Friday, Gold Fields Ltd. (GFI), an unhedged producer of gold, revised down its production guidance by 2.7% for its first-quarter 2009, reflecting a slower than expected build-up of production at Cerro Corona.

For the first quarter, the company cut down the attributable production to be approximately 798 thousands ounces, from its previous guidance of 820 thousands ounces. However, it expects the cash costs to be in line with its earlier guidance of approximately R154,000/kg or US$618/oz. Notional Cash Expenditure or NCE, which includes all operating costs as well as sustaining and project capital, is expected to be approximately 6% better than previous guidance, at R227,000 /kg or US$910/oz. The first-quarter, gold production in South Africa operation is expected to be up by 2% with approximately 492 thousand ounces. The cash cost is expected to be R154,000/kg or US$618/oz, compared to a previous guidance of R157,000/kg or US$610/oz. The NCE for the South Africa operation is down to R213,000/kg or US$857/oz, from a previous guidance of R221,000/kg or US$860/oz. For the international operations, the company expects the first-quarter gold production to be approximately 306 thousand equivalent ounces. The cash costs and NCE for the international operations are expected to be approximately US$616/oz and US$983/oz respectively, compared with the previous guidance of US$570/oz and US$1,060/oz. CEO, Nick Holland said that despite the rehabilitation work in South Africa and international growth projects scheduled for completion, the company is in line to achieve the short term target of a run rate of approximately 1 million attributable equivalent ounces of gold, during the third quarter next year, at an NCE of approximately US$725/oz at R/US$8.00. Thursday, the stock closed at $8.31 on the New York Stock Exchange. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

New Zealand Dollar Strengthens To 4-day Highs Against Most Majors

Monday morning in Asia, the New Zealand dollar rose to 4-day highs against the currencies of US, Japan and Europe. On the other hand, the NZ dollar showed choppy trading versus the aussie.

The New Zealand stock market was trading higher today, led by top stocks, Telecom, Contact Energy and Fletcher Building. At 8.15 PM ET, the benchmark NZX 50 Index was advancing 34.74 points or 1.04% to 3,370.92, while the NZX All Capital Index was gaining 31.58 points or 0.93% to 3,418.87. The week ahead is busy for New Zealand with the Reserve Bank's monetary policy meeting on Thursday, taking center stage. With everyone expecting a 25 basis point-cut in interest rates from 8.00%, most interest was likely to focus on the accompanying macroeconomic and financial forecasts. The New Zealand retail sales report for July has been scheduled for release on Friday. The New Zealand dollar traded higher against its US and Japanese counterparts during early Asian deals on Monday. At about 5:45 pm ET, the kiwi reached 4-day highs of 0.6847 against the greenback and 74.64 against the yen, compared to Friday's close of 0.6673 and 71.64, respectively. The kiwi then weakened slightly but it rebounded shortly and is now worth 0.6826 against the greenback and 74.28 against the yen. If the NZ dollar gains further, it is likely to target the 0.722 level against the US currency and the 79 level against the yen. The Bank of Japan said today that bank lending in Japan increased by 2% on year, holding a steady rate of annual increase from the previous month. Including trusts, bank lending was flat on year at 1.8%. On a seasonally adjusted basis, bank lending increased 2.4% on year, easing from the 2.5% gain in July. The central bank also said that M3 money stocks were up 1.0% on year in August, higher than the 0.9% forecast and the 0.8% annual increase in the previous month. M2 money stocks jumped 2.4% on year, higher than the 2.1% percent forecast that also was July's reading. In early Asian trading on Monday, the New Zealand dollar also climbed to a 4-day high of 2.1020 against the euro. The next upside target level for the kiwi is seen around 2.085. The euro-kiwi pair closed Friday's deals at 2.1341. Against the Australian currency, the NZ dollar largely bounced between 1.2164 and 1.2263 in early Asian deals on Monday. The immediate support and resistance levels for the aussie-kiwi pair are seen around 1.211 and 1.236, respectively. The pair was worth 1.2181 at last week's close. The Australia and New Zealand Banking Corp said today that the volume of advertisements for jobs in Australian newspapers and on the Internet was down 4.9 percent in August from the previous month. The August figure marks the sharpest decline in seven years, and it follows a 0.3 percent monthly decline in July. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar climbs to new multi-month high against Polish zloty

Against the Polish zloty, the US dollar traded higher during early deals on Friday. At about 7:00 am ET, the dollar-zloty pair hit a new multi-month high of 2.4183, compared to 2.3835 hit late New York Thursday.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Japanese market plunges on Wall Street losses, stronger yen

The Japanese stock market closed sharply lower on Friday, with the key indexes falling to their lowest levels since mid March, ahead of the U.S. non-farm payroll report for August scheduled for release later in the day.

Wall Street's sharp decline overnight and a stronger yen encouraged market players to sell a wide range of stocks. The key Nikkei index briefly fell more than 3% to 12,163.33 in the morning, but bargain hunting among trading houses helped the market to recoup some of the losses. The benchmark Nikkei 225 Index closed down 345.43 points or 2.75% at 12,212.23, extending Thursday's losses. The key index has lost 6.6% over the week. The broader Topix Index of all First Section Issues lost 30.81 points or 2.56% to finish at 1,170.84. In the currency market, the U.S. dollar held steady in the upper 106-yen level in late afternoon trades in Tokyo, down 1.49 yen from Thursday's close of 108.33-108.36 yen. On Wednesday, the Dow and the broader S&P 500 indexes tumbled 3.0% each and the tech-heavy Nasdaq plunged 3.2% after a government report showed that jobless claims rose more than analysts expected for the week ended August 30 and retailers reported sluggish same store sales for the month of August. Oil prices fell for a sixth day on Thursday, closing at their lowest level in five months, as a lower-than-expected drop in U.S. stockpiles raised concerns about slowing demand for oil. In the Asian session Friday, oil was down 46 cents at $107.43 a barrel by 2:23 a.m. ET. On the economic front, the Ministry of Finance said that Japanese capital investment spending, or capex, was down an annual 6.5% in the second quarter of 2008. This marked the fifth consecutive quarter of decline. Capex was down an annual 4.9% in the first quarter of the year. The ministry also said that Japan's foreign reserves fell for the first time in three months in August. The country's foreign reserves in August stood at 997 billion yen, down 7.92 billion yen from 1.00 trillion yen in the previous month. In the financial sector, Mitsubishi UFJ Financial Group dropped 2.3%, Mizuho Financial Group slumped 6.4% and Sumitomo Mitsui Financial Group plunged 4.7%. Top brokerage Nomura Holdings fell 3.1% and Daiwa Securities Group lost 3.3%. Exporters fell on the back of a stronger yen. Automaker Honda Motor declined 1.1%, Toyota Motor fell 2.5%, office equipment maker Canon lost 2.9%, and machinery maker Komatsu plummeted 4.4%. Electronics giant Sony plummeted 4.2% after the company announced a voluntary recall of 438,000 Vaio portable computers citing a potential hazard that could cause them to overheat. In the tech space, Advantest slid 2.5%, Kyocera declined 2.6%, Fanuc lost 2.8% and Matsushita Electrical Industrial shed 3.1%. Inpex Holdings pared early losses to finish 2.1% higher, while Nippon Oil shed 1.0% and Nippon Mining Holdings plunged 3.3%. Trading house Mitsubishi Corp closed flat, Mitsui & Co slipped 0.2%, and Itochu gave away 1.7%. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Slovak koruna Recovers From 5-month Low Against Dollar

The Slovak koruna that declined to a 5-month low of 21.3080 against the dollar at 5:20 pm ET Thursday gained ground thereafter. The pair moved to 21.1580 by about 1:20 am ET compared to 21.1440 hit late New York yesterday. As of now, the dollar-koruna pair is trading at 21.19.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar falls from 2-month high against Turkish lira

The US dollar that climbed to a 2-month high of 1.2485 against the Turkish lira at 10:55 pm ET Thursday weakened thereafter. The dollar-lira pair that closed yesterday's North American session at 1.2427 is currently trading at 1.2391.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Chinese yuan sets new multi-year high against euro

Against the European currency, the Chinese yuan edged higher to 9.7276 during early Asian deals on Friday. This set the highest point for the yuan since April 2006.

 If the yuan strengthens further it may likely target the 9.74 level. The euro-yuan pair that closed Thursday's North American session at 9.7909 is currently trading at 9.7732. People's Bank of China today set the central parity rate for euro-yuan pair at 9.7692.  Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

NZ dollar recovers early losses against most majors

The New Zealand dollar recovered the losses it incurred in early Thursday's Asian trading against the US dollar, the European single currency and the Japanese yen. Meanwhile, the kiwi remained down against the Australian dollar.

Today, the focus of the currency market will be on interest rates decisions by the European Central Bank. Analysts expect the ECB to keep rates steady at 4.25%.

The ECB is expected to hold the key-lending rate, which is the minimum bid rate on the main refinancing operations, at 4.25%. The central bank had maintained the rate at a six-year high of 4% since June last year, before hiking it in July.

The New Zealand currency declined to 0.6804 against the US dollar before gaining ground at about 1:35 am ET Thursday. The kiwi-dollar pair is currently trading at 0.6877, compared to 0.6853 hit late New York Wednesday.

Against the European single currency, the NZ dollar touched a low of 2.1291 at about 11:55 pm ET Wednesday. Thereafter, the kiwi gained ground and is currently quoted at 2.1150 against the euro. The euro-kiwi pair closed yesterday's North American session at 2.1159.

The New Zealand currency edged down against the Australian dollar during early deals on Thursday. At about 11:45 pm ET, the kiwi slipped to 1.2243 against the Aussie, compared to Wednesday's close of 1.2209. The Aussie-kiwi pair is now worth 1.2211.

The Australian Bureau of Statistics in its report released earlier today said that the nation posted a seasonally adjusted trade deficit of A$717 million in July, contrasting sharply with analyst expectations for a surplus of A$150. The country saw a surplus of A$351 million in June, and it posted a deficit of A$964 million in July 2007.

Imports were up 4 percent in July compared to the previous month, standing at A$23.6 billion. That's up from A$22.7 billion a month earlier and from A$19.29 billion a year earlier. Exports eased 1 percent on month to A$22.88 billion, down from A$23.05 billion in June but up from A$18.33 billion in July 2007.

 
 

The New Zealand dollar that hit a low of 73.57 against the Japanese yen at about 1:35 am ET Thursday strengthened thereafter. The kiwi-yen pair that closed Wednesday's New York deals at 74.23 is now worth 74.55.

At 6.00am ET, the Federal Ministry of Economics and Technology is scheduled to publish the latest report on German factory orders, which is predicted to rise 0.3% month-on-month in July, after falling for the seventh consecutive month in June.

The ADP employment change, second quarter non-farm productivity, August ISM non-manufacturing composite, initial jobless and continuing claims are the major economic releases expected from US in the New York session. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

European Markets likely to open higher; global cues mixed

The major European index futures are pointing towards a higher opening for the European markets on Wednesday, as oil is extending its slide. Global cues are mixed, as the U.S. market finished lower overnight and the major Asian markets are a mixed pack on Wednesday.

Stock markets in Europe may focus on a few key Euro-Zone economic reports scheduled for release today. That said, caution is likely to prevail ahead of the interest rate decisions by the ECB and the Bank of England on Thursday and the U.S. non-farm payrolls report to be released on Friday. The Brent North Sea crude futures were down 31 cents at $108.03 a barrel by 11:03 p.m. ET after the contract fell by $1.07 on Tuesday to settle at $108.34 a barrel, its lowest close since April 10, on London's ICE Futures Europe exchange. Oil prices fell for a fourth day as Hurricane Gustav caused minimal damage to the refineries and rigs in the Gulf of Mexico region. On Tuesday, Wall Street started off firm on the back of falling oil prices, but the major averages pared their gains in late trade as sentiment turned negative due to weakness in the resource and tech sectors. The Dow closed down 26 points at 11,516, the Nasdaq lost 18 points to 2,349 and the broader S&P 500 dropped 5 points to 1,277. In Asia Wednesday, Australia's All Ordinaries index is losing 0.3%, Hong Kong's Hang Seng index is down 1.3%, and China's Shanghai composite index is down 0.9%, while Japan's Nikkei 225 index is advancing 0.9% and South Korea's KOSPI is gaining 1.1%, The major economic reports scheduled for release in Europe are the Euro-Zone second quarter GDP and July retail sales reports. In the U.S., the factory goods orders report and the Fed's beige book on current economic conditions are due for release today. The European markets rose on Tuesday, as a drop in crude oil prices eased inflation concerns and lifted airlines and retailers. Strength in banking and insurance stocks also contributed to the gains. The FTSEurofirst 300 index of pan-European blue chips closed up 0.9% at 1,200 and the narrower DJ Stoxx 50 index rose 0.8% to finish at 2,925.11. In Europe, the U.K.'s FTSE 10 index rose 0.32% to finish at 5,620, France's CAC 40 index jumped 1.50% to close at 4,539 and Germany's DAX index climbed 1.51% to end at 6,518. In the Asian session Wednesday, the euro traded near a seven-month low against the U.S. dollar and a five-month low against the yen. The euro was quoted at $1.4496 and at 157.76 yen in early deals. Against the pound, the euro weakened to 0.8136 pound from Tuesday's close of 0.8151 pound. In the Eurpean markets, Allianz SE may react to a report that Europe's biggest insurer may take writedowns of about EUR1.2 billion after the sale of its Dresdner Bank division to Commerzbank AG, while Iberdrola SA, the world's largest owner of wind parks, may move as New York state officials are expected to rule on its $4.5 billion bid to buy U.S. utility Energy East Corp. InBev NV, the Belgian brewer, is likely to move as it is reportedly planning to sell its Korean unit for $52 billion. Michelin & Cie. may rise after the world's second-largest tiremaker said that it will increase prices on tires for cars, trucks and buses by an average 3% to 5% due to rising raw material costs. UniCredit SpA may rise after Italy's Treasury Ministry said that Italy's largest lender has an option to buy Poland's remaining 4% stake in Bank Pekao SA by the end of next year. UniCredit bought control of Poland's largest lender in 1999 Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

UK Job Market Weakens Further, Survey Shows

The UK job market weakened further in August, the Report on Jobs from the Recruitment and Employment Confederation and KPMG showed Wednesday. Permanent placements declined at the sharpest rate since November 2001 and temp billings fell at a survey-record pace.

Decrease in placement signals fall in demand for staff. Meanwhile, the availability of staff to fill vacancies climbed significantly in August. Citing weak demand for staff, recruitment consultants reported modest rise in wage growth. The Report on Jobs, produced by Markit Economics on behalf of the Recruitment & Employment Confederation, provides the most comprehensive guide to the UK labor market, based on original survey data provided by recruitment consultancies. Alan Nolan, Director at KPMG said, "UK employers are continuing to control payroll costs through redundancies - and by refusing to take advantage of a growing (but increasingly unused) pool of skilled labor. These workers are starting to drift abroad in search of employment - and there is a risk that (when the market turns) the UK will be left behind by a skills shortage." Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Rio Tinto signs JV deals with Codelco for copper exploration in northern Chile - Quick Facts

Rio Tinto plc announced signing of two exploration joint venture agreements with Codelco's subsidiary CCM Los Andes, in Chile. Rio Tinto noted that the two properties to be explored are the Esteli and Paloma prospects in northern Chile.

Rio Tinto said it has the option to earn a 55% interest in each prospect through stand alone exploration investments of US$20 million. The company has the provision to increased its ownership to 60%.

Rio Tinto noted that an exploration drilling programme is currently underway at Exploradora and will be followed by drilling at Paloma this year. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Indian market soars; oil slide triggers buying interest

Tuesday, the Indian market soared as a sharp decline in the price of crude oil to near $105 a barrel eased inflation concerns. US crude oil fell to $107.17 a barrel by 5:07 a.m. EDT, down $8.29 from Friday's close on initial signs that a weakened Hurricane Gustav spared major US Gulf oil facilities.

It touched a session low of $105.46, its lowest since April 2. London Brent crude was down $3.46 at $105.95. A US public holiday on Monday meant the New York Mercantile Exchange did not issue an official settlement price. The Indian market opened higher this morning, but the gains were limited in early session as a subdued trend in the Asian markets weighed on sentiment. Subsequently, the market rallied as the price of oil probed new lows on the New York Mercantile Exchange. Stocks across the board witnessed fresh buying, while realty, banking and capital goods stocks led the rally. Oil marketing companies posted sharp gains following a retreat in the price of oil, while oil production/refinery companies ended down. After opening at 14.609, the BSE Sensex witnessed range bound trading in early session. The benchmark since then spurted to a day's high of 15,106, before paring some gains to finish at 15,050, up 552 points or 3.80% over Monday's close. The broad-based BSE 500 index rose 3.12%, the mid-cap index advanced 1.66% and the small-cap index added 1.32%. Meanwhile, the S&P CNX Nifty ended at 4,504, up 3.57%. State Bank of India (up 7.44%), ICICI Bank (up 7.34%), DLF India (up 7.14%), ONGC (up 6.97%), Jaiprakash Associates (up 6.83%), Reliance Infrastructure (up 5.99%), Maruti Suzuki (up 4.84%), HDFC (up 4.66%), Larsen & Toubro (up 4.66%), TCS (up 4.23%), ACC (up 4.17%), Reliance Communication (up 4.15%), Wipro (up 3.99%), BHEL (up 3.68%)and HDFC Bank (up 3.50%) were among the major gainers. On the BSE, market breadth was extremely positive, with 1675 stocks gaining compared to 986 stocks that declined. Twenty-eight out of 30 Sensex stocks ended in positive territory. Ranbaxy Laboratories and Tata Motors are the only two stocks that declined. Stocks in news Cement makers ACC rose 4.17%, Ambuja Cements added 1.62%, JK Lakshmi Cement advanced 1.92% and Ultratech gained 1.74% after the companies reportedly raised cement prices in Mumbai by Rs.3 per 50 kilogram bag. Hero Honda Motors closed up 0.94% after the company reported a 26.84% jump in its domestic two-wheeler sales in August compared to same month last year. Great Offshore soared 7.69% after the company forayed into port management and single point mooring operations through acquisition of full stake in two domestic companies. State Bank of Bikaner & Jaipur advanced 5.0% after the company fixed record date for its proposed stock-split proposal. Reliance Industries added 3.41% following reports the company dropped its plans to acquire the polyester manufacturing unit of an US-based polyester maker Unifi, in which it planned to invest about $250 million. Kinetic Motor rose 3.98% after the company's board of directors approved an investment of Rs.29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. Valecha Engineering gained 4.20% after the company's board of directors fixed record date for a bonus issue to its shareholders. Tata Motors declined 1.82% after the company announced a rights issue in the ratio of 1: 6 to its shareholders. The company would raise Rs.4150 crore through two rights issues that are expected to open by the end of September. Bosch declined 2.96% to Rs.4048 after the company's board of directors agreed to buyback shares at a price not exceeding Rs.4500 per share. Archies rose 1.82% after the company secured an exclusive tie up with UK's leading brand 'Carte Blanche' to distribute and sell its renowned brand 'Me to you' in India. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

South African rand falls to 1-week low against US dollar

Against the US dollar, the South African rand edged down during early deals on Tuesday. At about 3:30 am ET, the rand declined to a 1-week low of 7.8276 per dollar, compared to 7.7555 hit late New York Monday.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

BOJ Shirakawa: Japanese Economy Likely To Stay Sluggish For Now

The Japanese economy is likely to remain sluggish in the near term, Bank of Japan Governor Masaaki Shirakawa said on Tuesday, but was expected to gradually return to a path of moderate growth.

Speaking at a business meeting in Nagoya, Shirakawa said the economy needed to avoid secondary inflation risks, and that it was important to stay vigilant for downside risks to the economy and upside risks to inflation. Shirakawa also said that he expected the U.S. economy to remain weak in the near-term, and that he sees downside risks for the global economy. Shirakawa will appear in a press conference in the afternoon, followed by another speech at Nagoya University. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Asia Round Up - Inflation Eases in S. Korea, Thailand, Indonesia

Monday, the week started with some encouraging numbers from major Asian economies. Data showed that inflation slowed in South Korea, Thailand and Indonesia, while retail sales growth gained momentum in Hong Kong. Manufacturing survey results from some countries were also released during the day.

South Korea's consumer price annual inflation stood at 5.6% in August, slower than 5.9% recorded in July, the National Statistical Office revealed Monday. Economists were expecting annual increase in consumer prices to accelerate to 6.3% in August. Month-on-month, consumer prices dropped 0.2%. Core inflation, which excludes food and fuel prices, climbed 4.7% in August from the prior year.

Imports in South Korea increased 37% year-on-year in August, the Ministry of Knowledge Economy said. That was higher than the 33.5% annual gain that analysts had been expecting, but it was less than the 47.2% jump in July. Exports were up 20.6% year-on-year, coming in less than forecasts that had called for a 22.7% annual increase, the data showed. Exports were up 36% in July. The trade balance reflected a deficit of $3.23 billion in August, following a $1.94 billion shortfall in July.

Thailand's annual inflation slowed significantly to 6.4% in August, the Commerce Ministry reported Monday. Economists were expecting the consumer price inflation to ease to 8.7% from a ten ten-year high of 9.2% recorded in July. Excluding fresh food and energy prices, consumer prices rose 2.7% in August, slower than the 3.8% growth expected by economists.

Indonesia's inflation eased to 11.85% in August from 11.9% in July, data from the statistics bureau indicated Monday. Economists were looking for an inflation rate of 11.87% for August. Further, the statistical bureau announced that exports grew about 25% year-on-year and totaled $12.55 billion in July compared with a 34.9% growth in June.

The Census and Statistics Department said Hong Kong's retail sales value increased 13.8% year-over-year to reach HK$24.2 billion in July, faster than the revised 11.7% rise recorded in June. Initially, the June increase was reported as 11.6%. Economists were looking for a 11% rise for July. The retail sales volume rose 6.6% over a year ago in July, after rising 4.1% in June, revised up from the initial estimate of 4%. Economists had expected an increase of 4% for July.

Japanese auto sales declined 14.9% in August from the previous year to 193,902 units, the Japan Automobile Dealers' Association, or JADA said. Domestic sales of cars, truck and buses dropped in August for the first time in two months. According to JADA, car sales were down 12.8% in August, while bus sales declined 23.9%. Domestic car sales totaled 166,153 units and bus sales stood at 1,066 units.

In other news, the average cash earnings for workers in Japan increased by 0.3% on a yearly basis in July, the labor ministry said in a preliminary report, standing at 388,315 yen. That was slightly lower than the revised 0.4% annual increase in the previous month, and it was in line with analyst expectations.

The Manufacturing Purchasing Managers' Index in China posted a score of 48.4 in August, the China Federation of Logistics and Purchasing said, holding flat from the previous month. A reading above 50 indicates economic expansion, while below 50 means contraction. Five individual components were higher in August, while five other components were lower.

The PMI for Hong Kong stood at 48.5 in August, according to data from Markit Economics. That's down from the reading of 49.4 posted in July, and it remained below the index score of 50 that indicates contraction.

India's manufacturing PMI rose slightly in August after falling in July, results of a survey by Markit Economics and ABN AMRO revealed. The ABN AMRO manufacturing PMI rose to 57.9 in August from 57.8 in July. The latest increase in PMI reflected the sharp rise in output and new orders. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Dutch Consumer Spending Eases In June

Monday, the Central Bureau of Statistics announced that the Dutch consumer spending increased price adjusted 1.3% year-on-year in June, marking a slower pace than the 2.9% and 2.8% recorded in May and April, respectively.

According to the statistical office, spending on durable goods rose 1.1% in June, smaller compared with May's 6.7%. At the same time, spending on services grew 2.4%, after rising 3.2% in May.

In the second quarter, the Dutch consumer spending rose 2.3% year-on-year, slightly less than the 2.4% in the first quarter. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

South Korean won declines to new multi-year low against US dollar

Against the US dollar, the South Korean won traded down during early Asian deals on Monday. At about 9:55 pm ET, the won touched 1102.90 per dollar, compared to 1081.50 hit late New York Friday. This set a new multi-year low for the South Korean currency.

Imports in South Korea increased 37.0 percent on year in August, the Ministry of Knowledge Economy said on today in a statement. That was higher than the 33.5 percent annual gain that analysts had been expecting, but it was less than the 47.2 percent jump in July. Exports were up 20.6 on year, coming in less than forecasts that had called for a 22.7 percent annual increase, the data showed. Exports were up 36.0 percent on year in July. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Swedish current account surplus narrows in Q2

The Swedish current account surplus declined to SEK38.8 billion in the second quarter from SEK77.6 billion recorded in the first quarter, the latest report from the Statistics Sweden showed Friday.

According to the statistical office, the decline in the current account surplus was due to the negative return on capital. The capital account showed a deficit of SEK0.9 billion in the second quarter, the same as in the first three months of the year. In the second quarter, the trade in goods fell to SEK 32.4 billion, while trade in services was up by SEK 5.2 billion over the previous year and totaled SEK27.4 billion. Meanwhile, the financial account surplus was at SEK12.7 billion in the second quarter compared to an SEK8.4 billion deficit in the previous quarter. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Israeli shekel falls to 15-day low against US dollar

Against the US dollar, the Israeli shekel edged down during early deals on Friday. At about 2:30 am Eastern Time, the shekel touched 3.5941 per dollar, compared to 3.5837 hit late New York Thursday. This set a 15-day low for the local currency. If the Israeli currency moves further down, it may test support around the 3.61 level. The pair is now worth 3.5920.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Chinese Yuan Drops Against Dollar And Euro

During early deals on Friday, the Chinese yuan traded lower against the currencies of US and Europe. The Chinese yuan dropped against the European single currency in early trading on Friday and hit a low of 10.0947 at 1:05 am ET.

The immediate support for the Chinese yuan is seen around the 10.11 level. The euro-yuan pair closed Thursday's New York session at 10.0449.

In early trading on Friday, the Chinese currency edged down against the US dollar. At about 12:40 am ET, the yuan touched a low of 6.8427 per dollar, compared to Thursday's North American session close of 6.8301. The next downside target level for the yuan is seen around 6.86.

The People's Bank of China has set today's central parity rate of the euro-yuan and the dollar-yuan pairs at 10.0522 and 6.8345, respectively.

Investors now look forward to the Italian retail sales and CPI, Euro-zone unemployment rate, CPI, business and consumer confidence reports, which are expected to drive deals in the upcoming hours.

Turning to the US, the PCE deflator, personal income and spending, Chicago PMI and the University of Michigan's consumer confidence report are scheduled for release. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar climbs to 2-day high against Malaysian ringgit

Against the Malaysian ringgit, the US dollar showed strength during early Asian deals on Friday.

At about 8:45 pm ET, the dollar-ringgit pair hit a 2-day high of 3.3980, compared to Thursday's closing value of 3.3875. The pair is currently quoted at 3.3941. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

 

Oil Rallies As Gustav Approaches Gulf

Crude prices touched above $120 on Thursday morning amid concerns Tropical Storm Gustav could cause problems in the Gulf of Mexico's oil region. Light sweet crude for October delivery moved to $119.53, up $1.38 on the session.

Oil hit as high as $120.50 in the early going. Gustav is expected to become a hurricane again later today. Gustav is predicted to reach the Gulf of Mexico over Labor Day weekend, leading to concerns the oil supplies from the region could be disrupted. As a hurricane, Gustav reached landfall in Haiti on Tuesday afternoon, causing killer landslides. Crude oil gained for a third straight session on Wednesday, closing up $1.88 on the session. Traders considered the Department of Energy's mixed bag inventory report. Crude oil inventories decreased by about 170,000 barrels in the week ended Aug. 24. Analysts were expecting to see a build of about 1 million barrels. At 305.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Meanwhile, gasoline inventories decreased by 1.2 million barrels last week, and are below the lower boundary of the average range. Market players were expecting a drop of about 2.8 million barrels. Oil prices surged on Tuesday, adding $1.16 for the session. Prices had dropped as low as $112.36 in electronic trading, but later climbed as high as $117.89. Traders also considered a Department of Energy report that revealed lower year-over-year demand for crude oil in the month of June. On the economic front in the U.S., a Department of Commerce report showed that gross domestic product increased at an annual rate of 3.3 percent in the second quarter compared to the advance estimate of 1.9 percent growth. Economists had been expecting GDP growth for the quarter to be revised up to 2.7 percent. Also Thursday morning, the Department of Labor released its report on initial jobless claims in the week ended August 23rd, showing that jobless claims fell to 425,000 from the previous week's revised figure of 435,000. Economists had expected jobless claims to fall to 425,000 from the 432,000 originally reported for the previous week. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Indian rupee slightly higher versus dollar as India's inflation declines to 12.40%

The Indian rupee gains a bit of ground versus the US dollar on Thursday morning in New York, following a government report showed that India's inflation, based on the wholesale price index fell to 12.40% during the week ended August 16 from 12.63% recorded during the week ended August 9.

Economists had expected the wholesale price index to grow 12.82% for the week under review. The Indian rupee that traded as low as 43.835 against the US dollar in early trading advanced to 43.445 by 8:45 am ET Thursday. As of now, the pair is trading near 43.73. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Weekly Jobless Claims Slip To 425,000

Thursday morning, the Department of Labor released its report on initial jobless claims in the week ended August 23rd, showing that jobless claims fell in line with economist estimates compared to an upwardly revised reading for the previous week.

The report showed that jobless claims fell to 425,000 from the previous week's revised figure of 435,000. Economists had expected jobless claims to fall to 425,000 from the 432,000 originally reported for the previous week. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Dollar ticks up versus other majors following Q2 GDP, jobless claims reports

The US dollar gained ground against its major opponents in the early New York session on Thursday, following the release of second quarter GDP and weekly jobless claims reports. As of 8:35 am ET, the dollar was worth 1.0941 against the franc, 109.52 against the yen, 1.8329 against the pound and 1.4737 against the euro.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Indian market plunges ahead of release of key economic data

Thursday, the Indian market plunged following intense selling in bank stocks and Reliance Industries in late trading. After opening flat, the market drifted down into negative territory within a few minutes.

Trading remained choppy for the next few hours in the early session. Subdued opening of the European markets and intense selling in select index heavyweights dragged the indexes sharply down in the afternoon. The rebound in the price of crude oil to above $119 a barrel in Asian trading affected investor sentiment. The price of oil rose led by reports that the Tropical Storm Gustav could head towards the Gulf of Mexico region, which if it does, will affect about 85% of the US offshore oil and gas production installations. Traders remained cautious ahead of the release of wholesale inflation data and the GDP report for the 1st quarter. Analysts' reports that predicted a decline in the first quarter GDP growth rate weighed on market movement. Investors were hesitant to make purchases ahead of the release of the GDP report on Friday. Meanwhile, traders were also cautious ahead of the release of wholesale inflation data in the evening. The wholesale price index is forecast to have risen to a fresh 16-year high for the week ended August 16th. On the BSE, stocks across sectors ended in the red. Oil/gas, capital goods, public sector and metal companies were among the major losers. The market breadth was extremely negative, with only 898 stocks gaining compared to 1721 stocks that declined. After opening at 14,290, the BSE Sensex rose to an intra-day high of 14,347 in the early session. Towards closing of the day, the benchmark drifted to an intra-day low of 14,002, before finishing slightly better at 14,048, down 248 points or 1.74% over Wednesday's close. The small-cap index ended down 1.13%, the mid-cap index declined 1.36% and the broad-based BSE 500 index plummeted 1.51%. Meanwhile, the S&P CNX Nifty settled at 4,214, down 78 points or 1.82%. Reliance (down 3.45%), Reliance Infrastructure (down 3.15%), BHEL (down 3.12%), TCS (down 3.05%), Reliance Communication (down 2.98%), Larsen & Toubro (down 2.98%), Larsen & Toubro (down 2.91%), Wipro (down 2.67%), ICICI Bank (down 2.30%), Hindustan Unilever (down 2.17%), DLF India (down 2.08%), HDFC (down 1.97%), Tata Steel (down 1.65%), State Bank of India (down 1.61%), Mahindra & Mahindra (down 1.53%), HDFC Bank (down 1.46%), Tata Motors9down 1.22%) and ACC (down 1.12%) were among the major decliners. Only 6 out of 30 Sensex stocks, namely Maruti Suzuki, Satyam Computers, Ranbaxy Laboratories, Tata Power and ITC finished in positive territory. The Apollo Hospitals rose 1.66% after the company reportedly said it is in talks to acquire a 30 percent stake in a hospital in Nigeria for about Rs.52 crore. Tata Motors declined 1.22% following reports that work at its plant in Singur came to a halt as workers couldn't turn up for duty following threatening by the activists from the Trinamool Congress party. Sterlite Technologies declined 0.82% even as the company bagged four new orders worth Rs. 278 crore for supply of power conductors. Asian Tea & Exports gained 4.99% after the company's board recommended a stock split in the ratio of 10-for-1 for its shareholders. Apollo Sindhoori Capital surged up 9.55% after the board of directors of Aditya Birla Nuvo approved the acquisition of a 56% stake in the company. Reliance Industries lost 2.88% after the company confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. Mahindra & Mahindra fell 2.76% following reports that the company is in talks with Italian motorcycle and scooter maker Malaguti Moto for a possible takeover. Pyramid Saimira Theatre added 2.61% on reports the company is close to acquiring UK's oldest theatre chain Reel Cinemas, earlier Associated British Cinemas or ABC, for around Rs.200 crore. Oriental Bank Of Commerce declined 1.42% following an upward revision of 25 basis points in its prime-lending rate. Ram Kaashyap Investment shed 4.98% following the company's proposal to enhance its authorized capital to Rs.50 crore from the current Rs.25 crore. The company proposed to re-classify it existing capital by converting 4,00,000 (a part of) un-issued preference shares of Rs.100 each to 40,00,000 equity shares of Rs.10 each. Markets across the Asia-Pacific region finished mixed. Hong Kong's Hang Seng index plunged 2.29% and South Korea's KOSPI Composite index declined 1.32%, while Japan's Nikkei 225 index added 0.12% and China's Shanghai Composite index rose 0.34%. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Dollar Eases Versus Euro; Q2 GDP, Jobless Claims On Tap

The dollar lost ground versus the euro and extended its run of choppy dealing versus the yen Thursday morning as traders braced for the release of a preliminary reading on second quarter GDP.

In the wake of yesterday's hawkish comments from European Central Bank officials, the dollar eased to 1.4775 versus the euro. With the retreat the dollar pulled further away from Tuesday's 6-month high of 1.4629. Even with the Euro zone economy seen slowing in the second half of 2008, Bundesbank President Axel Weber told Bloomberg that talk of a rate cut was premature. Weber instead opened the door for more rate hikes next year, insisting that "the inflation outlook has not improved." The number of unemployed in Germany fell 40,000 in August from July after seasonal adjustments, the Federal Employment Agency reported Thursday. The dollar was steady versus the sterling Thursday morning, staying within a penny of yesterday's 2-year high of 1.8285. The Nationwide Building Society said Thursday that house prices in the UK declined 10.5% year-on-year in August, severe than the 8.1% fall in July. House prices fell more than the 9.6% expected by economists. The dollar continue to show a lack of direction versus the yen, slipping to 108.80 before rebounding back to 109.35. The pair has been bouncing back and forth between 108 and 110 since hitting a 7-month high of 110.65 two weeks ago. At 8:30 am ET, the Commerce Department will release its preliminary report on second quarter GDP, which is the broadest measure of economic activity. "Second quarter growth will probably be revised up sharply - to about a 2.9 percent annual rate from the already respectable 1.9 percent originally reported," predict the analysts at UBS. At the same time, the Labor Department will release its weekly jobless claims data. Analysts are expecting initial jobless claims to slip to 425,000 from the previous week's reading of 432,000. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

New Zealand Market Closes Higher

The New Zealand stock market closed higher on Thursday after a volatile trading session. The market opened slightly higher, boosted by overnight gains on Wall Street, but lost ground as crude oil continued to rise for a fourth day.

However, the major averages staged a recovery in the afternoon session and moved into positive terrain. The benchmark NZX 50 index closed up 6.27 points or 0.19% at 3,324.80, ending a two-day losing streak. Meanwhile, the NZX All Capital Index rose 10.28 points or 0.31% to finish at 3,369.86, extending gains for a second trading session. Wall Street posted modest gains on the back of better-than-expected durable goods data. The Dow closed up 0.8% at 11,502, the Nasdaq advanced 0.9% to end at 2,382 and the broader S&P 500 climbed 0.8% to finish at 1,281. Crude oil continued to rise for a fourth day Thursday on fears about Tropical Storm Gustav entering the Gulf of Mexico as a powerful hurricane and disrupting oil and natural gas production. By 00:08 a.m. ET, oil was quoted at US$118.97, up 82 cents, after the contract for October settlement gained $1.88 to settle at $118.15 on the New York Mercantile Exchange. In the currency market, the New Zealand dollar closed stronger against the U.S. dollar. The kiwi gained after the U.S. dollar slipped from its recent highs and following a recovery in business confidence reported by the National Bank of New Zealand on Wednesday. The local unit finished the session at US$0.7056 compared to US$0.7025 late Wednesday. On the economic front, the Reserve Bank of New Zealand reported that M3, the broadest measure of monetary aggregate, increased at a faster pace of 7.6% year-on-year in July compared to 7.4% in June. However, money supply rose less than the 9.4% growth reported in the prior year. Money supply amounted to NZ$203.66 billion in July. Top stock Telecom advanced 0.6% and Fletcher Building, the third best stock, added 0.4%, while second-ranked Contact Energy lost 0.5%. In the retail sector, Hallenstein Glasson gained 1.8% and Pumpkin Patch surged 5.8%, while Jewelry retailer Michel Hill fell 1.1% and The Warehouse Group declined 0.9%. In the energy sector Vector plunged 3.0% after surging 2.6% Wednesday on the back of robust results reported by the company. TrustPower climbed 1.2%. ANZ edged up 0.3% after the country's largest bank reported a 10% increase in after-tax earnings to NZ$870 million for the nine months to June. The increase came, despite a three-fold rise in bad debt provisions to NZ$167 million. Nuplex rose 1.6% after the resins maker reported an 84% jump in after-tax earnings to NZ$48.3 million for the year to June. The company also provided a confident view of future prospects. Among other major gainers, AMP surged 3.8%, Fisher & Paykel Healthcare advanced 1.7%, Auckland International Airport rose 1.5%, Infratil climbed 1.8%, The New Zealand Refining Co added 1.0%, Pike River Coal jumped 2.2%, SkyCity Entertainment soared 3.5%, Tourism Holdings gained 2.8%, and Westpac Banking Group moved up 3.6%. Losers also included Rakon 2.1%, Property For Industry 2.6%, NZX 2.3%, Methven and Kiwi Income Property Trust 1.8% each, Lion Nathan 1.9%, ING Property Trust 2.5%, Guinness Peat Group 2.8%, Goodman Property Trust 2.6%, and Goodman Fielder and Fisher & Paykel Appliances 1.7% each. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Indian market volatile in opening session

After opening flat, the Indian market is currently trading in negative territory. Trading remains range bound and analysts expect more volatility during the day ahead of the expiry of August series derivatives contract and the release of wholesale inflation data in the evening.

As of Wednesday, marketwise rollover of positions from August to September series reportedly stood at 62%, while that of Nifty was seen at 56%. The rollovers were in-line with those in previous month, but the premium on futures is considerably reduced. The market is volatile and is trading in a very narrow range amid alternate bouts of buying and selling. Realty, public sector and metal companies are leading the decliners, while consumer goods and auto stocks are showing notable gains. After trading in a narrow range of 14,347- 14,279, the BSE Sensex is currently at 14,244, down 53 points or 0.37%. The S&P CNX Nifty is trading at 4,274, down 0.41%. On the BSE, the mid-cap index is down 0.27%, the small-cap index is declining 0.13% and the broad-based BSE 500 index is down 0.28%. The market breath is slightly negative, with 748 stocks advancing compared to 787 stocks that are declining. Sterlite Industries (up 1.48%), Maruti Suzuki (up 1.21%), Tata Motors (up 0.88%), Reliance Communication (up 0.86%), Satyam Computers (up 0.83%), Jaiprakash Associates (up 0.80%) and ICICI Bank (up 0.74%) are among the major gainers. Meanwhile, DLF India (down 1.21%), Grasim Industries (down 0.70%), ONGC (down 0.58%) and ITC (down 0.54%) are the major decliners. Sun Pharmaceutical is up 0.16% after the company won a case in an Israel Court filed against it by Taro Pharmaceutical. Vishal Retail is adding 0.40% after the company said it has opened four new showrooms during the last week. Marksans Pharma is rising 4.90% after the company decided to acquire the entire shareholding of UK's leading generic pharma company M/s. Relonchem Marksans Pharma. BAG Films is up 0.63% after the board of directors allotted 46,00,000 equity shares of Rs.2/- each, by conversion of 46,00,000 warrants, to Anu Films and Communications Pvt. of New Delhi, at a price of Rs.13 per shares (including a premium of Rs.11 per shares). Sundaram Fasteners is up 1.49% after the company acquired a 52.94% equity share capital of Sundaram Non- conventional Energy Systems Ltd (SNES). Choksh Infotech is up 3.19% after the company said its board will meet on August 30th to consider the acquisition of a software company. K Sera Sera Productions is declining 0.24% after the company said its board would meet on August 28th to consider the issue of equity-linked instruments. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Euro Open: EZ Consumer Confidence to Remain at 5-Year Low

Written by Ilya Spivak, Currency Analyst

The Euro moved higher overnight, testing above the 1.48 level. Sterling retraced some of the heavy losses seen in US hours, rising to re-test the 1.84 level. Australian Private Capital Expenditure surprised to the upside, printing at 5.7% in the second quarter versus 2.0% expected. Tonight's calendar is laden with Euro Zone economic data releases, though forex traders are unlikely to see them produce substantial deviations from established themes. Interestingly, recent weeks have seen the Euro under pressure even though monetary easing seems far from imminent. This could suggest that price action is attempting to guide the ECB, acting as if the bank will soon be compelled to cut rates sooner.

Indian rupee falls from 2-day high against US dollar

The Indian rupee that showed strength in early Thursday's Asian trading against the US dollar reversed direction after hitting a 2-day high of 43.4250 by about 8:10 pm ET.

The dollar-rupee pair is currently worth 43.80, compared to 43.7450 hit Wednesday in New York. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar off 2-day low against South Korean won

The US dollar that hit a 2-day low of 1078.05 against the South Korean won at about 8:05 pm ET Wednesday strengthened thereafter.

The dollar-won pair that closed yesterday's New York deals at 1083.70 is currently quoted at 1082.25. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved.

JAKARTA (Thomson Financial) - Indonesian shares are expected to open higher on Thursday, supported by Wall Street's advance overnight as fresh data indicated the U.S. economy could be stronger than some investors thought.

The Dow Jones Industrial Average gained 0.8 percent on Wednesday as investors cheered the bigger-than-expected increase in orders for big-ticket manufactured goods.

Commodity stocks are likely to lead the advance on the back of a rebound in some commodity prices such as crude palm oil and nickel in line with a rise in crude oil.

'I see a good chance for the market to go up today. The rise in commodity prices such as CPO and nickel should revive interest in commodity stocks,' Recapital Securites analyst Poltak Hotradero said.

Oil prices surged Wednesday as tropical storm Gustav appeared headed for the Gulf of Mexico and its oil and gas installations. New York's main contract, light sweet crude for delivery in October,

climbed 1.88 dollars to close at $118.15 a barrel.

On Wednesday, the Jakarta composite index closed up 23.52 points or 1.1 percent at 2,131.63.

roffie.kurniawan@thomsonreuters.com

New Zealand July M3 Money Supply Growth Improves

Thursday, the Reserve Bank of New Zealand reported that M3, the broadest measure of monetary aggregate, increased at a faster pace of 7.6% year-on-year in July compared to 7.4% in June.

However, money supply rose less than the 9.4% growth reported in the prior year. Money supply amounted to NZ$203.66 billion in July. The central bank said M3, excluding funds from non-residents, moved up 9.8% annually, the same as in June. Meanwhile, M3, excluding repurchase agreements climbed 7.9%, following a 7.8% rise in June. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved.

New Zealand July M3 Money Supply Growth Improves

Thursday, the Reserve Bank of New Zealand reported that M3, the broadest measure of monetary aggregate, increased at a faster pace of 7.6% year-on-year in July compared to 7.4% in June.

However, money supply rose less than the 9.4% growth reported in the prior year. Money supply amounted to NZ$203.66 billion in July. The central bank said M3, excluding funds from non-residents, moved up 9.8% annually, the same as in June. Meanwhile, M3, excluding repurchase agreements climbed 7.9%, following a 7.8% rise in June. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved.

Euro soars to 4 1/2-month high against UK's sterling

Thursday in Asia, the European currency showed strength against its major counterparts. The euro thus rose to a 4 1/2 - month high against the British pound, 3-day highs against the currencies of US and Japan and a 2-day high versus its Swiss counterpart.

Against the US dollar, the European single currency traded higher during early Asian deals on Thursday. At about 10:10 pm Eastern Time, the euro hit a 3-day high of 1.4793, compared to 1.4728 hit late New York Wednesday. The European currency rose to a 4 1/2-month high of 0.8062 against the British pound at about 9:55 pm ET Wednesday. The euro-pound pair that closed yesterday's North American session at 0.8025 is now worth 0.8053. Against its Swiss counterpart, the euro gained ground after hitting a low of 1.6147 at about 7:30 pm ET Wednesday. The euro-franc pair is currently trading at a 2-day high of 1.6178, compared to yesterday's closing value of 1.6166. The single currency showed strength against the Japanese yen during early Asian deals on Thursday. At about 10:00 pm Eastern Time, the euro- yen pair reached 162.04, up from Wednesday's close of 161.28. This set a 3-day high for the pair. As of now, the pair is worth 161.76. Traders will have a busy European session today, in which German ILO Unemployment Rate, Italian Producer Price Index for July and the Euro -Zone Consumer Confidence for August are expected. Across the Atlantic, the US Q2 GDP is expected to influence trading in the New York morning. Data released since the advance (first) estimate of Q2 GDP has implied stronger growth in the quarter. We look for GDP to be revised up 1.0pp to 2.9 percent q-o-q ar, predict the economists at Lehman Brothers. The majority of the upward revision should be in trade and inventory, leaving domestic final sales unchanged at 1.3 percent. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserv

Look For Small Changes in GDP: Lehman Brothers

Data released since the advance (first) estimate of Q2 GDP has implied stronger growth in the quarter. We look for GDP to be revised up 1.0pp to 2.9 percent q-o-q ar, predict the economists at Lehman Brothers.

The majority of the upward revision should be in trade and inventory, leaving domestic final sales unchanged at 1.3 percent. The trade deficit narrowed considerably more than expected in June, suggesting an even bigger contribution from trade of 3.4pp versus previously reported 2.4pp. The monthly inventory data imply a slightly smaller drop in inventories which should bring the drag to GDP to a still-high 1.7pp.

 
 

Elsewhere, we expect a few small revisions. Most notably, consumption is likely to be revised slightly higher while non-residential investment in structures looks likely to be revised lower.

 
 

A significant contribution from trade was the main driver of growth in the second quarter. However, looking ahead to the next few quarters, we expect the contribution from trade to fade as the dollar strengthens and the global economy weakens.

 
 

In addition, we expect even weaker domestic demand with an outright decline in consumption in the second half of the year.

 
 

Corporate profits, which will also be released with the Q2 GDP revisions, are expected to have declined by 6 percent q-o-q ar, or 6.2 percent y-o-y. Operating earnings were actually up slightly for S&P 500 companies on the quarter, but we believe smaller and non-public firms will keep economy-wide profit growth in negative territory.

 
 

 Initial jobless claims likely fell to 420,000 in the week ending August 22, down from 432,000 in the previous week. The distortion to claims from the recently enacted extension of unemployment insurance benefits appears to be gradually fading. We expect claims to gradually drift down to around 400,000 over the next two to three weeks. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Philippines Q2 GDP +4.6 on Year

The economy of the Philippines increased by 4.6 percent in the second quarter compared to the previous quarter, the National Statistics Office said on Thursday. That's down sharply from the 5.2 percent annual expansion in the previous quarter, and it also came in below the wide range or forecasts that predicted an increase of between 5 and 5.9 percent on year.

Agricultural output in the Philippines, which makes up about 40 percent of total GDP, climbed 5.4 percent on year in the second quarter as production of the country's main rice crop was boosted by early rains. Overseas remittances were up 17 percent on year in the first half, with annual remittances in June alone climbing a record 30 percent. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved.

APD Chief Economist Says Slowing Growth Overseas Poses Biggest Risk To US Economy

The chief economist for industrial giant Air Products & Chemicals (APD) said Wednesday that the primary external risk to the U.S. economy was faltering growth overseas.

Speaking at an Economic Outlook Conference at Georgia State University in Atlanta, Duncan Meldrum also noted possible risks from inflation throughout the world, global credit contraction and political risks such as Russia's recent invasion of its neighboring nation of Georgia.

Meldrum said the growth outside the U.S. was slowing more than had been previously thought. As examples, he noted that Spain was "at risk" and Ireland was probably in a recession.

Meldrum stated that over recent years, the economic growth outside the U.S. has been substantially higher than domestic growth - with the gap between the two of a size not seen since at least 1995.

This stronger overseas growth has provided a boost to U.S. exports, which has helped to mitigate the impact of the decline in the housing industry.

On inflation, Meldrum said that increases in Asia were more worrisome than elsewhere in the world, as the inflation increase seems to be moving into wages.

The uptick in inflation in the European Union is less a source of concern, the economist said, largely as the result of high confidence in the European Central Bank to maintain price stability. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Franc advances to multi-day high versus yen

Extending its recent uptrend, the Swiss franc advanced to a multi-day high of 100.01 against the Japanese yen by 8:40 am ET. This may be compared to the previous session's low of 99.37. As of now, the franc-yen pair was worth 99.93.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Yen shows weakness versus other majors

Extending its recent losses, the Japanese yen declined further versus the other major currencies during early New York trading on Wednesday. By 8:05 am ET, the yen drifted lower to 161.07 against the euro, 109.14 against the U.S. dollar and 99.90 against the Swiss franc.

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Taylor Wimpey Do Not Expect UK Housing Market Recovery In Short Term

Wednesday, the UK's largest homebuilder Taylor Wimpey said the current operating condition in the UK housing market is very challenging. The company does not anticipate any recovery in the short term and expects conditions to possibly remain tough in the UK as well as US housing markets.

Taylor Wimpey said margins in the second half are expected to be considerably affected by pricing pressures. During this tough time, the company said its focus is on cash management, cost reduction and sales rates that are helping to retain its momentum. The homebuilder noted that the US housing markets remain weak, though it was more stable than in 2007. Taylor Wimpey now anticipates no material recovery until 2009 at the earliest. Further, Taylor Wimpey said its housing business in Canada remained comparatively stable, adding that the economy has not experienced the same levels of house price inflation as in the U.S. and UK. However, the company said it remains convinced of the fundamental value of the business over the medium and long term. Taylor Wimpey expects both the UK and North American housing markets to remain attractive in the medium and long-term due to the positive demographic trends in both markets. Constrained land supply is expected to underpin the UK housing market, while the company's ability in an improved market is expected to help increase volumes profitably in the U.S. According to the Group Chief Executive, Pete Redfern, Taylor Wimpey's experience of the downturn in the US housing market has enabled it to identify the early signs of market weakness in the UK and act swiftly to position its UK housing business for a difficult trading environment. The company also said it experienced very challenging conditions across Spain along with UK and U.S. markets in the first half. Though the company views the market in Mallorca as more stable, it said the housing market in Spain remained weak on the mainland. Additionally, the company announced that it is planning to exit its business in Gibraltar, which is expected to be completed in 2009. While stating that its liquidity position is currently strong, Taylor Wimpey said it would possibly breach its existing interest cover covenants when tested for the full year. The company also revealed that they are in discussions with the relevant lenders on amendments to certain of its existing borrowing agreements and hopes to reach a satisfactory conclusion. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Japanese market closes lower, led by property stocks and exporters

The Japanese market closed lower on Wednesday, extending Tuesday's losses. Investors remained cautious ahead of a series of key economic data scheduled for release on Thursday and Friday in the U.S. and Japan.

The market traded weak in the morning session after Wall Street provided a mixed lead, but recovered some ground in the afternoon session. The benchmark Nikkei 225 index closed down 25.75 points or 0.2% at 12,752.96 and the broader Topix index slipped 5.66 points or 0.5% to finish at 1,223.69. In the currency market, the dollar fell to lower 109-yen levels in late Tokyo deals from mid 109-yen levels in early trade and upper 109-yen levels late Tuesday. On the economic front, traders had little economic data to digest on Wednesday. In the U.S., traders await durable goods orders and GDP numbers on Thursday and Friday respectively, while Japan will announce its July consumer price index, jobless rate, household spending and other data on Friday. Property stocks fell after home builder Sohken Homes said Tuesday that it had filed for court protection and exporters declined as the yen strenghtened agains the dollar. Sohken Homes tumbled 12. 4 %, Nomura Real Estate Holdings lost 2.8%, Mitsubishi Estate dropped 2.1% and Sumitomo Realty & Development plunged 2.9%. Among exporters, Toyota Motor fell 2.7%, Nissan Motor plummeted 4.7%, Minebea lost 1.0%, Komatsu lost 2.6%, Sony gave away 1.4% and Canon slipped 0.2%. In the financial sector, Mitsubishi UFJ Financial Group declined 0.4%, Mizuho Financial Group lost 0.7%, and Sumitomo Mitsui Financial Group dropped 0.8%. Top brokerage Nomura Holdings closed unchanged, while Daiwa Securities Group gave away 2.2%. Sompo Japan Insurance gained 1.5% and Mitsui Sumitomo Insurance surged 3.9%. Oil and gas miner, Inpex Holdings advanced 1.2%, Nippon Mining Holdings gained 1.6% and Nippon Oil added 0.3% on higher oil prices. In the tech sector, Advantest closed flat, Fanuc gained 1.0%, and Kyocera edged up 0.3%, while Matsushita Electrical Industrial dropped 1.6% and NEC fell 1.6%. Mitsubishi Electric gained 0.8% after a Nikkei report said that Japan's third-largest integrated maker of electronics products plans to invest more than 10 billion yen and nearly triple its production capacity for highly efficient solar cells by the end of March 2012. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Australian market closes slightly higher; Macquarie Group plunges nearly 10%

The Australian stock market closed slightly higher on Wednesday after posting marginal losses on Tuesday. Wall Street provided a mixed lead, as an increase in oil prices offset positive sentiment from better than expected numbers on U.S. consumer confidence.

Energy stocks gained on higher oil prices, but financial stocks were weak on credit crunch concerns. The benchmark S&P/ASX 200 index closed up 3.7 points or 0.07% at 5,011.2 after losing 0.2% on Tuesday. The broader All Ordinaries index lost 5.5 points or 0.11% to finish 5,087.8. In the currency market, the Australian dollar closed higher after dropping to an eleven-month low during offshore trading. The Aussie finished the local session at US$0.8580-0.8582, up from Tuesday's close of US$0.8559-0.8563. In the U.S., the Dow Industrials rose 0.23% and the broader S&P 500 advanced 0.37%, while the tech-heavy Nasdaq fell 0.15% on Tuesday. Oil prices rose Tuesday on concerns that Hurricane Gustav could cause problems for the Gulf of Mexico's oil region. Light sweet crude for October delivery closed at $116.27 a barrel, up $1.16. Oil continued to rise in the Asian session Wednesday and was gaining 33 cents to $116.60 a barrel by 2:23 a.m. ET. On the economic front, the Australian Bureau of Statistics said that the value of total construction work done in Australia fell 2.6% in volume terms in the second quarter of 2008. The total construction work done for the quarter was valued at A$30.137 billion, compared to an upwardly revised A$30.947 billion in the March quarter. On a seasonally adjusted basis, total value of building work done in the June quarter rose to A$16.797 billion from an upwardly revised A$16.756 billion in the March quarter. Among banking stocks, Commonwealth Bank lost 1.7%, ANZ Banking Group slipped 0.3% and Westpac and National Australia Bank declined 0.2% each. St. George bank dropped 1.0%, while investment bank Macquarie Group slumped 9.6% after broker UBS downgraded its recommendation on the stock to "Neutral" from "Buy". In the resources sector, index leader BHP Billiton added 0.3% and Rio Tinto rose 0.8% after the miner reported a 55% increase in first-half underlying net profit on Tuesday, beating analysts' forecasts. Gold miner Lihir Gold surged 3.1%, while Newcrest Mining closed unchanged. Energy stocks were higher, with Woodside Petroleum and Oil Search jumping 3.4% each and Santos gaining 3.1%. Woodside posted an 86% jump in first-half underlying earnings, on the back of record crude prices during the period, and reiterated its production outlook. In the retail sector, David Jones advanced 1.4%, Coles owner Wesfarmers gained 2.1%, and Woolworths jumped 2.7%. Westfield Group, the world's largest shopping mall owner, fell 3.4% on concerns about a weak U.S. economic outlook though the group reported a 10% rise in first-half operating earnings, which was in line with expectations. Centro Properties tumbled 8.6% on ongoing concerns about its ability to refinance its debt and Toll road investor Transurban Group fell 2.4% as the company reiterated that it would halve its distribution in fiscal 2009 to shore up its balance sheet after reporting a 19% rise in full-year underlying earnings. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

US dollar bounces back against Indian rupee

The US dollar bounced back against the Indian rupee after being down during Wednesday's early Asian trading. The dollar-rupee pair is now worth 43.8150, moving up from its early Asian session low of 43.5450.

The dollar closed Tuesday's trading at 43.7650 against the Indian currency. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

New Zealand dollar extends uptrend against majors

The New Zealand dollar extended Wednesday's Asian session uptrend against its major counterparts during early European deals also. The NZ dollar rose to 2-day highs against the Aussie and the euro.

The latest monthly business outlook survey from the National Bank of New Zealand, or NBNZ said today that New Zealand's business confidence balance improved to minus 20.5 in August from minus 43.2 reported in July. The balance of activity outlook recovered in August to 4.7 from minus 8.2 in the prior month.

The kiwi hit highs of 0.7035 against the US dollar and 76.79 against the Japanese yen by about 2:30 am ET Wednesday, compared to previous day's closing values of 0.6977 and 76.48, respectively.

At about 11:10 pm ET Tuesday's, the NZ dollar hit a 2-day high of 1.2226 against the Australian currency, which may be compared to Tuesday's New York session closing value of 1.2277.

In trading against its European counterpart, the New Zealand kiwi showed strength during Wednesday's early trading. At about 2:35 am ET, the kiwi climbed to a 2-day high of 2.0903 against the euro, up from Tuesday's closing value of 2.1008.

The Federal Statistical Office announced that the German import price inflation rose to 9.3% year-on-year in July from 8.9% recorded in June. This was the fastest growth since November 2000, when import prices climbed 10.6%. Economists were expecting an annual increase of 9.2% in July. Compared to June, import prices were up 0.6%, faster than the 0.5% growth expected.

Apart from the release of the Italian August consumer confidence index at 3:30 am ET, the traders have nothing to digest in today's European session. From US, the July durable goods orders and Federal Reserve board member Lockhart's speech on Inflation at Georgia State are scheduled in the New York session. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Soybean prices fall on stronger dollar

NEW YORK (AP) - Soybean prices fell slightly Tuesday, dropping below $13.45 a bushel after the dollar gained against the euro and weakened demand for commodities as an inflation hedge.

Soybeans for November delivery fell 2.5 cents to settle at $13.445 a bushel on the Chicago Board of Trade.

A stronger dollar usually encourages investors to sell commodities, which are often bought as hedges against inflation or weakness in the U.S. currency.

Greenback ticks down versus loonie

The greenback edged lower versus its Canadian counterpart in the early Asian session on Wednesday. By 8:20 pm ET Tuesday, the dollar fell to 1.0460 versus the loonie.

 This may be compared to yesterday's close of 1.0484. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Canadian dollar sets fresh multi-month highs versus euro and Aussie

In trading against its major counterparts, the Canadian dollar staged a sharp rise on Tuesday morning in New York as oil prices inched higher on concerns over Hurricane Gustav.

The loonie surged to new multi-month highs versus the Australian dollar and the euro. At the same time, the Canadian dollar rose to near a 3-week high versus the greenback and a 25-day high versus its Japanese counterpart in the mid-morning trading on Tuesday. Light sweet crude for October delivery added $2.29 to reach $117.40 a barrel on Tuesday morning. Prices had dropped as low as $112.36 in electronic trading. The oil prices climbed on concern that Gustav strengthened to a Category 3 hurricane as it headed towards Haiti on Tuesday morning. Some forecasts see the storm heading into the Gulf of Mexico, which could threaten the oil region. The Canadian dollar advanced to near a 3-week high of 1.0415 against the US dollar by 10:15 am ET. This may be compared to the previous session's 5-day high of 1.0564 that hit around 5:40 am. The greenback-loonie pair is currently quoted at 1.0431. According to a latest report from the U.S, the S&P/Case-Shiller national home price index dropped a record 15.4% in the second quarter compared to the same period last year. The Case-Shiller 10-city posted a record year over year decline of 17% and 20-city indexes were down 15.9%. Economists were expecting the second quarter home price index to drop 16.2%. At the same time, the Department of Commerce released its report on new home sales in July, showing that new home sales surged up 2.4% to an annual rate of 515,000 in July from the revised June rate of 503,000. Economists had expected sales to fall to a rate of 525,000 from the rate of 530,000 originally reported for June. Meanwhile, the US Conference Board said today that its consumer confidence index jumped to 56.9 in August from an unrevised 51.9 in July. The increase came in well above the expectations of economists, who had expected the index to edge up to 53.0. Against the yen, the Canadian loonie edged up to a 25-day high of 105.46 by 10:40 am ET. This may be compared to today's early Asian session low of 103.76. As of now, the loonie-yen pair is worth 105.36. The Bank of Japan said today that the corporate service price index, which measures corporate prices of communications, transportation and advertising, climbed 1.3% on year in July. The figure fell slightly below analysts expectations that were looking for an increase of 1.4% on year and it was up from the 1.2% annual increase in June. On month, the index eased 0.1%. The Canadian dollar surged to a 5-1/2 month high of 1.5267 versus the euro by 10:35 am ET, compared to today's early European session low of 1.5428. The pair traded as German business confidence declined to 94.8 in August from 97.5 in July. Economists had expected the index to fall to 97.2. As of now, the euro-loonie pair is trading at 1.5308. Traders also weighed a detailed report from the Federal Statistical Office that the German economy contracted 0.5% sequentially in the second quarter, after expanding 1.3% in the first quarter. Against the Aussie, the loonie ticked up to a 6-1/2 month high of 0.8925 by 10:15 am ET. The Aussie-loonie pair that closed yesterday's trading at 0.9074 is currently quoted at 0.8945. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

FOREX-Dollar extends gains on consumer confidence data

(Updates with latest market moves, adds reaction to U.S. consumer confidence report for August)

NEW YORK, Aug 26 (Reuters) - The U.S. dollar extended gains on Tuesday after a report showed U.S. consumer confidence was higher than expected in August.

The euro was last trading at $1.4637 <EUR=> compared with 1.4645 before the report. The dollar was last trading at 109.50 yen, up 0.2 percent on the day, from 109.40 yen <JPY=> before the release of the data. (Reporting by Nick Olivari; Editing by James Dalgleish)

Europe Round Up - German Economic Outlook Turns Gloomier

Tuesday, several key data released during the day added to the gloomier outlook for the German economy. Business confidence in the largest Eurozone economy fell to a three-year low, while consumer confidence declined further.

Further, the contraction in the economy during the second quarter was confirmed. Eurozone The German business confidence deteriorated more than expected in August, reaching the lowest level in three years, as the economy experiences a more difficult situation. Firms have assessed the current business situation as clearly unfavorable and projected further negative development in the coming half year. The business survey results released by the Munich-based Ifo research institute revealed that the business confidence index fell to 94.8 in August, declining for three consecutive months. Economists had expected the index to fall to just 97.2 from July's 97.5. Elsewhere, a monthly survey from the GfK Group showed that German consumer confidence, which was depressed by subdued economic outlook reached the weakest level since 2003. Consumer confidence for September dropped to 1.5 points from August's 1.9 points. A detail report from the statistical office showed that the German economy shrank in the second quarter for the first time in almost four years on reduced investment in construction as well as machinery and equipment. The economy contracted 0.5% sequentially in the second quarter, after expanding 1.3% in the first quarter. On a yearly basis, the economic growth stood at 3.1%, larger than the 1.8% in the first quarter. The calendar adjusted Gross Domestic Product, or GDP rose 1.7% compared with 2.6% in the prior quarter. France's Ministry of Ecology and Sustainable Planning and Development said in a report that housing starts declined 11.8% in the three-month period to July. This was slower compared to a 28.2% fall recorded in the three-month to June. Meanwhile, housing permits dipped at a faster pace of 16.6%, compared to a 15.3% decline seen during three-month period to June. Spain's National Statistics Institute lowered its gross domestic product, or GDP growth for 2007 to 3.7% from initially reported 3.8%. At the same time, the statistical office kept the growth figures for 2004, 2005 and 2006 unchanged. According to the statistical office, weak contribution of domestic demand led to a downward revision of growth. The Statistics Finland announced that the country's unemployment rate dropped to 5.2% in July from 6.8% recorded in June. The rate also eased from the 5.9% recorded in the previous year. Economists were looking for a jobless rate of 5.3% for July. The number of jobless stood at 144,000 in July, smaller than the 161,000 in previous year. Rest of Europe The British Bankers' Association said mortgages approved for house purchase continued to be low in July, indicating that the housing market is unlikely to start recovering in the near term. The number of mortgages approved in the UK for house purchases rose to 22,448 in July from 22,369 in June. Approvals for house purchase fell 65% over the previous year. The Swiss UBS consumption indicator decreased significantly in July after recording a temporary increase in June. According to a report from the investment bank UBS, the consumption indicator fell to 1.85 in July, marking the largest correction seen during a single month for just under a year. The indicator fell from 2.22 in June, revised from 2.25 reported earlier. At its current level, the UBS consumption indicator signals that Swiss consumer spending remains healthy, though the outlook is deteriorating. UBS expects real private consumption to grow 1.8% in 2008. However, the UBS said the recent hike in inflation coupled with the economic downturn tarnished this outlook. Denmark's finance ministry lowered its economic growth outlook for 2008 and 2009, citing higher commodity prices fueling inflationary pressures. The ministry projects the economy to grow 1.1% in 2008, down from 1.2% estimated in May. The economic growth is forecast to decrease to 0.5% in 2009, revised from 0.7% initially predicted. At the same time, the government hiked inflation forecast for the current year to 3.5% from 3.3% due mainly to higher prices for energy and food. However, the rate of inflation is expected to slow to 2.7% in 2009. Inflation outlook for 2009 was raised from an earlier prediction of 2.6%. The Statistics Sweden reported that the Producer Price Index or PPI rose 3.3% year-on-year in July, quicker than the 3% rise recorded in June. Economists expected the rate to remain unchanged at 3% for July. On a monthly basis, producer prices rose 0.7% in July, following a monthly growth of 0.5% in June. The consensus forecast was for a monthly increase of 0.4%. The Central Statistical Office announced that the Poland's unemployment rate dropped to 9.4% in July from 9.6% recorded in prior month. A year ago, the rate was 12.1%. The jobless rate declined for the sixth month in a row, falling from 11.7% in January. The jobless number stood at 1.42 million persons, down from 1.46 million recorded in June. The jobless number fell 32,400 from June. The statistical office also reported that Poland's retail sales rose 14.3% year-on-year in July, a notch higher than the 14.2% rise recorded in June. Economists had expected the growth to decline to 14% for July. Month-on-month, overall retail sales increased 1.8% in July versus 2.4% rise seen in the previous month. The rate stood well below the 2.1% rise expected by the economists. In a widely expected move, the National Bank of Slovakia maintained its two-week repo tender limit rate at 4.25%. The central bank also retained its overnight sterilization rate at 2.25% and the overnight refinancing rate at 5.75%. This is for the 16th consecutive month the central bank is holding its rates. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Consumer Confidence Index Jumps To 56.9 In August

Consumer confidence increased by much more than anticipated in the month of August, according to a report released by the Conference Board on Tuesday, with the improvement reflecting a notable increase in confidence in the outlook for the next six months.

The Conference Board said its consumer confidence index jumped to 56.9 in August from an unrevised 51.9 in July. The increase came in well above the expectations of economists, who had expected the index to edge up to 53.0. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Dollar erases early gains versus loonie as oil rebounds

The dollar fell sharply versus the loonie Tuesday morning in New York, moving well off its early highs after the price of oil jumped back above $115. The dollar slipped to 1.0486 from an early high of 1.0560.

With the mid-morning plunge, the dollar moved back toward last Friday's multi-week low of 1.0420. The dollar eased across the board following the release of the latest S&P/Case Shiller Home Price Index for June, which showed that nationwide home prices dropped 15.4 percent in June. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

U.S. S&P/Case-Shiller Home Price Index Drops 15.9% in July Yr-on-Yr

Slovak Central Bank Holds Rates at 4.25% Ahead of Euro Adoption in January 2009

(CEP News) - As expected, the Slovakian Central Bank held its benchmark interest rate unchanged at 4.25% on Tuesday, in line with the European Central Bank's main refinancing rate and ahead of Slovakia's adoption of the euro on Jan. 1, 2009. The moves comes as the country experiences an annual 4.8% inflation rate - 4.4% when harmonized with the euro zone - and a preliminary 7.6% annual growth rate in Q2 2008. Should the European Central Bank continue to hold rates as expected by both markets and economists, it is unlikely the Slovak Central Bank will deviate from the ECB until its adoption of the euro. By Erik Kevin Franco, This email address is being protected from spam bots, you need Javascript enabled to view it, edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it CEP Newswires - CEP News © 2008. All Rights Reserved.