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

To: RealMuLan who wrote (19250)	12/21/2004 5:53:26 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Crude finds support after rise in China demand By Alex Fak in London Published: December 21 2004 11:20 \| Last updated: December 21 2004 20:36 Oil futures struggled in slow trading on Tuesday, finding some support in predictions of lower distillate inventories and in a confirmation of China's unquenchable thirst for crude. Brent crude for February delivery was down 8 cents to $42.37a barrel by the close of trade in London after falling as low as $41.80. at one point. The Nymex WTI contract in New York inched up in early trading but settled down 2 cents at $45.76 a barrel. Trading was light ahead of Wednesday's weekly crude and oil products inventory data, the last one before investors go on Christmas break on Thursday afternoon. It is expected to show a reduction in distillate stocks like heating oil. "Forecasts for a slight draw in distillates has been supporting prices," said Julian Keites, energy broker at Fimat. January heating oil on Nymex finished up 0.06 cents at $1.3994 a gallon. News that crude imports into China in November posted their second-highest monthly level, up 45.6 per cent on the year earlier, was also helping support prices earlier in the day, Mr Keites said. Bulls had been concerned about unusually low import volumes in October. Predictions of colder weather in the US north-east in January helped balance Monday's bearish forecasts of mild conditions in the coming days. news.ft.com

To: RealMuLan who wrote (19250)	12/21/2004 9:01:20 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Japan Nov trade surplus up mth-on-mth; down 39.2 pct year-on-year Wednesday, December 22, 2004 1:31:22 AM TOKYO (AFX) - Japan's merchandise trade surplus in November rose a seasonally adjusted 16.2 pct from the previous month to 990.5 bln yen, the Ministry of Finance said Exports increased 1.0 pct to 5.34 trln yen while imports fell 1.9 pct to 4.35 trln yen However from a year earlier, the trade surplus plunged 39.2 pct to 602.0 bln yen, only the second drop in 17 months and far below even the most conservative estimate in a poll of 21 brokerages and research institutes Economists expected a consensus surplus figure of 1.00 trln yen, according to the average of forecasts in that Nihon Keizai Shimbun poll, and with estimates ranging from 821.8 bln yen to 1.16 trln yen Year-on-year, exports rose 13.4 pct to 5.16 trln yen, less than half the 28.0 pct increase in imports to 4.55 trln yen Japan's export performance is being watched for evidence of whether demand abroad for Japanese products is flagging, weakening a major driving force behind Japan's economic recovery In October, the seasonally-adjusted trade surplus rose 5.8 pct from the previous month, as exports rose 3.2 pct. But in September, the surplus dropped 21.8 pct, as exports fell 2.3 pct The country's trade surplus had been growing steadily on a year-on-year basis due to strong exports of electronic products such as mobile phones, flat-screen TVs and DVDs, and automobiles and auto products, to the US, Europe and especially China But some forecasts for global demand for IT products point to a cyclical downturn, and in recent months exports of a number of major digital products have dropped Meanwhile, overall imports have risen due to the surge in global crude oil prices. Oil is Japan's single largest import Concern also exists that the growth in exports to China could weaken as Beijing acts to rein in runaway economic growth forexstreet.com

To: RealMuLan who wrote (19250)	12/21/2004 9:01:37 PM
From: BubbaFred	Read Replies (1) \| Respond to of 116555

She looked pretty good pre-op, and the post-op look is what westerners like. Very modest change, not super extreme like michael jackson. But are you sure that's a guy who turned into gal? That's pretty good surgery on the chest. Was it done in China or elsewhere?

To: RealMuLan who wrote (19250)	12/21/2004 9:06:59 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Japan Oct tertiary index falls 0.1 pct month-on-month - Wednesday, December 22, 2004 1:47:17 AM afxpress.com (Updating with details throughout) TOKYO (AFX) - The closely-watched tertiary index, which measures spending in the service sector, fell 0.1 pct in October from the previous month, the Ministry of Economy, Trade and Industry (METI) said, further evidence of decelerating growth momentum in Japan The tertiary index is watched closely by economists because the service sector employs more than half the Japanese workforce, and spending on services such as retailing, dining and travel is closely tied to changes in income and consumer confidence. Year-on-year, the tertiary index rose 0.2 pct, the 14th straight month of increase Seven categories fell month-on-month, such as services, education, restaurants and hotels, electric power and utilities, property developments, medical/healthcare and transport. Gainers were wholesale and retail, complex services such as postal services, information/communications and financial/insurances. "In light of the past three months, we see the figures are more or less flat basically so the trend remains unchanged," a METI official said. The all-industries index, a proxy for overall economic activity, dropped 0.4 pct from the previous month, METI said. Year-on-year it fell 0.1 pct, the first decline since August 2003 The all-industries index adds data from the primary sector -- composed of fishing, farming, forestry and mining -- and from the secondary or manufacturing sector to data for the tertiary sector. In September, the tertiary index rose 0.1 pct from the previous month, and 1.3 pct from a year earlier. The all-industries index fell 0.1 pct from the previous month and by 1.6 pct year-on-year The Cabinet Office announced earlier this month that the economy contracted by 0.1 pct in the April-June quarter from the previous quarter, reversing the previous estimate of a 0.3 pct growth The Cabinet Office also revised downwards its year to March 2005 real GDP growth forecast to just 2.1 pct from the previous growth estimate of 3.5 pct "The tertiary data out today came in with no surprises," according to Hiroaki Muto, senior economist at Sumitomo Mitsui Asset Management Co. "The figures were basically in line with a spate of bearish economic indicators out recently. I believe 'adjustments' will continue during the current fiscal year to March 2005." Muto said the fall in the all-industries index in October is due to weaker industrial output "because high-technology firms are adjusting their inventories actively after boosting output heavily since late last year to early this year." Nonetheless, Muto expects the economy to hit the bottom during the first half to September 2005, once technology companies finish unloading bloated inventories by the end of March. "Then the economy may regain upward momentum," Muto said.