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Markets News Afternoon: Irish Government debt raising of €33.8bn in 2009 viewed as "success"; Shares down in Europe and US
By Finfacts Team
Nov 17, 2009 - 5:15:45 PM
The Irish Government raised €1 billion in a bond auction today, the National Treasury Management Agency said.
The auction was the last scheduled for 2009.
The NTMA said it sold €200m of a 2014 bond at a bid-cover-ratio of 7.9, with an €800m sale of a 2019 bond also well bid at 2.5 times.
Some €200 million of the 4.0% bond due to mature in 2014 was sold, while €800 million of the 5.9% 2019 bond was sold.
€33.8bn has been raised in 2009; of this, €10.8bn was issued through a series of nine monthly auctions, with €23bn raised in four syndicated issues.
A further €1.4bn in funding was raised in the small or retail debt market.
Allowing for a funding requirement of between €27bn and €28bn for 2009, the NTMA has pre-funded some of next year’s requirement.
The fact that raising huge amounts of debt is viewed as a success, illustrates how low the fortunes of Ireland have fallen.
US producer prices subdued
US producer prices increased in October for the second time during the past four months, confirming the Federal Reserve’s outlook for subdued inflation.
The 0.3% increase in prices paid to factories, farmers and other producers was smaller than forecast and followed a 0.6% drop in September, according to Labor Department.
Excluding food and fuel, so-called core prices were 0.6% - - the smallest 12-month gain in five years.
CPI (consumer price index) annual inflation -- the UK Government’s target measure - - was 1.5% in October, up from 1.1% in September, today’s consumer price indices from the Office for National Statistics show.
By far the largest upward pressure affecting the change in the CPI annual rate came from transport. The largest upward effect within transport came from fuels and lubricants, where prices fell by 0.7% between September and October this year but fell by a record
(for a September to October period) 6.1% a year ago.
David Gilmore, of Foreign Exchange Analytics, discusses whether China is willing to try to appreciate its currency. CNBC's John Harwood shares his insight:
INM
Independent News and Media announced today it is to reorganise its three print and production plants at Citywest in Dublin, Newry and Belfast.
The company said that the three plants will be managed as one, leading to improved efficiencies.
The move will have no immediate effect on the number of staff employed at the plants.
US
In New York, the Dow is down 26 points to 10, 381.
The S&P is off 0.475 and the Nasdaq is down o.37%.
It is irresponsible for the US to claim that the yuan is wrongly priced and then proceed to be completely silent as to how undervalued it is, says Andrew Freris, Asia senior investment strategist at BNP Paribas, speaking with CNBC's Chloe Cho & Sri Jegarajah:
In Europe, the Dow Jones Stoxx 600 is down 0.39% Tuesday.
On the New York Mercantile Exchange, oil for December delivery is trading at $78.49 down 41 cents from Monday's close. In London, Brent crude for December delivery is trading at $78.38 a barrel.
Currencies
The euro is trading at $1.4819 and at £0.8843.
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.
Discussing what US retail earnings say about the fast-approaching shopping season, with Brian Sozzi, of Wall Street Strategies; Hitha Prabhakar, of the Style File Group; and CNBC's Jane Wells:
