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Strategies & Market Trends : Coming Financial Collapse Moderated -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (27)	6/12/2001 4:23:47 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 974

the poster cited bridge news.... anyone have bridge?

To: pater tenebrarum who wrote (27)	6/12/2001 4:39:29 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 974

B] German final May CPI annual rise highest since December 1993 Updated Tues 6/12/2001 03:04 EDT --German final May CPI up 0.5% vs Apr; up 3.5% on year --German May CPI excl heating oil, fuels up 2.9% on year --German May food prices up 6.7% on year, meat up 9.5% on year --German harmonized May CPI up 0.6% on month, up 3.6% on year Frankfurt, June 12 (BridgeNews) - German consumer prices surged 0.5% in May from April, and were up 3.5% on the year, according to final data released Tuesday by the Federal Statistics Office. The annual inflation reached its highest level since December 1993, when consumer prices jumped 4.2% on the year. The statistics office said development in consumer prices in May was heavily influenced by energy and food costs. * * * Food prices posted a 6.7% rise on the year in May, with meat and meat products prices surging 9.5%, vegetables up 15.4% and fruits up 10.6% from May 2000. Fuel prices rose 15.4% on the year, central heating costs posted a 28.1% rise, gas costs were up 25.8% and light heating oil prices increased 6.4% on the year in May. Excluding heating oil and fuels, consumer prices rose 2.9% from May 2000. Declines in consumer prices in annual comparison were recorded for ground coffee (-5.1%), as well as household appliances and technical equipment. Consumer prices in west Germany were up 0.5% from April and 3.4% from May 2000, while in east Germany prices surged even higher by 0.6% on the month and 3.8% on the year. The higher annual inflation in east Germany is due to the stronger effect of food and household energy prices on households there, the statistics office said. German consumer prices in April were up 0.4% on the month and up 2.9% on the year. Germany's final harmonized consumer price index, which allows comparisons with other EU and euro-zone countries, was confirmed at up 0.6% on the month and up 3.6% from May 2000. The following are selected components of the final German May consumer price data released by the Federal Statistics Office Tuesday (in percent): Germany: Index Monthly change Annual change Consumer Prices (1995=100) 110.0 0.5 3.5 Subcategories: Foodstuffs, non-alcoholic beverages 1.7 5.8 Alcoholic drinks, tobacco 0.1 1.9 Clothing/shoes 0.2 0.8 Rents* 0.2 3.7 Healthcare products 0.1 1.4 Transportation 1.3 6.8 Post and telecommunications 0.0 n/a Leisure, entertainment -0.1 2.1 Education 0.0 1.8 Hotels and restaurants 0.1 1.8 Other goods and services 0.1 2.6 * including associated water and energy costs

To: pater tenebrarum who wrote (27)	6/12/2001 4:40:14 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 974

[B] French inflation soars in May rising to 2.3% over previous year Updated Tues 6/12/2001 03:09 EDT --French prelim May unadj CPI +0.7% m/m, +2.3% y/y --French prelim May adj CPI at +0.6% m/m, +2.3% y/y --French prelim May EU-harmonized CPI +0.7% m/m, +2.5% y/y --French prelim May CPI higher than market forecasts Paris, June 12 (BridgeNews) - French consumer prices rose 0.7% in May from April, as food and energy costs edged up, according to preliminary unadjusted data released by national statistics agency INSEE. (See table .6660) The May consumer price index rose 2.3% on year, continuing an upward trend and jumping above the key 2% mark identified by the European Central Bank as a worrisome inflation level. * * * In April, the CPI rose an unadjusted 0.5% on month and 1.8% on year. On an adjusted basis, consumer prices rose 0.6% in May and were up 2.3% on the year, following April's adjusted rise of 0.4% on month and up 1.9% on year. Measured on a so-called HICP index that harmonizes the calculation of inflation across the European Union, French prices were up 0.7% in May and up 2.5% on year. In April the HICP index rose 0.6% on month and 2.0% on year. LEADING THE WAY --After rising in April, energy prices continued to rise in May, jumping 3.1% from April and were up 3.7% on year. INSEE said this was due a "tradition" yearly hike of household gas prices. --Within this category, the cost of oil products rose 3.5%. --Food prices rose 1.7% from April and gained 6.1% from a year ago, following April's gains of 1.0% and 4.8% respectively. Prices for fresh products surged 9.1% in the month due to poor weather conditions and helped boost overall food costs. --Manufactured goods prices rose 0.2% on month and rose 0.9% on year, because of continued increases in the price of automobiles, INSEE said. --Prices in the services sector rose 0.1% on month and rose 1.3% on year, after jumping 0.4% on month and 1.3% on year in April. OFFSETTING FACTORS --Transport and communication costs fell 0.3% on month and fell 0.8% on year, due mainly to seasonal cuts in airfares and reduced prices on telephone services. --Tobacco prices remained stable. End

To: pater tenebrarum who wrote (27)	6/12/2001 4:42:15 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 974

B] Europe Credit Review: Euro weakness undermines bond mkt's gains Updated Mon 6/11/2001 12:50 EDT By James Muthana London, June 11 (BridgeNews) - European bonds traded sideways on Monday, as a thin news schedule meant the market never really took off. Early gains on the back of weak economic data were given up later in the day as the euro fell back and Dallas Federal Reserve Governor Robert McTeer said that a U.S. recession was unlikely. * * * European bonds retreated as the euro fell to 0.8414 U.S. dollars, its lowest level since November. Late on the euro was trading at 0.8426, almost a cent below its early high of 0.8538. The weakness of the euro caused the short end of the euro-zone bond curve to under-perform. The yield on 2-year paper ended at 4.31%, unchanged on the day, while the yield on 10-year paper was down 2 ticks at 5.04%. The strength of the dollar followed relaxed remarks from Robert McTeer. McTeer said that the U.S. economy is not likely to slip into recession but that second-quarter growth "probably won't be strong." Speaking to the Mid-America Regulatory Conference, McTeer said that market-based measures of inflation are benign. ( Story .15897 ) Early on, weak economic data bolstered European bond markets. Spanish April adjusted industrial output fell 1.5% from a year ago, while the output index was up 0.2% from one year ago. Industrial output had been expected to weaken for the year, but a BridgeNews survey had forecast only a drop of 1%. A rally in euro-one debt instruments early on was linked by market participants to an article in the U.K. Financial Times (FT) that leading European research organizations believe euro-zone economic growth will grow at a rate that below the European Central Bank (ECB's) target range of 2.0-2.5%. European Commission President Romano Prodi said there is no need to re-negotiate the Nice Treaty after the Irish "No" vote in their referendum on the issue. Prodi reiterated his commitment to EU enlargement by 2004. Dresdner Kleinwort Wasserstein believe that lower close on the September Bund last week combined with a "dark cloud reversal signal" are both bearish signals, in this week's debt roundtable. The view is slightly at odds with that of BNP Paribas, ABN and HSBC who are all bullish about the September Bund in the short term. In the longer term all agree that the outlook for the Bund future is bearish. (Stories .272 and .359) U.K. May producer input and output prices were both slightly stronger than Forecast, with this attributed to higher crude oil prices by the Office of National Statistics. Output prices rose 0.3% on in May and 0.6% on year, compared with forecasts for a 0.2% monthly increase and 0.4% yearly increase. Activity in U.K. debt futures was limited by another failure of the LIFFE Connect system. Investments in manufacturing industries are seen growing by a modest 2.0% in 2001 according to a survey by Statistics Sweden. (Story .13201) Players are waiting for May inflation, due on Thursday. Swedish inflation is seen remaining around 2.8% in May, similar to the April figure. (Story .12451) This should prevent the Riksbank from easing monetary policy. The Swedish 10-year bond yield is 3.5 basis points lower at 5.38%, widening the spread versus Germany 1 basis point to 34 basis points. Belgium's Tresor swapped 150.7 million of its December 2001 Olo into 5 other maturities at a switch auction early in the afternoon. --The September Bund was up 13 ticks at 106.71 at 1625 GMT --The June Notional was up 13 ticks at 88.23 at 1625 GMT --September Gilts settled up 27 ticks at 113.30 --U.S. September bond futures were up 29/32 to 101 5/32 at 1625 GMT --U.S. September T-note futures were up 17/32 to 103 23/32 1625 GMT

To: pater tenebrarum who wrote (27)	6/12/2001 4:43:15 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 974

Asia FX Review: Yen sentiment undermined by drops in stock prices Updated Tues 6/12/2001 02:53 EDT By Yumi Kuramitsu Tokyo, June 12 (BridgeNews) - The Japanese yen ended fairly unchanged against the dollar in Asian trade Tuesday as most of the yen's strength in the morning was erased in the afternoon, undermined by the falls in Japanese share prices, especially the banking index. The yen traded at 121.82 as of 1500 JT against the dollar, compared with the New York closing level of 121.97 and the region's high of 121.55. * * * Asian Close NY Close Previous Asian Close Asian Range (1500 JT) (1500 ET) (1500 JT) (1500 JT) USD/JPY 121.82 121.97 121.23 121.55-122.08 EUR/USD 0.8422 0.8435 0.8503 0.8420-0.8437 EUR/JPY 102.60 102.92 103.17 102.44-102.98 The yen strengthened to 121.55 against the dollar in morning trade as market players sold the greenback to take profit or liquidate their long dollar positions after the U.S. currency failed to rise further above an overnight high of 122.07. "I thought sentiment for the dollar/yen itself would be bullish after the release of (weaker-than-expected Japan's) gross domestic product for January-March. However, the pair's topside has been capped by yen-crosses such as euro/yen and sterling/yen, encouraging players who established long positions on dollar/yen to liquidate their positions today," said Noriyoshi Tsunoda, manager of the International Treasury Division Osaka at Fuji Bank Ltd. However, the yen was sold in the afternoon trade and eased back to near 121.90 against the dollar as the tone of the currency was hurt by concerns about the nation's banking sector with the banking sector index fell 4.65% on the Tokyo Stock Exchange. Japanese shares ended sharply lower Tuesday, broadly battered by renewed concerns over the country's economic weakness as well as nervousness over upcoming pre-announcement season in the United States and following sustained slide on Wall Street overnight. The Nikkei 225 Stock Average dropped 386.38 points, or 2.9% at 12,840.10, ending below the psychologically important 13,000 line for the first time since April 10. The foreign exchange market reacted little to news reports and comments from Japanese officials. The Financial Times reported that Japanese Finance Minister Masajuro Shiokawa said the government will not unveil its detailed economic reform proposals until after parliamentary elections are held in July, although this was no surprise to the market. Shiokawa said Tuesday morning Japan's economic fundamentals are basically sound and he is not too pessimistic about the future direction of the economy. The minister said he would welcome more easing from the Bank of Japan. Shiokawa also said the government aims to achieve a primary budget balance after the economy will becomes stabilized. Ratings agency Standard and Poor's said it is taking a "wait and see" stance on Japanese economic reform. An S&P official said 6-12 months will be needed to judge progress on structural reform. The official added that the clean up of bad loans is key for long term recovery and that Prime Minister Junichiro Koizumi's plans for reform will not affect the sovereign rating right away. The euro spiked down from New York closing levels around 0.8435 against the dollar, before bouncing from 0.8420 to 0.8437. Buying to defend options related triggers at 0.8400 was suspected and there was talk of option related stop-loss orders below this level. Euro sentiment remained bearish after Ireland rejected the Nice Treaty of European integration and the FT lowered its euro-zone growth estimates for the euro-zone. The euro/yen cross rates mostly reflected the movements in dollar/yen, easing to 102.44 on the back of declines in dollar/yen, but rebounding back to around 102.80 as dollar/yen gained ground. End