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


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BASE METALS: Comex Copper Rises On Short-Covering Correction

Fri, Sep 25 2009, 17:35 GMT
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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

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


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PRECIOUS METALS: Comex Gold, Silver Still Correcting Lower

Fri, Sep 25 2009, 18:03 GMT
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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
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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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September 25, 2009 14:09 ET (18:09 GMT)


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CME Livestock Review: Hogs, Most Cattle Fade

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


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


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

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


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


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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


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.

(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.)

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 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.
  •