Market Trend: New York City's Office Vacancy Decreases to 7.4%
Net Absorption Positive 990,481 SF in the Quarter
By Justin Sumner
January 31, 2013
The New York City Office market ended the fourth quarter 2012 with a vacancy rate of 7.4%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 990,481 square feet in the fourth quarter. That compares to negative 575,819 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 4,944,077 square feet.
http://www.costar.com/News/Article/Market-Trend-New-York-Citys-Office-Vacancy-Decreases-to-74/145256
Thursday, January 31, 2013
First Insights: China: Surprise fall in official PMI
Economics Research | Asia Ex-Japan
01 February 2013
First Insights: China: Surprise fall in official PMI
China’s official PMI dropped surprisingly to 50.4 in January from 50.6 in December (Consensus 51.0, Nomura 50.9), which casts some doubt on the strength and sustainability of the growth recovery.
Sub-indexes show mixed signals. Output was down to 51.3 from 52.0, but new orders rose to 51.6 from 51.2 and while inventories of finished goods fell to 47.4 from 49.4, which suggests that the PMI may improve next month.
The improvement of new orders was mostly driven by domestic demand as export orders fell. Input prices rose sharply to 57.2 from 53.3, reinforcing our view that inflation may surprise on the upside in 2013.
Economists
Zhiwei Zhang
01 February 2013
First Insights: China: Surprise fall in official PMI
China’s official PMI dropped surprisingly to 50.4 in January from 50.6 in December (Consensus 51.0, Nomura 50.9), which casts some doubt on the strength and sustainability of the growth recovery.
Sub-indexes show mixed signals. Output was down to 51.3 from 52.0, but new orders rose to 51.6 from 51.2 and while inventories of finished goods fell to 47.4 from 49.4, which suggests that the PMI may improve next month.
The improvement of new orders was mostly driven by domestic demand as export orders fell. Input prices rose sharply to 57.2 from 53.3, reinforcing our view that inflation may surprise on the upside in 2013.
Economists
Zhiwei Zhang
Eco Analysis - Impressive German labour data (M. Martinez, A. Annenkov)
Eco Analysis - Impressive German labour data (M. Martinez, A. Annenkov)
Hard data once gain underlined the growing divergences between the French and German economies. German labour data proved very impressive and the unemployment rate dropped to a 20 year low in January (6.8% in January. Meanwhile, French consumption was flat in Q4 12 and details suggest that it is likely to remain sluggish in Q1 13.
Hard data once gain underlined the growing divergences between the French and German economies. German labour data proved very impressive and the unemployment rate dropped to a 20 year low in January (6.8% in January. Meanwhile, French consumption was flat in Q4 12 and details suggest that it is likely to remain sluggish in Q1 13.
European real estate loan sales to gather pace in 2013
EUROPEAN REAL ESTATE LOAN SALES TO GATHER PACE IN 2013
30 Jan, 2013, London
Against a background of continued economic uncertainty and impending regulatory changes, the pace of activity in the European real estate loan sale market will accelerate significantly over the next two years according to a new report from property consultant Cushman & Wakefield. Over the past 12 months, a total of 33 completed loan sale transactions were recorded, totaling €21.7 billion (up 146% on 2011), demonstrating that European commercial real estate (CRE) loan portfolios can be successfully traded. The market has made a strong start to 2013 and in view of the build up of activity amongst the banks and their legacy entities and their aggressive deleveraging targets, Cushman & Wakefield is forecasting over €25 billion of CRE loan portfolio and real estate-owned (REO) sales for the forthcoming year.
http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26
30 Jan, 2013, London
Against a background of continued economic uncertainty and impending regulatory changes, the pace of activity in the European real estate loan sale market will accelerate significantly over the next two years according to a new report from property consultant Cushman & Wakefield. Over the past 12 months, a total of 33 completed loan sale transactions were recorded, totaling €21.7 billion (up 146% on 2011), demonstrating that European commercial real estate (CRE) loan portfolios can be successfully traded. The market has made a strong start to 2013 and in view of the build up of activity amongst the banks and their legacy entities and their aggressive deleveraging targets, Cushman & Wakefield is forecasting over €25 billion of CRE loan portfolio and real estate-owned (REO) sales for the forthcoming year.
http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26
USA: Sabine Pass Liquefaction Prices Senior Notes Offering, USA
USA: Sabine Pass Liquefaction Prices Senior Notes Offering, USA
Posted on Jan 30th, 2013
Cheniere Energy Partners said that its wholly owned subsidiary, Sabine Pass Liquefaction has priced its previously announced offering of Senior Secured Notes due 2021.
http://www.lngworldnews.com/usa-sabine-pass-liquefaction-prices-senior-notes-offering-usa/
Posted on Jan 30th, 2013
Cheniere Energy Partners said that its wholly owned subsidiary, Sabine Pass Liquefaction has priced its previously announced offering of Senior Secured Notes due 2021.
http://www.lngworldnews.com/usa-sabine-pass-liquefaction-prices-senior-notes-offering-usa/
Wednesday, January 30, 2013
US: Markets Through the Looking Glass
US: Markets Through the Looking Glass
Julia Coronado - Market Economics
US Daily Spotlight | 31 Jan 2013 01:40 |
Financial markets continued their increasingly bizarre, bullish run Wednesday, with a teensy equity selloff and little change in Treasury yields, despite a surprise negative print on Q4 GDP growth. While a number of volatile drivers of Q4 GDP weakness should be smoothed through, one truly needs to be peering through the looking glass to extract a positive spin from such a negative surprise. The FOMC also looked through the Q4 economic weakness, although the Committee drew the conclusion that not enough has changed in the economic outlook for them to alter their ongoing expansion of monetary policy, and they maintained their USD 85bn pace of securities purchases. It appears that a recent expansion in leverage on the part of hedge funds has contributed to the bull run in markets that has been impervious to weaker-than-expected economic data, and, at some point, markets could become responsive once again to economic data.
Julia Coronado - Market Economics
US Daily Spotlight | 31 Jan 2013 01:40 |
Financial markets continued their increasingly bizarre, bullish run Wednesday, with a teensy equity selloff and little change in Treasury yields, despite a surprise negative print on Q4 GDP growth. While a number of volatile drivers of Q4 GDP weakness should be smoothed through, one truly needs to be peering through the looking glass to extract a positive spin from such a negative surprise. The FOMC also looked through the Q4 economic weakness, although the Committee drew the conclusion that not enough has changed in the economic outlook for them to alter their ongoing expansion of monetary policy, and they maintained their USD 85bn pace of securities purchases. It appears that a recent expansion in leverage on the part of hedge funds has contributed to the bull run in markets that has been impervious to weaker-than-expected economic data, and, at some point, markets could become responsive once again to economic data.
Bechtel Completes Construction Of Chemical Weapons Demilitarization Facility
BECHTEL COMPLETES CONSTRUCTION OF CHEMICAL WEAPONS DEMILITARIZATION FACILITY
January 29, 2013
Colorado Plant is First of Its Kind in the United States
PUEBLO, COLORADO, January 29, 2013 — Bechtel announced today the Bechtel Pueblo Team (BPT) has completed construction of the Pueblo Chemical Agent-Destruction Pilot Plant (PCAPP). The facility will eventually destroy 2,611 tons of mustard agent-filled munitions currently being stored at the U.S. Army Pueblo Chemical Depot in Colorado.
January 29, 2013
Colorado Plant is First of Its Kind in the United States
PUEBLO, COLORADO, January 29, 2013 — Bechtel announced today the Bechtel Pueblo Team (BPT) has completed construction of the Pueblo Chemical Agent-Destruction Pilot Plant (PCAPP). The facility will eventually destroy 2,611 tons of mustard agent-filled munitions currently being stored at the U.S. Army Pueblo Chemical Depot in Colorado.
Eco Analysis - FOMC stays the course (A. Markowska)
Eco Analysis - FOMC stays the course (A. Markowska)
Summary: The FOMC statement was very much inline with expectations. Asset purchases will continue at $85bn per month until the outlook for the labor market improves substantially, or until the perceived costs start to outweigh the benefits. The FOMC did not offer any new color on when that may be (and none was expected). The Fed's characterization of Q4 GDP numbers was a temporary pause driven by transitory factors. The statement notes some improvement in private sector demand, and sees the current policy stance as consistent with the recovery proceeding at a moderate pace. After the annual rotation of voting members, there was only one dissent vs. the possibility of two, perhaps suggesting a slightly less hawkish bias than expected. We will look to FOMC minutes on February 20th for more color on the timeframe for asset purchases.
Summary: The FOMC statement was very much inline with expectations. Asset purchases will continue at $85bn per month until the outlook for the labor market improves substantially, or until the perceived costs start to outweigh the benefits. The FOMC did not offer any new color on when that may be (and none was expected). The Fed's characterization of Q4 GDP numbers was a temporary pause driven by transitory factors. The statement notes some improvement in private sector demand, and sees the current policy stance as consistent with the recovery proceeding at a moderate pace. After the annual rotation of voting members, there was only one dissent vs. the possibility of two, perhaps suggesting a slightly less hawkish bias than expected. We will look to FOMC minutes on February 20th for more color on the timeframe for asset purchases.
Chile: Mixed supply- and demand-side activity data in December
Chile: Mixed supply- and demand-side activity data in December
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 30 Jan 2013 14:04 |
Manufacturing activity was reported to have contracted 2.5% y/y in December, a result that disappointed both our forecast and the median estimate from the Bloomberg survey (0.8% and 1.0% y/y, respectively). Despite weak performance in recent months, manufacturing output managed to advance 2.4% last year.
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 30 Jan 2013 14:04 |
Manufacturing activity was reported to have contracted 2.5% y/y in December, a result that disappointed both our forecast and the median estimate from the Bloomberg survey (0.8% and 1.0% y/y, respectively). Despite weak performance in recent months, manufacturing output managed to advance 2.4% last year.
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