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Modifié le 23/9/2007 17:29
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Market Update
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Weekly Recap - Week ending 21-Sep-07 : http://finance.yahoo.com/marketupdate/overview
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Weekly Recap - Week ending 21-Sep-07
Despite their sluggish start, the major averages finished the week higher thanks to the Federal Reserve's decision to lower interest rates to help shield the economy from the housing slowdown and turmoil in the financial markets.
U.S. stocks began the week lower, led by declines in the financial sector, as growing problems at Britain's Northern Rock exacerbated fears that problems in the credit market are spreading. According to a report last Friday, the Bank of England had provided emergency funding to the beleaguered mortgage lender, which prompted a rush of customers to withdraw their deposits.
Stocks bounced back strongly on Tuesday, however, after the FOMC lowered its key fed funds rate by 50 basis points to 4.75% in a unanimous decision to help boost economic growth and allay growing fears about a possible recession. The Fed also cut its discount rate by the same amount to 5.25%.
August PPI, meanwhile, fell 1.4% on a large decline in oil prices. Core-PPI rose a modest 0.2%. The overall drop was larger than expected, but the core was in line with expectations. The data did not have much market impact, though, given the focus on the Fed's policy announcement.
Also lending some support to the market was a better than expected report from Lehman Brothers (LEH) – the first investment bank to report third quarter results and to provide a look into the extent of the damage from the fallout in the subprime mortgage market and credit tightening.
Stocks, which were still gleaming from the Fed's policy move, extended their rally on Wednesday. Interest rate-sensitive areas such as housing and financials
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Modifié le 23/9/2007 17:31
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MARKETS STATS, streaming quotes, Futures : http://finance.yahoo.com/futures
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24/9/2007 00:29
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Source: http://biz.yahoo.com/ap/070923/wall_street_week_ahead.html?.v=5
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AP
Investors Eye Elevated Inflation Signs
Sunday September 23, 5:42 pm ET
By Madlen Read, AP Business Writer
In Aftermath of Rate Cut, Investors Watch Out for Signs of Accelerating Inflation
NEW YORK (AP) -- Last Tuesday, Wall Street got exactly what it was angling for: a half-point reduction in interest rates. Now it wants to make sure rates will stay low.
This week, investors will be looking for signs that inflation is under control. If prices accelerate, the Federal Reserve may bump rates back up. The market is also hoping that readings on durable goods demand, the housing market and consumer spending power will show that the economy isn't heading for recession.
The risk of inflation is why the Fed didn't cut rates for four years. Last week, it finally lowered the target fed funds rate by half a percentage point "to forestall some of the adverse effects on the broader economy" of recent housing, credit and stock market turmoil, and "to promote moderate growth over time." The Fed added, "it will continue to monitor inflation developments carefully," however.
Tuesday's rate cut, along with some strong corporate earnings reports, fueled a 2.9 percent rise in the Dow Jones industrial average last week, a 2.8 percent jump in the Standard & Poor's 500 index and a 2.7 percent gain in the Nasdaq composite index.
It also sent gold prices soaring, crude oil to new record heights, and the dollar plunging. The U.S. currency reached all-time lows against the euro and is now equal to the Canadian dollar for the first time in more than 30 years. A weak dollar benefits U.S. exporters and companies who pull in revenue from overseas, but it can make imports more expensive and dollar assets, like U.S. Treasurys, less attractive to foreign investors.
There hasn't been any evidence yet of import inflation, said Jeff Kleintop, chief market strategist at LPL Financial Services in Boston. He noted that many exporters to the United States reduce prices to make up for the dollar's fall. But inflation could accelerate, which would prevent the Fed from lowering rates further or even prompt a hike.
The personal consumption expenditures deflator is released in the Labor Department's Friday report on personal spending. The core PCE, which eliminates volatile food and energy prices, is anticipated to show a year-over-year rise of 1.9 percent, according to the median estimate of economists surveyed by Thomson Financial.
"If we get a PCE that's higher than that, it may suggest the Fed acted too aggressively," Kleintop said. The Fed's comfort zone is between 1 percent and 2 percent.
Meanwhile, personal spending in August is expected to have risen by 0.3 percent after increasing by 0.5 percent. Though it's not directly correlated, investors will try to gauge future spending patterns through consumer confidence reports from the Conference Board and the University of Michigan, on Tuesday and Friday, respectively.
Bad news on the housing front has become a given on Wall Street, but market participants will continue to monitor the industry's failing health. On Tuesday, the National Association of Realtors reports on existing home sales and homebuilder Lennar Corp. releases its quarterly earnings. Later, on Thursday, the Commerce Department comes out with its new home sales data, and KB Home posts its earnings.
Because the market has already priced in a weaker consumer and sluggishness in the housing market, business spending "is the leg of the stool that's most important to the economy right now," Kleintop said.
The Commerce Department's Wednesday report on August durable goods orders will be particularly important. Economists are anticipating a 3.1 percent decline, following a solid 5.9 percent advance in July.
The next day, the Commerce Department releases its final measure of second-quarter gross domestic product, and Friday, the Chicago purchasing managers index of September manufacturing activity in the Midwest. The Chicago PMI is seen as a precursor to next week's September manufacturing report from the Institute for Supply Management.
Besides economic data, Wall Street will be watching out for profit warnings from companies ahead of October's flood of third-quarter earnings. Investors are a bit nervous about how corporate America fared during August's stock market volatility and credit tightness, but they are optimistic at this point, particularly given that international growth is a big source of income for many companies.
About 40 percent of earnings in the S&P 500 come from overseas, Kleintop said. "A lot of people think, as goes the economy, as goes the U.S. consumer, so goes corporate earnings. That's not necessarily so."
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Modifié le 24/9/2007 09:37
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La clôture de Wall street
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http://commerzbank.zonebourse.com/wm/WarrantMatin198.pdf
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Les marchés d'actions américains ont réussi à signer un rebond notable vendredi, ce qui leur a permis de réaliser
leur meilleur parcours hebdomadaire depuis le mois de mars dernier.
A la clôture, le Dow Jones affichait des gains de 0,4% à 13.820,2 points, tandis que le Nasdaq progressait 0,6% à
2671,2 points.
Sur l'ensemble de la semaine, le Dow Jones s'adjuge 2,8% et le Nasdaq 2,7%.
La tendance a été largement favorisée par les bons résultats publiés dans la soirée de jeudi par le géant des
logiciels Oracle et le numéro un mondial des équipements sportifs, Nike.
Le titre Nike a toutefois fini en modeste repli vendredi (-1,8% à 57,3 dollars), victime de prises de bénéfices, bien
que le groupe de Portland ait présenté des résultats trimestriels en forte hausse et relevé ses objectifs financiers
pour l'exercice 2008.
Oracle s'est offert une progression de 4,4% après avoir fait état d'un bénéfice de 1er trimestre en hausse de 28%,
pour un chiffre d'affaires en progression de 26%, à la faveur de gains de parts de marché sur son grand rival SAP.
Toujours dans la sphère technologique, Texas Instruments s'est adjugé 2,4% à 36,6 dollars dans le sillage du
relèvement de son dividende et de son programme de rachat d'actions.
A noter que le dollar a touché vendredi un nouveau plus bas historique face à l'euro, à 1,41.
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Modifié le 24/9/2007 09:42
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Market Calendar TODAY
24/09/2007 08:30 GBP Public Sector Net Borrowing 6.5B -6.5B
24/09/2007 09:00 EUR Industrial New Orders m/m -2.8% 4.4%
24/09/2007 13:30 USD Fed Governors Meet
24/09/2007 16:30 GBP MPC Member Sentance Speaks
24/09/2007 17:00 USD Fed Chairman Bernanke Speaks
24/09/2007 23:50 JPY CSPI y/y 1.6% 1.6%
24/09/2007 23:50 JPY Monetary Policy Meeting Minutes
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Weekly Recap - Week ending 21-Sep-07 : http://finance.yahoo.com/marketupdate/overview
-
Weekly Recap - Week ending 21-Sep-07
Despite their sluggish start, the major averages finished the week higher thanks to the Federal Reserve's decision to lower interest rates to help shield the economy from the housing slowdown and turmoil in the financial markets.
U.S. stocks began the week lower, led by declines in the financial sector, as growing problems at Britain's Northern Rock exacerbated fears that problems in the credit market are spreading. According to a report last Friday, the Bank of England had provided emergency funding to the beleaguered mortgage lender, which prompted a rush of customers to withdraw their deposits.
Stocks bounced back strongly on Tuesday, however, after the FOMC lowered its key fed funds rate by 50 basis points to 4.75% in a unanimous decision to help boost economic growth and allay growing fears about a possible recession. The Fed also cut its discount rate by the same amount to 5.25%.
August PPI, meanwhile, fell 1.4% on a large decline in oil prices. Core-PPI rose a modest 0.2%. The overall drop was larger than expected, but the core was in line with expectations. The data did not have much market impact, though, given the focus on the Fed's policy announcement.
Also lending some support to the market was a better than expected report from Lehman Brothers (LEH) – the first investment bank to report third quarter results and to provide a look into the extent of the damage from the fallout in the subprime mortgage market and credit tightening.
Stocks, which were still gleaming from the Fed's policy move, extended their rally on Wednesday. Interest rate-sensitive areas such as housing and financials