Monday, December 19, 2005

Quick Overview

  • The Conference Board's leading economic indicator for Mexico was unchanged in October following four months of gains, the U.S.-based private business research group said on Monday.

  • Canada's sales at large retailers were down 1.0% in October, but up 5.9% YoY. Wholesale sales were up 2.2%.

  • Industrial production in the Euro-zone was down 0.8% in October.

  • The Japanese government expects GDP to increase 2.7% in 2005-2006 and 1.9% in 2006-2007.

Friday, December 16, 2005

Quick Overview

  • YoY consumer prices in the Euro zone were up 2.3% in November.

  • Statistics Canada reported that the government debt is half of Canada's GDP, the lowest in twenty years.

  • YoY industrial production in Argentina rose 8.9 percent in November.

  • German business morale jumping to its highest level in nearly five and a half years.

Thursday, December 15, 2005

Quick Overview

  • U.S. industrial production was up 0.7% in November and up 2.8% YoY, more than expected. Capacity utilization rate increased from 79.8% to 80.2% last month.

  • A record drop in energy costs pushed consumer prices down at the fastest pace in 56 years. The CPI was down 0.6% in November but up 3.5% YoY. Excluding food and energy costs, prices were up 0.2% in November and up 2.1% YoY.

  • A softening U.S. housing market poses the greatest risk to economic growth next year as fallout from a housing slowdown would hurt consumer spending, Merrill Lynch said in its U.S. economic and financial markets forecast for 2006.

  • The U.S. Treasury said that foreigners purchased U.S. securities totaling $110.3 billion in October

  • Manufacturing growth in New York state rose at the fastest pace in 17 months as factories paid less for materials and demand rose, according to a monthly survey by the Federal Reserve Bank of New York released Thursday.

  • The DoE said that underground supplies of natural gas were down 202 billion cubic feet to 2.964 trillion cubic feet. Supplies are down 6% YoY.

  • The rate of fatalities last year in crashes involving large trucks fell to its lowest level since the Department of Transportation began keeping records in 1975, according to DOT figures.

  • The Green Coffee Association said that U.S. coffee stocks dropped 292,512 bags in November to 4.875 million bags.

  • Retail sales in the U.K. were up 0.7% in November, the best gain in five months.

  • The Swiss National Bank increased its key interest rate from 0.75% to 1.0%, the first change in over a year.

Wednesday, December 14, 2005

Quick Overview

  • The U.S. trade deficit grew to a record $68.9 billion in October, as crude oil prices surged and exports dropped by the most in four years. U.S. exports were up 1.6% in October to $107.5 billion and imports were up 2.7% to $176.4 billion.

  • The Business Roundtable's Economic Outlook Index improved to 101.4, up from Septembers 88.2

  • The U.S. Department of Energy said that:
    Supplies of crude oil were up 900,000 barrels to 321.2 million barrels.
    Supplies of unleaded gasoline were up 1.8 million barrels
    Supplies of heating oil supplies were down 400,000 barrels..


  • Japan's Tankan index, a confidence index of large manufacturers, increased from 19 to 21 in the fourth quarter, the highest in twelve month.

  • Delinquencies on U.S. home mortgages rose in the third quarter due to the displacement of people by Hurricane Katrina but they fell from a year earlier as the economy improved, an industry group said on Wednesday.

Tuesday, December 13, 2005

Chart of the day

The price of corn adjusted by the CPI (Consumer Price Index)

Quick Overview

  • Blue-chips jumped and the broader market inched higher after the Fed boosted the Fed Funds rate as expected, while hinting that an end to the rate-hiking campaign could be in the works. The Fed dropped a reference to “accommodation” in a statement that followed the 13th straight increase in their target rate to 4.25%. The change suggested that central bankers see rates as high enough to avoid spurring inflation.

  • YoY, U.K.’s consumer prices were up 2.1% in November, down from a 2.3% gain in October.

  • Canada's composite index of leading indicators was up 0.3% in November.

  • The International Energy Agency predicted that world oil demand will increase by 1.9 million barrels per day through 2010.

  • The International Coffee Organization predicted that the world 2006-2007 coffee crop will total 120 million (60 kg) bags. They estimate consumption at 118 million bags.

  • J.P. Morgan said there continues to be a bull case for silver and it deserves to trade on a different outlook. All thanks to a growing number of industrial applications such as biocides, solar power, electronics and a potential ETF launch.

Monday, December 12, 2005

Quick Overview

  • The federal government's budget deficit rose sharply in November as spending raced ahead of tax receipts. The Treasury Department reported Monday that the deficit totaled $83.1 billion, the highest imbalance ever recorded in November.

  • The Federal Reserve is widely expected to raise official interest rates again at its next policy meeting on Dec. 13, which would be the 13th straight increase.

  • Mexico cut its economic growth estimate for 2005 to about 3 percent from 3.5 percent, hurt by weakness in the manufacturing sector.

  • Japan's current account surplus widened by 2.6% to 1.38 trillion ten ($11.4 Billion) in October.

  • India's industry grew in October at 8.5% the fastest pace in four months as rising incomes and consumer borrowing spurred sales.

Friday, December 09, 2005

Quick Overview

  • The University of Michigan's index of consumer sentiment increased from 81.6 to 88.7 in December, more than expected.

  • The USDA's 2005-2006 U.S. ending stocks estimate for:
    Corn was increased from 2.319 to 2.419 billion bushels.
    Soybeans were increased from 350 to 405 million bushels.
    Wheat was unchanged at 530 million bushels.
    Sugar was increased from 667,000 to 1.395 million tons.
    Cotton was increased from 6.50 to 6.90 million bales.

  • The USDA's 2005-2006 world ending stocks estimate for:
    Corn was increased from 114 to 119 million tons.
    Soybeans were increased from 47 to 48 million tons.
    Wheat was increased from 140 to 143 million tons.
    Cotton was increased from 50 to 51 million tons.

  • The USDA estimates the 2005-2006 Florida orange crop at 162 million boxes, down from last month's estimate of 190 million boxes. The projected juice yield was lowered from 1.58 to 1.55 gallons a box.
    The Brazilian government estimated its 2006-2007 coffee crop at 42.0 million bags, up from 36 million bags this year

  • Canada's labor productivity was up 0.8% in the third quarter and up 1.3% YoY.

  • Japan's GDP was up 0.2% in the latest quarter, down from an earlier estimate of 0.4%.

  • Brazil inflation eased in November, official data showed on Friday, reinforcing bets the central bank will cut interest rates next week.

  • Industrial production in France was down 2.5% in October, the biggest monthly drop in six years.

  • Mexico's central bank, with inflation at record lows, cut a key interest rate by 50 basis points.

Thursday, December 08, 2005

Jim Rogers likes commodities

JIM ROGERS: If you look at most agricultural commodities - nobody has been planning new acreage or new plantations in many years. Wheat hectares have been declining for 30 years, and that’s true of everything. As the world gets more prosperous people consume more - it’s the natural state of the world, and that’s going to continue for the next several years until somebody brings on some new supplies. You can’t just snap your finger and bring on a lot of new supply - I would point out that we haven’t had any big droughts anywhere in the world for over five years. We used to have droughts all the time - they may start coming back. I’m not investing in commodities because of weather - that would be an absurd thing to do - but it’s another reason that you’re going to see higher prices for agricultural commodities.

Quick Overview

  • U.S. jobless claims were up 6,000 last week to 327,000.

  • The U.S. Department of Energy said that underground natural gas supplies were down 59 billion cubic feet last week to 3.166 trillion cubic feet. Supplies are now down 2% from a year ago.

  • The unemployment rate in Australia dropped from 5.2% to 5.1% in November

  • Industrial production in Germany increased 1.1% in October

  • Japan's machinery orders rose 4.8% in October, providing more evidence of firms' strong desire to invest as they enjoy brisk profits and benefit from a steady recovery in the economy.

  • In the most recent quarter South Africa's gold production was down 3.4%.

  • Twelve-month inflation in Mexico fell to a historic low in November, and below the central bank's target for the first time ever.

Wednesday, December 07, 2005

Quick Overview

  • The U.S. House of Representatives on Wednesday approved legislation to make sure that millions of Americans will not be forced to pay the alternative minimum tax next year.

  • The Federal Reserve said that total consumer debt fell by $7.20 billion in October to $2.157 trillion, a record decline for the month.

  • The U.S. Department of Energy said that:
    Supplies of crude oil were up 2.7 million barrels to 320.3 million barrels.
    Supplies of unleaded gasoline were up 2.7 million barrels
    Supplies of heating oil were up 700,000 barrels.

  • Australia's GDP grew 0.2 percent in the third quarter, the slowest pace in a year.

  • Japan's Cabinet Office said that its index of leading indicators jumped from 41.7 to 80.0 in October, a sign of optimism for the economy.

  • Canada's 05/06 wheat crop totaled 26.8 million tons, up 3.5% YoY

Cheers! It's party time as Japan economy recovers
Some 63 percent of Japanese workers in a survey plan to let their hair down at traditional year-end parties with their colleagues this year, up from 49 percent last year, an indication that if not exactly rolling, the good times may be back

Tuesday, December 06, 2005

Housing Bubble Bursts in the Market for U.S. Mortgage Bonds
Bonds backed by home loans to the riskiest borrowers, the fastest growing part of the $7.6 trillion mortgage market, have lost about 2.5 percent since September on concern an 18-month rise in interest rates may force more than 150,000 consumers to default.

Quick Overview

  • The Labor Department said that business productivity was up an annual rate of 4.7% in the third quarter, the best quarterly gain in two years. The U.S. productivity growth is surging, but the wage increases that typically come with such gains have eluded American workers.

  • U.S. factory orders were up 2.2% in October. Excluding transportation, orders were up 0.6% on the month.

  • Industrial production in the U.K. was down 1% in November. YoY retail sales were p 4.6% in November.

  • The Bank of Canada increased its overnight rate from 3.00% to 3.25%.

Monday, December 05, 2005

Five Risks
Stephen Roach

The annual year-end forecasting ritual has begun. For us, it is always sparked by the extension of our forecast horizon to another year -- in this case, our first official glimpse at 2007. We also take an in-depth look at our calls for the year nearly completed (2005) as well as for the 12 months lurking just ahead (2006). It is as close to soul searching as the heartless macro prognosticator ever gets.

Quick Overview

  • The Institute for Supply Management's services index fell to 58.5 in November from 60.0 in October, below forecast of 59.0

  • President Bush called on American businesses on Monday to live up to their pension promises.

  • FedEx Corp. announced it will raise the standard rates for FedEx Ground services next year by an average of 3.9%.

  • Gasoline pump prices continued to drop in the two weeks ended Friday, falling 11 cents to an average $2.16 a gallon for all grades, analyst Trilby Lundberg reported in her latest survey of filling stations.

  • A European index of services increased from 54.9 to 55.2 in November, the best reading in over a year.

  • Gold finished near a 23-year high on Monday spurred by worries over inflation.
Is Mankind a Mistake?
When we are functioning as individuals – whether at work, in the marketplace, among friends, or driving on the freeways – our behavior toward one another tends to be peaceful and respectful. Few of us would be willing to personally inflict, even upon strangers, the brutalities that so many eagerly cheer on when performed by agents of the state with which we identify ourselves. We would quickly find ourselves without friends were we to behave toward them in ways that emulate Dick Cheney’s or Donald Rumsfeld’s recommended treatment of Iraqis. How welcome would a Madeleine Albright be in your community were she to announce that the brutal deaths of neighborhood children was a price she was willing to pay for the advancement of her career? How long would you continue working for an employer who hired Lynndie England as your immediate supervisor?

Saturday, December 03, 2005

The Greatest Debt-Beat President in History
In a letter to James Madison, Thomas Jefferson asked how, "one generation of men has a right to bind another." He concluded by saying, "No generation can contract debts greater than may be paid during the course of its own existence."

Friday, December 02, 2005

G-7 Central Bankers Pledge Not to Hurt Growth
Dec. 2 (Bloomberg) -- Central bankers from the world's richest nations sought to defuse criticism from finance ministers that they risk imperiling economic growth by raising interest rates.

Quick Overview

  • The U.S. job market rebounded last month from a hurricane-induced slowdown as nonfarm employers added 215,000 workers.

  • The unemployment rate in the Euro-zone was 8.3% in October. The unemployment rate for the EU-25 was 8.5%.

  • Current exchange rates between the dollar and yen are in line with economic fundamentals, Japanese Finance Minister Sadakazu Tanigaki said on Friday.

  • Canada's unemployment rate improved from 6.6% to 6.4% in November.

  • The USDA increased its estimate of world coffee ending stocks for 2005-2006 from 14.9 to 20.3 million bags. The production estimate was unchanged at 113.2 million bags -- world consumption was lowered from 119.4 to 116.6 million bags.

Thursday, December 01, 2005


Alarm over dramatic weakening of Gulf Stream
Researchers on a scientific expedition in the Atlantic Ocean measured the strength of the current between Africa and the east coast of America and found that the circulation has slowed by 30% since a previous expedition 12 years ago.
China worries local doctors can't spot bird flu
"I am not worried about governments at various levels covering up an epidemic," Gao told a news conference. "But I am worried about the inability of our medical and quarantine personnel at the local level to diagnose and discover epidemics in a timely fashion due to their low abilities and relatively backward equipment."
The little yellow god
The dull truth is much less bullish for gold. Investors have put money into a wide range of metals, and precious metals' prices, including gold's, have risen with the base. Meanwhile, gold remains fundamentally unattractive. It yields nothing and central banks are sitting on vault fuls of the stuff that they want eventually to sell.

Good Old Economist Mag. Bullish on War -- Bearish on Gold
Asian central banks likely to increase gold reserves
It is only a question of time for Asian central banks to follow and buy in gold: they hold 2.6 trillion US dollars in foreign exchange reserves, and able to change more of them into gold as a hedge against US dollar falls.
The US dollar will inevitably slip further. Some budget deficits of the seven major industrial countries are at a record level, and central banks are "printing banknotes" to devalue their currencies. Huge amount of budget deficits and debts in Europe, America and Japan will finally force them to increase real interest rates in an effort to drag economies back to the right track

Quick Overview

  • The U.S. Commerce Department said that personal incomes rose 0.4% in October and consumer spending went up by 0.2%.

  • YoY the core rate of personal consumption expenditures, was up just 1.8% in October, the smallest gain in six months.

  • U.S. jobless claims were down by 17,000 last week to 320,000.

  • An index of U.S. manufacturing fell from 59.1 to 58.1 in November following the two fastest-growing months of the year, the Institute for Supply Management reported Thursday

  • Construction spending rose 0.7% to an annual rate of 1.13 trillion in October for a fourth straight month, the Commerce Department reported Thursday.

  • Sugar closed at the highest level in nine years – an other production deficit is forecast for 2006 and 2007

  • Gold closed at the highest level (above $500) for 1st time since 1987

  • The DoE said that natural gas supplies were down 49 billion cubic feet to 3.225 trillion cubic feet. YoY supplies are down 2%.

  • London inventories of copper now are at 72,600 tons,

  • The Bank of Japan needs to not only make sure the economy does not fall back into deflation but should conduct monetary policy in a way that ensures a steady rise in prices, a government report said on Friday.

  • The European Central Bank increased its interest rate, from 2.00% to 2.25%, for the first time in five years.

Wednesday, November 30, 2005

Quick Overview

  • U.S. GDP was up 4.3% in the third quarter, stronger than expected. YoY GDP was up 3.7%.

  • The U.S. economy bounced back following the two big hurricanes in August and September, but lingering high fuel prices were pushing up shipping rates in some regions of the country, the Federal Reserve said Wednesday.

  • The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended November 25 declined 1.8 percent to 624.1.

  • The Chicago Purchasing Management Association's index dropped from 62.9 to 61.7 in November

  • Overall for-hire trucking freight volumes rose 0.3% in October from a month earlier, the American Trucking Associations said.

  • The U.S. Department of Energy said that:
    Crude oil supplies were down 4.2 million barrels last week to 317.6 million barrels.
    Supplies of unleaded gasoline were down 500,000 barrels
    Supplies of heating oil supplies were up 1.5 million barrels..

  • Retail sales in Australia rebounded from a 0.3% drop in September to gain 0.5% in October.

  • Canada's GDP was up 0.9% in the third quarter and up 2.8% YoY.
    India's GDP was up 8% YoY.

  • Argentina's trade surplus widened more than expected to $916 million in October from $854 million a year ago as export volumes increased, the Economy Ministry said on Wednesday.

  • YoY housing starts in Japan rose 9.1% in October to 115,769 units. With increases in starts on housing units for rent and for sale, such as condominiums, the Ministry of Land, Infrastructure and Transport said Wednesday.The rise followed a 0.2% fall the previous month.
2005 Hurricane Season Ends Today as the Worst in 150 Years
Thirteen hurricanes formed in the Atlantic, starting with Dennis in July and ending with Beta last month. There were also 13 tropical storms, which are named once winds reach 39 miles per hour (63 kilometers per hour). The previous record of 21 was set in 1933, according to U.S. National Hurricane Center data. Next year may be more active than usual, some forecasters say.

US paying Iraqi press to run favourable stories
As part of an information offensive in Iraq, the U.S. military is secretly paying Iraqi newspapers to publish stories written by American troops in an effort to burnish the image of the U.S. mission in Iraq.
Co-conspirators’ largesse extended to many
In a plea agreement with prosecutors, Cunningham named four people who had conspired with him to commit the crimes. Although the plea agreement does not refer to the co-conspirators by name, they are widely believed to be Mitchell Wade, the former president of defense intelligence firm MZM Inc., Brent Wilkes, president of defense contractor ADCS Inc., Tom Kontogiannis, a New York real-estate developer, and an unnamed family member of Kontogiannis.
Costly Withdrawal Is the Price To Be Paid for a Foolish War

Maintaining an American security presence in the region, not to mention withdrawing forces from Iraq, will involve many complicated problems, military as well as political. Such an endeavor, one would hope, will be handled by a team different from — and more competent than — the one presently in charge of the White House and Pentagon.

Tuesday, November 29, 2005

Quick Overview

  • The Commerce Department reported that new home sales rose by 13 percent in October to a record 1.424 million and more than expected. The big jump came from the western and northeastern regions. YoY, new home sales are up 7.6%.

  • U.S. Durable goods orders were up 3.4% in October, more than expected. Excluding transportation however, orders were up 0.3%, less than expected.

  • The Conference Board, said its consumer confidence index rose to 98.9 this month, the biggest rise in more than two years.

  • The Chicago Federal Reserve's manufacturing index increased from 104.7 to 106.6 in October.

  • Australia upped the estimate of its 2005-2006 wheat crop to 24.1 from 19.7 million tons. Last year Australia harvested 20.4 million tons of wheat.

  • Japans household spending increased 1.2% in October.
    Japans industrial production was up 0.6%.
    Japans October unemployment rate increased from 4.2% to 4.5%.

  • Gold prices closed above $500 an ounce in Asian trading for the first time since late 1987, driven by investor demand for the metal as a diversifying asset.

  • Calpine Corp. replaced its longtime chief executive as well as its chief financial officer in a shake up that sent the company's stock price below $1.

  • The USDA said that U.S. Cotton stocks for 2005/06 are forecast to rise 1 million bales to 6.5 million by season’s end, resulting in a stocks-to-use ratio of 29 percent and the highest in 4 years.

  • YoY Surface trade among the United States, Canada and Mexico rose 11.4% in September to $61.2 billion, a second straight all-time monthly record, the DoT said Tuesday.

Monday, November 28, 2005

Moving right along. Seven Trillion two years ago -- eight Trillion today!


Quick Overview

  • The Retail Federation said that U.S. shoppers spent $27.8 billion over the holiday weekend, up 22% YoY.

  • Sales of previously owned U.S. homes fell 2.7 percent last month to a 7.09 million annual rate, the slowest since March, the National Association of Realtors said. The number of unsold homes was the highest since April 1986.

  • The USDA 2005/06 U.S. Ending Stocks for Rice Are Projected to Decline 30 Percent to 26.2 Million Cwt U.S. Rice ending stocks for 2005/06 are projected at 26.2 million cwt, down 11.5 million cwt from a year earlier. The resulting stocks-to-use ratio is projected at 10.6 percent, down from 16.4
    percent a year earlier and the lowest since 1980/81.

  • The USDA reduced the estimate of Brazil's 2005-2006 coffee crop from 36.5 to 36.1 million bags.

  • Rail freight traffic declined for the week ended Nov. 19, but intermodal continued to rise compared to the same week a year earlier, the Association of American Railroads reported

  • Retail sales in Japan were down 0.3% in October. The policy chief of Japan's ruling Liberal Democratic Party said Monday the country had yet to beat deflation.

  • Mexico's peso hit a 29-month high on Monday.

Sunday, November 27, 2005

Shipping lines raise charges by 12pc: Effective Dec 1, 2005
Justifying the move, the ‘notice to trade” points out that all member lines are facing considerable increases in charter rates that continue rising dramatically. It also attributes the hike to a worldwide shortage of container equipment. “Consequently, delays caused by these factors and on account of congestion continue affecting all member carriers of the IPBCC and these have a detrimental effect on member lines’ ability to operate efficiently,” the notice added.
Newmont considers a bid for Placer Dome
"In India, the largest gold market in the world, demand year over year to June was up 47 per cent, China was up 14 per cent," Mr Lassonde said.
Brown's gold sale losses pile up as bullion price surges
In due course, Brown sold off 300 tonnes at just $275 an ounce - close to a 20-year low.
Roughly a third of the proceeds were then invested in euros - which then proceeded to plummet.
U.S. Farmers Use Pesticide Despite Treaty
Ruiz and Jorge Fernandez, two California farmworkers, say they saw plenty wrong in the strawberry fields they worked, starting with the dogs, birds and deer that lay lifeless when the workers arrived to remove plastic sheeting from fumigated fields. "That's how we knew this was a dangerous chemical," Ruiz said.
Pension Officers Putting Billions Into Hedge Funds
Faced with growing numbers of retirees, pension plans are pouring billions into hedge funds, the secretive and lightly regulated investment partnerships that once managed money only for wealthy investors.
Math + science = innovation, but US lags in the equation
Behind these moves lurks the fear that many young Americans are abandoning math and science at a time when students in emerging countries like China and India are mastering the subjects. China graduated 500,000 engineers last year, and India 200,000, compared with 70,000 in the United States, according to the National Academy of Sciences study.

Saturday, November 26, 2005

Newmont Mining's gold predictions
MOORE: Five hundred US dollars an ounce?
LASSONDE: Oh well passed that. I believe that by early next year you are going to see five twenty five and down the road even a lot higher than that.
MOORE: What is a lot higher?
LASSONDE: The question is gold prices will have three zeros after the first number.
MOORE: Three zeros?
LASSONDE: Ah huh.
How powerful is the Federal Reserve?
With Bernanke about to take over, time for a reality check
'Black Friday' tepid; Wal-Mart a winner
The official holiday shopping season appears to have gotten off to a lukewarm start, according to results announced Saturday by a national research group that monitors retail sales. Wal-Mart Stores Inc. was one bright spot in the crowd, reporting its sales exceeded expectations.
Brokerage Firm Hack Endangers Investors
St. Louis-based Scottrade, one of the nation's largest private online stock brokerage houses, has alerted its customers that a hacker break-in may have compromised the security of an untold number of accounts

Friday, November 25, 2005


Scenes From A Bush Thanksgiving
Dubya pouts, Cheney scowls, no one brings pie -- and why is Rove looking at Barb that way?

Quick Overview

  • Consumer prices in Germany were down 0.5% in November..

  • YoY Hong Kong's GDP was up 8.2% in the third quarter.

  • The European Union will cut its sugar subsidies by 36% and stop paying producers three times the world price. This is expected to be phased in over the next four years. Australia's sugar cane growers will benefit from the European Union agreeing to cut sugar subsidies, an industry spokesman said.
Foreign central banks add U.S. debt in week-Fed
Foreign central banks purchased more U.S. debt in the latest week, investing more money in Treasury and government-sponsored agency securities, Federal Reserve data showed on Friday.

Wednesday, November 23, 2005

Chart of the day

New York Stock Exchange "Volume" Advance Decline Line (Cumulative Daily Volume Breadth)

This chart is generated by subtracting the NYSE Composite "Volume" declines from that days "Volume" advances. The blue line plots the cumulative total.



Quick Overview

  • The stock market was supported by a positive reading on the University of Michigan index of consumer sentiment. The index increased to 81.6 this month from 74.2 (a 13 year low) in October vs. 81.0 expected.

  • The number of U.S. workers filing initial unemployment benefits rose by 30,000 to 335,000 last week, the Labor Department said.

  • Assets of the nation's retail money market mutual funds rose by $1.64 billion to $829.60 billion in the latest week -- the Investment Company Institute said.

  • The U.S. Department of Energy said that:
    Supplies of crude oil were up 400,000 barrels to 321.8 million.
    Supplies of unleaded gasoline were up 200,000 barrels
    Supplies of heating oil supplies were up 1.3 million barrels.
    Supplies of natural gas were down 8 billion cubic feet to 3.274 trillion cubic feet. YoY supplies are down 1%.

  • The USDA said that world sugar production will be 144.2 million tons in 2005-2006, 3.6 million tons less than total use.

  • Because of a NAFTA deadline, the U.S. has agreed to remove the 16.4% tariff on Canadian lumber, not right away. The U.S. wants to appeal the NAFTA decision as long as it can.

  • YoY Mexico's trade deficit widened to $631 million in October from $564.

  • YoY Japan's current account surplus shrank 28.8 percent in October,

  • Canada's index of composite leading indicators was up 0.5% in October

  • Brazil's central bank cuts its benchmark interest rate for the third consecutive month, despite higher-than-expected inflation.

  • Gold mining company Placer Dome Inc. on Wednesday said its board is recommending shareholders reject a $9.2 billion takeover bid by Barrick Gold Corp.

Tuesday, November 22, 2005

Quick Overview

  • Ben Bernanke, said Congress should limit the massive holdings of mortgage giants Fannie Mae and Freddie Mac in an effort to limit any danger their debt poses to the overall economy.

  • Holiday sales at U.S. retailers may rise 6% over last year, up from an earlier 5% forecast, according to the National Retail Federation, the Wall Street Journal reported Tuesday

  • The average U.S. retail price of diesel fuel fell for the fourth straight week, declining 8.9 cents to $2.513 a gallon, the Department of Energy reported Monday.

  • The South African Chamber of Mines said that gold production totaled 72.4 tons in the recent quarter, down 15% YOY.

  • The USDA said that as of October 31st, there were 15.52 million pounds of frozen bellies in storage, down 3% from a year ago. Frozen pork totaled 443.9 million pounds, up 5% YoY.

  • The USDA said that there were 1.14 billion pounds of frozen orange juice concentrate in cold storage, down 25% YoY.

  • The Commerce Department said that retail sales over the Internet totaled $22.3 billion in the recent quarter, up 26.7% YoY. Internet sales now account for 2.3% of total retail sales.

Monday, November 21, 2005

How the Media Can Restore Credibility They should be accessible. "Isolation impairs accountability," says Philip Seib, author of a book on reporting in the cyber era. An Ivory Tower mentality keeps news away. It's easier to track down Dick Cheney in his undisclosed location than to get your local news anchorperson on the phone. Too few newspapers and almost no broadcast outlets make it easy for their readers, listeners and viewers to contact their employees, whether to correct an error or suggest a story idea. Some newspaper websites don't even list their main phone number! Every newspaper by-line should carry its writer's direct phone number and email address, and they should be required to return their messages.