Saturday, June 11, 2005

'Downing Street memo' coverage adds to intrigue
Last week, a group known as Democrats.com offered $1,000 to anyone who can get Bush to answer "yes or no" to this question: Did he or his administration "fix the intelligence" about Iraq's weapons of mass destruction and alleged ties to terrorism?
Poll: Bush Job Approval Dips to New Low
Bush's approval mark is 43 percent,
while Congress checks in at 31 percent..
Only about one-third of adults, 35 percent, said they thought the country was headed in the right direction..

Friday, June 10, 2005

2,200 Journalists Await Jackson Verdict Reporters from every continent but Antarctica are covering a story that has attracted perhaps the largest-ever media contingent (media?)

Quick Overview


  • The U.S. trade deficit rose to $57 billion in April, the Commerce Department reported Friday

  • Prices of imported goods fell 1.3% in May, the first drop this year, the Labor Department reported Friday

  • The USDA's U.S. ending stocks estimate for:
    Corn remained at 2.540 billion bushels.
    Soybeans were reduced from 290 to 255 million bushels.
    Cotton was reduced from 6.30 to 6.20 million bales.
    Wheat was reduced from 678 to 619 million bushels.
    Sugar remained at 759,000 tons.

  • The USDA's world ending stocks estimate for:
    Corn was reduced from 122 to 121 million tons.
    Soybeans were estimated at 52 million tons, up from 47 million tons in 2004-2005.
    Cotton was reduced from 45 to 44 million bales.
    Wheat was reduced from 147 to 144 million tons.

  • The USDA estimates the 2004-2005 Florida orange crop at 151 million boxes with a juice yield of 1.60 gallons per box at 42.0 degrees Brix.

  • The USDA estimates that 2005-2006 world ending coffee stocks will drop 6.3 million bags to 14.9 million bags, the lowest in over two decades.

  • Canada's unemployment rate was unchanged in May at 6.8% with a net gain of 35,000 jobs.

  • The Conference Board said that the index of leading indicators for Japan was down 0.3% in April to 98.5.

Thursday, June 09, 2005

Website of the Day
DEEP THROAT MEETS TODAY'S PRESS

Quick Overview

  • The number of U.S. workers filing for initial unemployment benefits fell 21,000 to 330,000 for the week ended June 4, the Labor Department reported Thursday.

  • The amount of new debt taken on by Americans rose 10% in the first quarter, to $24.8 trillion, the Federal Reserve said Thursday. It was the fastest growth since the second quarter of 2003. Federal government debt rose 13.8%, its fastest quarterly pace in two years. U.S. mortgage debt rose 10.5% in the first quarter and business debt rose 7.5%, the Fed said.

  • The first tropical storm
    of the 2005 hurricane season formed in the northwest Caribbean, moving closer toward Cuba and on a track to hit the U.S. Gulf Coast, the Associated Press reported Thursday.

  • Stock index futures and the Dollar rallied midday as traders decided Greenspan offered no major changes in monetary policy during his congressional testimony.

  • The U.S. Department of Energy said that natural gas supplies were up 112 billion cubic feet to 1.890 trillion cubic feet. Supplies are now up 14% from a year ago.

  • The latest USDA Drought Monitor shows abnormally dry conditions stretching from Michigan to Louisiana.

  • An index of consumer confidence in Japan increased from 47.4 to 48.3 in May, still a sign of pessimism.

  • Australia's unemployment rate remained at 5.1% in May, the lowest in 28 years.

Wednesday, June 08, 2005

Longevity crisis? Kill Grandma A welfare state designed in the era of bacon, eggs and Lucky Strikes cannot expect to survive in an age of "active seniors" who wash down their Viagra with soy milk and think a six-pack is something you get at the gym.

Quick Overview

  • The U.S. Commerce Department said that wholesale sales increased 1.5% in April, the biggest jump in over a year. Meanwhile, inventories increased 0.8%. The inventory-to-sales ratio fell to 1.18 from 1.19. The record low was 1.14 in April

  • The U.S. Department of Energy said that crude oil supplies were down 3.0 million barrels to 330.8 million barrels. Unleaded supplies were down 100,000 barrels and heating oil supplies were unchanged.

  • There is some concern about the spread of Asian citrus canker in Florida.

  • Engine and heavy-equipment maker Caterpillar Inc. said Wednesday it would split its stock 2-for-1 and boost its quarterly dividend by 9 cents, following record sales last year.

  • Canada's housing starts were at an annual rate of 218,800 units in May, down 5.0 %

  • The Netherlands central bank cut its 2005 growth forecast from 1.7% to 0.4%.

  • Average retail diesel prices are expected to remain above regular gasoline prices through 2006, the Department of Energy said in its monthly Short-Term Energy Outlook released Tuesday

  • Peru's government on Wednesday lauded two new oil discoveries, saying the finds should boost optimism about finding more hydrocarbons to replace the Andean nation's dwindling oil supplies. Petro-Tech, the Peruvian unit of Houston-based Petro-Tech International, said its new well is producing 1,200 barrels of oil a day and its potential reserves could vary between 10 million and 50 million barrels of oil.


Tuesday, June 07, 2005

John Conyers, Jr. -- Letter to Pres Bush Concerning the "Downing Street Minutes"
The peace and welfare of this and coming generations of Americans will be secure only as we cling to the watchword of true patriotism: "Our country -- when right to be kept right; when wrong to be put right."
Carl Schurz

Quick Overview

  • Germany's industrial production was up 1.1% in April.

  • Household spending in Japan was down 3% in April from a year ago.

  • Crop outlook sours Australia is the world's second-largest exporter of wheat, but it has already been suggested that the country might have to import wheat from its international competitors to meet demand this year.

  • Total air cargo shipments rose 0.3% in April compared with a year earlier, following a 3.1% year-over-year drop in March, the Air Transport Association reported.

  • GM announced today that it's cutting 25,000 US jobs, 17% of the work force, and closing an unspecified number of plants over the next 3 1/2 years.

Monday, June 06, 2005

Quick Overview

  • U.S. Corn and soybeans are entering a critical part of the growing season, when the crops must become established. Most of Illinois received less than 40% of normal precipitation during the March-to-May period, causing moisture supplies to slowly vanish

  • Factory orders in Germany were down 2.9% in April, weaker than expected.

  • Year over Year Capital spending in Japan increased an impressive 7.4% in the first quarter.

  • A Holstein cow in northern Japan has been confirmed as Japan's 20th case of mad cow disease.

  • The Senate Energy and Natural Resources Committee approved its portion of energy legislation that would increase the use of biofuels such as biodiesel and ethanol.

  • Australia, the world's second-biggest wheat exporter, cut its production forecast for the grain by 29 percent because of a drought in the country's southeast.

  • Thailand’s economy shrank for the first time in four years in the first quarter of this year, as a drought parched crops and tourists stayed away after the Boxing Day tsunami.

Sunday, June 05, 2005

Australian farmers battle drought, no end in sight
Eastern Australia is into the third month of the worst drought farmers can remember -- more severe than the 2002 drought which the weather bureau classes the worst in a century.
Investor confidence shattered as China stock market goes from bad to worse
"The market has been falling for years and investors are numb," said Zhang Qi, analyst from Haitong Securities.

Friday, June 03, 2005

Quick Overview

  • Hiring in the United States slowed in May to the weakest in nearly two years, the Labor Department reported Friday. Nonfarm payrolls increased by 78,000 and the unemployment rate declined to 5.1% from 5.2%.

  • The ISM's index of U.S. services fell from 61.7 to 58.5 in May, lower than expected, but still a sign of growth.


  • An index of service activity in the U.K. dropped from 56.5 to 55.1 in May, still a sign of growth.

  • Retail sales in the Euro zone were down 1.2% in April and down 0.9 YoY.

  • ED&F Man expects the 2004-2005 world cocoa crop to fall short of consumption by 175,000 tons. The International Cocoa Organization recently estimated a 44,000 ton production deficit.
Forecast of deficient Indian monsoon? Lower Soybean, Sugar and Cotton Ccrops? In June, rainfall is likely to be 11 per cent below normal in north India, 22 per cent below normal in west India, 6 per cent below normal in south India, 60 per cent below normal in central India and 40 per cent below normal in south-central India.
History Matters Butler Shaffer on the decline of centralized power structures and the French and Dutch "NO" votes.

Thursday, June 02, 2005

Quick Overview

  • Orders placed with factories rose 0.9% in April, the Commerce Department reported Thursday.

  • The Department of Labor said that U.S. productivity increased at an annual rate of 2.9% in the first quarter of 2005. Labor costs increased at an annual rate of 3.3%.

  • The DoE said that crude oil supplies were up 1.4 million barrels last week to 333.8 million barrels. Unleaded supplies were up 1.3 million barrels and distillates were up 700,000 barrels. Refinery utilization jumped from 94.6% to 96.2% of capacity last week.
    The DOE also said that natural gas supplies were up 86 billion cubic feet last week to 1.778 trillion cubic feet. Current supplies are up 15% from a year ago.

  • The World Gold Council said that world gold demand totaled 977 tons in the first quarter of 2005, up 26% YoY. YoY, Jewelry demand was up 19%.

  • Playmate of the Month,
    Jamie Westenhiser, says she is abandoning a promising career as a model in order to "take up real estate investing." ( bells ringing?)
Destroying Companies and Countries

The American public was so whipped up in a frenzy over Enron that it didn’t care whose blood was spilled. Just as someone had to pay for September 11 – even if it is our own troops and tens of thousands of innocent Iraqis who had no more to do with September 11 than the US troops who are losing their lives and limbs – someone had to pay for Enron.

Wednesday, June 01, 2005

Quick Overview

  • The ISM index of U.S. manufacturing activity dropped from 53.3 to 51.4 in May.

  • U.S. construction spending was at a record high annual rate of $1.07 trillion in April, up 0.5% on the month and up 8.2% YoY.

  • The purchasing managers index for the eurozone, fell from 49.2 in April to a 22-month low of 48.7 in May. A figure below 50 represents contraction.

  • Dallas Federal Reserve Bank President Fisher implied that the fed may be close to the end of raising the federal funds rate. On the news the DowJones Industrial Average jumped 82.39 points, or 0.79%, to 10549.87. it's highest finish in 2 1/2 months. The same news pushed Treasury-bond prices higher and yields lower, leaving the yield of the 10-year Treasury note at 3.894%, its lowest level in14 months.

  • Growth in the world’s tanker fleets is outstripping demand, forcing charter rates down to new lows and putting pressure on shipping company share prices – Lloyd's List reports.

  • Copper inventories fell 900 tons to 44,325 tons.

  • Australia's GDP increased 0.7% in the first quarter of 2005, less than expected.