Fed Boosts Size of Next Two Special Auctions to $30 Billion
Jan. 4 (Bloomberg) -- The Federal Reserve said it will increase the size of two scheduled auctions of emergency loans by 50 percent to $30 billion beginning with the next offering, scheduled for Jan. 14.
The Fed will continue the loan auctions, designed to increase the amount of cash available in the banking system, ``for as long as necessary,'' it said in a statement released today.
The second auction will be held on Jan. 28. Results will be announced the day following each auction and the sales will settle three days after. The Fed will announce its plans for February by Feb. 1, the statement said.
The Board of Governors of the Federal Reserve System established the temporary Term Auction Facility, dubbed TAF, in December to provide cash after interest rate cuts failed to break banks' reluctance to lend amid concern about losses related to subprime mortgage securities. The program will make funding from the Fed available beyond the 20 authorized primary dealers that trade directly with central bank.
The Fed uses the TAF to auction funds to institutions that are eligible to borrow at their discount window. All TAF credit must be fully collateralized, and TAF accepts a broad range of collateral at the same values and margins applicable for the other Federal Reserve lending programs.
On Dec. 21 the Fed and European Central Bank loaned $30 billion in 35-day funds at an interest rate of 4.67 percent, 2 basis points more than at the initial auctions four days earlier. The rates were less than the 4.75 percent banks are charged to borrow directly at the Fed's discount window, suggesting the central bank was making progress in alleviating a credit crunch. The Fed auctioned $20 billion in each of those instances.
Policy makers have cut the Fed's target rate for overnight loans between banks by 100 basis points to 4.25 percent since September, and the discount rate by 150 basis points.
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Friday, January 4, 2008
GLOBAL INDEXES
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FTSE/CySE 20
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Όγκος: € 11,992,443
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FTSE 100 INDEX 6,348.50 -130.90 -2.02%
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FTSE/CySE 20
1619.79 ( -0.58%)
ΓΕΝΙΚΟΣ ΔΕΙΚΤΗΣ
4725.18 ( -0.54%)
Όγκος: € 11,992,443
---
FTSE 100 INDEX 6,348.50 -130.90 -2.02%
CAC 40 INDEX 5,446.79 -99.29 -1.79%
DAX INDEX 7,808.69 -99.72 -1.26%
---
DOW JONES INDUS. AVG 12,800.18 -256.54 -1.96%
S&P 500 INDEX 1,411.63 -35.53 -2.46%
NASDAQ COMPOSITE INDEX 2,504.65 -98.03 -3.77%
US Payrolls and jobless rate
Payrolls rose by 18,000, the least since August 2003, after a 115,000 gain in November that was larger than initially reported, the Labor Department said today in Washington. The jobless rate rose to 5.0 percent from 4.7 percent in November.
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Τί βλέπει η DB για τράπεζες
Τί βλέπει η DB για τράπεζες
Εάν τα εταιρικά κέρδη και η παγκόσμια οικονομία παρουσιάσουν βελτίωση το 2008, τότε οι μετοχές των ευρωπαϊκών τραπεζών αναμένεται να υπερ-αποδώσουν, εκτιμά η Deutsche Bank. Σε έκθεσή της ημερομηνίας 2 Ιανουαρίου με τίτλο «European Banks Strategy», η DB αναφέρεται στην εκτιμώμενη πορεία των ευρωπαϊκών τραπεζών. Ανάμεσα στα top picks της DB περιλαμβάνεται η Τρ. Κύπρου με σύσταση αγοράς και την τιμή στόχο να παραμένει στα €17. Η Deutsche Bank αναμένει ότι η BOCY θα πετύχει το 2007 κέρδη €491 εκ., το 2008 €600 εκ. και το 2009 €761 εκ.
Σύμφωνα με την DB, στο παρόν στάδιο παρατηρείται μία σύγκρουση μεταξύ των αποτιμήσεων στο χρηματοοικονομικό κλάδο (ειδικά των τραπεζών) και των υπόλοιπων κλάδων. «Αυτό ακολουθεί την υπο-απόδοση των τραπεζών από την ευρύτερη αγορά κατά 19%, οι οποίες διαπραγματεύονται στα χαμηλά P/E των τελευταίων είκοσι χρόνων. Οι τραπεζικοί τίτλοι αποτιμούνται κατά το ήμισυ με το ενδεχόμενο παγκόσμιας οικονομικής ύφεσης και έλλειψης ρευστότητας, ενώ οι προσδοκίες για τον εταιρικό κλάδο παραμένουν υψηλές», σημειώνεται.
Η Deutsche Bank συστήνει overweight για τις μετοχές των τραπεζών. Στις κορυφαίες επιλογές περιλαμβάνονται μετοχές με υψηλή κεφαλαιοποίηση και προοπτικές οργανικής ανάπτυξης.
Πέραν της BOCY, στα top picks περιλαμβάνονται η UBS, Santander, BNP Paribas, DnB NOR και Unicredit.
STOCKWATCH.COM.CY
Εάν τα εταιρικά κέρδη και η παγκόσμια οικονομία παρουσιάσουν βελτίωση το 2008, τότε οι μετοχές των ευρωπαϊκών τραπεζών αναμένεται να υπερ-αποδώσουν, εκτιμά η Deutsche Bank. Σε έκθεσή της ημερομηνίας 2 Ιανουαρίου με τίτλο «European Banks Strategy», η DB αναφέρεται στην εκτιμώμενη πορεία των ευρωπαϊκών τραπεζών. Ανάμεσα στα top picks της DB περιλαμβάνεται η Τρ. Κύπρου με σύσταση αγοράς και την τιμή στόχο να παραμένει στα €17. Η Deutsche Bank αναμένει ότι η BOCY θα πετύχει το 2007 κέρδη €491 εκ., το 2008 €600 εκ. και το 2009 €761 εκ.
Σύμφωνα με την DB, στο παρόν στάδιο παρατηρείται μία σύγκρουση μεταξύ των αποτιμήσεων στο χρηματοοικονομικό κλάδο (ειδικά των τραπεζών) και των υπόλοιπων κλάδων. «Αυτό ακολουθεί την υπο-απόδοση των τραπεζών από την ευρύτερη αγορά κατά 19%, οι οποίες διαπραγματεύονται στα χαμηλά P/E των τελευταίων είκοσι χρόνων. Οι τραπεζικοί τίτλοι αποτιμούνται κατά το ήμισυ με το ενδεχόμενο παγκόσμιας οικονομικής ύφεσης και έλλειψης ρευστότητας, ενώ οι προσδοκίες για τον εταιρικό κλάδο παραμένουν υψηλές», σημειώνεται.
Η Deutsche Bank συστήνει overweight για τις μετοχές των τραπεζών. Στις κορυφαίες επιλογές περιλαμβάνονται μετοχές με υψηλή κεφαλαιοποίηση και προοπτικές οργανικής ανάπτυξης.
Πέραν της BOCY, στα top picks περιλαμβάνονται η UBS, Santander, BNP Paribas, DnB NOR και Unicredit.
STOCKWATCH.COM.CY
Manhattan home prices: Still crazy
Manhattan home prices: Still crazy
It's a seller's market in the Big Apple as overseas buyers, empty nesters and Wall Street workers compete for the few homes for sale.
NEW YORK (CNNMoney.com) -- Manhattan real estate continues to buck national trends - New York home prices soared during the last three months of the year, according to several surveys released Thursday.
The median (midpoint) price for a condo or co-op apartment rose 15 percent to $915,000, according to the Corcoran Group, one of New York's biggest brokers. Surveys by two other brokerages, Brown Harris Stevens and Halstead, showed 14 percent growth, to $828,000.
A survey by Prudential Douglas Elliman showed lower growth, at 6.4 percent, but a median price of $850,000.
"It's like the Energizer bunny," said Pam Liebman, CEO of Corcoran. "It just keeps going and going and going."
Despite a mini-building boom, demand for Manhattan apartments continued to outstrip supply.
Several thousand new condo units have come on to the market this year, according to Jonathan Miller of Radar Logic, which compiled the statistics for Prudential Douglas Elliman. But the number of homes for sale dropped sharply, with a 13.5 percent decline.
New supply in New York does not come to market swiftly - there's simply too little developable land. Plus, notoriously Byzantine zoning and building regulations makes building expensive.
In the most in-demand areas, such as 15 Central Park West, near Columbus Circle, prices can take the breath away. A two-bedroom, 2,750 square foot condo in a new, luxury building recently sold for $12.5 million.
Several factors buoyed the Manhattan market:
Bonus Money Wall Street brokerages, despite a hit from cratering mortgage bonds, still paid out big, end-of-year bonuses.
Overseas Buyers Another major factor is the influence of foreign buyers, according to Greg Heym, chief economist for Brown Harris Stevens. The dollar's decline made buying in Manhattan something of a bargain for them.
Low Interest Rates On the lower end, reasonable interest rates kept monthly mortgage payments within reach for many New Yorkers.
Rising Population Also adding to demand has been an upswing in the population of Manhattan - it grew nearly 5 percent from 2000 through mid-2006.
"We have a tremendous demand from a wide range of buyers including new families, retired couples returning to the city and an increasing amount of foreign buyers," said Diane Ramirez, president of Halstead Property. "Right now, there is just not enough inventory."
Even Manhattan's bargain (comparatively) areas are getting into the act. "Prices are way up, uptown," said Miller, "and the market share is much higher." Many Manhattanites, priced out of other areas, have turned to Harlem and points north.
Corcoran lists a two-bedroom, 2,000 square-foot condo in Central Harlem for nearly $1.8 million. All told, Harlem prices rose a whopping 56 percent this year, to a median of $610,000, according to Halstead.
According to Liebman, Harlem will be a very hot market. "It's easily commutable, many of the buildings have Central Park views and there are a lot of great buildings to redevelop; it has good bones. You get the most bang for the buck there."
None of the brokers forecast any major change in 2008, good or bad. "We continue to have a strong and stable residential market in Manhattan with new records and unbelievable closings in high-end new developments," said Ramirez.
CNN
It's a seller's market in the Big Apple as overseas buyers, empty nesters and Wall Street workers compete for the few homes for sale.
NEW YORK (CNNMoney.com) -- Manhattan real estate continues to buck national trends - New York home prices soared during the last three months of the year, according to several surveys released Thursday.
The median (midpoint) price for a condo or co-op apartment rose 15 percent to $915,000, according to the Corcoran Group, one of New York's biggest brokers. Surveys by two other brokerages, Brown Harris Stevens and Halstead, showed 14 percent growth, to $828,000.
A survey by Prudential Douglas Elliman showed lower growth, at 6.4 percent, but a median price of $850,000.
"It's like the Energizer bunny," said Pam Liebman, CEO of Corcoran. "It just keeps going and going and going."
Despite a mini-building boom, demand for Manhattan apartments continued to outstrip supply.
Several thousand new condo units have come on to the market this year, according to Jonathan Miller of Radar Logic, which compiled the statistics for Prudential Douglas Elliman. But the number of homes for sale dropped sharply, with a 13.5 percent decline.
New supply in New York does not come to market swiftly - there's simply too little developable land. Plus, notoriously Byzantine zoning and building regulations makes building expensive.
In the most in-demand areas, such as 15 Central Park West, near Columbus Circle, prices can take the breath away. A two-bedroom, 2,750 square foot condo in a new, luxury building recently sold for $12.5 million.
Several factors buoyed the Manhattan market:
Bonus Money Wall Street brokerages, despite a hit from cratering mortgage bonds, still paid out big, end-of-year bonuses.
Overseas Buyers Another major factor is the influence of foreign buyers, according to Greg Heym, chief economist for Brown Harris Stevens. The dollar's decline made buying in Manhattan something of a bargain for them.
Low Interest Rates On the lower end, reasonable interest rates kept monthly mortgage payments within reach for many New Yorkers.
Rising Population Also adding to demand has been an upswing in the population of Manhattan - it grew nearly 5 percent from 2000 through mid-2006.
"We have a tremendous demand from a wide range of buyers including new families, retired couples returning to the city and an increasing amount of foreign buyers," said Diane Ramirez, president of Halstead Property. "Right now, there is just not enough inventory."
Even Manhattan's bargain (comparatively) areas are getting into the act. "Prices are way up, uptown," said Miller, "and the market share is much higher." Many Manhattanites, priced out of other areas, have turned to Harlem and points north.
Corcoran lists a two-bedroom, 2,000 square-foot condo in Central Harlem for nearly $1.8 million. All told, Harlem prices rose a whopping 56 percent this year, to a median of $610,000, according to Halstead.
According to Liebman, Harlem will be a very hot market. "It's easily commutable, many of the buildings have Central Park views and there are a lot of great buildings to redevelop; it has good bones. You get the most bang for the buck there."
None of the brokers forecast any major change in 2008, good or bad. "We continue to have a strong and stable residential market in Manhattan with new records and unbelievable closings in high-end new developments," said Ramirez.
CNN
US PAYROLLS & JOBLESS RATE (FORECAST)
Payrolls rose by 70,000 after increasing 94,000 in November, according to the median forecast in a Bloomberg News survey of 74 economists. The jobless rate probably rose to 4.8 percent from 4.7 percent.
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