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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: zonder who wrote (3906)	4/8/2004 9:04:44 AM
From: mishedlo	Respond to of 116555

BoE's decision to hold rates at 4.00 pct wins manufacturers some respite - TUC Thursday, April 8, 2004 12:34:43 PM LONDON (AFX) - The Bank of England's decision to keep interest rates unchanged at 4.00 pct has given hard-pressed manufacturers some much-needed respite, according to the Trades Union Congress The TUC's general secretary Brendan Barber said the Bank's decision will be "a confidence boost" to a manufacturing sector still struggling to recover. "The Bank was right to ignore the herd instinct of the city urging a higher rate," he said Figures earlier this week suggested the manufacturing sector is still in the doldrums despite the pick-up in world trade The office of National Statistics said manufacturing output in February slumped 0.6 pct against expectations of a healthy rise. fxstreet.com

To: zonder who wrote (3906)	4/8/2004 9:09:03 AM
From: mishedlo	Respond to of 116555

BoE MPC leaves repo rate unchanged at 4.00 pct Thursday, April 8, 2004 12:15:53 PM LONDON (AFX) - The Bank of England said its rate-setting monetary policy committee left its official repo rate unchanged at 4.00 pct for the second month running There was no statement accompanying the verdict [no comment - huh - chicken? - mish] The decision had been expected to be close, with 17 of the 31 forecasters polled by AFX News expecting a hike, while 14 had correctly predicted no change Analysts said the BoE may have chosen to delay a rate increase until its next official round of forecasts for inflation and growth in May The BoE hiked rates in November and February, each time by a quarter point. The minutes of today's meeting will be published on Wednesday, April 21.

To: zonder who wrote (3906)	4/8/2004 9:11:36 AM
From: mishedlo	Respond to of 116555

German Feb industrial output down adj 0.7 pct vs Jan, consensus up 0.3 pct Thursday, April 8, 2004 11:15:05 AM BERLIN (AFX) - German industrial output fell a seasonally adjusted 0.7 pct in February though was up 1.9 pct on the same month a year earlier when adjusted for the number of working days, according to preliminary data from the Labour and Economy Ministry Economists polled by AFX News had forecast on average a month-on-month rise of 0.3 pct, and a year-on-year increase of 2.9 pct January output rose a revised 0.5 pct from December, compared with an initial estimate for a 0.1 pct fall A breakdown of the February data showed manufacturing output fell 1.1 pct, while construction output surged 4.6 pct from the month before Output rose an adjusted 0.2 pct in the two months to February from the previous two month period and was up 2.0 pct year-on-year when adjusted for the number of working days fxstreet.com

To: zonder who wrote (3906)	4/8/2004 9:14:27 AM
From: mishedlo	Respond to of 116555

UK construction orders down 7 pct in 3-mths to Feb vs previous yr UPDATE Thursday, April 8, 2004 10:11:34 AM LONDON (AFX) - UK new construction orders fell 7 pct in the three months to February compared with the same period a year ago, official figures showed today Construction orders in the three months to February fell by 11 pct compared to a year earlier, it added. All order figures quoted are seasonally adjusted February's private housing orders rose by 3 pct year-on-year, registering a 9 pct rise in the three months to February, when compared to the previous quarter Meanwhile public housing and housing association orders in the year to February rose by 18 pct when compared to the previous year. Public housing and housing association orders in the three months fell by 6 pct compared to the previous quarter, but rose by 5 pct compared to a year earlier. fxstreet.com

To: zonder who wrote (3906)	4/8/2004 9:17:52 AM
From: mishedlo	Respond to of 116555

Tanigaki reiterates Japan will intervene in forex market when necessary Thursday, April 8, 2004 6:23:39 AM TOKYO (AFX-ASIA) - Japanese Finance Minister Sadakazu Tanigaki said Tokyo will continue intervening in the currency market when necessary "As I've said before, Japan will continue intervening when necessary and will not intervene when it's unnecessary," Tanigaki told journalists at the Foreign Correspondents' Club of Japan Asked about speculation that Japan has stopped massive intervention to deflect criticism from its trade partners amid growing signs that its export-led economic recovery is gaining strength and broadening, Tanigaki said Tokyo's policy of stepping into the market to counter movements not reflecting economic fundamentals remains unchanged "Unstable fluctuations in exchange rates are harmful when there are bright signs for the Japanese economy and while we are searching for an exit from deflation," the finance minister said. "I think intervention has proven to be effective in reining in excessive movements in the past." In response to questions, Tanigaki said there was no set range that the Ministry of Finance had adopted for containing the dollar/yen exchange rate. He also said Japan, the US and Europe had not discussed levels at which they should conduct concerted intervention to keep excessive currency fluctuations at bay fxstreet.com ========================================================== People do not believe this yet. They will believe it when they see it. Is this a bluff? M

To: zonder who wrote (3906)	4/8/2004 9:20:15 AM
From: mishedlo	Respond to of 116555

Senate Democrats block vote on corporate tax bill Wednesday, April 7, 2004 9:41:09 PM Senate Democrats for the second time in three weeks blocked a vote on a bill that would cut corporate income taxes and repeal a tax break declared illegal by the World Trade Organization. The bill is popular on both sides of the aisle, but Democrats have blocked Republican efforts to move to final passage. Democrats have demanded votes on a number of amendments, including a measure that would roll back proposed changes in Labor Department rules that govern overtime pay. Senate Majority Leader Bill Frist, R-Tenn., said he and Democratic leaders were working to come up with a limited list of amendments that would provide a "glide path" to a final vote on the corporate tax bill. The European Union last month began imposing retaliatory tariffs on some U.S. goods and have threatened to increase sanctions until the illegal tax breaks are repealed

To: zonder who wrote (3906)	4/8/2004 9:22:02 AM
From: mishedlo	Respond to of 116555

Senate Democrats block vote on corporate tax bill Wednesday, April 7, 2004 9:41:09 PM WASHINGTON (AFX) -- Senate Democrats for the second time in three weeks blocked a vote on a bill that would cut corporate income taxes and repeal a tax break declared illegal by the World Trade Organization. The bill is popular on both sides of the aisle, but Democrats have blocked Republican efforts to move to final passage. Democrats have demanded votes on a number of amendments, including a measure that would roll back proposed changes in Labor Department rules that govern overtime pay. Senate Majority Leader Bill Frist, R-Tenn., said he and Democratic leaders were working to come up with a limited list of amendments that would provide a "glide path" to a final vote on the corporate tax bill. The European Union last month began imposing retaliatory tariffs on some U.S. goods and have threatened to increase sanctions until the illegal tax breaks are repealed

To: zonder who wrote (3906)	4/8/2004 9:24:43 AM
From: mishedlo	Respond to of 116555

U.S. 4-wk avg jobless claims fall to 336,750 The average number of weekly filings for state unemployment benefits over the past four weeks fell 3,250 to 336,750, the lowest since November 2000, the Labor Department reported Thursday Initial claims for benefits in the latest week fell 14,000 to 328,000 The four-week average is considered a better gauge of job destruction trends than the more-volatile weekly number, which is subject to large revisions and which can be distorted by special one-time factors, such as weather

To: zonder who wrote (3906)	4/8/2004 9:26:49 AM
From: mishedlo	Respond to of 116555

UK's CBI praises BoE rate action Thursday, April 8, 2004 12:37:19 PM LONDON (AFX) - The Confederation of British Industry welcomed the Bank of England's decision to hold rates "Business is pleased the Bank has not rushed into a decision to raise interest rates. The manufacturing recovery is fragile, inflation prospects are well under control and the previous two rate rises have not fully fed through," said Ian McCafferty, CBI's chief economic adviser "If the recovery continues as we hope, business recognises that rates will have to increase over the course of this year. But the Bank's gradualist policy of well-explained and well-signalled rises remains the best way to maintain economic stability," he added. He said the high level of personal debt reinforces the case for a "steady approach" and business remains concerned that sterling's renewed strength could hold back the recovery fxstreet.com

To: zonder who wrote (3906)	4/8/2004 9:39:44 AM
From: mishedlo	Respond to of 116555

Canadian employment declined in March for the second consecutive month, Statistics Canada said. The unemployment rate edged up to 7.5% in March from 7.4% in February. The Canadian economy lost 13,300 jobs last month, against an economists' forecast for a gain of 15,000. The poll had predicted the unemployment rate to remain unchanged from February. The drop was due to a further decline in part-time work, Statistics Canada said Thursday. Employment totaled 15,901,100 last month, down from 15,914,400 in February. The March decline brought employment 0.1% below the level at the start of the year. March's full-time employment rose by 2,900 to 12,978,300. But part-time jobs dropped 16,100 to 2,922,900. Statistics Canada said "Over the first three months of 2004, an increase of 61,000 full-time jobs partly offset a decline of 81,000 part-time jobs. This contrasts with the last four months of 2003 when employment grew sharply, mostly in full-time work." The unemployment rate among youths rose by 0.2 percentage points to 14.3% in March. Canada's labor force rose by 7,800 to 17,188,100 last month. The participation rate was down to 67.4% from 67.5% in February. The number of unemployed rose to 1,287,000 from 1,265,900. ====================================================================== I expected a rate decision today but it was postponed until next week. Mish

To: zonder who wrote (3906)	4/8/2004 9:43:37 AM
From: mishedlo	Respond to of 116555

America's sunset industries are rising in the East. Literally. Many steel and textiles mills that are no longer competitive in the United States are being packed up and shipped to China and other Asian nations, where lower costs of doing business give the machinery new life and foreign workers new jobs. [...] washingtontimes.com

To: zonder who wrote (3906)	4/8/2004 9:57:49 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

XYZ The following post was removed from the FOOL for profanity. Is this absurd or what? I think I posted it here yesterday as well. Oh well going to put a link back on the FOOL What a bunch of morons over there. ======================================================== XYZ is up 20 points after-hours to a new high of 60 after reporting pro-forma earnings of 2 cents per share excluding all charges and expenses but including a one-time non-cash increase in goodwill. The strong earnings report beat analcyst expectorations by a penny. The conpany also announced a 3-for-1 stock split and the bored approved a stock repurchase program, citing the current market undervaluation. CEO T. Boner Fukuall was granted options for an additional 30,000,000 common shares as an incentive award. Mr. Fukuall had recently exercised last year's options at $0.01 and sold 20,000,000 shares at $38. The annual incentive program is based on how much the stock price increases during the year. UnSoundview Financial upped its price target for XYZ to 80. Merry Leech upgraded XYZ from scam to goose and added it to this week's fucus list. XYZ has layed off 24,500 employees nationwide so far this year, but is hiring aggressively in India, Tanzania and Ethiopia due to shortage of U.S. workers with the necessary skills.