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

To: CalculatedRisk who wrote (23503)	2/14/2005 9:28:29 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

UK Dec house prices down 0.7 pct from Nov; up 10.7 pct yr-on-yr - ODPM Monday, February 14, 2005 9:50:06 AM afxpress.com LONDON (AFX) - Government figures showed today that the UK housing market continues to slow down, with the second straight fall recorded in as many months. Data from the Office of the Deputy Prime Minister showed that the average house price in the UK in December fell 0.7 pct from November to 178,906 stg from 180,126 stg In November, the average price was 0.1 pct lower than in October Compared with the same month the previous year, the average house price was up 10.7 pct, down from the 13.7 pct increase in November The latest reading is well below forecasts of 12.0 pct

To: CalculatedRisk who wrote (23503)	2/14/2005 9:31:02 AM
From: mishedlo	Respond to of 116555

Sterling rises after hefty increase in UK PPI Monday, February 14, 2005 10:14:19 AM afxpress.com LONDON (AFX) - Sterling rose slightly after news that UK producer prices rose sharply in January to levels not seen in nearly five years The data suggested that inflationary pressures are building up and adds to the growing case for a UK rate hike Rises in crude oil prices, as well as imported parts and equipment prices, pushed manufacturers' input prices to their highest monthly rise since May 2000 last month, but output prices remained weak as firms remain unable to increase prices, official figures showed The Statistics Office said input prices rose 3.4 pct in January, well above analysts' expectations for a rise of just 1.6 pct From the same period a year earlier, input prices rose 9.4 pct, the highest year-on-year gain since October 2000 and also well above analysts' forecasts for an increase of 6.4 pct

To: CalculatedRisk who wrote (23503)	2/14/2005 10:46:03 AM
From: Knighty Tin	Read Replies (2) \| Respond to of 116555

CR, Bill just doesn't get it. This is a faith-based market, not reality based. <G>

To: CalculatedRisk who wrote (23503)	2/14/2005 11:32:17 AM
From: John Vosilla	Read Replies (2) \| Respond to of 116555

The lesson of Japanese quicksand. When I was short Japanese stocks in 1989, a very smart friend told me: "They'll never let that market go down. It will just work off the excesses by going sideways for maybe a decade." Well, we now know that was not the case. The reason Tokyo unwound the way it did was because of the unstable nature in which the Japanese stock and real estate mania had been created. That's similar to the situation we face today. Again, it's not so much the current data. It's how we got here, and what that implies going forward. That is a big stretch by Fleck as usual. Japan 1989 was a bubble of epic proportions across the board. Today the US bubble is in coastal real estate, bond market and the overleveraged consumer not the stock market. If anything the corporate balance sheet is stronger than ever today as a result of the 2000 bust.