Receitas turísticas da UE cresceram à boleia do turismo interno em 2023

[TP1]

-Home Sales in the U.S. Drop Less Than Forecast (Update1)

By Timothy R. Homan

July 25 (Bloomberg) -- Sales of new homes in the U.S. dropped less than forecast last month as builders offered incentives to reduce a glut of unsold properties.

Purchases decreased 0.6 percent to a 530,000 pace from 533,000 in May, a reading higher than previously estimated, the Commerce Department said today in Washington. A separate report showed orders for durable goods unexpectedly rose in June.

The number of properties on the market dropped by the most in four decades, today's report showed, indicating builders are making some headway in clearing out inventories.

``We may have not touched bottom yet in the housing market, but we're clearly not in any freefall,'' Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report.

Stocks climbed and Treasuries slid after today's reports eased concern that the economic slowdown will worsen. The Standard & Poor's 500 Stock Index gained 0.8 percent to 1,261.96 at 10:10 a.m. in New York. Benchmark 10-year note yields rose to 4.06 percent from 4 percent late yesterday.

Economists forecast sales would decline to a 503,000 pace, from a previously reported 512,000 for May, according to the median of 75 projections in a Bloomberg News survey. Estimates ranged from 480,000 to 530,000.

Durable Goods

Orders for long-lasting goods climbed 0.8 percent in June, Commerce also reported today. May orders were revised to show a 0.1 percent gain, better than previously estimated. Excluding demand for transportation equipment, which tends to be volatile, orders jumped 2 percent, the most this year.

Purchases of new houses reached a low of 513,000 at an annual pace in March.

The median sales prices last month decreased 2 percent from June 2007 to $230,900. These figures can be influenced by changes in the mix of sales at the regional level. For that reason, economists prefer price measures that track the same home over time.

The supply of homes at the current sales rate fell to 10 months' worth from 10.4 months in May. There were 426,000 homes for sale at the end of June at an annual pace, the fewest since December 2004. The figure was down 5.3 percent from the prior month, the biggest decline since November 1963.

A report yesterday from the National Association of Realtors showed existing home sales fell 2.6 percent to a 4.86 million annual rate, the lowest level in a decade. The median home price dropped 6.1 percent from June of last year.

Fannie, Freddie

Concern over the ability of Fannie Mae and Freddie Mac, the largest U.S. purchasers of mortgages, to survive the meltdown in subprime lending has heightened the credit crisis and may push up mortgage rates and further curtail access to loans.

U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth.

One in every 171 households was foreclosed on, received a default notice or was warned of a pending auction. That was an increase of 121 percent from a year earlier and 14 percent from the first quarter, RealtyTrac Inc. said today in a statement.

Lawmakers in Washington, trying to alleviate the worst housing recession in 25 years, are working on passing legislation designed to stem mortgage defaults.

Today's Commerce report showed that compared with a year earlier sales of new homes were down 33 percent.

Cutting Back

Builders are scaling back on projects to get inventories more in line with demand. Housing starts have fallen 53 percent from a peak rate of 2.27 million at an annual rate in January 2006 and residential investment dropped at a 26 percent annual pace in the first quarter.

Confidence among U.S. homebuilders dropped to a record low this month, the National Association of Home Builders/Wells Fargo said July 16.

Pulte Homes Inc., the third-largest U.S. homebuilder, this week reported a second-quarter loss of $158.4 million. ``We see no immediate signs of this housing downturn relenting,'' Pulte Chief Executive Officer Richard Dugas said yesterday on a conference call with analysts.

While sales of previously owned homes account for about 85 percent of the housing market, new home sales are considered a timelier indicator because they are based on contract signings.

New-home purchases fell in two of four regions. They dropped 2 percent in the South and 0.9 percent in the West. Sales rose 5.3 percent in the Northeast and 2.5 percent in the Midwest.

To contact the reporter on this story: Timothy R. Homan in Washington at thoman1@bloomberg.net

[TP1]

Reuters
Consumer confidence rebounds from 28-year low
Friday July 25, 9:58 am ET


NEW YORK (Reuters) - U.S. consumer sentiment recovered from early 1980s lows in July as Americans received tax rebate checks from the government but remained pressured by high gasoline prices and falling home values.
The Reuters/University of Michigan Surveys of Consumers said its final index of confidence rose to 61.2 in July from 56.4 in June. Analyst forecasts had pointed to no change from last month.

Both perceptions of current economic conditions and expectations improved somewhat on the month. Yet the outlook was far from rosy, according to the survey.

"The data still indicate an ongoing downturn in spending that will last well into 2009," the report said.

Inflation expectations one year out held steady at 5.1 percent, while looking further out at a five-year horizon they dipped to 3.2 percent from 3.4 percent.

(Reporting by Pedro Nicolaci da Costa; Editing by James Dalgleish)

[tiagopt2]

Realmente foi bastante surpreendente, esse dado. Não estava nada à espera... Mas pelos vistos não teve assim um impacto tão grande nos mercados, excepto imediatamente após a divulgação. Vamos ver como a América fecha hoje, estou algo expectante

[TP1]

Durable goods orders up 0.8 percent in June
Friday July 25, 8:37 am ET
By Martin Crutsinger, AP Economics Writer
Big-ticket factory orders rose at fastest pace in 4 months, much stronger than expected


WASHINGTON (AP) -- Orders to factories for big-ticket manufactured goods such as cars, appliances and machinery rose at the fastest pace in four months in June, a much stronger showing than had been expected.
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The Commerce Department reported Friday that orders for durable goods increased 0.8 percent last month, far better than the 0.4 percent decline that economists had been expecting.

It was the best showing since a 1.1 percent rise in February and reflected strength in demand for heavy machinery, primary metals such as steel and even a slight rebound in the beleaguered auto industry.

New orders for motor vehicles and parts rose by 1.8 percent, the best showing in 11 months.

The increase was only a fraction of the big declines in previous months and was not seen as signaling any kind of sustained rebound from U.S. automakers. They are being battered by soaring energy prices that have caused buyers to turn away from formerly hot sellers such as trucks and sport utility vehicles.

Overall, demand for transportation goods fell by 2.6 percent as the slight increase in auto demand was offset by a big 25.1 percent plunge in orders for commercial aircraft. Demand for military aircraft was also down, falling by 8.6 percent.

Excluding the volatile transportation sector, orders for durable goods, items expected to last at least three years, shot up by 2 percent, the best showing since last December and much better than the 0.2 percent decline that had been expected.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) -- Government data show that orders to factories for big-ticket manufactured goods rose at the fastest pace in four months in June, a much stronger showing than had been expected.

The Commerce Department reported Friday that orders for durable goods increased 0.8 percent last month, far better than the 0.4 percent decline that economists had been expecting.

It's the best showing since a 1.1 percent rise in February and reflects strength in demand for heavy machinery, primary metals such as steel and even a slight rebound in the beleaguered auto industry.

Stocks jump after rise in durable goods
Friday July 25, 8:42 am ET


NEW YORK (Reuters) - Stocks jumped on Friday following a government report that showed new orders of durable goods rose unexpectedly in June, calming worries about the profit outlook and the economy.
S&P 500 futures rose 5.60 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures climbed 44 points and Nasdaq 100 gained 12 points. Before the data, stock index futures had been little changed.

(Reporting by Ellis Mnyandu; Editing by Kenneth Barry)

[Lion_Heart]

NY AG sues banking giant UBS for securities fraud
Thursday July 24, 7:05 pm ET
By David B. Caruso, Associated Press Writer
NY's attorney general sues banking giant UBS for fraud in auction-rate securities market


NEW YORK (AP) -- New York Attorney General Andrew Cuomo sued UBS AG on Thursday, accusing the Swiss banking giant of fraudulently promoting tens of billions of dollars of auction-rate securities as safe when it knew a crisis was brewing.
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The lawsuit claims several bank executives pulled their personal investments from the floundering market last winter, even as the company continued to tell customers all was well.

"They knew what was happening to the market," said Cuomo deputy Eric Corngold. "Buyers of these securities didn't have a clue."

Some 50,000 bank customers have been stuck holding $37 billion worth of the securities, unable to sell them since the market collapsed in February.

UBS said in a statement that while some of its employees exercised "poor judgment," none had engaged in illegal conduct.

"It is frustrating that the New York attorney general has filed this complaint while we have been fully engaged in good faith negotiations with his office to bring liquidity to our clients holding auction-rate securities," the statement said.

The lawsuit, filed in state court in Manhattan, is expected to be just one in a string of actions against banks for their conduct in the $330 billion auction-rate securities market.

UBS already faces similar civil charges in Massachusetts and Cuomo's office has subpoenaed records from other financial institutions.

"UBS is not alone in this scheme," Cuomo said at a news conference Thursday. "We are looking at a number of other banks."

New York's lawsuit names UBS Securities LLC and UBS Financial Services Inc. as defendants. Both are units of UBS AG, based in Switzerland.

The lawsuit does not target individual executives, and Cuomo declined to say whether any might face criminal charges as the probe continues.

State investigators said they had identified seven UBS executives who sold $21 million of their personal stakes in the market in the three months leading up to its collapse.

Many of those sales occurred as company officials were anguishing over the market's future in internal e-mails, with one referring to it as a "huge albatross" and another calling the situation "scary and delicate."

"I want to get out of arcs. Let's talk Monday," one executive wrote to his personal investment adviser on Dec. 14, just hours after receiving a company e-mail warning of potential problems in the market.

Within seven days, the executive had sold off all $250,000 of his personal investments in auction-rate securities. Other executives sold millions, the suit said.

The lawsuit withheld the employees' names, identifying them only as "Executive A" or "Executive B."

UBS said in its written statement that it was considering disciplinary action against some of these officials.

The company added, though, that it had always "acted in the clients' best interests in this matter." It said it had supported the auctions longer than any other major firm and would defend itself vigorously against claims that it abandoned customers.

For years, banks promoted auction-rate securities as being both secure and liquid. They were issued by a broad range of municipal authorities, students lenders and others. Their primary difference from traditional bonds is their interest rates were reset at regular auctions, some as frequently as every week.

But tens of thousands of buyers were stuck holding the securities for months or longer when the auction market collapsed last February due to turmoil in the credit markets. The investment banks that had guaranteed liquidity pulled back, leaving sellers with no willing buyers.

Cuomo said his primary goal was to force UBS to make those assets liquid again.

"People want and need their money back," he said.

[Lion_Heart]

O problema nos mercados é o medo e a ganancia, nunca o meio termo e o raciocinio.

Por ex. pq diabo sobe ou desce uma acçao todos os dias se nao existem noticias para a mesma? Pela logica a cotação deveria ser estavel! Mas nao, todos os dias elas movimentam.

Os analistas quando o mercado esta Bull põe os targets na lua , quando esta Bear põe os targets no inferno. Logo, nunca temos o meio termo ou é tudo ou nada.

Em tempos de crise para as expectativas serem "favoraveis" dão targets ridiculos que ja sabem são sempre superados , mas o engraçado e que em tempos Bull fazem o mesmo, dão sempre targets para serem superados. Portanto para cada condição de mercado os analistas estão sempre em forma.

Lembro-me da cisco que superava sempre as expectativas em 1 centimo e la ia a acçao para a lua ,ate o dia em que falhou,...

Para quem é pago para dar opiniões e targtes , ele ira fazer isso de acordo com que lhe paga não de acordo com o que o mercado diz, o subprime para muitos ja tinha acabado pois para mim ainda esta a meio , ainda falta o crash final.

Por isso é que price targets de empresas que tenham interesse ou os seus clientes em determinada acçao não valem nada, pq se ele diz comprar é pq querem vender e se diz vender é pq querem comprar. senão porque dariam essa informação de forma gratuita quando a cobram aos seus clientes topo?

[Panizzi]

Partindo do principio que os investidores já tinham previsto muito antes dos resultados que estes seriam maus e como tal as cotações já tenham sofrido os seus ajustamentos , o melhor mesmo é mandar cá para fora previsões mais negativas que as reais para agora que sai os resultados dizerem todos , é negativo ..... mas está melhor do que o que estava previsto.

E assim se vai animando a malta.

[bullsista]

Até já se fala no Benfica campeão!!

Este é o sinal que me tem deixado mais a pensar, talvez faça algum sentido, quando se chegam a extremos destes...

Abraços lampiónicos

artista

Lol... é mesmo! A partir daqui tudo é possível. Tal como termos BCP a €4 até ao final do ano.

[artista_]

Até já se fala no Benfica campeão!!

Este é o sinal que me tem deixado mais a pensar, talvez faça algum sentido, quando se chegam a extremos destes...

Abraços lampiónicos

artista

[Ulisses Pereira]

Mais duas semaninhas, então.

Um abraço,
Ulisses

[bullsista]

Não digas nada a ninguém mas há uma cabala para isto ir para cima. Senão vejamos:


Compraram os analistas.

Estão a proibir os curtos nas financeiras.

O petróleo está a descer apesar das ameaças de greves e de furacões e crise no Irão.

Os cereais estão a cair.

Até já se fala no Benfica campeão!!


Isto só pode ser para cima, pá!

Mas já sabes ... não digas a ninguém!

Esqueci-me de dizer que para os cenários de subida serem perfeitos, os senhores da cabala têm de mandar o Ulisses de férias... a ver se assim a resistência dos 8900 no PSI é pulverizada.

[EuroVerde]

A minha percepção é de que a economia Europeia vai acabar por entrar um pouco mais tarde em recessão em relação aos EUA. Talvez no 2ºT de 2009 toque no fundo. E a bolsa terá que antecipar isso, recuperando antes dessa data, mas também acredito que não atingimos ainda o fundo nos mercados apesar das empresas andarem com racios baixos.

[rjtr79]

Bastará ocorrer um sinal de inversão, que acredito pode ocorrer ainda neste segundo semestre e acredito que até ao final do ano, a maioria das cotadas anularão as perdas acumuladas desde o inicio do ano. As correcções já foram feitas... muitos acumularam, fizeram como a cigarra.
Só tenho pena estar liquido em apenas 20% o que não é nada para as várias oportunidades deste ultimo mês.
Já vimos que quando cai, cai a sério, mas quando sobe... não desilude. É só saber esperar. Crises sempre houve, são ciclos!!

[MCMAD1977]

Embora muitos o tentem prever ninguem sabe quando o mercado irá inverter...

[Ulisses Pereira]

Onorio, provavelmente tens razão nas expectativas demasiado baixas. Mas foram essas expectativas demasiado baixas que também contribuiram para o afundar dessas acções, pelo que - ao não se concretizarem - é natural que o mercado se ajuste.

Um abraço,
Ulisses

[artista_]

Ao que parece nestes dias todas as empresas tem vindo a apresentar resultados acima das previsoes, salvo raras exepçoes.

Aquilo que eu questiono é se a fasquia nao foi colocada demasiado abaixo, se foi qualquer mau resultado torna-se num optimo resultado.

Acho estranho estarmos a passar pelos problemas que estamos e todas as empresas apresentarem resultados acima das previsoes dos analistas.

Sinceramente acho que os mercados subiriam independentemente dos resultados sairem acima ou abaixo das espectativas! Se isso acontecesse provavelmente diriam que o mercado já tinha descontado, etc...

As quedas foram violentas e é normal que haja, pelo menos, uma correcção em alta, até onde irá e será que é o início da inversão dos mercados?! Não sei...

Um abraço

artista

[bullsista]

Não digas nada a ninguém mas há uma cabala para isto ir para cima. Senão vejamos:


Compraram os analistas.

Estão a proibir os curtos nas financeiras.

O petróleo está a descer apesar das ameaças de greves e de furacões e crise no Irão.

Os cereais estão a cair.

Até já se fala no Benfica campeão!!


Isto só pode ser para cima, pá!

Mas já sabes ... não digas a ninguém!

[Onorio]

Ao que parece nestes dias todas as empresas tem vindo a apresentar resultados acima das previsoes, salvo raras exepçoes.

Aquilo que eu questiono é se a fasquia nao foi colocada demasiado abaixo, se foi qualquer mau resultado torna-se num optimo resultado.

Acho estranho estarmos a passar pelos problemas que estamos e todas as empresas apresentarem resultados acima das previsoes dos analistas.

Cmpts