Obama e Pelosi debaterão pacote econômico hoje, diz jornal

EFE
02/01/2009
O presidente eleito dos Estados Unidos, Barack Obama, se reunirá hoje com a presidente da Câmara de Representantes, a também democrata Nancy Pelosi, para analisar seu programa de estímulo à economia, informa hoje o jornal "The Washington Post".
Em uma reportagem em seu site, a publicação, que cita fontes não identificadas, diz que Obama e Pelosi discutirão o tamanho do pacote e a agenda para sua aprovação.
O presidente eleito disse levar esse plano adiante será sua prioridade assim que tomar posse, em 20 de janeiro, ao passo que Pelosi afirmou que quer tê-lo pronto até essa data.
No entanto, é pouco provável que isso aconteça, dada a preocupação dos republicanos e dos democratas moderados com o impacto de gastos extraordinários sobre o déficit fiscal.
Os legisladores cogitam aprovar um pacote de até US$ 775 bilhões, diz o "Washington Post", segundo o qual esses recursos seriam usados em projetos de infra-estrutura, incentivos fiscais e ajudas aos estados.
Na quarta-feira da semana que vem, começarão as audiências no Congresso sobre o tema, das quais participarão especialistas como Martin Feldstein, professor da Universidade de Harvard; Mark Zandi, economista-chefe da "Moodys.com", e Maria Zuber, professora do Massachusetts Institute of Technology (MIT).

Demanda por grandes empréstimos cresce 8,3%

Agência Estado
02/01/2009
Por causa do agravamento da crise internacional de crédito, a partir de setembro do ano passado, o mercado bancário brasileiro passou a ser fonte de grandes empréstimos para as empresas nacionais. Dados do Banco Central (BC) mostram um aumento significativo no volume de financiamentos superiores a R$ 10 milhões contratados por pessoas jurídicas. O crescimento vinha ocorrendo ao longo do ano passado, ante o fechamento do mercado de capitais brasileiro, mas se acelerou fortemente em setembro e outubro de 2008, quando as linhas de crédito internacional secaram.
Os empréstimos acima de R$ 10 milhões para as empresas tiveram crescimento de 8,3% em outubro em relação a setembro, segundo os últimos dados disponíveis do BC. Perto do crescimento médio, de 2,9%, o movimento é relevante. Já os financiamentos de até R$ 100 mil para as empresas cresceram 1,7% e os de valores de R$ 100 mil a R$ 10 milhões, 0,8%. Em setembro, os empréstimos de maior valor já haviam crescido 7,9%. "Isso está associado à migração das grandes empresas para o mercado bancário doméstico, já que o mercado externo está fechado", confirma o economista da Tendências Consultoria Bruno Rocha. "E explica por que o crédito para pessoa jurídica continua crescendo nos mesmos patamares, enquanto para a pessoa física vem cedendo."
No segmento pessoa jurídica, os empréstimos de curtíssimo prazo (até 180 dias) e os de longo prazo (acima de três anos) foram os que mais cresceram em outubro, com altas de, respectivamente, 5,1% e 6,9%. Em valores nominais, os empréstimos de curtíssimo prazo, que têm maior representatividade no total de crédito às empresas, tiveram expansão maior: R$ 13,5 bilhões, ante R$ 8,2 bilhões dos de longo prazo. Os financiamentos de curto prazo (de seis meses a um ano) recuaram 1,4%, os de médio prazo (de um a três anos) subiram 2,6% e os de prazo indeterminado ficaram estáveis.

Commodities têm a maior queda da história em 2008

Folha de S.Paulo
02/01/2009
O ano passado fechou como o pior em mais de meio século para o mercado de commodities. O índice CRB Reuters-Jefferies, que estreou em 1956, fechou 2008 com recuo de 39%, declínio recorde para o período de janeiro a dezembro.
O S&P GSCI, outro índice usado como referência desde a sua origem, em 1971, registrou queda de pouco mais de 48%.
O ano passado foi um período de altas e baixas extraordinárias para as commodities. Teve preços recordes para petróleo (o barril chegou a US$ 147 em Nova York em julho), ouro, cobre e alumínio, num movimento de ascensão de seis anos que alcançou o seu auge em 2008. Em contrapartida, no segundo semestre, as baixas foram intensas, o que minou o desempenho dos índices que acompanham as matérias-primas.
O barril de petróleo em Nova York havia terminado 2007 cotado a US$ 95,98. Ontem, o pregão da Bolsa mercantil fechou a US$ 44,60. No dia, a valorização foi de 14% em relação ao pregão anterior, por conta do anúncio da Rússia de que vai parar de fornecer gás para a Ucrânia a partir de hoje. No ano, a queda foi de 53,5%.
Com apenas algumas raras exceções, como o ouro, as commodities encerraram o ano em retração desordenada, em decorrência da crise financeira mundial, provocada pelo aperto no crédito que vem levando os países mais ricos à recessão. Em Londres, o preço do metal subiu 3,8% em 2008, puxado pela expectativa de enfraquecimento do dólar.
O crédito restrito teve um impacto direto nas commodities. Os bancos de investimento limitaram radicalmente os recursos para os fundos de hedge.
Sem esse dinheiro, os fundos reduziram fortemente as previsões de que os preços continuariam subindo nos contratos de longo prazo, o que se refletiu de imediato nos vencimentos mais próximos.
Dois dos maiores fatores de sustentação dos mercados de commodities desapareceram ao longo de 2008. Primeiro, a esperança de que se experimentava uma alta única na história, descrita por analistas como um "superciclo", por causa da demanda ascendente dos países emergentes.
Depois, a ideia de que a China -o maior deles- se "descolaria" do restante da economia global. Os chineses não ficaram imunes aos efeitos da crise global de crédito. O país asiático continuará a crescer, sim, mas não na mesma proporção de temporadas anteriores.

BC da Argentina prevê que país crescerá 4% em 2009

BC admite que país 'não estará isento do impacto da crise mundial'. Estimativa é que inflação seja de 7% em 2009.
Agência Estado
02/01/2009
O Banco Central (BC) da Argentina anunciou que prevê que a economia do país crescerá 4% neste ano. Em 2008, segundo indicam dados preliminares, o Produto Interno Bruto (PIB) teria crescido 7,5%. O BC admite que a Argentina "não estará isenta do impacto da crise mundial". No entanto, os economistas em Buenos Aires - e também no exterior - encaram este ano de forma mais pessimista. As previsões oscilam entre quedas de até 2% do PIB e altas de, no máximo, 2%. Segundo o BC, as exportações argentinas em 2009 alcançarão a marca de US$ 69 milhões. O BC também informou que calcula que a inflação argentina em 2009 será de 7%. Entretanto, os economistas independentes estimam que a inflação será pelo menos o dobro do índice previsto pela entidade financeira.

Wall Street's Final '08 Toll: $6.9 Trillion Wiped Out

Racked by Crisis, Markets End Year on Slight Upswing
By Renae Merle
Washington Post Staff Writer
Thursday, January 1, 2009; Page A01
After months of tortuous trading, Wall Street rang out its worst year since the Great Depression yesterday, leaving shareholders $6.9 trillion the poorer.
It hardly mattered that the market finished the last day of the year with a modest gain.
The losses in 2008 were so broad and deep that every sector in the Standard & Poor's 500-stock index took a double-digit hit, and the financial sector lost more than half of its value. The Dow Jones industrial average, an index of 30 blue-chip stocks, and the S&P, a broader index watched by market professionals, were down 34 percent and 38 percent, respectively, their deepest losses since the 1930s. The tech-heavy Nasdaq composite index was down 41 percent, its worst year since the exchange was created in 1971.
Overseas, the year was just as dismal. In Germany, stocks were down 40 percent, in Japan, 42 percent, in Brazil, 41 percent. Taken together, all of the world's stocks lost 48 percent last year.
Traders endured unprecedented turmoil last year as Lehman Brothers, an icon of the financial industry, teetered then collapsed, while other firms were saved by government intervention or disappeared into the arms of competitors. By the end of 2008, the Dow had set new records for its three largest single-day point gains and two steepest point losses after swinging hundreds of points an hour during some sessions.
Investors now have turned from the wreckage of the past year to focus on the prospects for President-elect Barack Obama's proposed stimulus package to revive the economy, analysts said. The Dow closed yesterday up 1.3 percent, or 108 points, at 8776.39, while the S&P climbed 1.4 percent, or 12.61 points, to close at 903.25. The Nasdaq was up 1.7 percent, or 26.33 points, at 1577.03.
The year ended with relatively positive economic news, though analysts said it will have limited impact. The Labor Department said jobless claims fell by 94,000 last week to a seasonally adjusted 492,000, a bigger drop than expected, but unemployment remains historically high. And rates for a 30-year, fixed-rate mortgage fell to 5.1 percent this week from 5.14 percent the week before -- the lowest since Freddie Mac began tracking that data in 1971. But the housing market remains weak and home values have plummeted.
With the economy expected to sour further during the first half of the year and poor corporate earnings likely to pile up as businesses account for the losses from the financial crisis and housing downturn, a stock market recovery will be bumpy, analysts said.
It has traditionally taken about five years for stocks to recover from a "mega-meltdown," said Sam Stovall, chief investment strategist for Standard & Poor's Equity Research. If the S&P does not revisit the low levels it reached in November, it could gain 15 percent in 2009, making a dent in 2008's losses, he said.
But "if we find the recession is deeper and longer than we currently expect, if there are more financial land mines that are unanticipated, there is no guarantee" stocks will not collapse again, Stovall said.
The market's volatility spilled into traditionally stable parts of the economy, increasing demand for government bonds, for example. The yield for one-month Treasury bills started at about 2.6 percent in 2008, but unprecedented demand pushed it into negative territory before it finished at 0.01 percent yesterday. The smaller yields mean that investors were willing to earn little on the bonds, and when the yields plunged into the red, do without any return and pay the Treasury Department to keep their money safe from market turbulence.
Investors' skittishness could also be seen in the market for crude oil. After surging to $147 a barrel in the summer, prices began a precipitous slide as economic concerns spread and demand dropped. The price climbed 14 percent to $44.60 a barrel on the New York Mercantile Exchange yesterday, but has fallen about 70 percent from its peak and finished down about 50 percent for the year.
The fall in crude was faster and deeper than expected, analysts said, and prices could still plummet to $25 a barrel if economic conditions get worse than expected.
"This is a year that people will go back and look back and study for the next 100 years," said Phil Flynn, oil analyst at Alaron Trading in Chicago.

Emerging-Market Stocks Sink in 2008, May Rebound on BRICs Rally

By Fabio Alves
Jan. 1 (Bloomberg) -- Emerging-market stocks fell the most ever last year and investors are looking for Brazil, Russia, India and China to lead a reversal in 2009.
The global economic slowdown and slump in commodity prices sent the MSCI Emerging Markets Index tumbling 54 percent in 2008, compared with a 38 percent drop in the Standard & Poor’s 500 Index and a 42 percent loss in the MSCI World Index. Developing- nation stocks are trading near their cheapest levels in a decade.
Mark Mobius at Templeton Asset Management Ltd. and Uri Landesman at ING Groep NV are snapping up stocks of the so-called BRICs on speculation global infrastructure spending and interest- rate cuts will help the economies avoid the recessions hurting developed nations.
“Global rate cuts and stimulus plans are going to drive consumption, which most likely will be spent in infrastructure, thus boosting stocks of materials and energy producers of countries like Brazil and Russia,” said Landesman, who oversees $2.5 billion at ING’s asset management unit in New York.
The 746 companies in the MSCI Emerging Markets Index now trade at 8.5 times earnings, up from 6.1 times on Dec. 4, the cheapest in a decade.
The MSCI BRIC Index lost 58 percent last year after demand for oil, steel, iron-ore, soybeans and other raw materials waned. BRIC is an acronym coined by Goldman Sachs Group Inc. in 2001 to encompass the four emerging markets it predicted would join the U.S. and Japan as the world’s biggest economies by 2050.

Crisis Puts an End to Americas' Bull Run

JANUARY 2, 2009
Wall Street Journal
By ANTONIO REGALADO
Investors began 2008 thinking stocks in Latin American might outperform those in other parts of the world again. And the region's indexes did remain steady or even rose through midyear.
But by year end, Latin America had been hammered along with everyone else, ending the region's five-year run of bull markets and big trade surpluses.
Morgan Stanley's weighted index of regional stocks, the MSCI Latin America Index, sank 53% in U.S. dollar terms, a big reversal from 2007's 47% rise, which followed the 39% jump of 2006.
Slumping prices for oil, metals and foodstuffs hit such blue chips as Brazil's Petróleo Brasileiro SA, whose local listing fell 48%. The devaluation of the Mexican peso left half a dozen companies in Mexico near bankruptcy due to bad currency trades. Growth in domestic demand for goods and services slowed sharply throughout the region as the year wound down.
U.S. and other foreign institutional investors fueled the selloff, pulling $13.4 billion out of shares of companies traded on Brazil's Bovespa through November. In Brazil, Latin America's largest economy, the benchmark Bovespa stock index shed 54.8% in U.S. dollar terms.
North of the U.S. border, Canada's stock market held up well through the middle of 2008, buoyed by high commodity prices, but it too succumbed to the global downdraft. The TSX/S&P Composite Index, Canada's benchmark index, finished down 35%. It is dominated by stocks in the energy and materials sectors, whose prices tumbled in the second half of the year.
Some of Canada's big winners early in the year -- such as fertilizer giant Potash Corp. of Saskatchewan -- took the hardest hits; its stock price ended the year down 38%. The Canadian dollar also swooned, weakening 18% against the U.S. dollar, which would have magnified losses for U.S. investors in Canadian stocks, since the shares would be worth even less in U.S. dollar terms.
Few Latin American shares managed to end higher. Mexican discount chain Grupo Elektra SA, rose nearly 80% on expansion of sales at its discount stores, which began offering inexpensive automobiles made in China, making it by far the biggest gainer in Mexico's benchmark IPC index.
The worst-performing stock in Mexico, down almost 90%, was No. 3 retailer Controladora Commercial Mexicana SAB, which sought bankruptcy protection after posting a loss of $2.5 billion in currency trades.
Mexico's IPC index fell 39.8% in dollar terms, after the 11% rise of 2007.
In Brazil, only 10 of the 66 shares comprising the Bovespa index advanced. The worst performer among index members was housing developer Rossi Residencial SA, down 83% as a local housing boom stalled.
The region now faces its sharpest downturn in economic growth since 1983, according to Morgan Stanley chief Latin America economist Gray Newman. In December, Morgan Stanley began predicting that Latin America's economic output would contract 0.4% in 2009, led by reversals in Mexico and Argentina.
Economic growth in Mexico slowed sharply in 2008, to an estimated 1.8% from 3.2% a year earlier. Analysts expect economic contraction and weak stock performance in 2009, as Mexico's economy historically lags behind the U.S. by about six months.
Brazil was hit by a sharp devaluation of the real, while falling commodity prices decimated shares of steel, oil and minerals companies. Iron miner Cia. Vale do Rio Doce fell more than 60% from its peak in June as demand from Chinese steelmakers ebbed.
Brazil's gross domestic product rose 5.5%, but economic growth slowed in the last quarter. Auto makers shuttered assembly lines, and a historic expansion in consumer credit showed signs of slowing. Itaú Holding Financeira SA bought União de Bancos Brasileiros SA, known as Unibanco, forming the South America's largest bank.
José Arturo Tobias, chief equity analyst at Bulltick Capital Markets, a boutique investment bank in Miami focused on the region, says economic uncertainty in the coming year, with early quarters of economic contraction and poor earnings, means investors will focus on individual stocks, not countries or sectors. "Look for repricing of companies that are very depressed now, but which have good margins," he says, citing soda bottlers and brewers, or natural monopolies like airport operators or telecommunications companies with consistent cash flow.
Latin America's populist governments could face deepening troubles in 2009. In Venezuela, economic output and government revenue slowed sharply when oil prices fell, as oil accounts for 90% of exports. President Hugo Chávez is expected to devalue Venezuela's currency 30% to 40% in order to maintain domestic spending programs, according to Bulltick Capital Markets.
Argentina also embarked on market-unfriendly moves, boosting government revenue by taking control of private pension funds and raising taxes on agricultural exports. Protesting farmers blocked highways throughout the year. Argentinians began withdrawing money from private bank accounts, fearing government seizure.
Despite stock-market losses, Latin America claimed an important victory as countries avoided the economic meltdowns that have accompanied past economic crises. While the region may enter recession along with other regions of the globe, it has largely avoided massive currencies devaluations, government debt defaults and loss of investor confidence. This time, central banks reacted to crisis by raising interest rates on inflation concerns and tapping record dollar reserves to manage exchange rates.
Only one country, Ecuador, defaulted on its international debt. But both Brazil and Peru gained investment-grade status for their sovereign debt. Peru should repeat as the region's fastest growing economy, though growth is expected to slip to 5% from 10%. The general index of the Lima stock exchange fell 61.5% in dollar terms.
—Joanna Slater contributed to this article.