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Markets News Afternoon: US Leading Economic Index increased sharply in December; Goldman Sachs reports record profits; Shares fall in Europe and US
By Finfacts Team
Jan 21, 2010 - 4:31:11 PM
The US Leading Economic Index for the US increased 1.1% in December, following a 1.0% gain in November, and a 0.3% rise in October.
Ataman Ozyildirim, economist at the Conference Board said : “The Conference Board LEI. increased sharply in December, and has risen steadily for nine consecutive months. The six-month growth rate has picked up slightly to 5.2 percent (about a 10.8 percent annual rate) in the period through December, substantially higher than earlier in the year. In addition, the strengths among the leading indicators have remained very widespread in recent months.” Adds Ken Goldstein: “The indicators point to an economy in early recovery. The coincident economic index shows slow expansion of economic activity through December. The leading economic index suggests that the pace of improvement could pick up this spring.”
Eight of the ten indicators that make up the LEI increased in December. The positive contributors - - beginning with the largest positive contributor - - were interest rate spread, building permits, average weekly initial claims for unemployment insurance (inverted), stock prices, index of consumer expectations, index of supplier deliveries (vendor performance), money supply and manufacturers’ new orders for nondefense capital goods. The average workweek of production workers and manufacturers’ new orders for consumer goods and materials held steady in December.
Goldman Sachs
Goldman Sachs, the most profitable securities firm in Wall Street history, today reported record earnings that beat analysts’ estimates as the bank cut its bonus pool.
Net income of $4.95 billion, or $8.20 per share, for the three months ended Dec. 31st compared with a loss of $2.12 billion, or $4.97 per share, in the fiscal fourth quarter that ended in November 2008, the firm said today in a statement.
Annual Irish Manufacturing Prices down 3.8% in December
Monthly Irish factory gate prices increased by 0.5% in December 2009, according to the CSO. This compares to a decrease of 2.4% recorded for December 2008. As a result, the annual percentage change showed a decrease of 3.8% in December 2009, compared with an annual decrease of 6.5% in November 2009.
In the month, the price index for export sales increased by 0.6% while the index for home sales decreased by 0.2%. In the year there was a decrease in the price index for export sales of 4.6% (this can be influenced by currency fluctuations) and a decrease of 0.9% in respect of the price index for home sales.
Ireland's government should be tougher on striking "overpaid" public workers if it wants to help the country get out of the economic recession, Ryanair CEO Michael O'Leary told CNBC Thursday:
US markets
The Dow Jones has slid 145 points or 1.37% to 10,458.
The Nasdaq has slipped 0.71% and the S&P has dipped 1.13%.
Ireland used its boom period to build up its small-and-medium sized business, which will help it out of its current economic problems, Frank Ryan, CEO of Enterprise Ireland, told CNBC Thursday:
In Europe, the Dow Jones Stoxx 600 dropped 0.54% Thursday.
All open Western European markets are in the red.
In Dublin, the ISEQ is down 0.49%.
FBD is off 4.88%; BoI is down 2.65% and Glanbia is up 1.12%.
On the New York Mercantile Exchange, oil for February 2010 delivery is trading at $77.72 down 2 cents from Wednesday's close. In London, Brent crude for March delivery is trading at $76.14 a barrel.
Currencies
The euro is trading at $1.4061 and at £0.8685.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
President Obama to make major announcement on banks and financial reform today, with Alison Deans, Deans Wealth Management and CNBC's Tyler Mathisen, Steve Liesman & John Harwood:
