China research spending to outpace EU in five years
In just five years, China will proportionally be spending more on research and development (RD) than the European Union, the Financial Times reported Monday.

Quick Overview

• New offers from the United States and the European Union to cut aid to their farmers could herald a breakthrough in deadlocked global trade talks, just two months before a deadline for a treaty, ministers said Monday
  

• It's still tough to read how badly Katrina and Rita hurt the economy, but data show Americans reacted in their usual way -- by going shopping
  

• The DoE said the number of closed refineries is down to eight, resulting in a daily loss of 900,000 barrels of gasoline.
  

• Brazil's coffee trees are in need of rain this month for the flowering, but the near-term outlook is calling for dry weather. Hurricane Stan may have also damaged some coffee crops in Mexico and Central America last week.
  

• Dow-Jones Newswires said the International Sugar Organization is predicting 2005-2006 world production of 149.6 million tons and consumption of 150.6 million tons.
  

• YoY Singapore's GDP was up 6.0% in the third quarter.
  

• Gold futures in New York settled at a near-18-year high on Monday as fund buying on the back of economic worries and strong investment demand extended the metal's recent rally, traders and analysts said.
  

• French industrial production increased by 0.8 percent from July, when the output had dropped a revised 0.7 percent.
  

Drug Rehab For George
Do you hear little voices speaking to you sometime? I do; well, I mean I used to. Officially speaking, they stopped. Excepting for yesterday, yesterday the little voice in my head said, "Go gambling and play machine number 161." So I did. And wouldn’t you know it? I won. Really! I started with $60 and wound up $840. Darn if that little voice in my head isn’t giving me some great advice… Sometimes.

Ray Kurzweil calls for 1918 flu genome to be 'un-published'
"The decision by the U.S. Department of Health & Human Services to publish the full genome of the 1918 influenza virus on the Internet in the GenBank database is extremely dangerous and immediate steps should be taken to remove this data," says inventor and futurist Ray Kurzweil.

Bird flu fight lifts biotech stocks
Shares of biotechnology companies developing treatments to fight a possible outbreak of avian flu rose on Friday as delegates from around the world met to discuss plans for battling the illness.

Greenspan concerned about interest-free loans and other riskier mortgages
"In the event of widespread cooling in house prices, these borrowers, and the institutions that service them, could be exposed to significant losses," Greenspan said recently.

Southwest bars woman over T-shirt obscenity
A Washington state woman says she intends to press a civil rights lawsuit against Southwest Airlines for barring her from one of its flights because of a message on her T-shirt.
..Here we are trying to free another country and I have to get off an airplane in midflight over a T-shirt.

Signals of the End of the Dollar Standard

As Voltaire said in 1729 “paper money eventually goes down to its intrinsic value – zero.”

Quick Overview

• The Department of Transportation said Thursday that its transportation services index for July fell 0.3% from June, the second consecutive decline.
  
  

• U.S. payrolls fell by 35,000 jobs in the wake of Hurricane Katrina and the unemployment rate rose to 5.1% in September from 4.9% in August, the Labor Department reported Friday
  
  

• U.S. Wholesale inventories rose 0.5% in August, the most in four months, the Commerce Department said Friday.
  
  

• U.S. Rail freight and intermodal traffic rose for the week ended Oct. 1 compared to a year earlier, and traffic in September also increased over last year despite two big hurricanes, the Association of American Railroads said.
  
  

• The International Atomic Energy Agency and its chief, Mohamed ElBaradei, have been awarded the Nobel Peace Prize for their efforts to stop the proliferation of nuclear weapons…the Bush administration may not be extremely pleased.
  
  

• A Ministry of Commerce report said that China's trade surplus could triple to as much as 100 billion dollars this year.
  
  

• U.S. Treasury Secretary John Snow said on Friday China needs to act "soon" to let its yuan currency become more flexible and he will tell Chinese officials that in person next week.
  
  

• Germany's industrial production was down 1.6% in August.
  
  

• Japan's index of coincident economic indicators increased from 30.0 to 88.9 in August, a sign of expansion.
  
  

• London inventories of copper continue to fall, they are at 70,475 tons.
  
  
  

• December gold is at a new contract high because of concerns over inflation and strong global demand.
  
  
  

• Canada's unemployment rate improved from 6.8% to 6.7% in September, the lowest since 1976.

Record low for home affordability in California
Soaring prices in California's housing market have shut out a record 86 percent of households from buying a typical home with a traditional down-payment,

Climate Change More Rapid Than Ever?
According to the calculations of scientists at the Max Planck Institute for Meteorology in Hamburg, over the next century the climate will change more quickly than it ever has in the recent history of the earth. These results come from the latest climate model calculations from the German High Performance Computing Centre for Climate and Earth System Research.

GE raises full-year outlook

Venezuela moves reserves out of US Treasuries

U.S. Retailers' Sales Rise 4%, Exceeding Estimate

Quick Overview

• Dallas Federal Reserve President Richard Fisher on Thursday said core inflation was near the top of its acceptable range, echoing hawkish remarks he made earlier this week that signal more rate hikes to come.
  

• Domestic air cargo shipments rebounded from a 5% drop in July to climb 0.6% in August in year-over-year comparisons, the Air Transport Association reported Thursday.

• The number of Americans filing new claims for jobless benefits rose by 21,000 last week as storm-related applications increased.
  

• The U.S. Minerals Management Service said that 20% of oil production and 34% of natural gas production in the Gulf of Mexico is operating again
  

• The DoE said that underground supplies of natural gas were up 44 billion cubic feet last week to 2.929 trillion cubic feet. YoY supplies are down 5%.
  

• The U.S. Census Bureau said that soybean oil stocks totaled 1.73 billion pounds at the end of August, down from 1.99 billion pounds last month.
  

• A NAFTA panel told the U.S. government that its method for computing Canada's softwood subsidies is incorrect and needs revision.

• China is poised to unveil a new roadmap for the world's seventh-biggest economy that scraps a long-standing policy of faster growth in favor of improving social services and curbing widespread environmental devastation.
  
  

• Brazilian stocks dropped more than 3% on Thursday while the currency was lower by 1% as foreign investors increased their aversion to riskier assets.

Chart of the day

How many shares of the Dow Ind. Index does it take to buy the average U.S. house?

Quick Overview

• The U.S. Department of Energy showed that YoY demand for unleaded gasoline over the past four weeks was down 2.8% -- signaling that the recent price spike has damped demand.
  
  

• The USDE said that:
  Crude oil supplies were down 300,000 barrels to 305.4 million barrels.
  Unleaded supplies gasoline were down 4.3 million barrels
  Heating oil supplies were up 400,000 barrels
  
  

• The Institute for Supply Management's index of U.S. services dropped from 65.0 to 53.3 in September, less than expected.
  

• There does not seem to be much risk of huge surge in inflation but policy-makers must be alert to potential price pressures, Kansas City Federal Reserve Bank President Thomas Hoenig said on Wednesday.
  

• Thomas Hoenig also said the U.S. economy should shake off the impact of recent hurricanes without too much trouble and enjoy strong growth next year and beyond,
  

• Tokyo's Nikkei stock average hit a new four-year intraday high before finishing the morning session slightly weaker.
  

• London inventories of copper were down 1,375 tons today to 74,975 tons, so copper is making new contract highs.
  
  

• An index of services in the U.K. decreased from 55.2 to 55.0 in September.
  

• An index of services in the Euro zone increased from 53.4 to 54.7 in September, stronger than expected.
  
  

• The Reserve Bank of Australia kept its overnight rate unchanged at 5.50
  

Chart of the day

How many ounces of gold does it take to buy the average U.S. house?


In California you'll need about 1200 ounces

Quick Overview

• The average price of U.S. retail diesel soared by a record 34.6 cents to $3.144 a gallon, also a record, the Department of Energy reported Monday.

• Archer Daniels Midland Company (ADM) announced plans to build its first owned biodiesel production facility in the US. This 50 million gallon facility will be located in Velva, North Dakota, and will use canola oil as its primary feedstock. ADM also is planning to build biodiesel plants in Mexico, Missouri and Mainz, Germany.

• Orders placed with U.S. factories rose 2.5% in August to $395.2 billion, the Commerce Department said Tuesday.

• 63 offshore platforms in the Gulf of Mexico were destroyed by Hurricane Rita, and some drilling platforms with major damage could be off-line until next year, the U.S. Interior Department said on Tuesday.

• The Group of Seven top economic powers needs to move urgently to correct global imbalances in savings and investment or face the risk of worldwide deflation within a decade, Canada's central bank governor said on Tuesday. (Did he say WORLDWIDE DEFLATION?)

• Brazil's real widened losses on Tuesday after the central bank bought dollars on the local foreign exchange market for a second straight day, while stocks slipped after topping 32,000 points for the first time.
  

• Japan wants to cut 10 percent of government jobs over the next five years.
  
  

• Japan's 10-year bonds slumped, pushing yields to the highest in almost a year, after a government sale of the debt drew the weakest demand in 19 months.
  

• Kyodo news reported that Japan's Food Safety Commission is apt to recommend the acceptance of U.S. and Canadian cattle under 20 months of age as rapidly as this December.
  

• Unemployment rate in the Euro zone rose from 8.5% to 8.6% in August. YoY the unemployment rate is down from 8.9%.

Newsview: Economy Could Add to GOP Woes
Bush's pledge to spend "whatever it costs" to rebuild the Gulf Coast and the high bill for the Iraq war will keep swelling the deficit and limit his options for fighting an economic downturn. A recession would mean fewer dollars flowing into the treasury and force the government to pay out more benefits to the poor and those idled by the hurricanes.

10th planet has moon companion
"Having a moon is just inherently cool - and it is something that most self-respecting planets have, so it is good to see that this one does, too."

Louisiana Ecological Harm Called Unprecedented
The environmental damage from hurricanes Katrina and Rita is unparalleled in its scope and variety, scientists say, with massive oil spills blanketing marshes, sediment smothering vast fishing grounds, and millions of gallons of raw sewage scattered in New Orleans and along the 400-mile Louisiana coast.

High Oil Prices Met With Anger Worldwide
Rising fuel prices are stoking popular anger around the world, throwing politicians on the defensive and forcing governments to resort to price freezes, tax cuts and other measures to soothe voter resentment.

Diesel costs ail truckers
The 30-year-old independent truck driver has parked his truck and won't get back in it until diesel prices fall below $3 a gallon.

Kohn, Long Shot for Fed Chief, Helped Shape Greenspan's Views

No matter whom President George W. Bush picks as a successor to Alan Greenspan in the next few months, Donald Kohn is likely to wield large influence over the way the Federal Reserve thinks about interest rates and the U.S. economy.

Quick Overview

• U.S. Manufacturing rose unexpectedly from 53.6 to 59.4 in September, much stronger than expected the Institute for Supply Management said Monday.

• U.S. construction spending gained 0.4% in August, the Commerce Department reported Monday
  

• Rising gas prices and a shift to more fuel-efficient models has cut into sales of SUV’s in September. GM sales fell 24% from a year earlier, while Ford sales dropped 19.5%. At the same time, falling resale values for traditional SUVs are making it harder for car owners who want to trade for less gas-thirsty vehicles.

• President Bush is ready "to do whatever it takes" including, if necessary, tapping government stocks of heating oil to counter supply shortages this winter, his energy secretary said Monday.
  

• Traders are watching a storm that is expected to reach Florida's east coast by tomorrow - November orange juice was up 2.00 to 104.30.
  

• Japan's Tankan index of business confidence increased less than expected from 18 to 19.
  

• March sugar closed up 0.30 cent at 11.53 cents a pound driven by ethanol demand and crop damage in the gulf.
  
  

• Soybean Oil closed at a two-month high driven by potential biodiesel prospects.
  

• The dollar hit a 16-month high against the yen on Monday, buoyed by expectations for more interest rate rises in the United States and a slightly disappointing survey of corporate sentiment in Japan.

Mighty Mice Regrow Organs
Genetically altered mice discovered accidentally at the Wistar Institute in Pennsylvania have the seemingly miraculous ability to regenerate like a salamander, and even regrow vital organs.
Researchers systematically amputated digits and damaged various organs of the mice, including the heart, liver and brain, most of which grew back

Quick Overview

• Manufacturing growth in Chicago jumped from 49.2% to 60.5% in September following its first contraction in more than two years, the National Association of Purchasing Management-Chicago said Friday
  
  

• U.S. consumer confidence dropped this month to 76.9 from 89.1 in August, according to the University of Michigan’s monthly consumer sentiment index.
  

• U.S. personal income in August was down 0.1% while spending was down 0.5%, the biggest drop in three years, led by a slump in automobile purchases, the Commerce Department reported Friday
  
  
  

• The U.S. Department of Energy said that 12 refineries remain closed, resulting in the daily loss of 1.3 million barrels of gasoline, 700,000 barrels of distillates, and 400,000 barrels of jet fuel
  

• Pennsylvania will build the nation's first commercial plant to convert waste coal into no-sulfur diesel fuel and home-heating oil, the Associated Press reported.

• The U.S. Minerals Management Service said today that 98% of oil production and 79% of natural gas production in the Gulf of Mexico remains closed.
  

• The USDA said that, as of September:
  Corn stocks totaled 2.112 billion bushels, up 120% YoY and the most in twelve years.
  Soybean stocks totaled 256 million bushels, up 127% YoY.
  Wheat stocks totaled 1.919 billion bushels, down 1% YoY.
  
  

• U.S. railroad freight traffic rose for the week ended Sept. 24 from a year ago despite damage caused to rail lines by Hurricane Rita, the Association of American Railroads said.
  

• The USDA also said that the 2005-2006 U.S. wheat crop will total 2.098 billion bushels, down from last month's estimate of 2.167 billion bushels.
  

• December soybean oil was up 1.09 to 23.95, the highest close in nearly two months, with talk that high energy prices may increase demand for biodiesel.
  

• The USDA said that as of September 1st all U.S. hogs and pigs were 61.536 million head, up slightly from a year ago. YoY The September 1st breeding herd was also up slightly and YoY the June to August pig crop was up 0 .4%.
  

• Japans household spending was up 3.2% in August, the first gain in four months; Industrial production was up 1.2% in August; Consumer prices were down 0.3% in August. The positive consumer price data showing that deflation was easing, combined with other upbeat economic figures on Friday, added fuel to the debate on whether the Bank of Japan should soon end its ultraeasy monetary policy.
  
  
  

• Brazil's stocks notched yet another record high on Friday thanks to strong foreign investor appetite for assets in Latin America's largest country.
  

• YoY India's GDP was up 8.1% in the first quarter- topping forecasts.
  
  

• Retail sales in Australia were up 0.6% in August.
  

• Canada's GDP was up 0.2% in July and up 2.6% YoY.
  
  

Freezing gas prices
There is a man who fills up his tank once every two months. One tank of gas, literally, lasts him two months. He is freezing the price of gas by freezing something else.

Quick Overview

• The U.S. economy grew at an annual rate of 3.3% in the second quarter, down from 3.8% in the first quarter, the Commerce Department said Thursday.
  
  

• U.S. Jobless claims dropped 79,000 to 356,000, less than expected. According to CBS Market Watch 60,000 of the jobless claims were linked to Hurricane Katrina.
  

• The DoE said that underground supplies of natural gas were up 53 billion cubic feet last week to 2.885 trillion cubic feet. YoY supplies are now down 4%.
  

• The U.S. Minerals Management Service said that 99% of oil production and 80% of natural gas production in the Gulf of Mexico remain stopped.
  

• U.S. Manufacturers want to see China's Yuan currency "appreciate significantly," the largest U.S. manufacturing group said on Thursday in its latest salvo over what it sees as Beijing's unfair trade practices.
  

• Germany's unemployment rate increased from 11.6% to 11.7% in September.
  

• Retail sales in Japan were up 1.5% in August, stronger than expected.
  

• New Zealand's GDP was up 3.1% in the second quarter.

DeLay Is Indicted and Forced to Step Down as Majority Leader
State law prohibits use of corporate contributions to advocate the election or defeat of state candidates, and prosecutors accuse the DeLay organization of engaging in a complex scheme to circumvent the law.

Green energy 25-30 pct of world mix by 2050-Shell

Growth in renewable energy sources is robust and they may account for a quarter of global consumption by 2050, an executive with Anglo-Dutch oil giant Royal Dutch Shell said on Wednesday.

Quick Overview

• U.S. orders for durable goods rose 3.3% in August, more than analysts had expected, the Commerce Department said Wednesday.
  
  
  

• Starting Thursday, Minnesota will become the first state to require that all diesel fuel contain 2% biodiesel made from soybeans in its mix, the St. Paul Pioneer Press newspaper reported.
  
  

• California's housing market is overvalued by up to 45 percent and at a "tipping point" that will end its red-hot growth cycle, the UCLA Anderson Forecast projected on Wednesday.
  

• The DOE said today that as much as 15 percent of U.S. refinery capacity could be out for another couple of weeks or more. Today's inventory report showed that last week refineries were operating at 86.7% of capacity.
  

• The U.S. Minerals Management Service said that 100% of oil production and 80% of natural gas production in the Gulf of Mexico remains closed.
  
  

• The U.S. Department of Energy (DOE) said that:
  Crude oil supplies were down 2.4 million barrels last week to 305.7 million barrels.
  Unleaded gasoline supplies were up 4.4 million barrels
  Heating oil supplies were down 2.5 million barrels.
  
  

• YoY the GDP in the U.K. increased 1.5% in the second quarter.
  
  

Crying Sheep
Are global oil supplies about to peak? Are they, in other words, about to reach their maximum and then go into decline? There is a simple answer to this question: no one has the faintest idea.

Quick Overview

• The Conference Board said its index of consumer confidence for September slid to 86.6, down from 105.5 in August and the lowest reading in nearly two years.
  
  

• Sales of new homes plunged in August by the largest amount in nine months as the nation's housing industry continued to flash mixed signals about whether the boom is starting to fade.
  The report showed sales of single-family homes decreased to a seasonally adjusted annual rate of 1.237 million last month from 1.373 million. The 9.9% decline reported by the Commerce Department was the largest since sales fell 10.0% in November 2004.
  

• German business confidence unexpectedly rose to 96 from August's 94.6 an eight-month high in September.

Quick Overview

• Sales of existing homes rose to the second-highest level on record in August, to a 7.29 million annual rate, and the median price rose 15.8 percent to a record $220,000 the National Association of Realtors said Monday.
  
  

• U.S. railroad freight traffic set new records for the week ended Sept. 17, the Association of American Railroads said.
  
  

• While the high-flying housing market still holds risks, especially for the financially stretched, most homeowners are in a fairly good position to weather a shock if prices drop, Federal Reserve Chairman Alan Greenspan said Monday.
  
  

• The U.S. Minerals Management Service said today that 100% of oil production and 78% of natural gas production in the Gulf of Mexico remains closed.
  

• China's central bank predicted that GDP will be up 9.2% this year.
  

An Evening With Mr. Galloway
George Galloway, like Cindy Sheehan, represents what, in the study of chaos, is known as the “butterfly effect,” (i.e., the capacity for individuals to affect change through the reiteration of their influences upon a system). Such people serve as “attractors” to others who share their sentiments. Through such spontaneous and open-ended means as the Internet, men and women are able to create networks of shared opinions. They become catalysts for change, a process upon which all creative and productive systems depend

American fury over Greenspan leak
French claim Fed chairman admits US has lost control of budget

NSA granted Net location-tracking patent
The National Security Agency has obtained a patent on a method of figuring out an Internet user's geographic location. Patent 6,947,978 describes a way to discover someone's physical location by comparing it to a "map" of Internet addresses with known locations. The NSA's patent relies on measuring the latency, meaning the time lag between...

Chart of the day

NYSE Weekly Advancing Issues

Dangers of a Drunk Dubya
Like the President, I’m a recovering alcoholic. Unlike him, I’ve been sober for 11 years, three months and 16 days. Bush says he quit drinking without help from any organized program. I had a lot of help – from family, friends and Alcoholics Anonymous. As an alcoholic, I can say without hesitation that available evidence tells me that Bush is drinking and drinking heavily.

Brazil to ask WTO to impose trade sanctions on US
A WTO resolution in March asked the US government to eliminate subsidies on cotton producers and exporters, saying they caused a grave damage to Brazil because of their negative effect on the international price of cotton.

Quick Overview

• Almost 30% of U.S. oil-refining capacity is offline because of Hurricanes Rita and Katrina, Bloomberg reported Friday.
  
  

• Mexico's central bank on Friday pushed interest rates 25 basis points lower for the second straight month to revive a tepid economy.
  

• China's central bank surprised the markets this morning by saying that they would increase the Yuan's daily allowable range from 1.5% to 3.0% for the non-dollar currencies.
  

• Brazil's stocks closed at a new all-time high on Friday for the third time this week, while the national currency surged to a fresh 41-month high .

• The United States is under rising pressure to make hard concessions on farm subsidies after a Friday meeting with three other trade powers failed to break a deadlock that threatens global trade talks.
  
  

• November lumber closed up its $10 daily limit again, at $326.00, with traders anticipating a lot of re-building activity after Hurricanes Katrina and Rita.
  

• The USDA said that there were 10.0 million head of cattle on feed as of September 1st, up slightly from a year ago. August placements were down 5% from a year ago and marketing’s were up 6%
  

EPA Proposes Easing Reporting Requirements on Toxic Pollution

The looser reporting requirements are intended to let off the hook as many as a third of the 23,000 companies that now report their pollution to the government, according to the EPA.

Build a "BETTER" Bush

Oil Rigs in the Gulf & Rita

Quick Overview

• The index of U.S. leading economic indicators fell 0.2 % in August to 137.6 for a second straight month as rising gasoline prices lowered consumer confidence even before Hurricane Katrina made landfall, the Conference Board reported Thursday.
  
  

• The number of U.S. workers filing initial unemployment benefits jumped by 8,000 last week to 432,000, the highest level in more than two years, following dislocations and job losses in the wake of Hurricane Katrina. (103,000 of those claims were said to be related to Hurricane Katrina).
  

• Saudi Arabia's foreign minister on Thursday rejected suggestions of an oil shortage and said prices should drop to $40 to $45 a barrel from well over $60.
  
  

• Reuters is reporting that 21% of U.S. refinery capacity is closed - ten refineries in Texas and one in Louisiana.
  
  

• The U.S. Department of Energy said that underground natural gas supplies were up 74 billion cubic feet last week to 2.932 trillion cubic feet. Supplies are now down 3% from a year ago
  
  

• Archer Daniels Midland said that they plan to increase their ethanol production by 500 million gallons by the year 2008.
  
  

• November lumber closed up $10 it’s max daily limit due to the hurricanes.
  

• Brazil's jobless rate held steady at a three-year-low in August and inflation slowed, official data showed on Thursday.
  

• Japan's trade surplus shrank 80 percent in August from a year earlier, much more than economists had expected as high oil prices boosted import costs, but firm exports suggested that an economic recovery remained on track.
  
  

• Canada's consumer price index was up 2.6% in August from a year ago, the biggest gain in two years. Excluding energy, consumer prices were up 1.6% in August from a year ago.
  

Fed May Sacrifice Growth to Prevent Inflation
``When push comes to shove, the Fed will opt in an unmistakable fashion to preserve the inflation achievements they have,'' said Anthony Karydakis, chief U.S. economist at J.P. Morgan Asset Management. ``They will be very willing to sacrifice some growth for a while to keep inflation under control.''

Quick Overview

• The DOE said that:
  Crude oil supplies were down 300,000 barrels at 308.1 million barrels.
  Unleaded gasoline supplies were up 3.4 million barrels
  Heating oil supplies were up 1.7 million barrels.
  Gasoline demand over the past four weeks was down 2.1% from a year ago.
  The DOE also said that last week refineries were operating at 90.8% of capacity
  

• The USDA said that there were 22.1 million pounds of frozen pork bellies in storage on August 31st, up 45% YoY, but down substantially from last month's 50.3 million pounds.
  

• The USDA said that Frozen pork totaled 417.7 million pounds, up 9% YoY.
  
  

• The USDA said there were 1.40 billion pounds of frozen orange juice concentrate in storage as of August 31st, down 23% YoY.
  

• The world economy is set to grow a swift 4.3 percent this year and next -- above the 3.9 percent average of the past decade -- despite higher oil prices and a battering from Hurricane Katrina, the IMF said on Wednesday.
  
  

• Canada's retail sales hit a new high of C$31.3 billion in July, up 1.5% on the month and up 7.9% from a year ago.
  

• Consumer spending in France was up 1.9% in August.
  

Quick Overview

• The Federal Reserve on Tuesday boosted the fed funds rate for the 11th straight time and signaled that more rate hikes were probable even as the country recovers from the destructive effects of Hurricane Katrina.
  
  

• Australia, Brazil and Thailand have accused the European Union
  of failing to comply with a World Trade Organization decision that its
  subsidies to sugar producers were illegal.
  
  

• A group of commercial fishermen has filed a suit over alleged damage to fisheries caused by oil that spilled following Hurricane Katrina.
  
  
• Land prices in central Tokyo rose for the first time since 1990 in the 12 months ended July 1.

• OPEC on Tuesday offered up every last barrel of its spare production. OPEC agreed to keep their production at 28.0 million barrels a day, but will make another 2.0 million barrels of crude oil a day available for three months beginning on October 1st.
  

• New construction on US housing units slipped 1.3 percent in August to a seasonally adjusted annual rate of 2.009 million units. The decline was slightly larger than expected. Economists were calling for a decline to 2.025 million, from 2.042 million in July.
  

• Texas refineries are still in Rita's anticipated path for later this week.
  

• Canada's composite index of leading indicators increased 0.3% in August to 206.3. Wholesale sales were down 0.5% in July to C$39.7 billion, the first decline in six months.
  

• Chile and China could sign a free trade agreement as early as November, linking the world's biggest producer and consumer of copper, Chilean President Ricardo Lagos told Reuters on Tuesday.
  

• Italy's unemployment rate dropped from 7.8% to 7.7% in the second quarter, the lowest in over a decade.