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

To: russwinter who wrote (21267)	1/13/2005 12:43:31 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Man, these guys are really trying to talk down risk taking and speculation. What took them so long??!! And if truth be known, they haven't been feeding Audrey of late either. Message 20945649 Sea change? Little Shop of Horrors? It sure is not helping my CFC puts (april) I am really getting hammered in those. Up a couple bucks since I put them on. Mish

To: russwinter who wrote (21267)	1/13/2005 12:48:52 PM
From: mishedlo	Respond to of 116555

ECB says it made 2004 loss due to dollar decline Thursday, January 13, 2005 5:28:54 PM afxpress.com FRANKFURT (AFX) - The European Central Bank will post a loss in 2004 because of the dollar's decline against the euro, ECB vice-president Lucas Papademos said. The ECB will release its results on March 17, but Papademos told a news conference that the dollar's decline means that the value of the central bank's foreign exchange reserves, the bulk of which are in dollars, declined in euro terms. The ECB's accounting policies require it to book such unrealised losses as realised losses, so they will have a direct impact on the annual results, he said "It is therefore correct that the ECB will record a loss in 2004," he said. Papademos said the ECB will only be in a position to announce the magnitude of the loss in March. Handelsblatt newspaper this week said that the ECB made a loss of at least 1 bln eur in 2004 as a result of low interest rates and currency movements

To: russwinter who wrote (21267)	1/13/2005 1:10:51 PM
From: mishedlo	Respond to of 116555

Snip from Gillespie on import prices the Labor Department reported that import prices fell 1.3% during December, led by a 11.5% decline in petroleum. When you sift through the numbers further, however, the news becomes less positive. According to today's release from the Labor Department, import prices registered a drop of 1.3% during December, which compares with a revised 0.2% decline during November. (The November change originally had been reported as +0.2%.) Based on today's release, the price of petroleum imports declined a very steep 11.5% in December, which followed a revised decline of 5.7% in November. (The November change originally was reported as minus 2.6%.) The disquieting portion of today's report came from the non-petroleum area. December prices for imports excluding the petroleum component rose a strong 0.5%, versus a November increase of an even stronger 0.9% (reported originally as +0.7%). The December increase resulted in a year-over-year rise in this sector of 3.8%. This was the largest 12-month gain since August of 1995, keeping intact the upward year-over-year drift in evidence over recent months. As of December 2003, import prices, excluding petroleum, were up only 1.2%. As of December 2004, overall import prices were up 6.9% from a year earlier, versus a year-over-year gain of 9.1% for the 12 months ended November. However, as of December 2003, the 12-month change was a substantially lower 2.4%.