the us market, currencies, gold,oil

  1. 22,691 Posts.
    "Consumer prices are rising faster than wages for blue-collar and non-managerial workers, who account for 80 percent of the work force, the department said.

    After adjusting for inflation, average weekly wages for those workers fell 0.3 percent last month, and were down 0.5 percent in the 12 months that ended in March, the Labor Department said in another report. That marked the sixth consecutive month in which wages had declined on an annual basis".

    Comment: Outsourcing decreases the power of Unions. But members are also consumers and sooner or later, consumption will fall in these inflationary conditions

    Consumer prices surge in March

    U.S. April Philadelphia Fed Manufacturing Index Rises (Update3

    Arising from some good company reports and the increase in the Philadelphia Index, the Dow jumped 2.1% and the 10 year bond yields rose. The USD rose to 432.2, Euro 1.3045 Gold 432.2 (-2.0) silver 7.2 and oil up to 54.3


    From China Daily:

    Iron ore imports face license, price ceiling
    (Shenzhen Daily/Agencies)
    Updated: 2005-04-21 15:40

    China, the world's top steel producer, was considering capping iron ore import prices in a new attempt to limit surging imports of the raw material and its run-away spot prices, shipping sources said Wednesday.

    The sources also said the Chinese government would apply an iron ore import license system to cargoes arriving in China after May 1, instead of applying the system on sales contracts signed after the date.

    "They are definitely going to come back with the license and the price ceilings," said Harry Banga, vice chairman of Asia's biggest commodities group Noble Group Ltd.

    "How to put the price ceiling into reality is becoming a bit of a difficult task... (But) China can do it."

    Noble is one of the biggest exporters of Indian iron ore into China, which saw a 40.5 percent increase last year in iron ore imports to 208 million tons.

    An official from one of China's top shipping companies said some Indian iron ore cargoes sailing to China might face problems because of the import licensing system.

    The world's top miners, including BHP Billiton Ltd, Companhia Vale do Rio Doce and Rio Tinto Ltd, won a 71.5 percent price hike for 2005 contracts, effective from April 1.

    The huge price increase came against the backdrop of surging demand for the raw materials to feed steel mills worldwide, but particularly in China.

    Over the past several months, the Chinese government made clear that it was unhappy with the price increase and blamed a surge in spot prices for Indian iron ore in the past one year".


    Comment: Let us hope there won't be any flow-on effects.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.