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| Sujet : ARGUMENTS DES BEARS | |
petit bilan chiffré
extrait du NY times...
Today, Americans carry $2.56 trillion in consumer debt, up 22 percent since 2000 alone, according to the Federal Reserve Board. The average household’s credit card debt is $8,565, up almost 15 percent from 2000.
College debt has more than doubled since 1995. The average student emerges from college carrying $20,000 in educational debt.
Household debt, including mortgages and credit cards, represents 19 percent of household assets, according to the Fed, compared with 13 percent in 1980.
Even as this debt was mounting, incomes stagnated for many Americans. As a result, the percentage of disposable income that consumers must set aside to service their debt — a figure that includes monthly credit card payments, car loans, mortgage interest and principal — has risen to 14.5 percent from 11 percent just 15 years ago.
By contrast, the nation’s savings rate, which exceeded 8 percent of disposable income in 1968, stood at 0.4 percent at the end of the first quarter of this year, according to the Bureau of Economic Analysis.
More ominous, as Americans have dug themselves deeper into debt, the value of their assets has started to fall. Mortgage debt stood at $10.5 trillion at the end of last year, more than double the $4.8 trillion just seven years earlier, but home prices that were rising to support increasing levels of debt, like home equity lines of credit, are now dropping.
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Le PER du DJ:
Last Week Prev. Week Year Ago
DJ Ind Avg 11496.57 11100.54 13851.08
P/E Ratio 87.00 75.95 18.25
Earns Yield % 1.15 1.32 5.48
Earns $ 132.14 146.15 758.91
Divs Yield % 2.82 2.92 2.06
Divs $ 324.68 323.79 285.05
Remarque: GAGNE 132$, DISTRIBUE 325$ !!!
http://online.barrons.com/public/page/9_0210-index...
Singapore June CPI estimated at a new 26-year high due to strong oil prices
Consumer prices rose an average 8.0 percent last month from a year ago, based on Thomson IFR's poll of economists. The estimated June figure is faster than the 7.5 percent rise recorded in May.
Seasonally-adjusted, inflation may have slowed to 0.1 percent from May, compared with the 0.3-percent increase in May from April, economists said.
Oil up over $1 on Iran talks, Mexico Gulf storm
PERTH (Reuters) - Oil rose towards $130 a barrel on Monday after its biggest one-week slide on record as inconclusive talks between Iran and world powers over Tehran's disputed nuclear programme dimmed prospects of ending the row.
Prices were also lifted by worries about Tropical Storm Dolly, the first storm of the 2008 Atlantic hurricane season that could disrupt oil production in the Gulf of Mexico.
http://www.cnbc.com/id/25370860/for/cnbc
3 mois, 30%, vive le leverage:
Fortress mortgage fund down about 30 percent: WSJ
NEW YORK (Reuters) - A Fortress Investment Group LLC <FIG.N> fund, the Fortress Mortgage Opportunities Fund, is down about 30 percent three months after the firm raised funds for it, the Wall Street Journal reported on its website on Sunday.
Fortress raised $560 million for a fund this spring by buying triple-A-rated residential mortgage-backed securities, the paper said.
The fund uses three-times leverage, owns only triple-A residential mortgage-backed securities and investors are locked in for three years, the paper said, citing unnamed sources.
Fortress could not be reached immediately for comment.
China's CNPC to cut non-production spending by over 10 pct this year
BEIJING (XFN-ASIA) - China National Petroleum Corp(CNPC), the parent of PetroChina, plans to cut office costs and entertainment and business travel spending by over 10 pct this year, the official Xinhua News Agency reported, citing general manager Jiang Jiemin.
Jiang said that for the next two years the company would not rent or purchase luxury cars or erect new company buildings or hotels. It will limit spending on ceremonies and cut back on meetings and overseas trips.
"The company is facing deep changes in the domestic and external environment this year,"Jiang said.
Global inflation is evident and as the world economy slows down, uncertainties and risks are increasing, Jiang said.
CNPC's earnings have been affected by the soaring crude oil prices, lagging domestic fuel price adjustments, and rising costs of raw materials, transportation and labor, he noted.
"Oil exploration is getting more difficult daily. With demand driven by fast economic and social development, the pressure of ensuring steady supplies gets greater," Jiang added.
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US food groups plan hefty price rises
By Elizabeth Rigby in London and Hal Weitzman in Chicago
Published: July 20 2008 17:15 | Last updated: July 20 2008 17:15
US food companies are preparing another round of hefty price increases as soaring commodity costs force them to pass on rises to consumers.
Sara Lee, maker of meat products such as Jimmy Dean sausages, said costs would compel it to push up prices on meat lines by up to a fifth later this year.
Cool pour les salariés:
U.S. Companies to Raise Prices Amid Soaring Costs, Survey Says
July 21 (Bloomberg) -- More companies in the U.S. plan to boost prices and limit hiring as the surge in raw-material costs hurts profits, a private survey found.
Almost four times as many businesses plan to charge their customers more next quarter than expect to reduce prices, according to the National Association for Business Economics. A net 9 percent of employers said they would increase payrolls over the next six months, the fewest in five years.
The report reinforces concern that rising expenses will contribute to a further pickup in inflation and a weakening in the labor market. A net 71 percent of firms said costs rose last quarter, up from 65 percent in the previous three months and the most since records began in 1994, the poll showed.
The number of respondents saying profit margins declined last quarter exceeded those registering gains by 13 percent, the biggest differential since the 2001 recession.
Wages, Inflation
The Labor Department's report on consumer prices last week showed wages, adjusted for inflation, fell 2.4 percent in the 12 months ended in June. Employers have cut jobs each month in 2008, according to government figures.
Declines in hiring and the failure of wages to keep pace with inflation are among the reasons economist forecast consumer spending, the biggest part of the economy, will slow later this year.
Business investment plans were also soft last quarter after slumping in the first three months of the year, the NABE survey showed. On net, 27 percent of the firms said they would increase spending on new buildings and equipment over the next 12 months compared with 28 percent in the first quarter. At the end of 2007, that reading was 40 percent.
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PPI suisse et import prices up 4.5 y/y
bank of Israel sees serious slowdown
Wolters Kluwer PW....
appelle moi cher christo !
Inflation Hong Kong à 6.1% y/y
Négociations à l américaine
L'Iran a deux semaines pour répondre sérieusement à la proposition internationale de suspendre ses expériences nucléaires sensibles ou sinon il sera exposé à des "mesures punitives", a averti la secrétaire d'Etat américain Condoleezza Rice.
(comment fermer la porte définitivement ...)
vivement novembre en tout cas
je sais pas si ça a déjà été posté, mais celle-là elle est à mourir de rire. Mince, on a pas trouvé assez de pigeons 
HBOS - Augmentation de capital souscrite à seulement 8,3%
par Steve Slater
LONDRES, 21 juillet (Reuters) - La banque britannique HBOS < HBOS > annonce lundi que son augmentation de capital de quatre milliards de livres (cinq milliards d'euros) n'a été souscrite qu'à hauteur de 8,3%.
Dans un communiqué, HBOS précise que ses actionnaires se sont engagés à acheter 124 millions d'actions, ce qui va contraindre les banques chefs de file de l'opération - Morgan Stanley et Dresdner Kleinwort - à placer un reliquat de 1,375 milliard de titres.
Après avoir perdu plus de 6% dans les premiers échanges, le titre HBOS reculait vers 8h50 GMT de 2,66% à 274,5 pence alors que l'indice regroupant les valeurs bancaires européennes cédait dans le même temps 0,62%.
HBOS, qui vient rallonger la liste des banques européennes qui ont fait appel au marché ces derniers mois pour restaurer leur bilan, avait, le 29 avril dernier, proposé 275 pence par action dans le cadre de l'augmentation de capital.
A l'époque, ce prix représentait une décote de 45% par rapport au cours. Comme l'action a chuté ces derniers mois, le faible taux de souscription n'est pas réellement une surprise.
Les investisseurs ont été d'autant plus réticents à mettre la main au portefeuille que l'économie britannique semble de plus en plus proche de la récession en raison notamment d'un effondrement du marché immobilier, dont HBOS est un des acteurs les plus importants.
Morgan Stanley et Dresdner Kleinwort ont jusqu'à mardi 15h30 GMT pour trouver des acheteurs. Si elles n'y parviennent pas, les banques seront alors contraintes de reprendre les titres.
Selon les analystes, les deux banques chargées de placement ont déjà pris les devants et mobilisé une foule d'investisseurs institutionnels prêts à racheter du papier HBOS à un prix bradé.
"L'augmentation de capital a été lancée en pleine tempête financière. Nous avons constaté une volatilité sans précédent des actions bancaires", a déclaré un porte-parole de HBOS.
"Au bout du compte, l'important est que nous ayons réussi à lever quatre milliards de livres de capitaux frais, ce qui fera de HBOS l'une des banques les mieux capitalisées", a-t-il ajouté.
HBOS s'attend à ce que son appel au marché ramène le ratio de capital Tier I dans le "haut de la fourchette" de son objectif d'un niveau compris entre 6% et 7% d'ici la fin de l'année./BVO
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| Sujet : ARGUMENTS DES BEARS | |
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