Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics
Daily Latam Spotlight | 23 Nov 2012 10:59 |
CHILE
The Chilean executive is facing more and more obstacles in the ongoing budget debate in Congress. Finance Minister Felipe Larrain expressed concern after the opposition introduced several changes it wants to make to the 2013 budget in the lower chamber of parliament. Specifically, it has rejected items in areas of education, health, labour and mining.
Friday, November 23, 2012
Wednesday, November 21, 2012
Turkey: Moody's remains on hold and upbeat
Turkey: Moody's remains on hold and upbeat
Moody's is holding its 6th Annual Turkey Credit Risk Conference in Istanbul today. In the morning session of the meeting, Turkey analyst Sarah Carlson made a presentation on "Sovereign risk in Europe: Turkey and the Euro Area." Recall that, Moody's maintained Turkey's sovereign rating unchanged at Ba1 and kept the positive outlook yesterday.
Moody's is holding its 6th Annual Turkey Credit Risk Conference in Istanbul today. In the morning session of the meeting, Turkey analyst Sarah Carlson made a presentation on "Sovereign risk in Europe: Turkey and the Euro Area." Recall that, Moody's maintained Turkey's sovereign rating unchanged at Ba1 and kept the positive outlook yesterday.
Worldwide Plaza Confirms Recapitalization Plans
Worldwide Plaza Confirms Recapitalization Plans
By Karsten Strauss 11/21/12 1:37pm
Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.
http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/
By Karsten Strauss 11/21/12 1:37pm
http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/
Turkey: The CBRT acts cautious but signals a policy rate cut
Turkey: The CBRT acts cautious but signals a policy rate cut
The CBRT kept its one-week repo rate (the policy rate) and o/n borrowing rate unchanged at 5.75% and 5.00%, respectively. The o/n lending rates, on the other hand, were cut by 50bp. Consequently, o/n lending rate to primary dealers was reduced to 8.5%, whereas o/n lending rate to the rest of the market was cut to 9.00%. Following Governor Başçı’s verbal intervention last week, market’s and our expectations leaned towards a rate cut on the o/n borrowing rate. Hence, CBRT acted more cautious relative to expectations. At the same time, the bank made a conditional commitment to reduce its policy rate and o/n borrowing rate by stating that “If deemed necessary for financial stability, a measured cut may be considered in the policy rate and the overnight borrowing rate in the forthcoming period”. Hence, should the CBRT decide to reduce the lower bound of the interest rate corridor, this would likely to be accompanied with a cut in the policy rate as well. The reserve option coefficients (ROC) for FX were raised by 0.1 points for tranches above 40%, whereas ROCs for gold were increased by 0.2 points for all tranches. The CBRT kept the repo auction limits unchanged at TRY 0.5-6.5bn for one-week repo and a maximum of TRY 4bn for one-month repo.
The CBRT kept its one-week repo rate (the policy rate) and o/n borrowing rate unchanged at 5.75% and 5.00%, respectively. The o/n lending rates, on the other hand, were cut by 50bp. Consequently, o/n lending rate to primary dealers was reduced to 8.5%, whereas o/n lending rate to the rest of the market was cut to 9.00%. Following Governor Başçı’s verbal intervention last week, market’s and our expectations leaned towards a rate cut on the o/n borrowing rate. Hence, CBRT acted more cautious relative to expectations. At the same time, the bank made a conditional commitment to reduce its policy rate and o/n borrowing rate by stating that “If deemed necessary for financial stability, a measured cut may be considered in the policy rate and the overnight borrowing rate in the forthcoming period”. Hence, should the CBRT decide to reduce the lower bound of the interest rate corridor, this would likely to be accompanied with a cut in the policy rate as well. The reserve option coefficients (ROC) for FX were raised by 0.1 points for tranches above 40%, whereas ROCs for gold were increased by 0.2 points for all tranches. The CBRT kept the repo auction limits unchanged at TRY 0.5-6.5bn for one-week repo and a maximum of TRY 4bn for one-month repo.
Chile: Consumer confidence slid in October, but stayed above the 50 neutral level.
Chile: Consumer confidence slid in October, but stayed above the 50 neutral level.
CHILE
Consumer confidence declined in October, but remained above the 50 neutral level. Consumer confidence slid 1.7% m/m to stand at 52.7 in October. Thus, last month was the fifth straight month of results above the 50 neutral level.
CHILE
Consumer confidence declined in October, but remained above the 50 neutral level. Consumer confidence slid 1.7% m/m to stand at 52.7 in October. Thus, last month was the fifth straight month of results above the 50 neutral level.
2013 Outlook Commodities Review: European Gas and LNG
2013 Outlook
Commodities Review
European Gas and LNG
Thierry Bros
Key points
■ On 8 October, the second 27.5 bcm/y Nord Stream line was launched, bringing the facility’s total capacity to 55 bcm/y (the first line was opened in November 2011). The pipeline is designed to bring greater stability to the supply of Russian gas to Europe by reducing dependence on transit countries, with which Russia has repeatedly faced serious issues over gas prices.
Commodities Review
European Gas and LNG
Thierry Bros
Key points
■ On 8 October, the second 27.5 bcm/y Nord Stream line was launched, bringing the facility’s total capacity to 55 bcm/y (the first line was opened in November 2011). The pipeline is designed to bring greater stability to the supply of Russian gas to Europe by reducing dependence on transit countries, with which Russia has repeatedly faced serious issues over gas prices.
2013 Outlook Commodities Review: US Natural Gas
2013 Outlook
Commodities Review
US Natural Gas
Laurent Key
Key points
■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.
Commodities Review
US Natural Gas
Laurent Key
Key points
■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.
2013 Outlook Commodities Review: Oil
2013 Outlook
Commodities Review
Oil
Michael Wittner
Key points
■ The outlook for oil market fundamentals is neutral through 2013. With another year of sluggish economic growth expected, global demand growth is forecast at 0.8 Mb/d next year, driven by emerging markets east of Suez.
Commodities Review
Oil
Michael Wittner
Key points
■ The outlook for oil market fundamentals is neutral through 2013. With another year of sluggish economic growth expected, global demand growth is forecast at 0.8 Mb/d next year, driven by emerging markets east of Suez.
2013 Outlook Commodities Review: Copper
2013 Outlook
Commodities Review
Copper
Robin Bhar
Key points
■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.
Commodities Review
Copper
Robin Bhar
Key points
■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.
Tuesday, November 20, 2012
Blackstone buys troubled shopping centre after years in limbo
http://www.theaustralian.com.au/business/property/blackstone-buys-troubled-mall/story-fn9656lz-1226519908536
Blackstone buys troubled shopping centre after years in limbo
PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.
Blackstone buys troubled shopping centre after years in limbo
PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.
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