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Friday, January 26, 2007

The dollar rose to a seven-week high against the euro

Thursday, after the European Central Bank chief dented expectations of an imminent interest-rate hike in the euro zone.

The European central bank Thursday left its dominant types of interest without changes in 3.5%, according to the awaited thing. Jean-Claude Trichet, head of the Frankfurt-based central bank, said that the near supervision of progresses is necessary, but prisoner just before using of the phrase ?monitoring? -- a phrase in the past has indicated a rise of the tariff in the subsequent meeting. Trichet also said that the bank sees loss risks the risks of the growth and upside the inflation. To see complete history. ?The market still is appraising in rise of the tariff of a [0,25 points of the percentage] in the first trimester, but before the today meeting, many waited for the rise would come in February and now it appears that it is not going to be until march,? Simpson said to Ronald, director of handling of the global analysis of modernity in the economy of the action of the company/signature of the investigation. In New York that negotiated, euro was stopped in $1.2891, was compared with the $1,2934 last Wednesdays, after falling to $1,2883, the lowest level from the 22 Nov. The dollar was quoted in 120.32 Yens, compared with 119,62 Yens, later previous to touch 120,63 Yens, the level upper from the 12 Dic of 2005. The pound negotiated in $1.9452, compared with $1,9323, after reuniting so much as plus the one of 1% to touch to an overflow intraday in $1.9536. Sterling also jumped 1,1% against euro and 1,4% against the Yens. The dollar changed the hands in 1.2487 francs Swiss, compared with 1,2467 francs. Euro brought 155,13 Yens, compared with 154,75 Yens. The modernity of the E.E.U.U also psychologically important level 120 met to 13 months high against the Yens, breaking, after the data demonstrated that the economic indicators that they went away of Japan fell in November and whereas the Japanese politicians impelled the bank of Japan not to raise to types of interest the next week.

Meanwhile, the British pound met shrewdly, striking 18 months high against euro, after the bank of England surprised the market with an increase of the fourth-point in its type of dominant interest 5,25%. The BRITISH dominant types of interest now are in he himself level which tariffs of the E.E.U.U. Recovery of the dollar the modernity of the E.E.U.U., which it declined 11,5% against euro in 2006, has bounced pleasant in the past few sessions, winning near 2,3% against single modernity until now this year. ?The dollar done very well from the beginning of the year,? said to Simpson. ?If the data of the E.E.U.U continue coming inside in quite good levels, it will not be also long before we see the expectations for the rises of the tariff that begin to become more in the market advanced in the year.? ?We have a ECB less hawkish this morning and perspective perhaps of a Fed more hawkish, that is giving returned to the situation around absolutely considerably in the front of the type of interest,? he said, adding that the economists in the economy of the action are counting on a rise of the tariff in the E.E.U.U more advanced in the year. The financial market now does not consider any occasion of a type of interest cut through first trimester, and only one occasion of 28% of a cut with first half of 2007, the market on credit of the federal bottoms demonstrated.

The last Wednesday, the probabilities that the federal reserve at night cuts its target for the tariffs until 5% from the 5,25% were stopped in 4% with the meeting of policy of the Fed in last march and 44% with the meeting of behind schedule-June. The dollar also drew the aid of a report Thursday of the government who demonstrated that the unemployed demands fell of the E.E.U.U the last week more than foretold, suggesting additional stability in markets of work of the E.E.U.U. The number of initial demands in the conclusion the 6 Ene of the week lowered 26,000 to 299,000, the lowest level from last July, the work department this. The prognosis of the consensus of economists was a reading of 320.000. Greenback can extend its recent increases that Friday if the data of the sales to by minor of the E.E.U.U make fulfill ?the subject of the lead demand consuming that cushions economic the smooth landing,? Ashraf Laidi, main currency analyst in CMC said the markets in New York. The sales to by minor probably increased in a 0,7% of December after an increase of 1% in November, according to the economists examined by MarketWatch. Except the healthy sales car, the sales to by minor rose probably a 0,5% after increase 1,1% in November.

European tariffs the ECB, that fixes types of interest to the 13 countries -- extending from Germany to Slovenia -- that the use euro, has raised to types of interest six times in the 14 last months. ?Closely together the supervision of all the progresses is of the essence to assure that the risks to appraise stability do not materialize,? of Trichet said in a press conference immediately after the decision. The market ?was disappointed that the ECB does not use the vigilant word? and ?it did not trust to a synchronization of the rise of the tariff,? specially after the unexpected rise of the tariff of the United Kingdom, said to Matthew Strauss, greater strategist of modernity in the markets of RBC capitals. ?He is negative for euro.?

Dollar mixed after stronger U.S. data

The dollar traded mixed against other major currencies Thursday, coming off session lows after a batch of stronger-than-expected U.S. economic releases boosted expectations the Federal Reserve would keep interest rates steady in the near-term. Greenback pared its losses against euro and rose slightly against the Yens after the information demonstrated that they rose to the sales of the existing homes of the unexpected E.E.U.U the last month, whereas the economic activity in the region of Chicago recovered more than forecast in December. A separated report that demonstrated an unexpected jump in confidence of consumer of the E.E.U.U added a certain aid.

Of ?the data this morning bullish is same dollar and will more likely guard the federal reserves on the grasping for the first trimester from 2007,? said Kathy, main strategist in FXCM. In New York that negotiated, the dollar was quoted in 118.92 Yens, compared with 118,81 Yens the last Wednesday. Euro changed the hands in $1.3157, compared with $1.3115. The British pound negotiated in $1.9622, compared with $1.9561. The dollar changed the hands in 1.2203 francs Swiss, compared with 1,2259 francs. Euro brought 156,50 Yens, compared with 155,86 Yens. To see the alive currency tariffs. Michael Woolfolk, greater strategist of modernity in the bank of New York, said in spite of the last swelling of positive data, is a ?remarkable deficiency follow-by dollar-buying.? ?He appears that the speculative players have decided to join their real money brethren of the money in a holiday extended year-end this week, choosing not to mount another speculative attack of the dollar,? he said. ?With activity winding to a close, the dollar is placed for a certain initial the next week well that it buys.?

Stronger data

Sales of the existing homes of the E.E.U.U rose 0,6% of November, to an annual index fit to the seasonal variations of 6,28 million, the national association of the Realtors this. The economists told on a drop 6,20 million. To see complete history. Separately, the board of the conference said index of the confidence of consumer of reviewed the ascending E.E.U.U to 109,0 of December of 105,3 of November. The economists counted on a declination to near 101,9 of previously the 102,9 disclosed. To see complete history. To another part, the index of the ones in charge whom they bought of Chicago sharpened up to 52,4 of December after striking a point under three years in November. The economists had hoped that the index rose to 50,9% slightly. Wednesday, the dollar fell after the united Arab Emirates said that it is gliding to diversify to his currency reserves far from the modernity of the E.E.U.U. Hair some of his losses after a report of the department of the commerce demonstrated sales of the new rose of the homes more than foretold in November.

BRITISH market of cover

The British pound rose after a report demonstrated BRITISH prices of house more strongly than anticipated. The index of prices at national level of house rose 1,2% of December as of November, improvement that expectations of an increase of 0,9%. The tariff of the year-on-year is stopped in 10.5%, the one of upper the level from the January of 2005 and raises from the 9,6% of November. The data emphasize ?that the cover market follows affluent sharp? in spite of bank two of the rises of the type of interest of England by half second of this year, the analysts said in the economy of the action. ?We hoped to see a retardation of the growth of the price the next year, because affordability descendent and higher types of interest must dampen demand, but are probable to at least see strong figures continued everywhere [the first trimester].? Euro found the aid after the member of European advice of the bank that governed power station Yves who Mersch maintained the rhetorician of the abundant bank that the types of interest continue being low liquidity and accommodative and that raises risks of the inflation. ?No change to the tendency? To another part, the bank of governor Toshihiko Fukui of Japan said in an interview with the newspaper of Sankei that ?is no change to the tendency in which the strong gains in the corporative sector are filtering to traverse to the houses.? The interview ?was taken by some as attempt to do the risk market found out of the rise of the January tariff,? the analysts said in the economy of the action of the company/signature of the investigation. The Yens dismissed of a point under two months against greenback Wednesday after the agency of the news of Jiji of Japan disclosed that the bank of the will of Japan discusses probably a supply to at night raise its target of the tariff of calls of the key by 0,25 points of the percentage to 0,5% in its meeting of following policy in January. But the modernity of Japan came under certain pressure after the data of the government sent Thursday demonstrated that the Japanese industrial production rose in a 0,7% less-that-wait for of November month of previous, marking the second month of increases. The economists had hoped that the industrial production demonstrated to 1,2% increase the month.

Nasdaq Starts Push for Majority Control of London Market

The Nasdaq started the takeover clock of the possession taking doing tictac Tuesday in which it officially made a hostile supply $5,3 billion for action stock-market of London.
The shareholders will initially have until the 11 Ene to offer their parts to the Nasdaq, that is offering 12.43 ($24.49) each one.

The Nasdaq carries out 28,75 percents of the market of London and needs or a simple majority, or as soon as one starts off on 50 percents, to take control. It can prolong that term once, to the 10 Feb. The executive of the Nasdaq, Roberto Greifeld, said "the complete value and just represented supply" for the market of London, balancing the present success of the business with new competitive threats. London attracts listings more international than New York does, but some of the greater investment banks are planning a Pan-European electronic interchange, that could remove with siphon from something to negotiate of London.

The interchange of London quickly rejected the formal supply Tuesday, because it has previous advances of Nasdaq two. In a declaration, saying, "the board unanimously rejects the supply of the Nasdaq whereas it infravalues the interchange substantially and it cannot reflect his unique strategic position and the long-range impetus of the operational gain and of the business". The investors encouraging interchange not to do anything until he published his document of the defense in 14 days.

The synchronization of the official supply of the Nasdaq is astute, bankers and lawyers here happiness, because it will force advisors of the interchange of London to work with the holiday of Christmas. The relations between the interchanges are frosted. The executives of London never decided to negotiate with the Nasdaq.

They have not made contact with enemy with executives of the Nasdaq since the Nasdaq said in November that planned a supply of 12.43-a-share, several people in both sides of the process that made a supply this. Obtaining just on 20 percents more of the parts of the interchange of London could look like like an attainable task for the Nasdaq, unless the parts of the market of London are negotiating on the value of the supply Tuesday was closed in 13.20. To surround investors of the bottom, who carry out 30 to 40 considered percents of the action of the interchange of London, they have been fitted to pressure upon the parts in the recent weeks, anticipating one more a higher supply.

The Nasdaq cannot raise its supply, nevertheless, unless it receives a recommendation of the board of the interchange of London, that has declined until now cooperating, or unless pulg walks another bidder. Most of the analysts they agree that there are no other probable bidders. If the Nasdaq neither reaches to simple majority before the extended term of the 10 Feb nor contracts board of the interchange from London to discussions, it must walk far from the supply and it cannot do another one by a year. Many analysts in the opinion of London consider improbable that the situation will be solved even before the term of February. Particularly, they said, was difficult to see because the shareholders would take to 12.43 a part if the action of the interchange of London negotiated on that level.

But the Nasdaq could walks far in fact in February, and hopes that the parts of the interchange of London slide enough in the year next that its attempt of taking of following possession will be guessed right. Or the accounts of the ones in charge of bottom who have the action in the market of London could try to press to their management in cutting a distribution with the Nasdaq. Many shareholders look like to bet more to an elevated high price.

The 8 Dec, the management of assets of the horizon and the management of assets of the kinetic one said that they had 6,4 percents of the interchange of London. Both in charge of money paid as much as "13.14 one divides the action, according to limaduras with stock-market of action of London. The management of the legal and general investment, a bottom of London with "211 billion under management, said Tuesday that carried out 3,74 percents of the market of London and had bought parts in 13.20 each one. To indicate to global advisors of the street these Tuesdays that carried out 1,9 percents and had bought parts in 13.24.

Group to Buy MacDermid for $1.3 Billion

MacDermid, to specialty chemicals company, said yesterday that to group LED by its several Chairman and chief executive and investment funds would buy it for dwells than $1,3 billion. Stockholders will receive $35 in for cash each common share, the company said. The purchase price represents to premium of about 21 percent to over MacDermid' s closing price on Sept. 1, the last TRADING day before to offer was made.

The purchase price includes the assumption or repayment of about $301 million of debt and is expected to close in the first half of 2007, the company said. The buyout group is LED by Daniel H. Leever, Chairman and chief executive of MacDermid, and investment funds managed by Court Capital Square Partners and Weston Military prison. Joseph M. Silvestri, managing to partner of Court Capital Square Partners, is to director of deal MacDermid and is involved in the. Deal The company said its board of directors had approved and would submit it to shareholders. It will be financed through equity from Leever and the investment funds and debt funding provided by Credit Suisse.

MacDermid, based in Denver, prograpevines chemicals for the metal and plastic finishing, electronics and graphic arts industries.MacDermid, company of chemical agents of the specialty, said yesterday that a group lead by their president and executive and several investment funds would buy it for more than $1,3 billion.

The shareholders will receive $35 in the cash for each common part, the company this. The price of purchase represents a prize of near 21 percents on the price of closing of MacDermid of sept. the 1, the day that negotiates last before the supply was done. It is hoped that the price of purchase includes the assumption or the reimbursement of near $301 million of the debt and is closed by first half of 2007, the company this. To Daniel H. Leever, president and executive of MacDermid, and bottoms lead to the group of the purchase of participation of investment handled by the capital partners and Weston Military prison of Court Square. Jose M. Silvestri, managing partner of the capital partners of the square of the cut, is director of MacDermid and is implied in the distribution.

The company this its board of directors had approved the distribution and it would put under it the shareholders. He will be financed with fairness of Leever and the investment funds and the financing of the debt provided by Credit Suisse. MacDermid, based on Denver, provides chemical agents for the metal and the completion, the electronics and the plastic industries of the arts of the graph.

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