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National Treasury Management Agency raises up to €1 billion
The National Treasury Management Agency (NTMA) today held an auction of Irish Government bonds.
Two bonds were offered in the auction, the 3.9% Treasury Bond 2012 and the 4.6% Treasury Bond 2016. The overall total amount of the two bonds offered in the auction was in the range of €750 million to €1 billion.
Total bids were received for €4.128 billion and it was decided to issue a total of €1 billion. An amount of €400 million of the 3.9% Treasury Bond 2012 was issued where the total bids received were 5.2 times the amount allocated, while €600 million of the 4.6% Treasury Bond 2016 was also issued where the total bids received were 3.4 times the amount allocated.
The 2012 bond was sold at an average yield of 2.178% while the 2016 bond was sold at an average yield of 3.867%.
The UK fiscal debt gap must be closed by '15, according to a report from PriceWaterhouseCoopers. "We think the Treasury's macro-economic (growth) forecast is just a little bit on the optimistic side," John Sibson from PwC said. "We therefore think that public finances will be a little weaker than they say":
US
US home construction rose for a third time in four months in September but the increase was modest ahead of the expected end of a government tax credit for first time home buyers, at the end of November. Housing completions were 39.6 percent below the year before level. In a separate report, lower energy prices pushed US producer/wholesale prices lower in September. Housing completions were 39.6 percent below the year before level.
Heavy equipment manufacturer Caterpillar today posted third-quarter earnings, which were down 53% on the same quarter in 2008 but the company said it likely has seen a bottom in sales.
Drugs giant Pfizer's profit rose 26% in the absence of a year-earlier charge. Sales dipped 2.9%, hurt by competition from generic drugs and adverse currency rates.
The Dow is down 74 points or 0.73% at 10,018 - - mainly on the less than stellar housing data.
The S&P 500 is off 0.3% and the Nasdaq Composite Index is down 0.2%.
Scott Nations, of NationsShares, and CNBC's Rick Santelli discuss today's economic data and how it will affect the markets:
Caterpillar rose over 4% and on 2010 said today: “Led by developing economies, we expect that economic recovery will strengthen in 2010, with world-wide growth of about 3%. This rate of growth would be the best since 2007, but low by historic standards given the depth of the recession.” The company anticipates its revenues will be 10% to 25% higher in 2010 than the mid-point of its 2009 expectations.
“Our major concern is that central banks will begin raising interest rates and reducing balance sheets too quickly,”the equipment maker said. “Economies likely will remain fragile well into 2010, and a renewed downturn would result in an even worse recession than the one just ended. Most central banks acknowledge this risk and indicate no hurry to tighten policies. As a result, we believe the chances of renewed recession next year are low.”
On the New York Mercantile Exchange, oil for November delivery is trading at $78.76 down 85 cents from Monday's close. In London, Brent crude for December delivery is trading at $76.75 a barrel.
"Copenhagen is a very important milestone on a very long journey," Tony Hayward, CEO of BP, told CNBC Tuesday:
Currencies
The euro is trading at $1.4888 from $1.4943 late Monday in New YTork and at £0.9085.
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.
