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09
Source : Bloomberg
The United-Kingdom unemployment increase for a 12th month in January at 3.8% to its
highest level in almost a decade. In the mean time the number of people receiving jobless
benefits rose 73 000 to 1.23 million the most since July 1999 (see p.3)
! " #
Watch in the United-States the release of the retail sales for January due at 02.30 pm .The retail sales are expected to remain stable.
Indeed this data is released in value terms and prices increased very slightly in January explaining why the retail sales should remain
stable.
Watch in the Euro area the release of the industrial production for December due at 11.00 am , expected to sharply decrease as the
recession is sharply increasing affecting massively the industrial sector which represent 20% of the GDP of the euro area./JB
ate
ECONOMY
ND
UNITED-STATES : MBA MORTGAGE APPLICATIONS SLUMPED FEBRUARY 2
After dropping to a record low January 23rd at -38.8 and rebounding January 30 th at 8.6, MBA mortgage applications dropped again at -
24.5 February 2 th showing clearly that last rebound was mainly due to refinancing. Nevertheless this economic indicator remains
extremely cyclical.
AFTER SESSION: Buffalo Wild Wings (+17.53 %) and Chipotle Mexican Grill (+7.39 %) rose on good results.
NetApp (-6.58 %) fell after Q3 sales missed analysts’ estimates.
This morning (06.50 GMT) INDEX FUTURES for March expiry were down: DJIA -0.18 %, S&P 500 -0.18 % %,
Nasdaq -0.23 %./JFV
Treasuries gained on Wednesday, with lack of confidence in government plans to tackle the credit crisis pushing
yields down for a second day, even as the U.S. Treasury auctioned the largest amount of 10-year notes ever. The
Treasury sold a record $21 billion of 10-year securities at a yield of 2.818%. Bidders offered $2.21 for every dollar
available, compared with an average of $2.34 at the last four auctions of new notes. Indirect bidders, a class of
investors that includes foreign central banks, bought 37.8% of the sale, the highest in a year. That metric is viewed as
.!/01
an indicator of whether foreign investors, holding about half of all U.S. debt, continue to find the asset attractive,
)*+,'- especially as the government embarks on a historic supply spree to fund a myriad of programs aimed at stabilizing
financial markets and stimulating economic growth. The government plans to finish its refunding operations today with
the sale of a record $14 billion in long bonds
(Treasurys 2-year rate at 0.91 %, +3 bps, 5-year rate at 1.74 %, -1 bp, 10-year rate at 2.77 %, -3 bps, 30-year rate
at 3.44 %, -5 bps). The 10-year Treasury U.S./Europe rate spread decreased to -42 bps. vs. -54 bps/JFV
Japan’s stocks fell to a three month low losing 253.33 or 3.02% at 7,692.61 as more companies cut earnings
forecast and on concerned about the efficiency of the government plan to boost the economy. More generally
Asian fell for a fourth day led by financials and consumer related companies on concern about the U.S. measures to
end the recession and the financial turmoil in the United-States. In Tokyo most of the stock dropped. Financials went
down(Mizuho-4.57%,Sumitomo-4.25%) and Nomura Holdings the country number one brokerage plunged 7.9% to a
26 year low on concern U.S. President Obama will not take concrete and efficient measures to end the financial crisis.
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Heavy industry sector went down ( Fanuc -5.32%) and Daikin Industries Japan’s biggest air-conditioner maker ,
)*+,'- dropped 4.9% after cutting its profit forecast by more than a half. Component sector went down( CSK Holdings -
14.73%,Kyocera -4.95%,Fujitsu-4.84%), electronic sector went down( Olympus -7.35%,Panasonic-5.13%,car sector
went down( Suzuki -3.60%,Bridgestone-3.32%),Distribution sector went down(Fast retailing-4.89%),Pharmacy and
chemistry sector went down ( Astellas Pharma -4.37%,Terumo -4.22%)and finally oil sector went down on the
concern about the global economic outlook and on fears about Obama rescue plan to boost the economy( INPEX -
3.75%)./JB
Crude oil prices fell for a fourth straight session after US crude oil inventories rose again for a seventh week to an
18 month high. US crude oil invrentories rose.4.7 million barrels last week after a 7.2 million increase the previous
week and while the consensus was “only expecting” an increase of 2.7 million barrels. At 350.8 million barrels, last
week' s inventories level was the highest since July 2007. However the US distillate inventories and the gasoline
&2 inventory fell respectively by 2.6 million (+500 000 expected) and 1 million (-1.5 million expected) barrels. The oil prices
also retreated after the International Energy Agency, said in a report that this year' s global oil demand will fall by 1
million barrels a day, or 1.1%, from last year. If realized, it would be the biggest yearly drop since 1982. The WTI
dropped 4.29 % at $35.94 a barrel while the Brent only lost 0.59 % at $43.88 a barrel. This morning, the future for
March delivery were flat at $35.97 a barrel./ LC
The euro weakened for a third day against the yen on speculation industrial output in the 16 nation region slid the
most in almost 23 years, supporting the case for the central bank to cut interest rates. The Sterling Pound fell to 1.4387
/*,3 GBP/USD vs. 1.4397 yesterday and 1.4898 earlier this week.
(1.2906 EUR/USD vs. 1.2923 yesterday morning, 116.18 EUR/JPY vs. 116.25, 90.02 USD/JPY vs. 89.95). /JFV
DOWN
DOWN
UP
UP
UP
3,00 SHARES
DAIMLER AG-REGISTERED AEGON NV -4,09 4,35 GROUP
AMERICAN INTERNATIONAL WALT DISNEY CO/THE -1,39 5,30 CO LTD
SUMITOMO METAL MINING TOKAI CARBON CO -8,78
LTD
SIEMENS AG-REG 2,19 GROUPE DANONE -4,04 GENERAL ELECTRIC2,75
CO PROCTER & GAMBLE -0,56
CO NIPPON OIL CORP 4,47 ALPS ELECTRIC CO-7,94
LTD
2,02
PHILIPS ELECTRONICS NV RENAULT SA -2,40 MERCK & CO. INC. 2,45 AT&T INC -0,49 4,32
EAST JAPAN RAILWAY CO DAIWA SECURITIES-7,83
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12/02/2007 12/08/2007 12/02/2008 12/08/2008 12/02/2009 12/02/2007 12/08/2007 12/02/2008 12/08/2008 12/02/2009
Source : Bloomberg Source : Bloomberg
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12/02/2007 12/08/2007 12/02/2008 12/08/2008 12/02/2009 12/02/2007 12/08/2007 12/02/2008 12/08/2008 12/02/2009
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