Mexicana files for bankruptcy in Mexico and U.S.
Mexico’s airline filed for insolvency proceedings in Mexico and for bankruptcy protection in U.S. to avoid (more of) its airplanes to be seized by its creditors. It’s struggling to restructure its liabilities and to come to an agreement with its employees’ unions. The Mexican government is not planning on bailing the company out.
(El Financiero, Wall Street Journal)
Stocks
U.S. stocks advanced today after unexpected growth in the jobs and service industries.
Brazil's Bovespa started to rise again, after yesterday's fall had ended an 11-day winning streak.
European markets closed with mixed results and minor changes.
Asian stock markets, fell on yesterday's disappointing home sales and factory orders releases.
(FT$, Bloomberg)
Commodities
After crude oil rose 7.2% in four days, today it remains almost unchanged. U.S. gasoline inventories increased more than expected, but U.S. economic indicator releases were positive.
Gold rose for the sixth straight day.
(FT$, Bloomberg)
Patrick Signoret and Georgina Lara
04 August 2010
Power and Policy Team update (español)
IMSS no modificará pensiones
"El monto para calcular sus pensiones seguirá aplicándose al límite general de 25 salarios mínimos". Así lo dijo Daniel Karam, director del IMSS.
(El Economista)
México: Narco violencia
De acuerdo con Calderón el 90% de las muertes violentas del país corresponde a miembros de grupos criminales, el 6% a autoridades y el 1% por ciento a víctimas inocentes. Afirmó que no cederá en la lucha contra el narco y no dejará de enfrentarse a los criminales, aún si parte de la opinión pública cree que es la única manera de que disminuya la violencia. Ayer el CISEN confirmó que, en la administración actual, han habido 28 mil muertes relacionadas con el narco. (Reforma $)
Patrick Signoret e Isabel Gil
"El monto para calcular sus pensiones seguirá aplicándose al límite general de 25 salarios mínimos". Así lo dijo Daniel Karam, director del IMSS.
(El Economista)
México: Narco violencia
De acuerdo con Calderón el 90% de las muertes violentas del país corresponde a miembros de grupos criminales, el 6% a autoridades y el 1% por ciento a víctimas inocentes. Afirmó que no cederá en la lucha contra el narco y no dejará de enfrentarse a los criminales, aún si parte de la opinión pública cree que es la única manera de que disminuya la violencia. Ayer el CISEN confirmó que, en la administración actual, han habido 28 mil muertes relacionadas con el narco. (Reforma $)
Patrick Signoret e Isabel Gil
Financial Market Team update (español)
Crisis de Mexicana
Ayer (martes 2 de agosto) Mexicana de Aviación “solicitó acogerse al concurso mercantil en México y su equivalente en Estados Unidos. La aerolínea enfrenta un fuerte pasivo con sus acreedores, en particular con arrendadores de aviones”, y la acción buscó evitar que más de sus aviones fueran confiscados a solicitud de sus acreedores. Sólo 9 de sus 64 aviones son propios. El gobierno mexicano ha rechazado rescatar a la aerolínea.
(El Financiero, Wall Street Journal)
Patrick Signoret y Georgina Lara
Ayer (martes 2 de agosto) Mexicana de Aviación “solicitó acogerse al concurso mercantil en México y su equivalente en Estados Unidos. La aerolínea enfrenta un fuerte pasivo con sus acreedores, en particular con arrendadores de aviones”, y la acción buscó evitar que más de sus aviones fueran confiscados a solicitud de sus acreedores. Sólo 9 de sus 64 aviones son propios. El gobierno mexicano ha rechazado rescatar a la aerolínea.
(El Financiero, Wall Street Journal)
Patrick Signoret y Georgina Lara
Business Cycle Team update (English)
Brazil’s industrial production and Selic rate
The lower than expected level of industrial production in June (released on Tuesday) makes Credit Suisse reinforce its expectation that Brazil’s monetary policy rate will not be raised again in September.
(Credit Suisse)
U.S. non-manufacturing PMI
The Institute of Supply Management’s non-manufacturing PMI rose to 54.3 from 53.8 in June. It had been expected to fall.
(WSJ)
European PMIs
July’s final services and composite PMIs were published today. Although the Euro Area, Germany and France indices all improved compared to June, they were all below the flash estimates published July 22. The services PMIs fell in Spain and Italy. Italy’s services PMI, at 49.6, is the only index below the neutral level of 50.
(Markit Economics)
Patrick Signoret and Mariana Bulos
The lower than expected level of industrial production in June (released on Tuesday) makes Credit Suisse reinforce its expectation that Brazil’s monetary policy rate will not be raised again in September.
(Credit Suisse)
U.S. non-manufacturing PMI
The Institute of Supply Management’s non-manufacturing PMI rose to 54.3 from 53.8 in June. It had been expected to fall.
(WSJ)
European PMIs
July’s final services and composite PMIs were published today. Although the Euro Area, Germany and France indices all improved compared to June, they were all below the flash estimates published July 22. The services PMIs fell in Spain and Italy. Italy’s services PMI, at 49.6, is the only index below the neutral level of 50.
(Markit Economics)
Patrick Signoret and Mariana Bulos
03 August 2010
Financial Market Team update (English)
16:02 ET
DJIA: -0.36% to 10636.38 (Close)
S&P 500: -0.48% to 1120.46 (Close)
Mexico IPC: -0.15% to 32768.08 (Close)
Brazil Bovespa: -0.76% to 67997.36 (Close)
FTSE 100: -0.01% to 5396.48 (Close)
DAX: +0.25% to 6307.91 (Close)
Nikkei 225: +1.29% to 9694.01 (Close)
Hang Seng: +0.21% to 21457.66 (Close)
USD-EUR: 0.7557
USD-MXN: -0.0018% to 12.582
USD-JPY: -0.7428% to 85.857
EUR-USD: +0.3949% to 1.3232
EMBI+Mex: 140
Cetes 28d: +0.009% to 4.61%
Aug 02 Aug 03
Ted spread 28 27
T bill 3m 0.16 0.16
USD Libor 3m 0.44 0.43
Stocks
US stocks fell and traded below yesterday's levels all day today on disappointing reports on home sales, factory orders, and consumer spending.
Bovespa, having advanced for 11 days straight (+9.9%), fell today after investors learned that industrial output had fallen in June by 1% from its May level.
European stocks changed little during the day. FTSE 100 fell by 0.01%, while the German DAX climbed 0.25%. DAX reached its highest level since April 26 despite the below-forecast results for U.S. home sales and factory orders.
Asian stocks rose after yesterday's better-than-expected reports on US manufacturing.
(FT, Bloomberg)
Commodities
Oil prices continue to move up on news that a tropical depression was approaching the Gulf of Mexico. After having risen by 3% yesterday, the WTI forward-month oil contract again advanced, by 1%, to $82.38. This is its highest level since last May.
Wheat prices declined after Russia reported that not all crops had been lost in the recent drought and that export volumes would hold stable. Analysts, however, warn that if Russian producers meet their export quotas, domestic shortages may ensue. Calls for a pause in grain exports have grown louder. We will continue to monitor the Russian wheat situation.
(FT, Bloomberg)
Patrick Signoret and Georgina Lara
DJIA: -0.36% to 10636.38 (Close)
S&P 500: -0.48% to 1120.46 (Close)
Mexico IPC: -0.15% to 32768.08 (Close)
Brazil Bovespa: -0.76% to 67997.36 (Close)
FTSE 100: -0.01% to 5396.48 (Close)
DAX: +0.25% to 6307.91 (Close)
Nikkei 225: +1.29% to 9694.01 (Close)
Hang Seng: +0.21% to 21457.66 (Close)
USD-EUR: 0.7557
USD-MXN: -0.0018% to 12.582
USD-JPY: -0.7428% to 85.857
EUR-USD: +0.3949% to 1.3232
EMBI+Mex: 140
Cetes 28d: +0.009% to 4.61%
Aug 02 Aug 03
Ted spread 28 27
T bill 3m 0.16 0.16
USD Libor 3m 0.44 0.43
Stocks
US stocks fell and traded below yesterday's levels all day today on disappointing reports on home sales, factory orders, and consumer spending.
Bovespa, having advanced for 11 days straight (+9.9%), fell today after investors learned that industrial output had fallen in June by 1% from its May level.
European stocks changed little during the day. FTSE 100 fell by 0.01%, while the German DAX climbed 0.25%. DAX reached its highest level since April 26 despite the below-forecast results for U.S. home sales and factory orders.
Asian stocks rose after yesterday's better-than-expected reports on US manufacturing.
(FT, Bloomberg)
Commodities
Oil prices continue to move up on news that a tropical depression was approaching the Gulf of Mexico. After having risen by 3% yesterday, the WTI forward-month oil contract again advanced, by 1%, to $82.38. This is its highest level since last May.
Wheat prices declined after Russia reported that not all crops had been lost in the recent drought and that export volumes would hold stable. Analysts, however, warn that if Russian producers meet their export quotas, domestic shortages may ensue. Calls for a pause in grain exports have grown louder. We will continue to monitor the Russian wheat situation.
(FT, Bloomberg)
Patrick Signoret and Georgina Lara
Power and Policy Team update (español)
Irán
El presidente Iraní Mahmud Ahmadineyad propuso a Obama un encuentro “cara a cara” para discutir las sanciones impuestas a Irán por su programa nuclear. El presidente afirmó que ninguna iniciativa ha logrado detener el programa nuclear iraní, que sigue argumentando que no tiene fines bélicos sino objetivos civiles. (El País)
Narcoviolencia en México
El titular del CISEN, Guillermo Valdés, afirmó que este gobierno no ha logrado reducir la violencia derivada del narcotráfico y reveló que en el periodo presidencial de Calderón se reportan ya 28 mil muertes. (Reforma)
Por otro lado, el presidente Calderón argumenta que su gobierno no ha sabido explicar la lucha contra el narcotráfico. Afirmó que a pesar de que el gobierno federal no desea ocultar información, no tiene control sobre la información de los estados. (El Universal)
Se plantea limitar depósitos en pesos
La Asocación de Bancos de México propuso limitar los depósitos a un máximo de 50 mil pesos en efectivo, para combatir el lavado de dinero. (Reforma)
Efectos de derrame de petróleo en México
México ha gastado 35 millones de dólares en monitoreo, sobrevuelos y recorridos para tener la información necesaria para combatir el derrame de petróleo. Hasta ahora no se ha detectado presencia de crudo en territorio mexicano (se había previsto que llegara a finales del año). El Secretario de Medio Ambiente aseguró que el gobierno mexicano pedirá al de Estados Unidos por los gastos. (Reforma)
EUA: acción del gobierno federal frena más leyes antiimigrantes
Otros estados que habían considerado adoptar leyes como la de Arizona han decidido no hacerlo todavía, después de que el gobierno federal haya intentado exitosamente de bloquear las partes más controversiales de la Ley Arizona. (Reforma)
Patrick Signoret e Isabel Gil
El presidente Iraní Mahmud Ahmadineyad propuso a Obama un encuentro “cara a cara” para discutir las sanciones impuestas a Irán por su programa nuclear. El presidente afirmó que ninguna iniciativa ha logrado detener el programa nuclear iraní, que sigue argumentando que no tiene fines bélicos sino objetivos civiles. (El País)
Narcoviolencia en México
El titular del CISEN, Guillermo Valdés, afirmó que este gobierno no ha logrado reducir la violencia derivada del narcotráfico y reveló que en el periodo presidencial de Calderón se reportan ya 28 mil muertes. (Reforma)
Por otro lado, el presidente Calderón argumenta que su gobierno no ha sabido explicar la lucha contra el narcotráfico. Afirmó que a pesar de que el gobierno federal no desea ocultar información, no tiene control sobre la información de los estados. (El Universal)
Se plantea limitar depósitos en pesos
La Asocación de Bancos de México propuso limitar los depósitos a un máximo de 50 mil pesos en efectivo, para combatir el lavado de dinero. (Reforma)
Efectos de derrame de petróleo en México
México ha gastado 35 millones de dólares en monitoreo, sobrevuelos y recorridos para tener la información necesaria para combatir el derrame de petróleo. Hasta ahora no se ha detectado presencia de crudo en territorio mexicano (se había previsto que llegara a finales del año). El Secretario de Medio Ambiente aseguró que el gobierno mexicano pedirá al de Estados Unidos por los gastos. (Reforma)
EUA: acción del gobierno federal frena más leyes antiimigrantes
Otros estados que habían considerado adoptar leyes como la de Arizona han decidido no hacerlo todavía, después de que el gobierno federal haya intentado exitosamente de bloquear las partes más controversiales de la Ley Arizona. (Reforma)
Patrick Signoret e Isabel Gil
Power and Policy Team update (English)
Italy no-confidence vote on Wednesday
The vote will be a test to see if Berlusconi’s ruling coalition can survive the defection a breakaway faction of 33 members (Gianfranco Fini and his new Future and Liberty group). It’s not clear what the result will be. The motion was brought by opposition parties, not by the breakaway faction, and the Future and Liberty group considers itself center-right (same as ruling government coalition).
(FT)
U.S. Fed considers “symbolic shift”
The Wall Street Journal reports that the Fed is considering a “modest but symbolically important change in the management of their massive securities portfolio “ in a meeting next week, in the wake of a slowdown in growth. It might use the cash it receives fom mature mortgage-bond holdings to buy new mortgage or Treasury bonds, instead of allowing its portfolio to slowly shrink. Here is the complete article.
Koreas
North Korea continues to threaten the South with retaliation, in response to a series of war drills planned by the South to start on Thursday. These exercises are considered by the North as a direct military invasion. (NYT)
Pakistan and Afghanistan
According to the Pakistani president, the war against the Taliban is being lost. The international community, he said, has failed to win hearts and minds. These declarations were made just before his visit to the UK, with whom relations are tense after the accusations following the document leaks, which accused Pakistan of playing a double game in the Afghan war, and David Cameron’s cozy visit to India. (The Guardian)
Patrick Signoret and Isabel Gil
The vote will be a test to see if Berlusconi’s ruling coalition can survive the defection a breakaway faction of 33 members (Gianfranco Fini and his new Future and Liberty group). It’s not clear what the result will be. The motion was brought by opposition parties, not by the breakaway faction, and the Future and Liberty group considers itself center-right (same as ruling government coalition).
(FT)
U.S. Fed considers “symbolic shift”
The Wall Street Journal reports that the Fed is considering a “modest but symbolically important change in the management of their massive securities portfolio “ in a meeting next week, in the wake of a slowdown in growth. It might use the cash it receives fom mature mortgage-bond holdings to buy new mortgage or Treasury bonds, instead of allowing its portfolio to slowly shrink. Here is the complete article.
Koreas
North Korea continues to threaten the South with retaliation, in response to a series of war drills planned by the South to start on Thursday. These exercises are considered by the North as a direct military invasion. (NYT)
Pakistan and Afghanistan
According to the Pakistani president, the war against the Taliban is being lost. The international community, he said, has failed to win hearts and minds. These declarations were made just before his visit to the UK, with whom relations are tense after the accusations following the document leaks, which accused Pakistan of playing a double game in the Afghan war, and David Cameron’s cozy visit to India. (The Guardian)
Patrick Signoret and Isabel Gil
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