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

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 11:37:15 AM
From: Henry Niman	Respond to of 116555

The reports of deaths in Qinghai gave names ad locations of the dead, including 4 tourists. They are in final phase 6 of the flu pandemic news.google.com

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 11:58:37 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

EU's Almunia says higher growth possible in Europe if more confidence [which come first the confidence or the growth? Mish] Thursday, May 26, 2005 8:36:35 AM afxpress.com EU's Almunia says higher growth possible in Europe if more confidence UPDATE (Updates with comments on public finances) BRUSSELS (AFX) - EU economic and monetary affairs commissioner Joaquin Almunia said the European economy could grow more rapidly than it is currently, but it requires greater investor and consumer confidence "I think we can grow more in the current circumstances in the European Union," Almunia told the European Parliament "That of course requires increasing consumer and investor confidence, because I think the objective conditions are there. They are in place," Almunia said. He called on member states to maintain "sound public finances" Almunia said there is a consensus in Europe that improving the quality of public finances, maintaining budgetary discipline and implementing structural reforms are a prerequisite for boosting growth and jobs While structural reforms are difficult to undertake, the countries with the fastest growth are those which have implemented them, he said

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:01:06 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

UK CBI cuts GDP growth forecasts for 2005 and 2006 Thursday, May 26, 2005 10:23:27 AM afxpress.com LONDON (AFX) - The country's biggest business lobby slashed its UK growth forecasts for 2005 and 2006, citing high oil prices, slower global activity and a drop in domestic consumption The Confederation of British Industry said it cut the 2005 GDP estimate to 2.3 pct from 2.5 pct previously. For 2006, the forecast was reduced to 2.3 pct from 2.6 pct

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:03:24 PM
From: mishedlo	Respond to of 116555

China PBoC to keep yuan stable within reasonable, balanced level - Thursday, May 26, 2005 10:42:25 AM afxpress.com China PBoC to keep yuan stable within 'reasonable, balanced' level - UPDATE China will keep its currency stable and at a "reasonable and well-balanced level," while seeking to improve the yuan's exchange rate mechanism, the People's Bank of China said In its first-quarter report, the central bank said that it would seek to further streamline its foreign exchange system to facilitate the orderly outflow of funds. At the same time it said it would tighten the management of foreign exchange inflows and settlement The central bank said it will maintain prudent monetary policy to support economic development while seeking to head off inflationary pressure and financial risk. It said, however, that because of China's large increase in its trade surplus and foreign exchange reserves in the first quarter, the effectiveness of its monetary policy is facing "serious challenges." The bank said it willseek to curb the excessive growth in debt, especially short-term debt, carried by foreign companies and banks in China.

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:04:37 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

U.S. Q1 GDP revised up to 3.5% vs 3.1% prev est Thursday, May 26, 2005 12:45:23 PM afxpress.com WASHINGTON (AFX) - The U.S. economy grew at a 3.5% annual rate in the first quarter, faster than the 3.1% estimated a month ago, the Commerce Department reported Thursday. The revisions to real gross domestic product were largely due to an unexpected decline in the trade deficit in March. The upward revision was just shy of analysts expectations. Economists were predicting a revision to about 3.6%. The economy grew at a 3.8% rate in the fourth quarter. The core personal consumption expenditure price index rose 2.2%, unchanged from the initial estimate last month

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:05:36 PM
From: mishedlo	Respond to of 116555

U.S. initial jobless claims rise 1,000 to 323,000 Thursday, May 26, 2005 12:45:27 PM afxpress.com WASHINGTON (AFX) - First-time filings for state unemployment benefits rose 1,000 to 323,000 last week, the Labor Department reported Thursday. The four-week average of initial claims increased by 500 to 330,500 in the week ending May 21, a five-week high. Economists were expecting a small increase in initial claims to about 326,000. Meanwhile, the number of people receiving weekly benefit checks fell by 22,000 to 2.57 million in the week ending May 14. The four-week average of continuing claims rose by about 6,000 to 2.59 million

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:06:46 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

U.S. Q1 before-tax corporate profits rise record 23.6% Thursday, May 26, 2005 12:45:33 PM afxpress.com WASHINGTON (AFX) -- U.S. corporations' before-tax profits from current production rose a record 23.6% to $1.307 trillion annualized in the first quarter, the Commerce Department estimated Thursday. The increase brought the year-over-year growth up to 35.9%, the fastest growth since the third quarter of 1987. The government data are adjusted for inventory valuations and capital consumption

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:08:35 PM
From: mishedlo	Respond to of 116555

Dutch central bank to cut 2005 GDP growth forecast considerably [Europe gloom seems to be spreading Germany, France and Italy all in violation of stability pact now. Who is next? - Mish] Thursday, May 26, 2005 1:19:15 PM afxpress.com Dutch central bank to cut 2005 GDP growth forecast 'considerably' AMSTERDAM (AFX) - The Dutch central bank will cut its forecast for economic growth this year "considerably" from the current estimate of 1.7 pct, bank president Nout Wellink said At a news conference on the bank's 2004 annual report, Wellink was not able to give a precise figure, but noted that "growth may come in below the European average Revised forecasts are due to be announced next month, and are mainly the result of lagging domestic consumer spending, he noted Last year, the Netherlands recorded a "meagre" 1.4 pct annual GDP growth, one of the lowest rates in Europe and due largely to a strong rise in exports, Wellink said "Even though growth this year will probably still fall short of expectations, as we saw in the first quarter, the prospects for the longer term remain favourable. The Netherlands has also pursued a stricter fiscal policy over the past year than most other countries." "Yet there are still areas where further gains can be made, for instance, in the struggle to contain wage costs," he added, noting the "current economic fundamentals can be termed robust."

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:13:16 PM
From: mishedlo	Respond to of 116555

Snow keeps pressure on China Thursday, May 26, 2005 2:15:28 PM afxpress.com WASHINGTON (AFX) - Treasury Secretary John Snow kept up pressure on China to move to a more flexible foreign exchange rate in congressional testimony on Thursday. Speaking to the Senate Banking Committee, Snow repeated his views that China is now ready to adopt a more flexible rate and must do so "without delay" to safeguard global economic growth. "China's rigid currency regime has become highly distortionary," he said in prepared remarks. "It poses risks to the health of the Chinese economy, such as sowing the seeds for excess liquidity creation, asset price inflation, large speculative capital flows, and overinvestment."

To: Haim R. Branisteanu who wrote (30796)	5/26/2005 12:14:55 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

S&P cuts 2005 euro zone growth forecast to 1.3 pct from 2.0 Thursday, May 26, 2005 2:33:41 PM afxpress.com BRUSSELS (AFX) - Standard & Poor's said it has cut its growth forecast for the euro zone in 2005 to 1.3 pct from its previous forecast of 2.0 pct The ratings agency said it expects "roughly zero growth" in the second quarter, with a modest recovery taking place in the second half of the year. "Despite its well publicised problems, we believe that Germany stands a good chance of decoupling its economic performance from that of its major partners, especially France and Italy, in the medium term," said Jean-Michel Six, S&P's chief economist for Europe. "It could begin to reap some rewards from its better export profile and a more aggressive reform programme," he said