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FinNews for the week ending July 13, 2012 Top Stories Through a number of deliberately hidden botched trades, traders with JPMorgan Chase & Co have cost the company $5.8 billion for the year. Though the bank earned almost $5 billion over the second quarter and has done relatively well to contain the issue, the company will likely face further probes and investigations. (1) Russell Wasendorf Sr., CEO of Peregrine Financial Group, Inc., was arrested Friday, following falsification of bank statements for almost 20 years. (2) As Spain approved a multitude of austerity measures, including wage cuts and tax increases, Spanish civil servants rose up in criticism of the government. Spain aims to cut out $79 billion off its budget deficit through 2015. (3) Economic Releases & Statistics The U.S. Trade deficit fell 3.8 percent to $48.7 billion, down from $50.1 billion, with imports declining to 3-month lows while exports rose to the second highest on record. (4) The U.S. Producer Prices Index grew a seasonally adjusted 0.1 percent in June, countering estimates for a 0.3 percent decline. Core prices rose 0.2 percent, in line with estimates. Producer-level annual inflation remained at 0.7 percent. (5) Unemployment claims fell 26,000 to 350,000 last week. June import prices fell 2.7 percent, higher than estimates for a 1.9 percent decline. Exports declined 1.7 percent, greater than forecasts for a 0.2 percent drop. (6) The following is a paid third-party advertisement:  Stocks & Earnings Following the five-week freeze prompted by Facebook's IPO, multiple companies are going public next week. These include Fender, Kayak Software Corp, Palo Alto Networks Inc., Five Below Inc., and Durata Therapeutics Inc. (7) Target Corp. is aiming to partner with luxury retailer Neiman Marcus to create a limited-edition line of products for the holidays, including fashion and accessories, sporting goods, electronic accessories, and stationary. These products will be available at both retailer chains. (8) Global Currencies The U.S. dollar index has reached a 52-week high against several major currencies, and is surpassing both the yen and euro for the year to date. (9) As China's economic growth slows, Asian currencies all fell. The yuan fell 0.25 percent to 6.3800 against the dollar, while the won fell 1.1 percent to 1,160.20 per dollar. The Philippine peso dropped 0.5 percent to 41.98, while the Thailand baht dropped 0.3 percent to 31.72. The Indonesian rupiah declined 0.8 percent to 9,484. (10) Oil & Energies Crude storage fell 695,000 barrels, lighter than estimates for a 1.2 million barrel drop. Gasoline grew by 2.5 million barrels versus forecasts for a 300,000 barrel growth. Distillates fell 717,000 barrels, countering estimates for a 400,000 barrel growth. (11) Natural gas inventories grew 33 billion cubic feet to 3.14 trillion cubic feet last week, exceeding forecasts for a 24 to 28 billion rise. (12) The U.S. Energy Information Administration forecast marketed natural gas production to rise 4.2 percent in 2012, a 2.8 billion cubic feet per day growth to 68.47 bcfd in 2012. (13) Grains & Field Crops A continued dry spell over the Corn Belt has crop conditions further declining. Corn in good/excellent category dropped 8 points this week to 40 percent, while soybeans in that category dropped 5 points to 40 percent. However, 50 percent of the corn crop has silks, and 44 percent of the soybean crop has bloomed. (14) Taking this poor weather into account, the USDA World Agriculture Demand and Supply Estimates report predicted lower corn yield levels at 146 bushels per acre, a 20 bushel per acre drop. Corn prospects fell 1.8 billion bushels from last month. The 2012/13 projected ending stocks fell 698 million bushels from last month to 1.2 billion bushels. (15) The Crop Production report showed U.S. "other spring wheat" up 4 percent from a year ago and expected to reach 472 million bushels. Spring wheat acreage will be 11.7 million acres, a 3 percent drop from last year. Durum production is estimated at 82 million bushels at 38.6 bushels per acre. The USDA estimates 2.12 million acres, a 62 percent rise from last year. Oat production is forecast to grow 21 percent to 65.3 million bushels, while barley production grew 36 percent to 216.7 million bushels. (16) Brazil's corn exports are estimated to total 17 million tons this year. (17) A good winter yield for the nation's bumper corn crop is forecast to allow farmers to cut back on the crop in favor of soy. In response and taking a potential El Niño into consideration, Brazil's 2012-13 soybean production is forecast to see as much as a 25 percent growth to 83.1 million tons. (18) The following is a paid third-party advertisement:  Precious Metals Chinese gold demand is forecast to expand 13 percent to 870 metric tons in 2012. Consumption may reach as much as 1,000 tons. (19) Silver prices are declining due to weakening overseas demand and growing dollar strength. (20) Platinum demand is forecast to drop as mine production declines in 2012; areas such as South Africa could face six percent output drops. (21) Other Commodities A cold front forecast to sweep over Brazil may cause harm to younger coffee trees. (22) Dry weather combined with an El Niño in Colombia might assist the nation in reaching a 9 million coffee bag target for 2013, though this year's production is estimated to fall around 8 million bags. (23) Ivory Coast and Ghana are both forecast to receive less rain next week as the area's rainy season comes to a close. Both farming areas are in need of sunshine to ensure their crops ripen without being attacked by disease. (24) Ghana's cocoa production is estimated to fall to 850,000 metric tons by the end of the season, lower than last year's 1.1 million. (25) In Indonesia, roughly 60 percent of the year's crop of 500,000 metric tons has been harvested. (26) Next Week:
1. http://www.reuters.com/article/2012/07/13/us-jpmorgan-earnings-idUSBRE86C0G420120713 2. http://online.wsj.com/article/SB10001424052702303740704577524873909864282.html 3. http://www.huffingtonpost.com/2012/07/13/spain-protests_n_1671028.html 5. http://www.nasdaq.com/article/us-producer-prices-rise-01-core-ppi-up-02-20120713-00459 6. http://www.marketwatch.com/story/unemployment-claims-ease-2012-07-12 7. http://www.huffingtonpost.com/huff-wires/20120713/us-ipo-outlook/ 8. http://articles.marketwatch.com/2012-07-10/industries/32612748_1_missoni-neiman-marcus-designers 9. http://articles.marketwatch.com/2012-07-12/markets/32643172_1_euro-rebound-strong-dollar-currency 11. http://www.reuters.com/article/2012/07/10/energy-stocks-api-idUSL2E8IABHV20120710 12. http://www.cbsnews.com/8301-505245_162-57471042/us-natural-gas-supply-grows-more-than-expected/ 13. http://www.reuters.com/article/2012/07/10/eia-outlook-natgas-idUSL2E8IA6PZ20120710 16. http://www.agweek.com/event/article/id/19936/ 18. http://www.agriculture.com/news/crops/brazil-nears-us-soybe-crop-size_2-ar25190 23. http://www.reuters.com/article/2012/07/10/colombia-coffee-idUSL2E8I97O520120710 25. http://www.bloomberg.com/news/2012-06-14/ivory-coast-ghana-cocoa-areas-to-get-rains-over-7-days.html _______________________________________________________________________________________ Disclaimer: Trading and investing involve a substantial degree of a risk of loss and are not suitable for everyone. Past performance is not indicative of future results. Fundamental factors, seasonal and weather trends, daily news, and other current events may have already been factored into the markets. Some trading strategies have unlimited risk. Educate yourself on the risks and rewards of such investing prior to trading. The publisher, and/or its affiliates, staff or anyone associated with FinNews, do not guarantee profits or pre-determined loss points, and are not held monetarily responsible for the trading losses of others (subscribers or otherwise). Information provided is compiled by sources believed to be reliable. Financial Media Corp, and/or its principals, assume no responsibility for any errors or omissions as the information may not be complete or events may have been canceled or rescheduled. Any copy, reprint, broadcast or distribution of this report of any kind is prohibited without the expressed written consent of the publisher. This email contains third-party advertisements for a product or service that is not offered, recommended or endorsed by the publisher and neither the company nor its affiliates bear responsibility or control over the content of the advertisement and the product or service offered. Proceed at your own risk. |
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