Jpy Buy :
Sell : 96.00
Stop : 96.60
Intraday : 95.00 – 94.50
Daily : 94.00 – 93.50
GBP Buy : 1.5400
Sell :
Stop : 1.5340
Intraday : 1.5505 – 1.5560
Daily : 1.5640 – 1.5720
XAU Buy : 806.00
Sell :
Stop : 800.00
Intraday : 814.60 – 823.25
Daily : 832.00 – 840.90
CHF Buy :
Sell : 1.1910
Stop : 1.1975
Intraday : 1.1825 – 1.1745
Daily : 1.1665 – 1.1585
AUD Buy : 0.6450
Sell :
Stop : 0.6390
Intraday : 0.6515 – 0.6570
Daily : 0.6630 – 0.6685
EUR JPY Buy : 123.60
Sell :
Stop : 122.90
Intraday : 124.90 – 126.00
Daily : 126.90 – 127.80
EUR Buy : 1.2980
Sell :
Stop : 1.2930
Intraday : 1.3090 – 1.3185
Daily : 1.3230 – 1.3280
ANM World Wide
Earth
Rabu, 26 November 2008
Potential Cost of US Financial Bailout: Over $8 Trillion
Two new Federal Reserve programs aimed at easing consumer credit and lowering mortgage costs have pushed the potential bill for US financial rescue efforts to about $8.317 trillion, although far less has been committed so far and money extended might not be lost.
CNBC.com
Following is a rundown of the total amount of known US public funds that could be put at risk—either spent, allocated or pledged—in Fed liquidity, loan and purchase actions, Treasury Department financial rescue efforts, housing support legislation and actions by other federal agencies:
* Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October. The Fed said it does not intend to buy anywhere near this amount, which represents what eligible issuers could sell—up to $1 billion per issuer. As of Nov. 19, the Fed's holdings in this facility were $270.88 billion.
* Up to about $1.9 trillion in new Federal Deposit Insurance Corp guarantees for banks, including $1.4 trillion in new senior unsecured debt issued by banks, and $500 billion in transaction deposit accounts typically used by businesses to pay employees and vendors.
* Up to $800 billion in Fed support for mortgage and consumer credit markets, including purchases of up to $600 billion in debt and mortgage-backed securities issued by government-sponsored enterprises. The Fed is also launching, with Treasury backing, a $200 billion loan facility to support consumer credit, such as student auto and credit card loans.
* Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding Facility announced Oct. 21.
* Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs over the year-end period, including $600 billion in normal auction facilities and two $150 billion "forward" TAF auctions conducted this month. As of Nov. 19, $415.3 billion in TAF credit was extended.
WALL STREET IN CRISIS - A CNBC SPECIAL REPORT
* Unlimited commitments to lend through discount window to banks and broker dealers. Credit extended under these facilities totaled $296.82 billion as of Nov. 19.
* $700 billion for the Treasury to buy equity stakes in financial institutions. The Treasury allocated $250 billion of this amount to banks and thrifts and granted another $40 billion to insurer American International Group [AIG 1.77 --- UNCH (0) ] and $20 billion to Citigroup [C 6.08 0.13 (+2.18%) ] under special rescue programs. The ultimate cost of these programs is uncertain and the government could profit if the shares rise in value.
* The Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio of $306 billion in risky assets.
* Unlimited temporary Fed currency swap lines with the European Central Bank, and central banks in England, Japan and Switzerland. The Fed maintains $165 billion in swap lines with other central banks to address elevated pressures in US dollar short-term funding markets.
* Up to $50 billion from the Great Depression-era Exchange Stabilization Fund to guarantee principal in money market mutual funds to provide the same confidence that consumers have in federally insured bank deposits.
* At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September. The Treasury has said it will continue to make purchases in the months ahead.
* $200 billion to backstop Fannie Mae [FNM 0.47 0.13 (+38.24%) ] and Freddie Mac [FRE 0.53 0.08 (+17.78%) ]. The Treasury will inject up to $100 billion into each institution by purchasing preferred stock to shore up their capital as needed.
* Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac since their portfolio limits were expanded when the government took them over in September.
* AIG will get up to $152.5 billion in support from Treasury equity purchases and loans from the Fed.
* $300 billion for the Federal Housing Administration to refinance failing mortgages into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill.
* $4 billion in grants to local communities to help them buy and repair homes abandoned due to mortgage foreclosures.
* $29 billion in financing for JPMorgan Chase's [JPM 29.77 2.19 (+7.94%) ] government-brokered buyout of Bear Stearns in March. The Fed agreed to take $30 billion in questionable Bear assets as collateral, making JPMorgan liable for the first $1 billion in losses, while agreeing to shoulder any further losses.
CNBC.com
Following is a rundown of the total amount of known US public funds that could be put at risk—either spent, allocated or pledged—in Fed liquidity, loan and purchase actions, Treasury Department financial rescue efforts, housing support legislation and actions by other federal agencies:
* Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October. The Fed said it does not intend to buy anywhere near this amount, which represents what eligible issuers could sell—up to $1 billion per issuer. As of Nov. 19, the Fed's holdings in this facility were $270.88 billion.
* Up to about $1.9 trillion in new Federal Deposit Insurance Corp guarantees for banks, including $1.4 trillion in new senior unsecured debt issued by banks, and $500 billion in transaction deposit accounts typically used by businesses to pay employees and vendors.
* Up to $800 billion in Fed support for mortgage and consumer credit markets, including purchases of up to $600 billion in debt and mortgage-backed securities issued by government-sponsored enterprises. The Fed is also launching, with Treasury backing, a $200 billion loan facility to support consumer credit, such as student auto and credit card loans.
* Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding Facility announced Oct. 21.
* Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs over the year-end period, including $600 billion in normal auction facilities and two $150 billion "forward" TAF auctions conducted this month. As of Nov. 19, $415.3 billion in TAF credit was extended.
WALL STREET IN CRISIS - A CNBC SPECIAL REPORT
* Unlimited commitments to lend through discount window to banks and broker dealers. Credit extended under these facilities totaled $296.82 billion as of Nov. 19.
* $700 billion for the Treasury to buy equity stakes in financial institutions. The Treasury allocated $250 billion of this amount to banks and thrifts and granted another $40 billion to insurer American International Group [AIG 1.77 --- UNCH (0) ] and $20 billion to Citigroup [C 6.08 0.13 (+2.18%) ] under special rescue programs. The ultimate cost of these programs is uncertain and the government could profit if the shares rise in value.
* The Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio of $306 billion in risky assets.
* Unlimited temporary Fed currency swap lines with the European Central Bank, and central banks in England, Japan and Switzerland. The Fed maintains $165 billion in swap lines with other central banks to address elevated pressures in US dollar short-term funding markets.
* Up to $50 billion from the Great Depression-era Exchange Stabilization Fund to guarantee principal in money market mutual funds to provide the same confidence that consumers have in federally insured bank deposits.
* At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September. The Treasury has said it will continue to make purchases in the months ahead.
* $200 billion to backstop Fannie Mae [FNM 0.47 0.13 (+38.24%) ] and Freddie Mac [FRE 0.53 0.08 (+17.78%) ]. The Treasury will inject up to $100 billion into each institution by purchasing preferred stock to shore up their capital as needed.
* Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac since their portfolio limits were expanded when the government took them over in September.
* AIG will get up to $152.5 billion in support from Treasury equity purchases and loans from the Fed.
* $300 billion for the Federal Housing Administration to refinance failing mortgages into new, reduced-principal loans with a federal guarantee, passed as part of a broad housing rescue bill.
* $4 billion in grants to local communities to help them buy and repair homes abandoned due to mortgage foreclosures.
* $29 billion in financing for JPMorgan Chase's [JPM 29.77 2.19 (+7.94%) ] government-brokered buyout of Bear Stearns in March. The Fed agreed to take $30 billion in questionable Bear assets as collateral, making JPMorgan liable for the first $1 billion in losses, while agreeing to shoulder any further losses.
Chinese Economy Unlikely to See Deflation
Chinese Economy Unlikely to See Deflation
China's economy is unlikely to experience deflation, while GDP growth is expected to stay above 8 percent in 2009, a researcher from a key government think-tank said in remarks published on Wednesday.
China, Chinese Flag
CNBC.com
China is not displaying the economic symptoms of inflation, Fan Jianping, the chief economist of the State Information Centre, told the official China Securities Journal.
Fan said an outright decline in consumer prices was unlikely in 2009, but the producer price index may fall in a few months of the year.
Higher grain purchase prices and a possible overhaul of pricing mechanisms for natural resources would prevent consumer price deflation, but tumbling global oil costs and weaker economic growth would weigh on wholesale prices, he said.
China's economic growth slowed to 9.0 percent in the third quarter from 10.1 percent in the second, hurt by the global credit crisis and a weak property sector, leaving the economy on course for its first year of single-digit expansion since 2002.
The slowdown was likely to come to an end in the second half of 2009 so long as the stimulus policies recently announced by the government are put into effect, Fan told the newspaper.
Wu Xiaoling, a former deputy governor of the central bank who is now a senior lawmaker, expected China would grow 8-9 percent next year, the official Financial News reported.
It quoted Wu as telling financial executives that the most important thing for China was to adopt a flexible and prudent macroeconomic policy stance.
The World Bank on Tuesday lowered its forecast of Chinese growth in 2009 to 7.5 percent from 9.2 percent and said it expected consumer inflation to slow to 2.0 percent from 6.5 percent on average this year.
But Louis Kuijs, the senior economist in the bank's Beijing office, played down the threat of deflation. Falling raw material prices were unambiguously good news for China, a big net importer of commodities, and the government could easily respond, for example, by raising minimum wages, if deflation loomed, he said.
"I would not be worried about deflation. Let's be glad we don't have to worry about inflation," Kuijs told reporters.
China's economy is unlikely to experience deflation, while GDP growth is expected to stay above 8 percent in 2009, a researcher from a key government think-tank said in remarks published on Wednesday.
China, Chinese Flag
CNBC.com
China is not displaying the economic symptoms of inflation, Fan Jianping, the chief economist of the State Information Centre, told the official China Securities Journal.
Fan said an outright decline in consumer prices was unlikely in 2009, but the producer price index may fall in a few months of the year.
Higher grain purchase prices and a possible overhaul of pricing mechanisms for natural resources would prevent consumer price deflation, but tumbling global oil costs and weaker economic growth would weigh on wholesale prices, he said.
China's economic growth slowed to 9.0 percent in the third quarter from 10.1 percent in the second, hurt by the global credit crisis and a weak property sector, leaving the economy on course for its first year of single-digit expansion since 2002.
The slowdown was likely to come to an end in the second half of 2009 so long as the stimulus policies recently announced by the government are put into effect, Fan told the newspaper.
Wu Xiaoling, a former deputy governor of the central bank who is now a senior lawmaker, expected China would grow 8-9 percent next year, the official Financial News reported.
It quoted Wu as telling financial executives that the most important thing for China was to adopt a flexible and prudent macroeconomic policy stance.
The World Bank on Tuesday lowered its forecast of Chinese growth in 2009 to 7.5 percent from 9.2 percent and said it expected consumer inflation to slow to 2.0 percent from 6.5 percent on average this year.
But Louis Kuijs, the senior economist in the bank's Beijing office, played down the threat of deflation. Falling raw material prices were unambiguously good news for China, a big net importer of commodities, and the government could easily respond, for example, by raising minimum wages, if deflation loomed, he said.
"I would not be worried about deflation. Let's be glad we don't have to worry about inflation," Kuijs told reporters.
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