Tuesday, February 05, 2008

Quick Overview

  • The Institute of Supply Managements' index of services fell from 54.4 to 41.9 in January, weaker than expected.

  • Index of services in the Euro area dropped from 53.1 to 50.6.

  • Services in the U.K. increased from 52.4 to 52.5 in January.

  • Retail sales volume in the Euro area fell 0.1% in December.

  • Australia's central bank raised its interest rate by a quarter point to an 11-year high of 7%.

  • Ethanol production hit a new record high of 14.356 million barrels in November, up 338,000 barrels from October and up 40% YoY.

  • Excessive rains have increased Asian rust problems on up to 25% of Brazil’s soybean belt.

  • Canada’s wheat stocks fell 30% YoY. Corn stocks rose15%, and Canola stocks fell 9% YoY.

  • The Bush budget proposal sent to Congress will let the 54c a gallon ethanol import tariff expires when the FY 2009 budget begins Oct 1, 2008;

  • Indonesia's government will impose a 15% export tax if palm oil exceeds $1,100 a metric ton.

  • Thai rice exporters could start defaulting on orders due to rapidly rising domestic rice prices, the Bangkok Post reported.

  • The SEC is beginning to approve some "active" exchange-traded funds, which pick securities rather than simply track an index.

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