INDICATORS - Egypt - May 15

Reuters: [2008-05-17 09:11:00]

                             --- INTEREST RATES --- 
                          Latest     Date  Pvs Rate  4 weeks ago 
91-day T-bill yield        5.868    06/05     5.943        6.745 
182-day T-bill yield       9.631    13/05     6.734        7.770 
364-day T-bill yield      10.112    20/05     9.207        7.581 
Central Bank discount rate     9   22/1/06       10           10 
Central bank o/n deposit    10.0    8/5/08      9.5          9.5 
Central bank o/n lending    12.0    8/5/08     11.5         11.5 
Overnight interbank        10.00   14/5/08    10.00        9.502 
  
                              --- MONTHLY DATA --- 
                          Month                Pvs        Yr ago 
 Urban consumer prices     April   +16.4       +14.4       +11.7 
 (year/year, pct change)                                
 Urban consumer price      April    117.6      115.3       157.1 
  index 
 Producer price index      March    154.7      148.3         --- 
 Foreign reserves ($bln)   April    33.81      33.71       27.08 
 Oil output (mln tonnes)   Feb      2.707      2.916       2.534 
 Suez Canal ($mln)         April    448.9      416.9       365.5 
 Tourism (x1,000 visitors) Feb        974        916         776 
 Money supply M2 
  (pct change yr/yr)        March    +23.92    +22.15     +14.19 
  
                              --- QUARTERLY DATA --- 
                      Q2 2007/08*    Q1 2007/08   Q2 2006/2007 
                  (*provisional figures) 
Trade balance              -6,068        -5,201        -3,542 
Exports                     7,113         5,990         5,255 
Oil                         3,499         2,523         2,544 
Non-oil                     3,615         3,467         2,711 
Imports                    13,181        11,191         8,797 
Net services               +3,736        +3,060        +2,504 
Goods and services balance -2,332        -2,141        -1,038 
Transfers                  +2,179        +2,049        +1,550 
Current account balance      -153           -92          +512 
Capital account            +1,494        +1,656          -787 
Net errors/omissions         +595          -413        +2,120 
OVERALL BALANCE            +1,936        +1,150        +1,845 
     
                      Q1 2007/08     Q4 2006/07   Q1 2005/2006 
GDP growth (percent)    +6.85           +7.1           +7.2 
     
                     --- ANNUAL DATA --- 
                              2006/2007*  2005/2006    2004/2005 
                        (*preliminary figures) 
Real GDP growth (% change)         7.1          6.9         5.6 
BALANCE OF PAYMENTS ($mln)      +5,282        3,253       4,478 
Trade balance                  -15,817      -11,986     -10,359 
  Exports                       22,018       18,455      13,833 
    Oil                         10,108       10,222       5,299 
    Non-oil                     11,910        8,233       8,534 
  Imports                      -37,834      -30,441     -24,193 
Net services                    11,451        8,191       7,842 
Goods and services              -4,366       -2,795      -2,517 
Transfers                        7,061        5,547       5,428 
Current account                  2,696        1,752       2,911 
Capital account                  1,134        3,511       3,378 
Net errors/omissions             1,453       -2,010      -1,811 
  
                         --- LONG-TERM CREDIT RATINGS --- 
     Standard & Poors  BB plus (non-investment grade) 
     Moody's           Ba1 (non-investment grade) 
     Fitch             BB plus (non-investment grade) 
    * The base for the index has been changed to January 2007 
    Other notes: 
  1. Fiscal year is July-June. 
  2. Data from Central Bank except for the following: 
     Interbank rate - Private banks 
     CPI & Tourism - Central Agency for Public Mobilisation and 
     Statistics 
     Suez Canal & Oil production - Cabinet Information and 
     Decision Support Centre 
   ++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 
    To access the following, click on the codes in brackets. 
    Country codes                    [COU/] 
    All Egyptian news                [EG] 
    Economic indicator news          [ECI] 
    Reuters News At a Glance         [GLANCE/] 
 ((Cairo newsroom +20 2 2578 3290/1, fax +20 2 2577 1133, 
cairo.newsroom@reuters.com)) 
  Keywords: INDICATORS   Egypt   May 15 
    

Canadian dollar nearly flat ahead of long weekend

Reuters: [2008-05-16 23:02:00]

    * Canadian dollar closes flat, but up on week 
    * Lofty oil prices lend support to Canadian dollar 
    * Bond prices lower across the curve 
    
    By John McCrank 
    TORONTO, May 16 (Reuters) - The Canadian dollar was flat 
against the U.S. dollar on Friday in quiet trade ahead of 
Canada's Victoria Day long weekend, but it did record its 
second straight weekly gain as the commodity-linked currency 
drew support from robust oil prices. 
    Canadian bond prices, with no key economic data to 
consider, drifted lower along with the U.S. market. 
    The Canadian currency closed at US$1.0002, valuing a U.S. 
dollar at 99.98 Canadian cents, up a bit from US$1.0000 at 
Thursday's close. 
    The currency rose 0.6 percent this week after a gain of 1.4 
percent last week. 
    Early in the session, the Canadian dollar rose to US$1.0049 
as U.S. crude oil <CLc1> touched a record high near $128 a 
barrel. See [ID:nN16574659]. But the currency fell back to 
parity as oil prices eased. 
    Canada is a major oil producer and exporter and its 
currency often follows prices for the commodity, a trend that 
started to regain momentum in recent weeks. 
    While the Canadian dollar was pretty much unchanged versus 
the greenback, it fell against most other major currencies, in 
tandem with the U.S. dollar, said Camilla Sutton, currency 
strategist at Scotia Capital. 
    That was due to weak U.S. consumer confidence data, which 
raised some concerns about U.S. second-quarter economic growth. 
The United States is by far Canada's biggest trading partner. 
    Next week the slate of Canadian economic data picks up with 
a slew of reports that include April inflation data on 
Wednesday and March retail sales on Thursday. 
    "Next week the retail sales data will be more important 
that the CPI, just because I think CPI will show what we all 
know already, which is that inflation pressures in Canada are 
really very moderate," Sutton said. 
    
    BONDS TILT LOWER 
    Canadian bond prices tilted lower in quiet trade as the 
bond market closed early for the long weekend. 
    "We've got really just the mildest of selloffs," said Eric 
Lascelles, chief economics and rates specialist at TD 
Securities. 
    "But we do have some pretty big numbers next week and I 
suppose there will be some room for Canadian bonds to rally." 
    The two-year bond was down 6 Canadian cents at C$101.87 to 
yield 2.798 percent. The 10-year fell 13 Canadian cents to 
C$103.25 to yield 3.575 percent. 
    The yield spread between the two- and 10-year bonds was 
77.7 basis points, down from 78.6 at the previous close. 
    The 30-year bond dropped 1 Canadian cent to C$116.29 for a 
yield of 4.041 percent. In the United States, the 30-year 
Treasury yielded 4.577 percent. 
    The three-month when-issued T-bill yielded 2.61 percent, 
down from 2.63 percent at the previous close. 
 (Editing by Peter Galloway) 
 ((john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters 
Messaging: john.mccrank.reuters.com@reuters.net)) 
    For Reuters bond and money market pricing information 
double click on one of the following: 
 <CAD=>      Canadian dollar live quote, high/low 
  <FXNEWS>  Headlines from global forex markets 
 <CDBN>      Canadian bond prices 
 <CDMM> <CDMN> <0#CAMMKT=> Canadian money market prices 
 <CABONEA>   Canada-U.S. spreads (live) 
 <YLDS1>     World yield index 
 <CA30YT=RR> 30 year benchmark 
 <0#CGB:> <CGBc1> <CA/FACTOR1> <MEIRP> - Montreal Exchange 
   bond futures pricing information 
 <CAMCI=>    Bank of Canada monetary conditions index (Reuters 
calculation) 
 <CACALL=>   Canada's call loan or overnight lending rate 
 <=CAD>      Canadian dollar G10 trade-weighted index. 
 
   For the fixed-income market speed guides, double click on 
one of the following: 
  
  <CA/MMKT1> <CA/MMKT2> <CA/DEBT> <BONDS> <TREASURY> For 
related news, double click on one of the following: 
 [CAN]  Canadian news 
 [NAT]  North American Treasuries news 
 [M]    Money news 
 [D]    Debt news 
 [MF]   Markets news 
 [GVD]  Government debt news 
 [MMT]  Money market news 
 [INT]  Interest rate news 
 [CEN]  Central bank news 
 [CA/]  Canadian bond market stories 
Keywords: MARKETS CANADA DOLLAR BONDS 
    

TREASURIES-After gain, bonds fall as stocks end higher

Reuters: [2008-05-16 23:00:00]

(Updates prices, adds comment, changes byline)

* Bonds end lower as stocks erase most losses

* Consumer gloom lifted bond prices early

* Year-end U.S. rate hike still priced in

* Housing starts gain due to volatile multi-family units

By Ellen Freilich

NEW YORK, May 16 (Reuters) - Treasury debt prices ended lower on Friday after erasing an early gain scored on news that consumers' mood soured in the first half of May.

Since consumer spending accounts for about two-thirds of U.S. economic activity, and consumers' perceptions about their present and future financial situation influences their willingness to spend, economists and financial markets pay attention to measures of consumer sentiment and confidence.

The news on consumers' sense of gloom helped Treasuries trade in the plus column for much of the session, based on the notion that prospects for continued economic weakness would temper inflation and make the Federal Reserve less likely to raise interest rates later this year.

But when stocks began erasing most of the day's losses, bond prices went south and stayed there.

"Stocks did turn around and Treasuries stalled out," said John Spinello, fixed-income strategist at Jefferies & Co in New York. "People who had pretty good profits from the last few days were ready to sell."

Treasury yields also ran into "what was perceived to be resistance" at 3.78 percent on 10-year yields and 3.03 percent on five-year yields, Spinello said.

The benchmark 10-year Treasury note's price, which moves inversely to its yield <US10YT=RR>, fell 9/32 for a yield of 3.85 percent after being up 7/32 earlier to yield 3.79 percent. The 10-year note yielded 3.82 percent late Thursday.

The two-year Treasury note's price slipped 1/32, its yield rising to 2.45 percent from 2.42 percent <US2YT=RR> earlier in the session and 2.43 percent late Thursday.

"People geared up for a bigger stock decline and then stocks started to recover," said Josh Stiles, senior bond strategist at IDEAglobal. "People bought Treasuries early in the session, but without much conviction."

David Ader, U.S. government bond strategist at RBS Greenwich Capital, said many cross-currents buffeted bonds this week, not the least of which was "a steady litany of hawkish Fedspeak" from Fed officials, speculation about a shift in LIBOR, a "V-shaped" economic recovery, volatility and weak economic data.

Bankers have been working to address problems with Libor, the leading global benchmark rate for inter-bank borrowing.

Treasuries got an early setback from news that new U.S. housing starts jumped 8.2 percent in April, the biggest monthly jump in two years.

But economists scoffed at the report, noting that the rise was tied to a 36 percent jump in multi-housing units, which had fallen 35 percent the previous month.

"The headline 8.2 percent increase in housing starts means nothing," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "Much more important was the single-family sector, where starts dipped 1.7 percent to a new low."

The Reuters/University of Michigan survey showed that U.S. consumer sentiment fell to its lowest in nearly three decades. Meanwhile, inflation expectations within the report edged up. U.S. crude oil surged to records above $127 per barrel. (Reporting by Ellen Freilich; Editing by Dan Grebler) ((Ellen.Freilich@thomsonreuters.com ; +1 646 223 6309; Reuters Messaging: ellen.freilich.reuters.com@reuters.net )) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com) Keywords: MARKETS BONDS

---------MARKET SNAPSHOT AT 4:40 p.m. (2040 GMT)---------- 
June T-Bond <USM8>           116-16/32   (+02/32)         
June 10-Year note <TYM8>     115-09/32   (-01/32)         
                                        Change vs  Current 
                          previous New York close    yield 
Three-month bills <US3MT=RR>     1.810   (+0.015)    1.843 
Six-month bills <US6MT=RR>       1.875   (+0.025)    1.919 
Two-year note <US2YT=RR>      99-12/32   (-01/32)    2.452 
Five-year note <US5YT=RR>    100-02/32   (-03/32)    3.113 
10-year note <US10YT=RR>     100-06/32   (-08/32)    3.850 
30-year bond <US30YT=RR>      96-23/32   (-13/32)    4.577 
    
---------------------------------SWAP SPREADS--------------- 
      May 16 May 15 May 14 May 13 May 12 May 9  May 8  
2-YR  79.50  78.50  83.00  81.00  79.75  80.50  78.75  
3-YR  85.75  84.00  87.50  86.00  84.75  84.50  83.75  
5-YR  78.75  76.75  81.75  81.75  80.25  79.50  77.75  
10-YR 58.75  56.50  61.00  61.75  60.25  60.00  58.75  
30-YR 30.50  27.00  31.50  32.25  31.50  31.00  30.25  
Keywords: MARKETS BONDS  
    

DIARY-Federal Reserve Events

Reuters: [2008-05-16 22:49:00]

    TO HAVE EVENTS INCLUDED, PLEASE CONTACT THE WASHINGTON 
NEWSROOM AT 202-898-8370/202-898-8318, OR BY FAX AT 
202-898-8383 OR 202-842-2527 
    THIS DIARY IS FILED DAILY. 
 
    ***Denotes a new entry. 
    -------------------------------------------------------- 
    MEETINGS 
 
    FOMC MEETING DATES (one-day meetings on Tuesday; two-day 
meetings Tuesday-Wednesday, except where noted. Decision 
released on second day of two-day meetings) 
    2008 
    June 24-25 (Decision expected at 1415 EDT/1815 GMT) 
    August 5 (Decision expected at 1415 EDT/1815 GMT) 
    September 16 (Decision expected at 1415 EDT/1815 GMT) 
    October 28-29 (Decision expected at 1415 EDT/1815 GMT) 
    December 16 (Decision expected at 1415 EST/1915 GMT) 
    2009 
    January 27-28 (Decision expected at 1415 EST/1915 GMT) 
 
---------------------------------------------------------- 
    FEDERAL RESERVE CHAIRMAN BEN BERNANKE 
 
    Thursday-Friday, May 29-30 
    BASEL, Switzerland - Bank for International Settlements' 
Basel Committee on Banking Supervision hosts "Risk Transfer 
Mechanisms and Financial Stability" conference. Speakers 
include (INVITED) Federal Reserve Chairman Ben Bernanke. 
Details TBA. Information:  
http://www.bis.org/bcbs/events/rtf08rtmfs.htm 
 
    Wednesday, June 4 
    CAMBRIDGE, Mass. - (INVITED) Federal Reserve Chairman Ben 
Bernanke speaks at Harvard University, 1400 EDT/1800 GMT. 
Speech topic, Q&A, other details TBA. Harvard Yard, 
Tercentenary Theater. Contact: 617 495-1585. Information: 
http://www.news.harvard.edu/gazette/2008/04.10/99-classday.html 
  
    Monday, June 9 
    CHATHAM, Mass. - (INVITED) Federal Reserve Chairman Ben 
Bernanke gives dinner speech before the Federal Reserve Bank of 
Boston "Understanding Inflation and the Implications for 
Monetary Policy: A Phillips Curve Retrospective" conference,  
1800 EDT/2200 GMT. Other details TBA. Wequassett Inn, Pleasant 
Bay Road. Contact: Tom Lavelle, 617 973 3647 or 
Thomas.L.Lavelle@bos.frb.org; or Donna Dulski, 617 973-3029 or 
Donna.Dulski@bosfrb.org; hotel 800 225 7125. Information: 
http://www.bos.frb.org/phillips2008 
 
---------------------------------------------------------- 
    OTHER FED OFFICIALS 
 
    Saturday, May 17 
    ATLANTA - Federal Reserve Bank of Atlanta President Dennis 
Lockhart speaks on "International Capital Flows" before the 
Southern Center for International Studies Young Professionals 
Program on Globalization and Emerging Economies, 0900 EDT/1300 
GMT. Audience Q&A expected. No media Q&A. Goizueta Business 
School at Emory University, main auditorium, 1300 Clifton Rd. 
Contact: Anitha Vadavatha, 678 596 5573 or animac267@gmail.com 
    ST. PETERSBURG, Fla. - Federal Reserve Bank of Dallas 
President Richard Fisher gives commencement address at Admiral 
Farragut Academy, 0920 EDT/1320 GMT. No Q&A. NOTE: No 
discussion of the economy or monetary policy. Admiral Farragut 
Academy, 501 Park Street North. Must RSVP: James Hoard, 214 922 
5307 or james.hoard@dal.frb.org 
 
    Tuesday, May 20 
    NEW ORLEANS - Federal Reserve Board Governor Donald Kohn 
speaks on the economic outlook before the National Conference 
on Public Employee Retirement Systems Annual Conference, 0800 
CDT/0900 EDT/1300 GMT. No Q&A. Hilton New Orleans, 2 Poydras 
Street. Must RSVP: Ryan Francis, 202 624-1489 or 202 270-7489 
 
    Wednesday, May 21 
    WASHINGTON - Federal Reserve Board Governor Kevin Warsh 
speaks on "Using the Federal Funds Rate in Extraordinary Times" 
before an Exchequer Club luncheon, 1300 EDT/1700 GMT. Audience 
Q&A expected. St. Regis Hotel, 923 16th Street N.W. Must RSVP: 
Nancy Wilkins, 202 326 5803 
 
    Thursday, May 22 
    AMELIA ISLAND, Fla. - Federal Reserve Board Governor 
Randall Kroszner speaks on "Prospects for Recovery and Repair 
of Mortgage Markets" before the Conference of State Bank 
Supervisors (CSBS) 2008 Annual Meeting and Conference, 0900 
EDT/1300 GMT. Audience Q&As expected. Amelia Island Plantation, 
6800 First Coast Highway. Must RSVP: Mary White, 202 728 5715, 
Tonita Allers, 202 728 5704 or Mary Beth Quist, 202 728 5722. 
Hotel: 904 261 6161. Information:  
http://www.csbs.org/AM/Template.cfm?Section=Home&TEMPLATE=/CM/HTMLDisplay.cfm&CONTENTID=15582 
    

TREASURIES-Bonds turn lower as stocks cut losses

Reuters: [2008-05-16 21:05:00]

NEW YORK, May 16 (Reuters) - U.S. government debt prices turned lower in afternoon trade as stocks erased a majority of their losses and Treasuries ran into technical resistance.

Bonds, which rose early on a sharp drop in consumer sentiment reported for the first half of May, sank into the minus column as stocks shaved losses. The Dow Jones industrial average <.DJI> which was down 86 points shortly after midday, was down just 16 points in midafternoon trade.

"Stocks did turn around and Treasuries stalled out," said John Spinello, fixed-income strategist at Jefferies & Co in New York. "People who had pretty good profits from the last few days were ready to sell."

Treasury yields also ran into "what was perceived to be resistance" at 3.78 percent on 10-year yields and 3.03 percent on five-year yields, Spinello said.

The benchmark 10-year Treasury note's price, which moves inversely to its yield <US10YT=RR>, was down 6/32 for a yield of 3.85 percent after being up 7/32 earlier to yield 3.79 percent. The 10-year note yielded 3.82 percent late Thursday.

The two-year Treasury note's price was unchanged, its yield at 2.45 percent, compared with 2.42 percent <US2YT=RR> earlier in the session and 2.43 percent late Thursday. (Reporting by Ellen Freilich; Editing by Jonathan Oatis) ((Ellen.Freilich@reuters.com ; +1 646 223 6309; Reuters Messaging: ellen.freilich.reuters.com@reuters.net)) Keywords: MARKETS BONDS