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

To: Knighty Tin who wrote (9216)	7/14/2004 9:38:10 AM
From: mishedlo	Respond to of 116555

WASHINGTON (CBS.MW) -- U.S. import prices fell for the first time in nine months in June, slipping 0.2 percent after rising 1.4 percent in May, the Labor Department reported Wednesday. Imported oil prices fell 1 percent. Excluding petroleum, import prices were unchanged after seven months of higher prices. Export prices sank 0.6 percent in June as prices received for agricultural goods plunged 4.3 percent. Prices of imported capital goods and imported industrial supplies each fell 0.1 percent in June. Imported auto prices rose 0.2 percent. Prices of Japanese imports fell 0.2 percent, in line with the recent strengthening of the dollar against the yen. Prices of Canadian and European imports were unchanged.

To: Knighty Tin who wrote (9216)	7/14/2004 9:39:04 AM
From: mishedlo	Respond to of 116555

U.S. retail sales fall 1.1% in June By Rex Nutting WASHINGTON (CBS.MW) - U.S. retail sales slumped in June, dropping 1.1 percent on lower auto sales, the Commerce Department estimated Wednesday. It was the biggest decline in 16 months. Excluding the 4.3 percent drop in auto sales, retail sales fell 0.2 percent in June, matching April's decline.Revisions to retail sales in April and May offset each other. Retail sales were up 6.3 percent year-over-year in June. Gasoline sales fell 0.9 percent, largely the result of lower prices. Sales at general merchandise stores fell 0.2 percent, including a 0.8 percent drop at department stores. Furniture store sales rose 1.1 percent, while electronics and appliance store sales increased 0.5 percent.

To: Knighty Tin who wrote (9216)	7/14/2004 11:07:58 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Weekly mortgage activity slows; ARM rates on the rise Wednesday, July 14, 2004 11:28:32 AM WASHINGTON (AFX) -- U.S. mortgage applications activity slowed last week. The Mortgage Bankers Association says its composite index tracking mortgage loan applications dropped 6.3 percent in the holiday-shortened week ended July 9. Also on a seasonally adjusted basis, the MBA's purchase index declined 6.4 percent compared to the prior week, while its refinance index was off 6.1 percent. Refinancings accounted for 35.8 percent of applications last week, unchanged from the week ended July 2. Adjustable-rate mortgages made up 31.5 percent of total applications, down from 34.1 percent. The average contract interest rate for 30- and 15-year fixed-rate mortgages eased in the latest week, to 5.95 percent and 5.36 percent, respectively, from 5.96 percent and 5.39 percent a week earlier. One-year ARMs saw their rates increase to 3.93 percent, on average, from 3.90 percent, according to the MBA

To: Knighty Tin who wrote (9216)	7/14/2004 11:08:14 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

FNM There is a really good article on FNM in Minyanville today. Quite long. Impossible to snip and no time to paraphrase it all right now. Some of the article came out of congression testimopny so perhaps I will come across it. Bottom line FNM gets preferred rates as if they were govt backed but they are not If they had to pay normal rates their company would be essentially worthless They need to expand credit to stay alive They need rising housing prices to justify its expanding balance sheet FNM is the biggest issuer of corporate bonds in history. All credit cycles end with the default of the largest borrower.