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| Analysts warned that oil prices could suffer losses if there are any
signs in the Federal Reserve's statement that monetary policy is going
to be squeezed. "Not long ago a few words from Saddam Hussein could turn prices on their head. Now a few words from the Fed is all it needs," brokers PVM said in its research note on pearl jewelry Wednesday. "If there is any hint of tightening, hang on to your hats. Few believe that the real economy has yet caught alight sufficiently to remove the oxygen." The International Energy Agency (IEA) will "substantially" downgrade its long-term oil demand forecast in its annual energy outlook next week, the biwa pearl second cut in a row, the Wall Street Journal said, citing a person familiar with the report. While the IEA's outlook is unlikely to affect the short-term view that the global economy's recovery from recession is lifting oil use, it is an important measure for akoya pearl oil companies considering whether to build refineries or drill new wells. To top of page | ||
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| Automatic Data Processing, a payroll-processing firm, said private-sector employers cut 203,000 jobs in October. It was the seventh month in a row that the number of job cuts fell from the month before, but the October tally was slightly larger than expected. Economists surveyed by Briefing.com had forecast a pearl jewelry loss of 198,000 jobs last month. While the job market has shown some signs of improvement, employers will continue to reduce payrolls for the next few months, according to Joel Prakken, chairman of Macroeconomic Advisers. "The rate at which jobs are being lost is gradually shrinking," Prakken said during a conference call with reporters. "We're heading in the right direction." However, payrolls will continue to decline through the end of the year before modest job growth resumes in the first few months of 2010, according to Prakken. The jobless rate, which stands at 9.8% nationwide, will peak above 10% sometime next year, he added. Prakken said the U.S. economy will not return to full employment, which he described as 5% unemployment, until as late as 2014. In a separate report, the pace of announced job cuts slowed, but the biwa pearl number of cuts announced in 2009 will soon exceed last year's total. Job cut announcements by U.S. employers fell to 55,679 in October, 16% fewer than in September, according to outplacement firm Challenger, Gray & Christmas Inc. It was the third consecutive monthly decline. "While there are still some trouble spots, the continued decline in job cutting activity across most industries is a positive sign that the economy is slowly improving," said John A. Challenger, chief executive of Challenger, Gray & Christmas, in a statement. October's total was 51% lower than in October 2008, when nearly 113,000 layoffs were announced. But even though the pace is abating, almost 1.2 million planned layoffs have been announced so far this year -- 36% more than during the same period in 2008. Challenger said the nation is only about 30,000 planned job cuts away from surpassing the total tally of 2008, which was 1,223,993. 0:00 /3:11Average Bob sees no jobs Still Challenger remained cautiously optimistic, citing an uptick in GDP, an increase in manufacturing activity and a surprise gain in home sales. "It appears that the light at the end of the tunnel is finally visible," Challenger said. "However, it is important to realize that, as deep and widespread as this recession was, it is going to be a akoya pearl long and sometimes painful recovery." Once the economy does turn around, "job gains will not come nearly as quickly as the job losses occurred," he added. The auto industry was hit the hardest in October, with 13,420 layoffs announced. The electronics sector was second worst, with 10,882 cuts. To top of page | ||
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| The retreat extended after the Federal Reserve said it will hold its
benchmark interest rate at historic lows near 0%, although "economic
activity has continued to pick up." "The dominant driver is the fact that equity markets are higher," said Nick Bennenbroek, head of currency strategy at Wells Fargo in New York. The dollar often falls when stocks rise, as investors seek higher returns in more risky markets and higher yielding currencies such as the pearl jewelry euro. The dollar was down 0.9% against the euro to $1.4863. It slid 0.8% versus the U.K. pound to $1.6580. Against the Japanese yen, however, the dollar rose 0.9% to ¥91.11. The dollar index, which measures the greenback's value against a basket of currencies, slid to 75.88 from 76.33 late Tuesday. Stocks rallied as investors took their cues from the biwa pearl commodities markets and economic news that was largely in line with expectations. As the dollar slumped, the price of gold rose to akoya pearl an all-time high, while oil pushed near its highest level of the year. A weaker greenback makes dollar-denominated commodities such as gold and crude oil cheaper for buyers in other currencies. To top of page | ||
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| The Federal Reserve said it will hold its benchmark rate at historic
lows near 0%, although "economic activity has continued to pick up." Crude oil for December delivery rose 80 cents, or 1.01%, and settled at $80.40 a barrel. That extended the previous day's almost 2% advance, as investors dug into riskier assets on the dollar's weakness. "Today's report of a significant drop [in crude oil stocks] was a surprise, but the main catalyst pushing oil higher is the stronger stock market and weaker dollar," said James Cordier, president of Liberty Trading Group. Stocks rallied in early trading following a high close in pearl jewelry overseas markets and on data reporting the pace of layoffs is slowing. Oil prices were also boosted by a softened dollar. The greenback retreated against higher-yielding currencies such as the euro and the pound as investors await the Federal Reserve's wrap-up of its two-day meeting to discuss monetary policy. Crude oil, like other commodities, is priced in dollars, and a weaker greenback can help support prices. The dollar has also biwa pearl pushed gold into record-high territory. Without clear evidence of a sustainable recovery under way, Mike Fitzpatrick, vice president of energy at MF Global, says oil will not break through the akoya pearl year's high of $81.37 a barrel -- but it also won't drop below recent lows of $77 a barrel. Traders will also look to October's nonfarm payroll report, due Friday, for clues about the strength of the economic recovery. | ||
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| The Energy Information Administration reported a surprise decrease of 4
million barrels in crude stocks. Analysts expected a rise of 1.3
million barrels in pearl jewelry crude stocks, according to a consensus estimate collected by energy information provider Platts. The government report showed decreased of 300,000 million barrels in gasoline stockpiles against analysts' expectations for a rise of 800,000 barrels. Distillates, used to make heating oil and diesel, decreased by a biwa pearl modest 400,000 barrels and missed expectations for a drop of 1 million barrels. Gasoline prices. The national average price for a gallon of regular unleaded gas decreased to $2.682, down two tenths of a cent from the previous day's $2.686, according to akoya pearl motorist group AAA. This is the fifth consecutive decrease. To top of page | ||
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