The EU prefers to keep his letters to Copenhagen and refuses to put figures on how much help finance the fight against climate change or how to apportion the costs among its members. After intensive talks at the summit of heads of State and Government of the Twenty-seven of Sweden, which holds the EU presidency this semester and is a strong advocate of cutting emissions, had to close the discussion without any progress.
The Europeans are committed to helping developing countries, but most want to have more available by the third world and considered a failure to disclose the Community's position in negotiations in the UN summit in Denmark in December. The leaders are resisting any agreement on the figures, which do not appear until they know where the other partners.
"I want to Copenhagen a success. The EU must make clear their views. But it is also crucial to clarify what the U.S. and China are willing to contribute," said German Chancellor Angela Merkel. "For tactical reasons, some of my colleagues think we should keep the wallet in your pocket for now ... I do not agree," complained the Danish premier, Lars Lokke Rasmussen.
Developing Countries
The European Commission believes that developing countries will need up to 100,000 million annually at the end of the next decade to match the green economy.
The Twenty-seven have no problems with this amount, but the Commission estimate that they will need public support of between 22,000 and 50,000 million. The EU could pay between 2,000 and 15,000 million. United Kingdom, for example, argues that the European sum reaches at least the 10,000 million. However, the Union has not even decided how to apportion the costs among its partners, especially between West and East Europe. The poorest want the relief to others are, in principle, voluntary.
In addition, Poland and eight other former communist countries argue that the burden-sharing is done based on the wealth of the member states, while England and Germany also want to consider emission levels. The Commission insisted that the EU should not recoil before Copenhagen. "Of course there are costs as well as many benefits," he repeated President Barroso.
viernes, 30 de octubre de 2009
OIL-market slows down about 80 DLRS after sharp rise
Oil prices swung below $ 80 a barrel Friday after a jump of 3 percent in the previous session, as the idea that oil prices may have outpaced the market reality attenuated the rebound.
The strong oil prices rose on Thursday, while shares of Wall Street scored its best daily percentage gain in three months.
Investors viewed the data showed the U.S. economy returned to growth in the third quarter and improved outlook for profits and power demand.
The world's largest economy grew at an annualized 3.5 percent in July September period, beating expectations of a rise of 3.3 percent and ending a steep decline.
U.S. crude for December delivery fell 31 cents to $ 79.51 a barrel by 1015 GMT, after trading above the key $ 80 level in early trading day. Brent crude was down 40 cents to $ 77.60.
The sharp increase on Thursday capped the increases in October, putting the oil on track for a gain of 13 percent this month after a positive earnings season, which led many investors to bet on further promotion of oil prices.
"With the fervent tone of the oil market was on Thursday, the word 'f'-basis-still seems far from the minds" of the market, the firm said JBC Energy analyst David Wech.
An evaluation colder the fundamentals of supply and demand is likely to unleash a price correction, he said.
"The oil still looks overvalued and an increase in GDP after three quarters of reductions does not mean that the United States nor the rest of the world and its problems have been overcome," he said.
Traders were on the lookout for new data due on Friday in the U.S., as consumer sentiment from the University of Michigan and the manufacturing index of the Institute of Supply Management USA (ISM in English)
The strong oil prices rose on Thursday, while shares of Wall Street scored its best daily percentage gain in three months.
Investors viewed the data showed the U.S. economy returned to growth in the third quarter and improved outlook for profits and power demand.
The world's largest economy grew at an annualized 3.5 percent in July September period, beating expectations of a rise of 3.3 percent and ending a steep decline.
U.S. crude for December delivery fell 31 cents to $ 79.51 a barrel by 1015 GMT, after trading above the key $ 80 level in early trading day. Brent crude was down 40 cents to $ 77.60.
The sharp increase on Thursday capped the increases in October, putting the oil on track for a gain of 13 percent this month after a positive earnings season, which led many investors to bet on further promotion of oil prices.
"With the fervent tone of the oil market was on Thursday, the word 'f'-basis-still seems far from the minds" of the market, the firm said JBC Energy analyst David Wech.
An evaluation colder the fundamentals of supply and demand is likely to unleash a price correction, he said.
"The oil still looks overvalued and an increase in GDP after three quarters of reductions does not mean that the United States nor the rest of the world and its problems have been overcome," he said.
Traders were on the lookout for new data due on Friday in the U.S., as consumer sentiment from the University of Michigan and the manufacturing index of the Institute of Supply Management USA (ISM in English)
Government estimates that Obama's economic stimulus created 600,000 job posts
The government of President Barack Obama estimates that his economic stimulus program has created about 650,000 jobs between March and September, said today the newspaper The Wall Street Journal.
Congress passed and enacted in February Obama a program of 787,000 million, which is largely not yet been disbursed, to counteract the economic downturn began in December 2007.
The jobs data will be included in the information that thousands of state and local governments, private companies, universities and community groups presented in early October showing how to use the funds received.
The paper said that these reports will be available to the public this afternoon on a website (recovery.gov).
In accordance with the requirements imposed by Congress when it passed the law, the reports cover only 150,000 million USD 339,000 million distributed to 30 September.
"As the documents are less than half of the incentive funds spent through the end of September, the White House considers the data as evidence that the Stimulus Act of 2009 will meet their goals to create or preserve at least a million jobs ", the newspaper said.
Yesterday the Commerce Department reported that in the third quarter of this year the U.S. economy grew at an annualized rate of 3.5 percent. This was the first increase in gross domestic product (GDP) in a year, but there's more than 15 million workers without jobs.
Congress passed and enacted in February Obama a program of 787,000 million, which is largely not yet been disbursed, to counteract the economic downturn began in December 2007.
The jobs data will be included in the information that thousands of state and local governments, private companies, universities and community groups presented in early October showing how to use the funds received.
The paper said that these reports will be available to the public this afternoon on a website (recovery.gov).
In accordance with the requirements imposed by Congress when it passed the law, the reports cover only 150,000 million USD 339,000 million distributed to 30 September.
"As the documents are less than half of the incentive funds spent through the end of September, the White House considers the data as evidence that the Stimulus Act of 2009 will meet their goals to create or preserve at least a million jobs ", the newspaper said.
Yesterday the Commerce Department reported that in the third quarter of this year the U.S. economy grew at an annualized rate of 3.5 percent. This was the first increase in gross domestic product (GDP) in a year, but there's more than 15 million workers without jobs.
miércoles, 28 de octubre de 2009
Leading Economic Indicators euro rises 1.2 percent in September
The leading economic index for the euro zone Study Group Conference Board (LEI, for its acronym in English) rose 1.2 percent to 100.6 points in September, suggesting a continued recovery in the block single currency.
The rally came after increases of 1.8 percent in August and 1.7 percent in July, the group said in a statement Wednesday, which said seven of the eight components of the index contributed positively in the month.
"(Is) strong earnings in the last six months in the LEI in the euro zone, Germany and France point to a continuing process of recovery," he said in a statement Jean-Claude Manini, European economist at the Conference Board.
"However, current economic conditions remain weak and the continuing downward trend in employment in the euro area, combined with the purpose of incentive measures, represent the risk of an extended period of weak growth after the recovery of short term, "he said.
Unemployment in the euro zone of 16 countries grew at more than a decade from 9.6 percent in August, which affected the prospects for a solid rebound from the worst recession since World War II.
Economists expect the euro zone economy has begun to grow in the third quarter of this year.
Governments have pumped billions of euros into the economy to kick, but must end their tax breaks because their deficits have risen to levels considered dangerous.
Finance ministers of the EU agreed this month it should start no later than 2001 to make deep cuts in their budget deficits.
The leading index, which anticipates economic development for up to six months in the future, features eight economic indicators that measure the activity in the euro area as a whole.
The components include the economic sentiment index from the European Commission, the rate of residential building permits secured from Eurostat, the index of new orders for capital goods and the Dow Jones EURO STOXX.
It also includes data from the European Central Bank money supply and interest rate differentials and the index of purchasing managers by Markit Economics and manufactures its index of future business expectations of the service sector in the euro area.
The rally came after increases of 1.8 percent in August and 1.7 percent in July, the group said in a statement Wednesday, which said seven of the eight components of the index contributed positively in the month.
"(Is) strong earnings in the last six months in the LEI in the euro zone, Germany and France point to a continuing process of recovery," he said in a statement Jean-Claude Manini, European economist at the Conference Board.
"However, current economic conditions remain weak and the continuing downward trend in employment in the euro area, combined with the purpose of incentive measures, represent the risk of an extended period of weak growth after the recovery of short term, "he said.
Unemployment in the euro zone of 16 countries grew at more than a decade from 9.6 percent in August, which affected the prospects for a solid rebound from the worst recession since World War II.
Economists expect the euro zone economy has begun to grow in the third quarter of this year.
Governments have pumped billions of euros into the economy to kick, but must end their tax breaks because their deficits have risen to levels considered dangerous.
Finance ministers of the EU agreed this month it should start no later than 2001 to make deep cuts in their budget deficits.
The leading index, which anticipates economic development for up to six months in the future, features eight economic indicators that measure the activity in the euro area as a whole.
The components include the economic sentiment index from the European Commission, the rate of residential building permits secured from Eurostat, the index of new orders for capital goods and the Dow Jones EURO STOXX.
It also includes data from the European Central Bank money supply and interest rate differentials and the index of purchasing managers by Markit Economics and manufactures its index of future business expectations of the service sector in the euro area.
martes, 27 de octubre de 2009
OIL-market on break below 79 before inventory DLRS
Oil paused below $ 79 a barrel on Tuesday, was steady after three consecutive sessions of declines, as investors awaited further signs of stock market data and weekly crude inventories in the United States.
U.S. crude for December delivery fell 6 cents to $ 78.62 a barrel by 0931 GMT, after losing $ 1.82 to $ 78.68 Monday. Brent crude fell 2 cents to $ 77.24.
Operators are very attentive to the dollar on Tuesday, and also the report of the American Petroleum Institute (API, by its initials in English) that comes out later in the day, for signs on fuel demand in the world's largest consumer energy.
"At this time (the oil market) is more dependent on the direction of the dollar than anything they have to say the Department of Energy (U.S.), OPEC, China and even Goldman Sachs, analysts said Schork Group in his daily publication.
The dollar fell against the euro on Tuesday after a surge Monday on speculation the Federal Reserve would suggest an adjustment of monetary policy later.
Emphasizing the increased nervousness about stocks, commodities and currencies linked to high economic growth, the volatility of the futures market in Chicago, known as the VIX, rose 9.16 per cent stronger on Monday.
Stock markets in Europe bucked the trend with a marginal advance of 0.04 percent.
Energy stocks took the lead after the third quarter results from oil major BP beat forecasts, after an aggressive cost-cutting program.
While oil prices have risen nearly 77 percent this year, still trades at about half maximum of more than $ 147 a barrel seen in July 2008.
Analysts said investors are likely to remain cautious ahead of U.S. consumption figures in October and housing price data for August that will be available later in the day.
U.S. crude for December delivery fell 6 cents to $ 78.62 a barrel by 0931 GMT, after losing $ 1.82 to $ 78.68 Monday. Brent crude fell 2 cents to $ 77.24.
Operators are very attentive to the dollar on Tuesday, and also the report of the American Petroleum Institute (API, by its initials in English) that comes out later in the day, for signs on fuel demand in the world's largest consumer energy.
"At this time (the oil market) is more dependent on the direction of the dollar than anything they have to say the Department of Energy (U.S.), OPEC, China and even Goldman Sachs, analysts said Schork Group in his daily publication.
The dollar fell against the euro on Tuesday after a surge Monday on speculation the Federal Reserve would suggest an adjustment of monetary policy later.
Emphasizing the increased nervousness about stocks, commodities and currencies linked to high economic growth, the volatility of the futures market in Chicago, known as the VIX, rose 9.16 per cent stronger on Monday.
Stock markets in Europe bucked the trend with a marginal advance of 0.04 percent.
Energy stocks took the lead after the third quarter results from oil major BP beat forecasts, after an aggressive cost-cutting program.
While oil prices have risen nearly 77 percent this year, still trades at about half maximum of more than $ 147 a barrel seen in July 2008.
Analysts said investors are likely to remain cautious ahead of U.S. consumption figures in October and housing price data for August that will be available later in the day.
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