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Hiding Bear

B4 The Bell, Moonday April 12

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:D Good morning and welcome! :o

 

China gets hotter and cracks some eggs:

 

China's PBoC to raise banks' reserve ratio to 7.5 pct from 7 pct from April 25

 

AFX Europe (Focus); Apr 12, 2004

 

BEIJING (AFX-ASIA) - The People's Bank of China, the country's central bank, said it will raise banks' required deposit reserve ratio to 7.5 pct from 7.0 pct from April 25 to curb continuing rapid money supply growth and ease inflationary pressure.

 

The 7.5 pct ratio will apply to the big four state-owned commercial banks, joint stock banks, city commercial banks, Agricultural Development Bank of China, trust and investment companies, financial companies, finance leasing firms and foreign financial institutions, the central bank said in a statement on its website.

 

The reserve ratio for weaker banks and financial institutions or those with lower capital adequacy ratios will be raised to 8.0 pct, froom the 7.5 pct increase announced on March 24.

 

The PBoC said the reserve ratio hike will drain 110 bln yuan from the funds banks have available to lend.

 

The increase is the second in less than three weeks, reflecting the government's growing concerns that booming lending by banks is fuelling fixed asset investment and threatening to overheat some parts of the economy.

 

The announcement comes three weeks after the central bank raised the reserve ratio to 7.5 pct from 7.0 pct for some of the weaker commercial banks with low capital adequacy and higher non-performing loans ratio.

 

http://search.ft.com/search/article.html?i...arch&state=Form

 

 

Booming China's Crude Oil Imports Soar

 

Reuters

Monday, April 12, 2004; 4:33 AM

 

BEIJING (Reuters) - Crude imports in booming China, the world's second largest oil consumer, soared 35.7 percent year on year to 30.14 million tons in the first quarter of 2004, the official Xinhua news agency on Monday.

 

It cited figures from the General Administration of Customs and did not specify March imports alone.

 

But based on official data that China imported 10.5 million tons of crude in February and 10.3 million tons in January, crude imports in March would have been around 9.3 million tons, up about 28 percent from the year-earlier period.

 

Crude imports in the oil-thirsty country hit a record 91.1 million tons in 2003, 31.2 percent higher than a year earlier.

 

A Commerce Ministry report said last month that the country expected net imports of crude oil to exceed 100 million tons this year.

 

The Paris-based International Energy agency (IEA) said last week that Chinese oil demand growth continued to surpass expectations, inflaming world crude prices now close to 13-year highs.

 

In a report released on Friday, IEA revised up its estimate of incremental Chinese oil demand in the first quarter by 180,000 bpd to a record 6.14 million bpd, an 18 percent increase from the same period last year.

 

China's breakneck economic growth, fueling record oil imports, was the main factor behind this year's surge in world crude prices, the IEA said.

 

http://www.washingtonpost.com/wp-dyn/artic...l?nav=headlines

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I think the PBOC rasing reserve ratio is a huge red herring. With their huge reserve base, there's no way they could stay "loaned up". I think PBOC is behind the curve on the reserve ratio, and is simply "tightening it up" for its global PR value.

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Another 4000 jobs down the Ol' Crapper!

 

8:11am 04/12/04

DuPont to cut 3.500 jobs in restructuring (DD) By Michael Baron

NEW YORK (CBS.MW) -- DuPont (DD) said it plans to cut 3,500 jobs, or 6 percent of its workforce, as part of restructuring plan. The reduction excludes any actions involving its Invista unit. About 3,000 of the positions are expected to be eliminated through severance programs

 

Wilmington, Del., chemicals firm will also eliminate 450 contractor positions. DuPont added that it's on track for its goal to improve its annualized cost structure by $900 million in 2005. The company expects to record a restructuring charge of 17 to 19 cents per share in the second quarter, largely from employee severance costs. Shares of the Dow component closed Thursday at $43.43, down 17 cents.

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Good thing there is no inflation!

 

'Perfect Storm' To Send Milk Prices Soaring

Prices To Jump 50 Cents Next Month

 

UPDATED: 6:56 a.m. EDT April 12, 2004

 

WASHINGTON -- That milk mustache is going to cost a lot more.

 

Consumers can expect to pay 50 cents more for a gallon of milk within the next month.

 

anal cysts said the hike is the result of a "perfect storm" of shrinking herds, higher feed and beef prices, and some cases of mad cow disease.

 

http://www.turnto10.com/news/2994596/detail.html

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Good thing there is no inflation!

 

'Perfect Storm' To Send Milk Prices Soaring

Prices To Jump 50 Cents Next Month

 

UPDATED: 6:56 a.m. EDT April 12, 2004

 

WASHINGTON -- That milk mustache is going to cost a lot more.

 

Consumers can expect to pay 50 cents more for a gallon of milk within the next month.

 

anal cysts said the hike is the result of a "perfect storm" of shrinking herds, higher feed and beef prices, and some cases of mad cow disease.

 

http://www.turnto10.com/news/2994596/detail.html

The explaination given by "anal cyst" is either so shallow or completely bullsh*t. What really going on is the money printing and credit creation by Fed and banks.

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I think the PBOC rasing reserve ratio is a huge red herring. With their huge reserve base, there's no way they could stay "loaned up". I think PBOC is behind the curve on the reserve ratio, and is simply "tightening it up" for its global PR value.

 

Good point.

 

In the Chinese monetary system, changing the reserve ratio is the most effective means to curb credit expansion - and has a much more significant effect than it would in the US. Their cautious moves imply that they do not want to bring their econonic expansion to a sudden halt, which would expose a lot of bad loans in their banking system.

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10 and 30 year yield now busting a new high for the move from Mar 23

as the spoos whistle past the graveyard screaming "cost of money ...what me worry?"

Wont matter till it does...

Bond dislocation will destabilize this house of cards

Forget government numbers. Bond finally seeing this madness and it WILL

awaken the bear

Not if but when

1081774524455?User=normbailey&Pswd=IKt21SjLpLg1A&DataType=GIF&Symbol=INDEX:TNX.X&Interval=60&Permission=1000&Ht=400&Wd=600&Display=0&Study=&Param1=8(1)&Param2=3&Param3=&FontSize=10&LocaleID=0x0409&.gif

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Good thing there is no inflation!

 

'Perfect Storm' To Send Milk Prices Soaring

Prices To Jump 50 Cents Next Month

 

UPDATED: 6:56 a.m. EDT April 12, 2004

 

WASHINGTON -- That milk mustache is going to cost a lot more.

 

Consumers can expect to pay 50 cents more for a gallon of milk within the next month.

 

anal cysts said the hike is the result of a "perfect storm" of shrinking herds, higher feed and beef prices, and some cases of mad cow disease. 

 

http://www.turnto10.com/news/2994596/detail.html

The explaination given by "anal cyst" is either so shallow or completely bullsh*t. What really going on is the money printing and credit creation by Fed and banks.

Non-inflationary. People will adjust and drink more water.

 

Seriously, this is starting to get a bit weird. Prices have skyrocketed here in San Diego, but the "No Inflation" chants seem to grow louder by the day.

 

WTF is going on? How can the sheeple buy into this garbage.

 

Never underestimate the stupidity of the sheeple.

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"Non-inflationary. People will adjust and drink more water.

 

Seriously, this is starting to get a bit weird. Prices have skyrocketed here in San Diego, but the "No Inflation" chants seem to grow louder by the day.

 

WTF is going on? How can the sheeple buy into this garbage."

 

 

Brainwashing by the media and the central planners ...Surreal

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Morning Crew-looks higher at the open my stop is still 1140 and probably will be stopped plus 5 per contract=+24 which will be greatfully received. If so I will be shorting the opening burst. There are two huge gaps on the cubes just waiting to be filled and divergences everywhere-I doubt we go higher. The pig flies on its own for a short bit at the open. ;)

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I think the PBOC rasing reserve ratio is a huge red herring. With their huge reserve base, there's no way they could stay "loaned up". I think PBOC is behind the curve on the reserve ratio, and is simply "tightening it up" for its global PR value.

Reserve requirements are retro-active. Not only has the pool of money been reduced but the oustanding loans must be reduced by an even greater percentage. This is avery blunt but effective tool.

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