Daily Archives: January 16, 2009 @ 10:44 am (Friday)

2009-01-16 China News Highlights

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Highlights

China Central Bank Attacks Paulson’s ‘Gangster Logic’
China to Enact Stimulus Plan for Nine Industries, Minister Says
China’s Economy Faces 2009 ‘Hard Landing,’ Fitch Says
China not to blame for crisis: Experts

 
Couldn’t agree more!

Let them export their brains out, while we sustain domestic demand with lower taxes/higher federal spending.

It’s all to our advantage!

China Central Bank Attacks Paulson’s ‘Gangster Logic’

by Li Yanping

Jan 16 (Bloomberg) — A Chinese central bank official attacked reported comments by U.S. Treasury Secretary Henry
Paulson that China’s high savings rate helped trigger the global credit crisis.

“This view is extremely ridiculous and irresponsible and it’s ‘gangster logic,'” Zhang Jianhua, the bank’s research head,
said. His comments were in an interview with the state-run Xinhua News Agency, posted on a government Web site today.


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2009-01-16 UK News Highlights

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Gieve Says Bank of England Rate Cuts Not Yet Felt

 
They are being felt- the economy is getting worse, until the budget deficit gets large enough.

UK Business Confidence At New Low, Fear Of Tough ’09 –Lloyds
Brown to Pledge 200 Million Pounds to Limit Home Repossessions
U.K. Stocks Rise for First Time in Eight Days; Royal Bank Gains


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2009-01-16 EU News Highlights

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The news just keeps getting worse over there.

They are unlikely to make up for lost exports with domestic demand due to structural constraints on proactive fiscal policy.

This put deflationary forces in place that drive relative prices down until exports resume.

And with national government solvency in question, there is no ‘safe haven’ for euro financial assets.

Overly tight fiscal currency keeps it strong, but a reduction in the desire to save in that currency works the other way.

Highlights

European Exports Drop Most in Eight Years as Downturn Deepens
Trichet Denies ECB Will Cut Rates to Zero Percent, NHK Says
Trichet Vision Unravels as Italy, Spain Debt Shunned
German Government Sees 250,000 More Jobless in 2009, FAZ Says
German Union Chief Sommer Says New Pay Deals Will Mirror Crisis
German Economy May Shrink 2.5% in 2009
French Business Confidence Index Falls to 21-Year Low
France’s Woerth Says 2009 Deficit to Widen on Lower Tax Revenue
France Cuts Tax-Free Savings Rate to 2.5% as Inflation Slows
Italian Economy Will Shrink Most Since 1975, Central Bank Says
Italy’s Tremonti Says Further Stimulus Packages Are Pointless
European Government Bonds Drop; Stock Rally Saps Safety Demand


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World crude oil demand

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This small drop in demand does not dislodge the Saudis from resuming their role as swing producer and price setter when the Masters Inventory Liquidation that began in July has run its course and excess inventories are eliminated:

World oil demand to shrink sharply this year: IEA

by David Sheppard

Jan 16 (Reuters) — World oil demand will contract sharply in 2009 as the global economic slowdown further erodes consumption, the International Energy Agency (IEA) said on Friday.

The Paris-based agency joined the ranks of forecasters predicting a fall in global oil demand this year, revising its previous 2009 estimate by 940,000 barrels per day (bpd) to 85.3 million bpd — a 500,000 bpd year-on-year fall.


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2009-01-16 USER

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Consumer Price Index MoM (Dec)

Survey -0.9%
Actual -0.7%
Prior -1.7%
Revised n/a

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CPI Ex Food and Energy MoM (Dec)

Survey 0.1%
Actual 0.0%
Prior 0.0%
Revised n/a

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Consumer Price Index YoY (Dec)

Survey -0.2%
Actual 0.1%
Prior 1.1%
Revised n/a

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CPI Ex Food and Energy YoY (Dec)

Survey 1.8%
Actual 1.8%
Prior 2.0%
Revised n/a

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CPI Core Index SA (Dec)

Survey n/a
Actual 216.816
Prior 216.849
Revised n/a

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Consumer Price Index NSA (Dec)

Survey 210.210
Actual 210.228
Prior 212.425
Revised n/a

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Consumer Price Index TABLE 1 (Dec)

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Consumer Price Index TABLE 2 (Dec)

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Consumer Price Index TABLE 3 (Dec)

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Net Long Term TIC Flows (Nov)

Survey $15.0B
Actual -$21.7B
Prior $1.5B
Revised -$0.4B

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Total Net TIC Flows (Nov)

Survey n/a
Actual $56.8B
Prior $286.3B
Revised $260.6B

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Industrial Production MoM (Dec)

Survey -1.0%
Actual -2.0%
Prior -0.6%
Revised -1.3%

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Industrial Production YoY (Dec)

Survey n/a
Actual -5.5%
Prior -4.5%
Revised n/a

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Capacity Utilization (Dec)

Survey 74.5%
Actual 73.6%
Prior 75.4%
Revised 75.2%

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Capacity Utilization TABLE 1 (Dec)

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Capacity Utilization TABLE 2 (Dec)

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Capacity Utilization TABLE 3 (Dec)

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U of Michigan Confidence (Jan P)

Survey 59.0
Actual 61.9
Prior 60.1
Revised n/a

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U of Michigan TABLE Inflation Expectations (Jan P )


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