comex inventory data, released late Thursday afternoon, were up 46 short tons at 53,750 short tons.

Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly decline of 5,559 metric tons to 98,689.


Copper settlements (ranges include electronic and pit trading):
December $2.7405; up 3.10c; Range $2.6730-$2.7435
March $2.7540; up 3.05c; Range $2.7090-$2.7550


-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=GlH6AMTSSOGIVuxVW%2BwH7g%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

September 25, 2009 13:35 ET (17:35 GMT)


Copyright 2009 Dow Jones & Company, Inc.

PRECIOUS METALS: Comex Gold, Silver Still Correcting Lower

Fri, Sep 25 2009, 18:03 GMT
http://www.djnewswires.com/eu/

PRECIOUS METALS: Comex Gold, Silver Still Correcting Lower
   By Allen Sykora
Of DOW JONES NEWSWIRES


Gold futures continued to correct lower Friday, initially falling as the euro slid but then staying on the defensive even when the dollar gave up its early gains.

December gold fell $7.30 to $991.60 an ounce on the Comex division of the New York Mercantile Exchange. December silver fell 23.5 cents to $16.06.

A trader characterized the move as follow through from the decline on Thursday. It was the second straight close for gold below $1,000 after the market previously settled above there each day since Sept. 10.

"We're just seeing a correction back down to support," said a New York trader. "It's sort of like a flock of birds. It turned south yesterday and a bit again today."

Much of the selling appeared to be in the form of long liquidation, in which those who previously bought were selling in order to exit positions.

"We've gone from $950 to $1,025 and we're correcting back," said the trader. "In silver, we've gone from $14 to $17.50 in the course of a month, and we're just correcting back."

December gold fell as far as $985.50 an ounce, its weakest level since the Sept. 10 low of $983.20. But around here, some chart support appeared to emerge, said the trader.

Gold fell swiftly first thing in the morning after the dollar upticked and stocks downticked on a weaker-than-forecast report on U.S. durable-goods orders. Durables fell 2.4%, when economists were looking for a 0.3% uptick. The precious metal then remained softer even when the euro recovered.

Some technical selling was triggered as December gold fell back below the 20-day moving average, which now lies around $995.80.

There was potential for the recent correction in prices to prompt further liquidation out of long positions, said Tom Pawlicki, precious-metals analyst with MF Global. He pointed out that there was an increase of some 90,000 contracts of open interest, which is the number of positions open at the end of the trading day, during a rally in the first half of September.

"Now that we're putting a lot of those positions under water, it could encourage additional liquidation by weak longs," he said. "That rally began around the $960 level. So there is an indication we could approach $960 based on liquidation of some of these longs."

A "negative" for the market was the decline in exchange-traded fund holdings, he added. Holdings in the world's largest ETF, SPDR Gold Shares, fell 7.63 metric tons Thursday to 1,094.11.

Ira Epstein, director of the Ira Epstein division of The Linn Group, commented that gold is approaching a time frame when it tends to have a seasonal pullback. The period from autumn until Christmas is often considered a seasonally strong time from gold. But gold often has a downside bias in October and in fact has fallen in 13 of the last 15 years, Epstein said.

"People have already done their first wave of buying for the Christmas season and the jewelry season and so on," he said. "They step back and are waiting to see what happens in the November time frame.

"Of the past 15 years, 13 have produced a decline in the month of October. I think gold has shown that bias already. With the bonds rallying sharply and the dollar down and no upside in the metals market, I think it's telling you that it's made a top."

Still, the analyst looks for any pullback to stop in the $970 to $950 area during October.

"So I'm not looking for a crash of any type, but for the market to gradually work lower."

Epstein put support for December gold at $977 and nearby resistance around $1,000. He pegged support for December silver at $15.50 and resistance around $16.60.

Meanwhile, January platinum fell $24.80 to $1,288.90 an ounce, while December palladium declined $3 to $294.90 an ounce.

"We saw a little more liquidation, especially when gold traded back below $990," said one trader.

Some technical selling occurred in January platinum. It fell to $1,275 an ounce, its lowest level since Sept. 8.

"We were trading around $1,300 when we first came in," the trader said. "As soon as it got below that, it came off even harder."



Settlements (includes open-outcry and electronic trading):
London PM Gold Fix: $991.50 versus $1,009.75 on Thursday
Spot gold at 1:30 p.m. ET: $990.70, down $4.05 from previous day; Range: $984.90-$999.40
December gold: $991.60, down $7.30; Range $985.50-$1,000.50
December silver: $16.06, down 23.5 cents; Range $15.955-$16.41
January platinum: $1,288.90, down $24.80; Range $1,275-$1,312
December palladium: $294.90, down $3; Range $292.55-$297.80



-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

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ICE FCOJ Review: Lower Close Caps Weekly Sell-Off

Fri, Sep 25 2009, 18:09 GMT
http://www.djnewswires.com/eu/

ICE FCOJ Review: Lower Close Caps Weekly Sell-Off

KANSAS CITY (Dow Jones)--Frozen concentrated orange juice futures closed lower Friday, capping a week that saw a sharp sell-off in orange juice and the commodity sector as a whole.

Most active November orange juice lost 115 points to settle at 90.90 cents a pound.

For the week, November juice lost a staggering 1,290 points, or 12 3/4 cents a pound, bolstering the market's bearish mentality, both fundamentally and technically.

The market may have already wrung most of the sellers out of the market, however, with this week's decline, as prices approach fair value.

"I believe fair value is right around 95 cents a pound," said James Cordier, analyst and founder of OptionSellers.com.

"We're close to a low and close to fair value and I just don't see the bottom falling out from under this thing," he said.

Prices could easily gravitate either above or below 95 cents until fresh news hits the market, he said.

Though bearish traders have pushed November juice down through all of its major moving averages, additional bear targets are in place at the 90-cent low from Sept. 15 and Sept. 11 low of 86.10 cents. Traders may sell the market down to near 80 cents a pound in the absence of bullish news, a broker said.

Fresh news could come in the form of threatening weather in the Atlantic Basin, though it has been a quiet tropical storm season so far. Traders have their eyes on a tropical disturbance in the eastern Atlantic, which National Hurricane Center forecasters say has a 30%-50% chance of developing into a tropical depression or storm. It is still too far away to be considered any kind of threat to Florida, a broker said.

Conditions further west in the Atlantic Ocean continue to be hostile for storm development, however, with wind shear effects in place, said Cordier.

Florida's orange crop continues to see favorable growing conditions, with scattered to widely scattered showers and thundershowers possible over the weekend. The oranges continue to be rated in good condition and the fruit is sizing well, state agriculture officials said.

The U.S. Agriculture Department will issue its initial projection for the 2009-10 Florida orange crop on Oct. 9. Traders have pegged the crop in a wide range of 140 million boxes up to 154 million 90-pound boxes. The 2008-09 crop totaled 162 million boxes.

Open interest fell 157 to total 29,160 contracts, ICE data showed.

Futures volume was estimated at 874 contracts, with 125 calls and two put options traded.


ICE Settle Change Range (At time of settlement)
Nov $0.9090 dn 115 $0.9040-$0.9115
Jan $0.9440 dn 115 $0.9390-$0.9445


-By Tom Sellen, Dow Jones Newswires; 913-322-5177; tom.sellen@dowjones.com

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(END) Dow Jones Newswires

September 25, 2009 14:09 ET (18:09 GMT)


Copyright 2009 Dow Jones & Company, Inc.

CME Livestock Review: Hogs, Most Cattle Fade

Fri, Sep 25 2009, 18:51 GMT
http://www.djnewswires.com/eu/

CME Livestock Review: Hogs, Most Cattle Fade

CHICAGO (Dow Jones)--Chicago Mercantile Exchange hogs settled lower Friday on bearish fundamentals, sell stops and caution before the U.S. Department of Agriculture's quarterly hog report on Friday at 3 p.m. EDT.

The following are analysts' estimated averages and ranges for data's top three categories:

                             Average      Range
All hogs and pigs on Sep 1 98.2 97.4-99.0
Kept for breeding 97.4 96.5-98.2
Kept for marketing 98.3 97.3-99.1


Feeder cattle also finished lower. In addition, most live cattle contracts closed in slightly bearish territory. February pork bellies, the only contract that traded, ended higher.

Spillover from Thursday's losses and that evening's pork cutout decline undercut lean hogs from the outset. Worrisome hog kills and scant pork packer profit margins hastened October's and December's descent, which triggered sell stops.

Furthermore, U.S. stock market weakness and soft Chicago Board of Trade corn set would-be bulls on their heels.

By the same token, speculative buying on breaks tied to front-month discounts to CME's hog index cushioned those contracts' fall. Also, December benefited from spreading into the contract out of February.

Cash hog prices came in generally weak on Friday. Packers are expected to maintain cash pressure on Monday due to abundant supplies.

Market participants will factor in Friday's U.S. government pig report.

October hogs ended down 27 points at 49.95 cents a pound, and December closed down 32 points at 49.02 cents.

February pork bellies closed 67 points higher at 80.70 cents a pound on short covering, buy stops and the contract's oversold chart indicator.

Other belly contracts were unquoted.


Cattle Complex


CME live cattle closed mostly weak on slumping boxed beef prices, sell stops and cash cattle returns this week that came in just shy of last week's values.

Cash-basis cattle this week moved at $82 to mostly $84.50. Fed cattle last week brought $84 to mainly $84.50.

Cattle futures flip-flopped during the quiet session, stirred by follow-through selling from Thursday's futures slip and boxed beef prices' recent pullback.

USDA's midday Friday boxed beef data showed choice cuts fell $1.25 per hundredweight, and select items were down $0.99.

Cattle market participants will wipe the slate clean on Monday as they look forward to next week's cash cattle transactions.

On Monday, those in the live cattle pit who also trade lean hogs will watch the market's response to Friday's USDA hog report.

October live cattle ended down 5 points at 86.05 cents a pound, and December closed up 7 points at 85.35 cents.

CME feeder cattle ended lower on more selling from futures' retreat on Thursday, several contracts' premiums to CME's feeder cattle index and sell stops.

Some traders sold November and bought October and January on spreads.

October closed 52 points lower at 96.60 cents a pound, and November finished 55 points lower at 96.72 cents.

-By Theopolis Waters, Dow Jones Newswires; 312-341-5778; theopolis.waters@dowjones.com

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(END) Dow Jones Newswires

September 25, 2009 14:51 ET (18:51 GMT)


Copyright 2009 Dow Jones & Company, Inc.

ICE Canada Grain Review: Canola Firms On Late Soy Gains

ICE Canada Grain Review: Canola Firms On Late Soy Gains

WINNIPEG (Dow Jones) -- Grain and oilseed futures at ICE Futures Canada closed Friday's session mostly higher, with canola posting marginal gains as a late U.S. soy rally supported the market, brokers said.

Canola saw a light trade with intermonth spreading accounting for much of the volume. The thinness of the trade contributed to the choppy tone, traders said.

The total canola volume was estimated at 8,022 contracts, down from 11,153 contracts on Thursday.

Canola futures bounced to both sides of unchanged throughout the overnight session, edging down as the North American trading session approached. Canola turned higher as the North American trading session got underway and the Chicago Board of Trade soybean complex rallied. However at the close canola turned a bit higher as the CBOT soy market rallied.

Canola was pressured down for most of the session by the rapid harvest pace as traders estimate that 60% of the harvest is completed and that overall yields will be close to normal. The weak tone in CBOT soyoil, bearish technical signals and a slower pace to demand undermined prices as well.

Exporter demand remains brisk but analyst noted that crusher demand has slowed as the inability to sell canola meal into the U.S., because of salmonella contamination, has reduced the crush pace. Friday morning the Canadian Oilseed Processors Association pegged the canola crush this week at 61.5% of capacity, well behind last year's 84.3%.

Giving some support and leading to a choppy tone throughout the session was the slower pace to farmer selling and the weak Canadian dollar. The late rally in CBOT soybean futures helped to pull canola to marginal gains.

Japanese pricing augmented exporter and light crusher buying. The selling came from some light commodity fund selling, and commercial offerings. Position evening was also noted by speculators ahead of the weekend.

Western barley ended mixed in light trade. The October contract was dominated by liquidation trade as the contract will be de-listed at its expiration.

The November contracts edged higher on the lack of farmer selling which offset weakness in CBOT corn and the lower feed barley prices in Thursday's Canadian Wheat Board Pool Return Outlook, brokers said.

The total barley volume was estimated at 81 contracts, up from 62 contracts on Thursday.


Prices are in Canadian dollars per metric ton:

Price Change
Canola
Nov 386.60 up 0.20
Jan 391.60 up 0.20
Mar 394.60 up 0.20

Western Barley
Nov 148.00 up 0.80
Jan 156.00 up 0.80

No spread trade prices or volumes are available today.


-By Don Bousquet; contributing to Dow Jones Newswires; 204-947-1700 resnews@shawbiz.ca

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(END) Dow Jones Newswires

September 25, 2009 14:57 ET (18:57 GMT)


Copyright 2009 Dow Jones & Company, Inc.

IMF Reform 'Bright Spot' Of G-20 Summit-China Vice Foreign Min

Fri, Sep 25 2009, 19:06 GMT
http://www.djnewswires.com/eu

IMF Reform 'Bright Spot' Of G-20 Summit-China Vice Foreign Min

By Ian Berry

Of DOW JONES NEWSWIRES

PITTSBURGH -(Dow Jones)- China's vice foreign affairs minister said a shift in voting rights for the International Monetary Fund likely to emerge Friday will be a key success of the Group of 20 summit and called for increasing coordination between the world economies.

He Yafei, the vice foreign minister, wouldn't specify the extent of the shift but said progress on reform of the international financial system "is a bright spot of the Pittsburgh summit." China and other developing nations have argued for a more equal distribution of voting rights in the IMF.

"The most important thing is to send a message, that is to say the governance structure and decision-making procedures of the [international financial institution] should reflect the reality of the world economy today," he said in a briefing.

Earlier Friday, an Argentine official speaking on the sidelines of the G-20 summit said countries had agreed on a 5% increase in developing nations' shares under the IMF quota system.

On currency, He didn't specifically mention the U.S. dollar but said that given China's major holdings of foreign currencies fluctuation in them was a concern in both the short and long term.

He voiced support for a system of "mutual assessment" involving the IMF, and said he thought "assessments of the policies of major reserve currency-issuing counties will be included in this."

But when asked about any enforcement mechanism to settle potential currency disputes between the U.S. and China, He noted the system of mutual assessment would be voluntary and legally nonbinding.

With the G-20 poised to take a more permanent role in coordinating economic policy, He also called the locations of future summits "a very important issue." Summit locations should be based on principles such as justice, fairness and equality, and developing countries should also get a chance to host, he said.

"I think we still need to discuss and finalize who and which counties will host future summits," He said. "As for whether China will be a host, I think we will give serious consideration to that."

-By Ian Berry, Dow Jones Newswires; 312-341-5778; ian.berry@dowjones.com

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(END) Dow Jones Newswires

September 25, 2009 15:06 ET (19:06 GMT)


Copyright 2009 Dow Jones & Company, Inc.

IMF Says Room Exists To Cut Rates For Hungary If Needed

IMF Says Room Exists To Cut Rates For Hungary If Needed

WASHINGTON -(Dow Jones)- The International Monetary Fund says room exists to reduce interest rates and spur the economy in Hungary, if necessary.

The IMF reviewed Hungary's economy as part of a loan program designed to help the European country weather the global financial crisis.

Hungary has gotten $12.12 billion in IMF disbursements.

Takatoshi Kato, the IMF's acting chairman, said policies to guide Hungary's economy and budget were "on track."

"Continued implementation of policies consistent with the program remains essential to strengthen macroeconomic stability and provide the basis for strong, sustainable growth over the medium term," he said. "Fiscal sustainability is being strengthened through structural spending reforms to the pension system, social transfers, and subsidies."

Kato said monetary and exchange-rate policy will continue to target inflation over the medium term, while authorities will remain prepared to act as needed to moderate risks to financial stability. "The combination of improved global financial conditions and increased confidence in fiscal sustainability has created room for cautious interest-rate cuts," he said.

-By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com

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(END) Dow Jones Newswires

September 25, 2009 14:59 ET (18:59 GMT)


Copyright 2009 Dow Jones & Company, Inc.

US New Home Sales-Stats-Sep 25

Fri, Sep 25 2009, 16:38 GMT
http://www.djnewswires.com/eu

US New Home Sales-Stats-Sep 25
    Seasonally adjusted levels (except actual level, which is not
seasonally adjusted) and percent changes for houses sold by region
in thousands during period. Prices in millions of dollars. Previous
months are subject to revision. A-denotes ratio of houses for sale
to houses sold. Source: U.S. Commerce Department.

Month
Month/ supplyActual Median Average
Year Total % chg NE MW South West rate/ Total % chg Price Price
-2009-
Aug 429 0.7 36 49 224 120 7.3 38 0.0 195.2 256.8
Jul 426 6.5 43 52 224 107 7.6 38 2.7 215.6 273.1
Jun 400 7.8 34 62 195 109 8.4 37 8.8 212.5 275.6
May 371 7.5 25 48 206 92 9.5 34 6.3 222.3 274.6
Apr 345 3.9 21 40 204 80 10.4 32 3.2 219.2 269.8
Mar 332 -6.2 19 44 195 74 11.3 31 6.9 205.1 259.8
Feb 354 7.6 28 50 207 69 11.1 29 20.8 209.7 258.6
Jan 329 -12.0 30 53 181 65 12.4 24 -7.7 208.6 245.2
-2008-
Dec 374 -4.1 30 59 193 92 11.2 26 -3.7 229.6 263.1
Nov 390 -4.6 38 55 210 87 11.4 27 -15.6 221.6 290.1
Oct 409 -6.2 35 63 225 86 11.1 32 -8.6 213.2 274.0
Sep 436 -1.8 25 63 246 102 10.9 35 -7.9 225.2 287.1
Aug 444 -11.2 28 72 252 92 11.1 38 -11.6 221.0 265.5
Jul 500 2.5 41 64 272 123 10.1 43 -4.4 237.3 301.9
Jun 488 -4.1 35 69 270 114 10.7 45 -8.2 234.3 299.4
May 509 -4.5 31 75 287 116 10.7 49 0.0 229.3 298.2
Apr 533 4.7 40 83 284 126 10.4 49 0.0 246.4 314.3
Mar 509 -11.6 30 71 287 121 11.1 49 2.1 229.3 287.6
Feb 576 -5.3 39 78 316 143 9.9 48 9.1 245.3 301.2
Jan 608 -1.8 51 78 331 148 9.6 44 0.0 232.4 284.6
-2007-
Dec 619 -3.4 54 76 354 135 9.6 44 -2.2 227.7 284.0
Nov 641 -11.8 52 90 349 150 9.4 45 -21.1 249.1 316.8
Oct 727 6.0 62 127 386 152 8.5 57 7.5 234.3 310.1
Sep 686 -1.9 63 102 350 171 9.2 53 -11.7 240.3 292.2
Aug 699 -10.2 59 118 362 160 9.2 60 -11.8 236.5 301.3
Jul 778 -1.9 48 105 415 210 8.3 68 -6.8 246.2 307.1
Jun 793 -5.8 65 113 440 175 8.2 73 -7.6 235.5 306.5
May 842 -5.1 83 139 420 200 7.8 79 -4.8 245.0 309.7
Apr 887 6.5 85 121 475 206 7.4 83 3.8 242.5 311.7
Mar 833 0.6 88 130 413 202 7.9 80 17.6 262.6 329.4
Feb 828 -7.1 50 128 445 205 7.9 68 3.0 250.8 321.5
Jan 891 -10.7 60 165 496 170 7.2 66 -7.0 254.4 314.6
-2006-
Dec 998 -0.5 73 166 510 249 6.5 71 0.0 244.7 301.9
Nov 1,003 6.6 66 155 545 237 6.6 71 -4.1 240.1 291.8
Oct 941 -7.4 38 136 517 250 7.3 74 -7.5 250.4 306.8
Sep 1,016 -1.8 62 141 562 251 6.7 80 -9.1 226.7 296.2
Aug 1,035 7.3 88 152 577 218 6.7 88 6.0 243.9 317.3
Jul 965 -10.1 63 140 499 263 7.3 83 -15.3 238.1 311.3
Jun 1,074 -1.1 63 172 561 278 6.3 98 -3.9 243.2 305.0
May 1,086 -3.3 65 177 581 263 6.2 102 2.0 238.2 293.9
Apr 1,123 0.6 56 168 609 290 6.3 100 -7.4 257.0 310.3
Mar 1,116 5.2 59 168 584 305 5.9 108 22.7 238.8 298.8
Feb 1,061 -9.6 65 187 562 247 6.1 88 -1.1 250.8 307.9
Jan 1,174 -5.2 65 174 600 335 5.3 89 2.3 244.9 301.0
-2005-
Dec 1,239 2.1 69 201 644 325 4.9 87 1.2 238.6 290.2
Nov 1,214 -9.1 85 171 636 322 5.0 86 -18.1 237.9 294.4
Oct 1,336 7.4 78 186 668 404 4.5 105 6.1 243.9 293.6
Sep 1,244 -0.9 62 215 643 324 4.7 99 -10.0 240.4 299.6
Aug 1,255 -9.6 80 195 628 352 4.5 110 -6.0 240.1 295.0
Jul 1,389 9.0 100 208 645 436 4.2 117 1.7 229.2 289.3
Jun 1,274 -0.9 83 231 620 340 4.3 115 -4.2 226.1 279.6
May 1,286 2.1 91 237 593 365 4.2 120 3.4 228.3 287.4
Apr 1,260 -5.1 99 210 597 354 4.3 116 -8.7 236.3 289.1
Mar 1,328 0.7 78 215 669 366 4.1 127 16.5 229.3 289.6
Feb 1,319 9.6 85 183 697 354 4.3 109 18.5 237.3 289.1
Jan 1,203 -3.1 67 186 618 332 4.4 92 10.8 233.1 283.0
-2004-
Dec 1,242 5.3 66 240 616 320 4.1 83 -1.2 229.6 284.3
Nov 1,179 -9.7 82 159 597 341 4.3 84 -16.8 224.5 283.2
Oct 1,305 7.5 104 249 537 415 3.9 101 7.4 229.2 289.6
Sep 1,214 3.3 81 222 553 358 4.1 94 -7.8 211.6 269.2
Aug 1,175 8.0 65 220 551 339 4.3 102 6.3 218.1 272.2
Jul 1,088 -7.8 54 219 490 325 4.5 96 -8.6 212.4 279.2
Jun 1,180 -4.9 74 192 575 339 3.9 105 -8.7 215.7 263.2
May 1,241 4.6 102 206 576 357 3.8 115 5.5 211.7 260.4
Apr 1,186 -7.1 85 212 540 349 4.0 109 -11.4 222.3 269.3
Mar 1,276 10.1 86 196 620 374 3.6 123 20.6 209.6 261.0
Feb 1,159 -0.5 84 192 532 351 3.7 102 14.6 219.6 264.1
Jan 1,165 3.2 103 225 545 292 3.8 89 18.7 209.5 262.1
-2003-
Dec 1,129 3.3 98 180 515 336 4.0 75 -1.3 196.0 253.9
Nov 1,093 -4.5 88 156 527 322 4.1 76 -13.6 207.1 268.3
Oct 1,144 1.1 84 195 547 318 3.8 88 -2.2 194.1 242.8
Sep 1,131 -6.2 88 192 523 328 3.8 90 -14.3 192.0 254.5
Aug 1,206 3.3 78 256 558 314 3.5 105 6.1 190.5 241.0
Jul 1,168 -2.1 83 218 557 310 3.6 99 -7.5 190.2 248.4
Jun 1,193 10.7 77 196 549 371 3.5 107 5.9 187.9 239.7
May 1,078 6.5 72 165 519 322 3.9 101 11.0 195.5 243.7
Apr 1,012 1.3 75 175 473 289 4.1 91 -7.1 189.5 237.2
Mar 999 6.7 92 170 487 250 4.1 98 19.5 185.1 231.1
Feb 936 -6.3 49 183 447 257 4.5 82 7.9 187.0 233.4
Jan 999 -4.7 77 179 459 284 4.0 76 8.6 181.7 230.2
-2002-
Dec 1,048 2.3 55 255 470 268 4.0 70 -4.1 197.6 237.8
Nov 1,024 1.8 63 217 454 290 4.0 73 -5.2 181.2 227.1
Oct 1,006 -3.6 61 182 465 298 4.0 77 -6.1 189.2 231.3
Sep 1,044 3.0 83 197 488 276 3.9 82 -8.9 177.5 215.3
Aug 1,014 6.1 55 205 471 283 4.0 90 9.8 178.9 221.3
Jul 956 -0.1 63 186 456 251 4.2 82 -2.4 175.6 217.8
Jun 957 -2.1 71 158 442 286 4.2 84 -4.5 190.6 225.2
May 978 4.5 70 183 442 283 4.0 88 2.3 181.0 226.5
Apr 936 1.4 58 171 438 269 4.3 86 -4.4 187.1 228.1
Mar 923 -2.6 65 154 430 274 4.1 90 7.1 183.4 227.1
Feb 948 7.7 66 173 450 259 4.0 84 27.3 191.1 226.5
Jan 880 -10.1 67 180 399 234 4.2 66 0.0 187.1 226.9
-2001-
Dec 979 6.0 73 162 464 280 3.7 66 -1.5 180.2 228.7
Nov 924 6.1 70 171 472 211 4.0 67 1.5 168.1 206.9
Oct 871 2.1 67 153 440 211 4.4 66 0.0 171.3 207.1
Sep 853 -1.5 51 161 429 212 4.4 66 -10.8 166.4 203.3
Aug 866 -1.6 65 147 423 231 4.3 74 -2.6 173.7 207.5
Jul 880 -0.2 72 154 424 230 4.2 76 -3.8 175.0 209.3
Jun 882 -0.3 61 171 415 235 4.2 79 -1.3 179.4 211.7
May 885 -2.6 55 152 444 234 4.1 80 -4.8 175.3 211.4
Apr 909 -3.2 70 163 436 240 4.0 84 -10.6 175.2 205.5
Mar 939 -2.5 75 189 439 236 3.7 94 10.6 166.3 210.2
Feb 963 2.9 70 168 447 278 3.8 85 18.1 169.1 211.0
Jan 936 -4.8 56 171 435 274 3.8 72 10.8 171.3 209.0
-2000-
Dec 983 11.7 65 173 449 296 3.6 65 3.2 162.0 208.1
Nov 880 -5.7 68 146 418 248 4.2 63 -11.3 174.7 210.7
Oct 933 2.3 87 161 420 265 4.0 71 1.4 176.3 215.1
Sep 912 7.5 69 163 421 259 4.0 70 -4.1 171.5 208.3
Aug 848 -4.4 63 144 395 246 4.4 73 -3.9 166.6 200.2
Jul 887 11.9 64 170 402 251 4.1 76 7.0 169.0 202.2
Jun 793 -7.5 73 147 380 193 4.8 71 -7.8 160.1 197.7
May 857 1.9 70 151 408 228 4.4 77 -1.3 164.7 200.0
Apr 841 -6.6 75 138 399 229 4.4 78 -11.4 162.6 207.3
Mar 900 5.1 75 169 395 261 4.3 88 12.8 165.1 204.9
Feb 856 -1.9 70 163 401 222 4.3 78 16.4 162.4 199.2
Jan 873 0.0 76 145 397 255 4.3 67 17.5 163.5 200.3
-1999-
Dec 873 1.2 83 148 393 249 4.3 57 -6.6 164.8 202.1
Nov 863 -1.0 63 178 378 244 4.3 61 -9.0 172.0 211.5
Oct 872 5.6 69 189 377 237 4.2 67 3.1 161.1 200.2


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(MORE TO FOLLOW) Dow Jones Newswires

September 25, 2009 12:38 ET (16:38 GMT)

G-20 Officials Seek To Convey Solidarity On Iran,Global Econ

G-20 Officials Seek To Convey Solidarity On Iran,Global Econ

By Maya Jackson Randall and Henry J. Pulizzi

Of DOW JONES NEWSWIRES

PITTSBURGH -(Dow Jones)- Leaders of the Group of 20 nations are working hard to convey a new level of cooperation, a message that was front and center as the contours of their economic agreement emerged and the U.S., U.K., and France stood in solidarity to condemn Iran.

"Iran is breaking rules that all nations must follow, endangering the global nonproliferation regime, denying its own people access to the opportunity they deserve, and threatening the stability and security of the region and the world," said U.S. President Barack Obama, who was flanked by French President Nicolas Sarkozy and U.K. Prime Minister Gordon Brown at a surprise early-morning news conference Friday in Pittsburgh.

Officials also put their push for greater international cooperation on display Thursday evening with news that the G-20 will now eclipse the Group of Eight as the major platform for addressing global economic policy.

Earlier this week, it was unclear if there would even be any future G-20 summits.

Critics argued that the broad group, which includes both industrialized and developing nations, fails to produce concrete policy actions.

However, proponents point out that the world economy is changing and developing nations such as Brazil, China and India are growing rapidly and should have a seat at the table when it comes to key policy initiatives.

It is clear that Obama believes that the G-20 will have a key role to play going forward. The president's strong support for the forum reinforces the Obama administration's view that the U.S. cannot solve the world's economic policies single-handedly.

"We can't do this alone," U.S. Treasury Secretary Timothy Geithner said Thursday during a press briefing with reporters as he highlighted new financial rules and rebalancing the global economy as two key issues that will be discussed during the G-20 summit. "To achieve a more stable financial system, we need strong reforms here in this country, but in other countries around the world. If we want more rapid growth here and lower unemployment, we need more rapid growth outside the United States."

"We're in this together. And that's why cooperation in the G-20 is so important to the interest of Americans," Geithner continued.

Leaders, clearly, also are working to show solidarity on Iran.

The U.S., France and U.K. held their news conference on Iran at Pittsburgh's David L. Lawrence Convention Center before heading into official G-20 meetings. They accused Tehran of building a covert uranium enrichment facility.

Sarkozy said sanctions "will have to be taken" if Iran doesn't address the matter by December.

Brown echoed Sarkozy and Obama. "The level of deception by the Iranian government and the scale of what we believe is a breach of international commitments, will shock and anger the whole international community and it will harden our resolve," the prime minister said.

To be sure, Russian President Dmitry Medvedev was conspicuously absent from Friday's announcement on Iran. Russia will have a key say in any potential sanctions, and its stance is unclear.

Other disagreements remain among G-20 officials when it comes to changing the International Monetary Fund's governance structure and agreeing on ways to overhaul financial regulations. But what is also clear is that leaders are committed to elevating the G-20's status to reflect key changes in the global economy and appear to be rallying around a U.S. proposal to "rebalance" global economic growth.

"We have taken active steps to adjust the domestic and overseas demand structure and the investment and consumption structure, and strike the right balance among the speed, structure, quality and efficiency of economic growth," Chinese President Hu Jintao said.

The leaders of Canada and South Korea said Friday their countries would host the G-20 summits in 2010, as the larger group supplants the G-8 as the main coordinating forum for global economic policy.

"The G-20 forum, ladies and gentleman, has now become the premier forum for discussing international economic cooperation," South Korean President Lee Myung-bak said at a joint press conference with Canadian Prime Minister Stephen Harper.

Peter Morici, a professor at the University of Maryland's Smith School of Business, said the G-20's elevated status is a recognition of reality rather than a new sign of progress.

"The salient issues, other than bank regulatory reform, require genuine action from China and other prominent developing countries, which are members of the G-20 but not members of the G-8," Morici wrote.

-By Henry J. Pulizzi and Maya Jackson-Randall, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com

(Tom Barkley contributed to this article.)

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(END) Dow Jones Newswires

September 25, 2009 12:24 ET (16:24 GMT)

U.S.: Recession’s Tail Is Still Hurting

The U.S. economy is prudently moving out of recession, although the recovery might be different than those experienced in the recent past. Banks are very caution about lending money, while borrowing is drying up, as households are cleaning up their records. The Eurocurrency might try to explore higher levels against the U.S. dollar, if major support holds.

U.S.: sales to increase

As the economy is slowing moving out of recession supported by the recovery of the real estate market (housing starts were up 1.5% in August) and the industrial sector, employment stays very weak in the U.S. and will keep the Federal Reserve on hold for some more time. For the second straight month, industrial production rose by 0.8% month-on-month in August, overcoming expectations for a 0.5% rise, on the top of July increase of 1.0%. Gains were broad-based, albeit motor vehicle production moved up 5.5% following July’s gain of 20.1%. The cash-for-clunkers program, incentives to trade a less fuel efficient car for new fuel efficient vehicle, helped the outputs in August. However, the economy appears to be on the move again, since production rose 0.6% excluding autos. In reality, industry usage remains low at 47.4%, while capacity utilization is at 69.6% and away from the average of 82% registered the past years. Nonetheless, consumer spending might pick up again by the last part of 2009, along with an increase of the Gross Domestic Product (GDP). In August, retail sales spending jumped almost 3.0% (+2.0% expected), after having declined 0.2% in July. Here again, the auto and part components moved up 10.6%, but sales remained strong at 1.1% (+0.4% expected) excluding the auto industry.


Angelo Airaghi is a Commodity Trading Advisor, registered with the National Futures Association and the Commodity Futures Trading Commission. He has been an active professional since 1990 working for major international financial companies. In the past 10 years, Angelo Airaghi has been an analyst and commentator for national and international media.

This article contains the following sections:

  • U.S.: sales to increase

  • Long term unemployment rate at record high

  • Europe: Germany continues to improve

  • USDCAD: At key support lines.
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