European Monetary full pullback of the European economy has shown weakness

Comments last week:

Last week, if the U.S. House of Representatives adopted the "two U.S." rescue the draft law; U.S. Treasury Secretary Paulson and the U.S. Philadelphia Fed president of expression; some U.S. economic data the better-than-expected performance of the accident, which is lifted and pushed the dollar The reasons for the rebound, then the European economy has shown weakness, the European currency led a comprehensive, may be more comprehensive strong dollar is the achievement of the main reasons.

The dollar index last week to 72.19 after the open, showing slightly after the strong rebound Tandi Chonggao trend. The week before was lowered to 71.74 support, followed by a strong rebound, up to 73.02 after the weekend in 72.60 at the top of a concussion, the ultimate end of the week to 72.82 transactions. Line-up for a 63 point entities in Yangxian, root for a second straight week Yangxian, and line-up entities have expanded.

Last week, the impact of currency market evolution of the main factors are:

1, the European economy into stagflation, the European monetary system long retreat.

While the European Central Bank to continue to hard-line position of high concern about the euro zone inflation of the situation, released last week, Germany and the euro zone economic data showed that euro zone economy may have caught the stagflation of the situation.

The relevant market survey shows that in early 2008 for euro zone economic growth to provide assistance of the German economy in the second quarter of contraction, the market is expected that this Europe's largest economy, second quarter GDP will shrink 0.4 percent. German Finance Ministry on Monday also said that Germany's second-quarter GDP shrinking significantly, but the German economy this year will shrink to complete standstill. Western developed countries in general to GDP recession is usually defined as two consecutive quarterly decline.

Although the current market expectations of Germany and the euro zone economy may not be a recession, that is, two consecutive quarterly decline, or that negative growth, but Germany and the euro zone poor start in the third quarter, the economy, it is revealed last week by the reality of data. July German Ifo business sentiment index for the judgement of 97.5, well below the forecast of 100.0 that investors in the German economic confidence in the prospects of serious decay. German July manufacturing purchasing managers index for the initial 50.9, well below the forecast of 52.0 for August 2005 has been the weakest, close to the edge shrinking; Eurozone July manufacturing purchasing managers index for the initial 47.5, Forecast for 48.7, in June 2003 to the lowest level of the euro zone in July services sector purchasing managers index for the initial 48.3, lower than expected, in June 2003 for the lowest euro-zone in July integrated Purchasing Managers Index The initial value of 47.8 for November 2001 the lowest, are the second consecutive month, a contraction. Eurozone third quarter showed that the economic situation is not optimistic.

If the euro zone economy into recession, on the one hand may shake the European Central Bank adhere to the hardline stance of self-confidence, the other hand, it could trigger political level the ECB's hardline stance even greater challenge. Germany's IFO senior analyst Nabo had said that the European Central Bank need to take measures to reduce inflationary pressures.

Eurozone May unadjusted current account deficit widened to 21.4 billion euros, seasonally adjusted current account in deficit of 7.3 billion euros, reflecting strong euro on the euro zone balance of payments has had problems. Eurozone June M3 money supply annual growth rate of 9.5 percent, lower than expected by 10.3 percent, reflecting interest rate increase and the economic slowdown in corporate demand for credit has slowed down, they also may prompt the European Central Bank re-examine its hardline policy Position.

In addition, the United Kingdom and Switzerland from the data, can also prove the European economy as a whole show of weakness. For example, the United Kingdom in June retail sales decreased 3.9 percent the previous month, in January 1986 for the preparation of the biggest monthly drop since the data, although the British second quarter GDP growth than the 0.2 percent the previous quarter, the continuation of growth momentum, but the market expected the next few quarters will be Contraction; Switzerland in June to reduce exports in real terms of 3.5%, reflecting the European countries do not Mong domestic demand, because the five major economies in the euro zone is Switzerland's main exporters.

The economy into stagflation bound to affect the major European central bank's interest rate decision-making, so the EU have a negative impact of currency, the European currency strength has long dissipated, for example, the Chicago International Monetary Market (IMM) foreign exchange speculators holding the euro Dollar net long positions, from July 15 when weeks of net long 23,049 hand, and substantial reductions in the 4,071 last week to hand.

Of course, the British pound in the last European currency in the performance of the relatively strong side, last week the Bank of England's July meeting records are given the Notes. Bank of England's nine member monetary policy in July on one of the requirements of a rate cut, one that raising interest rates, and the remaining seven people decided to leave rates unchanged, comments one-third pound rate cut is expected to temporarily improved.

2, save "the two U.S." initial bill, dollar bulls confidence doubled.

In addition to the full European currency rebounded from last week, U.S. dollar against other currencies is also Africa and the United States all rose, indicating the dollar's driving force, or by their own fundamentals of the support and encouragement.

Last week, the nation's largest retail banks - Bank of America announced quarterly earnings decreased 41 percent to 3.41 billion U.S. dollars, for the fourth consecutive quarter of decline in the United States to issue credit cards with high-end American Express said the bank announced quarterly earnings dropped to 653 million U.S. dollars, showed that high-end customers of credit card debt default still rising; fourth largest U.S. banks - Wachovia's second quarterly loss for 8.86 billion U.S. dollars, the largest U.S. savings and loan banks - Bank of China each other for the second quarterly loss 3.33 billion U.S. dollars. These giant's poor performance on Wall Street although the market as early as expected, but the United States coincides with the market concerned about how the rescue, "Fannie Mae" and "U.S. mortgage", therefore, the market or on Wall Street rather precarious Worried that this degree against dollar sentiment.

However, the U.S. Securities and Exchange Commission last week published the week of the 19 Wall Street for a stock market dealer "naked short selling" to restrict the power of the U.S. short. More importantly, the U.S. House of Representatives on Wednesday adopted the "Fannie Mae" and "premises of the United States," the rescue plan, although the package in the White House are not satisfied with the content, but U.S. President George W. Bush has said it would sign the bill . Thus, the market is worried about the "Fannie Mae" and "premises of the United States" crisis of the storm eyes, it is very hard for Wall Street set off a new crisis, therefore, enhance confidence in the dollar longs.

Moreover, U.S. Treasury Secretary Paulson and the U.S. Federal Reserve Bank of Philadelphia Puluo Se president of the remarks made against the U.S. dollar also formed a bullish sentiment encouraged.

U.S. Treasury Secretary Paulson said that the United States is about to usher in the property market may turn for the better, in the next few months has started to recover, but to solve all the problems related to the property market may need more time. Paulson reiterated its support for a strong dollar, said a strong dollar is very important. It should be noted that, whether Bush or Paulson, recently talked about a strong dollar exchange rate is not mentioned by the market to determine the wording of this delicate change in the wording indicates the United States reserved the room for intervention in the market. Of the strong dollar's remarks on oil price pullback has played a catalytic role.

U.S. Federal Reserve Bank of Philadelphia President Pu Luose said last week that even if the job market and the financial markets have not yet recovered, rising inflation may force the Federal Reserve began raising interest rates. He believes that if maintained for too long, too loose monetary policy, will add to inflation. In 2004, under the Greenspan-led Fed, is to be fully recovered after the employment market, the dollar started the benchmark rate from 1 percent of the low gradually improve, then the low level of inflation because the United States, to postpone raising interest rates will not lead to inflation问题. At present, however, the United States is also in the shadow of high inflation, if waiting for the job market recovery began raising interest rates, that inflation may deteriorated. Therefore, the U.S. Fed officials are worried about the inflation situation. Rate hike will curb U.S. dollars for crude oil and commodity speculation.

Further data showed the U.S. economy compared with the European economy, the second quarter may be in the situation of comparative advantage, which means that the U.S. economic cycle ahead of the European economy, the future may go faster if the road to recovery.

Last Friday, the United States announced in June durable goods orders rose 0.8 percent, far better-than-expected 0.5 percent decrease; July University of Michigan consumer sentiment index value of 61.2, rebounded to a four month high point, Shows that the stock market rebounded and oil prices fall in U.S. consumer confidence has become more optimistic.

3, global stock market turbulence higher, yen bulls wavering.

Japan June core inflation rate rose to 10-year high, the core consumer price index rose 1.9 percent, mainly by the continued rise in energy costs pushed up, which showed that Japan's economy still can not determine whether out of a state of deflation, Also likely to fall into stagflation on the situation. This is because Japan's June exports fell from a year earlier accident, for the first time in the past five years, reflecting the global economy cooling down simultaneously, has affected Japan's external demand weakened.

Bank of Japan Shirakawa Fang-ming said that the tight monetary policy in response to rising raw material costs is not appropriate, and the central bank on inflation and downside risks equally concerned about the economy; member of the Bank of Japan to consider water Atsushi said that the downside risks to the economy have a high degree of concern about inflation. This shows that although inflationary pressures heating up, but the recent Bank of Japan will not affect the decision to leave interest rates unchanged. It is clear that Japan's domestic factors still affecting the yen is not the main reason for the trend.

Therefore, the yen remains bullish Wall Street and walk the movements of Japanese stocks advance and retreat, on-yen last week lowered, the stock market entirely subject to the rhythm.

4, oil, gold continued pullback, the value of the currency longs up empty.

A stronger dollar, oil prices continued to pullback and promote gold and commodity prices adjusted for the final has finally spread to the commodity currencies of Australia and Canada.

Of course, the Australian dollar Shenfutiaozheng, there are fundamental factors. Data show that in Australia the second quarter producer price index (PPI) over the previous quarter growth of 1.0 percent, up 4.7 percent, lower than the expected growth of 1.6% and 5.3% in the second quarter consumer price index (CPI ) Over the previous quarter growth of 1.5 percent, up 4.5 percent, higher than the expected increase of 1.2 percent and 4.3 percent. Although a record annual rate of inflation since 2001, the highest level, but the market is not that large Chu Ge, the Reserve Bank of Australia will not be prompted further interest rate increase. For example, the current interest rate futures markets reflected the trend, the Australian central bank lowered interest rates next year, the probability of about 50 percent, more than the inflation data released last week before the 30 percent, has been enhanced, show the market that the central bank to raise interest rates pre - Adequate action to curb inflation, lower economic growth.

In addition, the assets of Australia's largest bank National Australia Bank announced that it has further Provision of 8.3 billion Australian dollars (about 798 million U.S. dollars) and the United States, the provision for loan-to-related losses, the market is worried that the Australian banking industry may There's more of the loan-to-related losses.

Canada May retail sales increased less than expected, only 0.4 percent growth the previous month, is expected to grow 0.6 percent, which is the Canadian dollar weakness led to a negative factor.

Last week the market:

*** Currency trading week opened a week maximum ** ** ** week minimum closed the week up or weeks ***

The dollar index 72.19 73.02 71.74 72.86 +67 points

Euro / dollar 1.5836 1.5944 1.5627 1.5703 -133 points

Sterling / dollar 1.9958 2.0075 1.9814 1.9911 -47 points

Dollar / Swiss franc 1.0225 1.0406 1.0134 1.0366 +141 points

Dollar / yen 106.92 107.98 106.03 107.81 +89 points

Aussie / dollar 0.9719 0.9792 0.9536 0.9555 -164 points

Dollar / Canadian dollar 1.0062 1.0205 0.9988 1.0191 +129 points

Spot gold 955.25 975.95 915.80 928.70 -26.55 dollars

Crude oil futures 128.88 132.07 122.50 123.43 -5.45 dollars

Should pay attention to fundamentals this week and the following information: (focus on the band **)

United States:

Tuesday, 00:30 ** Fed Governor Mishkin made a speech

Tuesday, 21:00 U.S. May Standard & Poor's / Case-shiller price changes

Tuesday, 22:00 ** U.S. June consumer confidence index

Wednesday, 20:15 ** United States in July ADP private sector employment population changes

Thursday, 20:30 ** U.S. second-quarter preliminary GDP

Thursday, 21:45 ** U.S. July Chicago Purchasing Managers Index

Friday, 20:30 ** U.S. July employment report

Friday, 22:00 ** U.S. Institute for Supply Management's manufacturing index in July

Friday, 22:00 U.S. May construction spending

Euro area:

Monday, 14:00 Germany in August Gfk Consumer Confidence Index

Tuesday, 16:30 ** Germany in July Consumer Price Index initial value

Wednesday, 17:00 ** euro zone business climate index in July

Thursday, July unemployment rate in Germany 16:00

Thursday, 17:00 ** Eurozone July consumer price index to reconcile the initial value

Thursday, June unemployment rate in the euro zone 17:00

Friday, 15:55 ** Germany in July manufacturing PMI index final

Friday, 16:00 ** Eurozone July manufacturing PMI index final

United Kingdom:

Tuesday, 16:30 June consumer credit

Thursday, 14:00 ** British Nationwide house prices in July

Friday, 7:01 Britain in July Gfk Consumer Confidence

Friday, 16:30 ** United Kingdom in July manufacturing PMI index

Japan:

Tuesday, 07:30 Japan's unemployment rate in June

Tuesday, 07:30 Japan's household spending in June all

Tuesday, 7:50 ** Japan June retail sales

Wednesday, 07:50 ** Japan's industrial production in June

Thursday, 07:15 ** Japan's July manufacturing PMI index

Thursday, 09:30 Japan in June overtime pay

Thursday, 13:00 Japan June housing starts and construction orders

Other aspects:

Tuesday, 09:30 ** National Australia Bank (NAB) business survey situation in the second quarter

Wednesday, 09:30 Australia in June building permits

Wednesday, 17:30 ** Switzerland in July KOF leading indicator

Wednesday, 20:30 Canada in June producer price index

Thursday, 09:30 ** Australia in June and the second quarter retail sales

Thursday, 09:30 ** Australia in June the international balance of trade

Thursday, 16:45 ** Switzerland in July Consumer Price Index

Thursday, 20:30 ** Canada May GDP

Outlook this week:

Oil prices, U.S. dollar, recently formed a series of three-ring sets, interrelated, Central, Central closely. The foreign exchange market participants, put oil prices and Wall Street focused on the eyes, when oil prices fell and U.S. stocks rose, do more confidence in the dollar will strengthen the other hand, would choose to go short dollars. The stock market participants, is also the focus in the price of oil above the drop in oil prices seems to be a rising stock market rebound or the necessary conditions. So, oil prices seem to have become in this series sets a key element. In fact, the U.S. dollar or the U.S. can not also play a key role too? » Sharp oil price speculation was, of course, have long-term imbalance between supply and demand at work, the current rapid decline, it was explained as a global economic slowdown, making short-term imbalance between supply and demand may mitigate or reverse. However, if we stand in the perspective of market speculation, skyrocketing oil prices, should be interpreted as the U.S. and global stock markets go bears, no floating capital investment direction, thereby squeeze in the oil market, and it not weak dollar, the choice of floating capital The oil market hedge.

So, if the future gradually stronger dollar, U.S. stocks edge upwards, how can the oil-leading position. Therefore, the U.S. authorities stressed that the current strength of the value of the dollar, which is not like before, the false statement. At present, the more porous the U.S. financial system, in trouble, the U.S. authorities stressed that a strong dollar will become. Because if the laissez-faire dollar fell disorder, the United States may be a disaster. The future, when the Wall Street weathered the crisis, perhaps the U.S. authorities will also focus to the trade deficit, the resumption of the dollar's depreciation trend. This is perhaps viewed dollars dialectics.

At present, oil prices and Wall Street trends, can indeed affect the dollar as the key factor. U.S. financial giant's two main basic issue has been disclosed, the Wall Street of an impact this has been basically completed, subject to restrictions "naked short selling" under the impact of short-term decline in U.S. stocks the possibility of a large scale has not. But Wall Street's problems, not far from the end of the year to September to October, perhaps the news will be violence. This is because the Fed revealed last week, Wall Street traders on the Fed a 25 billion U.S. dollars through securities borrowing and lending of tools (TSLF) provided by the Ministry of Finance Securities tender for the 2.07 multiplier, that is 51.72 billion U.S. dollars, a dealer show that the capital flows And there is still the problem. Moreover, the U.S. banking industry through the discount window last week directly from the Fed's basic access to credit (primary credit) increased to a record high, showed that the U.S. banking industry increasingly need to rely on the Fed to provide low-cost financing, to improve operating profits.

Prior periods have been talking about that August is the Western countries in the main summer holiday, regardless of the oil market, the stock market or the main market participants are likely to leave leave the closed position敞口, lock profitable, so that when the Six months or a trend of the last three months of market prices, at the approach of August before the market is likely due to profit-taking and reversal. The recent decline in oil prices and Wall Street rebound, we can all make such understanding. So, after entering August, the market may show disorder shocks, fluctuations in the retail market characteristics, namely, oil prices or U.S. stocks on the market's influence, may be temporarily weakened.

If so, the market may re-focus attention to the prospects of rate hikes dollars clues. Although the recent U.S. Fed officials have the right to vote on most of the more hard-line remarks that the dollar needs as soon as possible interest rate increase, but by the U.S. Federal Reserve chairman, deputy chairman and directors of the core components of the Federal Reserve raising interest rates as early as possible whether or not agree with the view, Also need to observe. This week, Fed Governor Mishkin's speech, the Fed may be able to reveal the core level position.

Of course, if the market entry and disorderly fluctuations in the pattern, then the influence of performance data will increase, announced this week coincides with the U.S. July employment report, the current employment market is the United States in the field of economic weaknesses, so unless there accident General employment report will have a negative impact on the dollar as a possibility. The market expected U.S. July unemployment rate will be increased further to 5.6 percent, non-farm payrolls will be reduced by 65,000 people last month, is to reduce 62,000 people. In addition, the observation of the United States in July for Supply Management's manufacturing index's performance, the control of similar indicators in Europe, the United States can reveal whether the current economic situation but slightly better in Europe, the strength of the dollar Duokong growth and decline, there will be more important impact. In short, this week in the data, the dollar should remain cautious. But the U.S. market at present the second quarter GDP performance is more optimistic about the expected growth will be faster than the first quarter, to 1.9 percent growth in the first quarter, growth was 1.0 percent. The end of last year, the beginning of this year, including Alan Greenspan, the United States are expected to be the first half of the economy into recession, but the actual growth rate is accelerating Zhuji, This is ironic that the Man You.

In Africa and the United States monetary data, this week there are so few of Aspect. One is the German and euro zone inflation indicators in July, the euro zone is expected July inflation rate will further increase to 4.2 percent, may exacerbate the ECB's hardline stance, but it can also make the market more worried about the euro zone economy into stagflation dilemma. The second is the United Kingdom in July manufacturing PMI index, the manufacturing sector in the euro zone in July the second consecutive month of decline, it is expected that the British manufacturing sector conditions in July will also be difficult to optimistic performance. Third, the Australian second-quarter economic situation of enterprises and the second quarter retail sales performance, is expected to reflect the Australian central bank to raise interest rates so that economic initiatives already in the process of cooling down. Fourth, in Canada in May GDP, Canada last week in May retail sales weaker than expected performance of the accident, to Canada in May cast the GDP performance variables, the market is expected to grow by 0.2 percent, lower than April's 0.4 percent growth.

Technical analysis:

The dollar index: At present, the line MACD indicators in the bottom of a shaft 0 on 0-axis signs of wear, and the line continued to produce positive column, line, 70 more than in the RSI indicator of the strength of regional operation, the rail line Brin are on track Alice signs that this week the U.S. dollar will continue the pattern of strong rebound. This week, the dollar index's initial resistance at 73.10-73.20 area, strong resistance at around 73.40, 73.80 storm did not rule out the possibility of initial support at around 72.75, strong support at 72.55-72.45 area.

The euro against the U.S. dollar: At present, the line MACD indicators in the Sicha 0 axis downlink, this week will be the next to wear 0 reel, line, RSI indicators in 30 regional hovering near the weak, again dropped to below 30 may be vulnerable region , Brin on track under the rail line to start the dumping, the euro this week showed that support will be further lowered the possibility of too large. This week, the euro against the dollar initial resistance at 1.5710-1.5730 area, strong resistance at around 1.5780; initial support at 1.5620-1.5600 area, strong support at around 1.5560.

British pound against the U.S. dollar: At present, the line MACD indicators in the Sicha 0 axis divergence downlink, RSI on the line in the 50-30 regional swing indicators, a further drop to 30 following the signs, walk-track line Brin, indicates this week British pound adjustment trend will continue, and further lowered to the rail line under the support of Brin. This week, the British pound against the U.S. dollar initial resistance at 1.9920-1.9940 area, strong resistance at 1.9965-1.9995 area; initial support at 1.9805-1.9785 area, strong support at 1.9740-1.9710 area.

USDCHF: Currently, the lines on the MACD indicators have been wearing Jincha 0 reel, line, 70 more than in the RSI indicator of the strength of regional operation, Brin line on the track early in the opening run, indicates this week will further weaken the Swiss franc. This week, the U.S. dollar against the Swiss franc the initial support at around 1.0350, strong support at 1.0310-1.0270 area; initial resistance at 1.0420-1.0440 area, strong resistance at around 1.0520.

USDJPY: At present, the line MACD indicators in the emerging Jincha 0 axis, the line on the RSI indicator in the vicinity of 70 swing, re-entered 70 more signs of strong regional and Brin on track in opening line running prototype that The yen to weaken further the risk of looking for support. This week, the U.S. dollar against the yen in the initial support at around 107.50-107.10, strong support at around 106.80-106.60; initial resistance at around 108.40, strong resistance at 108.85-109.25 area.

USDCAD: Currently, the lines on the MACD indicators Jincha wear 0 reel, line, enter the RSI indicator of the strength of more than 70 regional, in a passive posture run, on-track follow-Brin, this week indicated that a further dollar strength , The impact on the rail line Brin resistance on the request. This week, the U.S. dollar against the Canadian dollar's initial resistance at 1.0215-1.0255 area, strong resistance at around 1.0320; initial support at 1.0150-1.0140 area, strong support at around 1.0100.

Australian dollar: The MACD indicators on the line in the axis 0 down Sicha divergence, this week will be close to 0 reel, line, RSI indicator dropped to 30 following the disadvantaged regions, a further sign of low, the line Brin Rail operating openings are the embryonic form, the Australian dollar this week will show that the overall Tandi seek further support. This week, the Australian dollar against the U.S. dollar initial resistance at 0.9585-0.9605 area, strong resistance at 0.9630-0.9640 area; initial support at around 0.9520, strong support at 0.9480-0.9455 area

Chinese stocks led Hong Kong stocks sharply lower

Wall Street Thursday sharp pullback, the Asia-Pacific region all the stock market lower Friday, by this drag, Hong Kong stocks sharply lower Friday after a repeated shocks, the Hang Seng Index fell below 23,000 points, led by Chinese stocks were the main force.

The Hang Seng Index closed at 22,741 points, down 347 points, or 1.5 percent; China Enterprises Index closed at 12,422 points, down 336 points, or 2.63 percent. The market turnover of 61.4 billion Hong Kong dollar.

DBS is expected of Li Yongliang, if the U.S. market no longer reported on credit crisis of bad news, stock prices after the adjustment will regain their recent gains. He predicted that the index may be short-term re-test 24000-25000 points. If more weak market sentiment, the stock index may test the strong support of 21800-22000 points region.

Source: China Securities Network

European stock markets fell financial stocks triggered worries

European stock markets ended lower Friday, the market for financial shares, the fear still linger. Earlier, German reinsurer Munich Re issued earnings warning.

The Dow Jones Stockton 600 index closed down 0.2 percent to 281.8 points; Britain's FTSE 100 index fell 0.2 percent, to 5352.6 while the German DAX 30 index fell 0.1 percent to 6436.7 points.

However, France's CAC-40 index rose 0.7 percent to 4376.9 points, its main constituent stocks of living increase. French retailer Danone Group (Groupe Danone, DA) rose 7.6 percent to 48.3 euros as France's CAC-40 index constituent stocks of the largest gains. Danone Group posted strong second-quarter earnings report and reiterated the revenue expected.

Friday was news of financial and banking sector monopoly. Germany Munich Re issued earnings warning, saying the 2008 financial year profit cautious view. The company attributed the global capital market volatility. First half of this year, the impact of volatile capital markets, the group's investment performance decline. The stock fell 7.3 percent to 107.9 euros. This news prompted the European insurance stocks fell.

Other areas, UBS (UBS) fell 6.1 percent to 21.6 Swiss francs; Minister of Justice on the New York auction rate bond trading allegations against the company. UBS is a European bank in the most affected by the credit crisis of one of several banks, the size of its assets Chongjian has more than 37 billion U.S. dollars.

The loan-to-endanger the U.S. banking industry has two banks bankruptcy

Early July in California, IndyMac Bank FSB's shocking runs on the weekend, two U.S. banks have declared bankruptcy. This is the United States recently to the second bank failures.

U.S. banking regulators - the Federal Deposit Insurance Corporation announced on the 25th in Nevada and the First National Bank in California, the first traditional bank closure. So far, this year the United States have been seven bank insolvency.

U.S. Federal Deposit Insurance Corporation said that the two banks assets will be temporarily closed down, on the 28th will be located in Omaha, Nebraska, the mutual banks to take over and re-opened to protect the interests of depositors.

U.S. Federal Deposit Insurance Corporation said that they took over from the collapse of the banks is the lowest cost solution. All the depositors, including those who deposit amount is higher than the federal deposit insurance limit of depositors, will automatically become Omaha mutual bank depositors, "the total amount of the deposit remain the same." Depositors can also be opened over the weekend to check and withdrawals.

Bank of Omaha mutual Schmid said in a statement: "We all First National Bank of Nevada and the first traditional bank customers that their deposits are all safe, but it can extract. We will open for business tomorrow morning . "

First National Bank and the first traditional banks are located in Arizona, with the First National Bank Holding Company, due to decline in value of assets and revenue resulting capital shortage of bankruptcy. As at the end of June, the First National Bank total assets of 3.4 billion U.S. dollars, the first traditional bank total assets of 254 million U.S. dollars.

Analysts said that the U.S. banking crisis, with the U.S. housing market bubble burst has a direct relationship. With the continued low prices, many families into negative equity, and this negative equity crisis directly to the erosion of the gifted class banking loans, leading to malicious Wei Yueshuai been on the rise. Similar problems also exist in the credit card field, the largest U.S. bank deposits and loans, Washington Mutual Bank recently released second-quarter report revealed that the credit card sector to a loss of 175 million U.S. dollars.

Some industry sources said Washington Mutual's the same problem exists in other U.S. banks. This shows that the original loan-to-the so-called crisis, in fact, has already exceeded the loan-to-field, to the credit card field and the entire banking sector proliferation.

Second half of this year, the U.S. banking industry will no doubt be a painful period, its ability quickly out of its predicament, the key is the trend of the U.S. housing market. To save the city, the U.S. Congress recently passed a package of housing assistance bill. In addition to the bill to help Fannie Mae and premises of the United States out of its predicament, the buyers will also provide 15 billion U.S. dollars of the total purchase tax rebate, so as to promote the development of the real estate industry.

U.S. National Association of Realtors chief economist Lawrence Yun believe that with these relief measures implemented, the U.S. housing market is expected out of its predicament. The warmer the city, will also contribute to the stability of financial markets and, ultimately, the vitality of the U.S. economic recovery. However, these positive results, is likely to be felt until next year. (Shanghai Securities News Zhu Xian-kai)

U.S. approval of 300 billion U.S. dollars to save the market

The U.S. Senate on the 26th made an exception and weekend meetings, vote on approval of a total 300 billion U.S. dollars in housing assistance to the motion, about 400,000 home buyers unable to loan the government is expected to be secured.

This motion on the 23rd of this month in the House of Representatives has already passed, will be President George W Bush signed after the entry into force. United States Government believes that the motion will help to boost housing and confidence in financial markets.

Government to provide guarantees

This motion on the 26th of 72 votes in favour and 13 votes against the results of the vote in the Senate, was adopted. Senate rare weekend meeting, the vote is an exception.

The motion by 694, authorized the U.S. Treasury Department indefinitely increase the two mortgage lending institutions, "Fannie Mae" and "premises of the United States and" credit loans, if necessary, from time to quantitative stock acquisition of the two institutions.

The motion approved by the Federal Housing Authority to a secondary mortgage crisis landlord to provide the total 300 billion U.S. dollars to the mortgage loan guarantees. About 400,000 homeowners will have the opportunity to get a lower interest rate mortgage loans, thereby avoiding the loss of housing mortgage redemption.

Motion, some communities will provide 3.9 billion U.S. dollars loan to help "the slaves" re-mix of debt to a fixed rate of interest, the payment of the remaining Fangkuan the form of loans.

The motion as "Fannie Mae" and "premises of the United States and" the purchase of mortgage loans, and the Federal Housing Authority can guarantee the mortgage loan limit. Motion proposed the establishment of a regulatory body, "Fannie Mae" and "premises of the United States and" the investment behavior, the authority of this body rejected the two major financial institutions, the remuneration arrangements for executives.

U.S. Pacific Investment Management investment manager比尔格罗斯that increase the mobility of lower mortgage costs, the market back on track is the best way.

Boost market confidence

Members of Parliament and the Government welcomes the motion passed, saying it would help boost market confidence.

Before the vote, more than senators praised the motion is "very little cooperation between the two parties" product. They said that the motion was adopted to contain the area of housing on the negative impact of the crisis is essential.

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd said: "The United States, loan-to-the extent of the crisis may be in the world. Wealth is shrinking, creating wealth at the same time the costs and expenses rose."

The loss of housing mortgages to the owner the right to redeem the number as an example, Dodd said: "I am behind the figures cited in each, have a family, a mother, a father and child facing unemployment, loss of housing and uncertainty The future. "

White House spokesman Tony Fratto said in a statement: "We appeal to as' Fannie Mae 'and' premises of the United States' establishment of a strong and independent regulatory body for almost six years, the president called on Congress to make legislation as soon as possible Federal Housing Authority adapt to the needs of the times, so that Americans, especially low-income homes, almost one year. Therefore, the Democratic Party-controlled Congress final action is a good thing. "

Statement said that, "Fannie Mae" and "premises of the United States" to provide financial support and increase the intensity of supervision, will help boost the housing and financial market confidence and promote market stability.

Rates have not yet bottomed out

The aid package the United States plans to save the real estate market can play much role to be the test of time. However, analysts point of view and survey data show that U.S. housing prices will drop further, potential buyers will continue to wait and see.

Canadian bank economist Richard Kelly said: "With a lot more housing on the market, prices will drop further to facilitate the grantor further in trouble and lead to more loss of housing mortgage foreclosure case there."

According to the U.S. National Association of Realtors statistics, if the existing sales, the United States by the end of June this year, the number of vacant housing to meet the 11.1 months of market demand, home sales price fell 6.1 percent.

Association President Richard Gaylord said that the survey data show that "in the face of housing prices decline, nearly a quarter of potential buyers is wait and see."

According to U.S. government statistics, in June this year, the U.S. new home sales dropped 0.6 percent. Since June 2007, new home sales decline 33.2 percent. In June this year, existing home sales declined by 2.6 percent, the lowest in the past 10 years. Since June 2007, existing home sales decreased 15.5 percent. (First-History)

British house prices to a maximum of seven years of decline

The London-based real estate research institutions HOMETRACK27 issued reports that in July the British average price of housing a year-on-year decline in most of the past seven years, and the momentum of decline may continue for several months.

The report showed that, in July in England and Wales average price of single-housing units than the same period last year fell 4.4 percent to 168,500 pounds (about 336,000 U.S. dollars), or higher than June's 1.2 percent, the statistics began in HOMETRACK2001 Since the biggest monthly decline.

HOMETRACK Research Officer Richard Tangnai pointed out that given the current housing market uncertainties facing the short term is unlikely to disappear, the transaction is expected to remain restrained, the downward pressure on prices will continue until this fall.

The loan-to-the United States after the outbreak of the crisis, the British credit markets also be affected, banks generally raised mortgage rates and tight credit, leading to the housing market were hit. Bank of England recently said that the British housing market fell momentum "is being accelerated."

Chinese martial arts star Bruce Lee died of the mystery was finally untied

Chinese martial arts star Bruce Lee after the death of 33 U.S. medical experts finally untied Yingnian He died mystery. According to the experts pointed out that the cause of death was reported that Bruce Lee is sensitive to drug caused brain swelling and death, the judgement is wrong.
The efforts of the legitimate prime heavenly kings, the real cause of death was lack of sleep and too much pressure induced by the "sudden epilepsy," This is a 22 after after his death the medical profession found that the new disease.
Bruce Lee on July 20, 1973 after the mysterious death rumors Man Tianfei, the actress has said that he Dingpei home use aphrodisiacs and sudden death, said he was refusing to pay protection fees by the Hong Kong triad murder.
At that time, the report said the official cause of death: He is a pain medicine equigesic extremely sensitive, leading to the day after the medication fatal brain swelling.
Celebrity death of the mystery, always soliciting explore the topic, such as U.S. President Kennedy, singer Elvis Paper at the Shi-li, as well as kung fu star Bruce Lee, and so on.
Chicago Department of medical experts Kam Feierjinsi post-mortem on the death of Bruce Lee for many years, has finally made the above conclusion.
Feierjinsi said that the study found that for many years, Bruce Lee died of a special epilepsy, and the medical profession in 1995 found that the disease. He analysis, post-mortem report showed that Lee has no physical trauma, in addition to marijuana, in no injuries » As for the residual pain medicine equigesic, very little weight, should also not fatal.
The disease each year in the United Kingdom claimed the lives of 500 people, generally in the age of 20 to 40-year-old man who was their prime. In the United States, the overall mortality rate of 7-17 percent due to epilepsy is caused by one of refractory epilepsy patients died, half due to emergencies caused by epilepsy. The EU estimates there are 4,000 people a year die of sudden epilepsy.