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01st July 2010
FirstCaribbean Daily Market Report
Tuesday, June 29th, 2010

Global Markets
• Home prices in 20 U.S. cities rose in April from a year earlier as sales got a boost from a tax credit aimed at reviving the industry that triggered the worst recession since the 1930s.
• U.S. credit-rating upgrades are poised to exceed downgrades this quarter for the first time since before markets froze as the economic recovery boosts company profits.
• Confidence among U.S. consumers declined in June more than forecast.
• European confidence in the economic outlook unexpectedly improved in June after reviving global growth and a drop in the euro bolstered the region’s recovery.
• More than 9,000 protesters marched through Athens today as Greek unions staged their fifth general strike of the year to challenge government plans to cut pension benefits and loosen labour laws.
• The Conference Board revised its leading economic index for China to show the smallest gain in five months in April, in a release that contributed to the biggest sell-off in Chinese stocks in more than a month.
• Japan’s industrial production and household spending slipped in May and the unemployment rate unexpectedly increased, in signs that the recovery of the world’s second-largest economy may slow.
• The yen reached its strongest level in eight years against the euro as signs the economic recovery is slowing boosted demand for Japan’s currency as a refuge.

Figure 1: Continued improvement in the S&P/Case-Shiller Composite 20 index

Source: S&P/Case-Shiller, Haver Analytics

Figure 2: U.S. Daily Economic Indicators

Source Bloomberg
 
 

Caribbean Markets

Caribbean
• Press reports that Sandals and Beaches resorts were named by Canadian agents as their “favourites” in three prominent categories in the 11th annual Agents’ Choice Awards.

• Sandals was voted ‘Favourite All-Inclusive’ for 11 years in a row; ‘Favourite Hotel Chain’ for the fourth consecutive year; and ‘Favourite Environmentally Friendly Company’ for the third year running.

• Press reports that representatives of management and pilots of Liat have reportedly held talks and are making progress towards progress towards resolving outstanding grievances of its cockpit crew. However no immediate assurances have been given that the pilots group, Lialpa, will call off further industrial action

Antigua
• BBC reports that lawyers for the governing United Progressive Party (UPP) in Antigua go to court on Tuesday to try to overturn a high court ruling that nullified the elections of Prime Minister Baldwin Spencer and two of his Cabinet colleagues.
• In March, Justice Louise Blenman ruled that the late opening of polling stations in the three constituencies during the 2009 elections affected the outcome of the results.

Bahamas
• American Eagle Airlines, a regional affiliate of American Airlines, said it will offer non-stop flights between Miami and the Bahamas, later this year. Seasonal service between Miami and Treasure Cay Airport will resume Nov. 18.

Barbados
• The Central Bank of Barbados has announced the issue of a BD$80 million Treasury Note. The instrument matures in June 2013 and carries a coupon of 4.25%.

Cayman
• Local press reports that direct flights, operated by WestJet, between Grand Cayman and Toronto are scheduled to start in December.
• A survey by the Cayman Islands Chamber of Commerce indicates that approximately 80 per cent of respondents believe the Cayman Islands economy has deteriorated in the past year; while 94 per cent believe the Islands are still in an economic recession.
• The survey also indicated that the majority of those surveyed said their confidence in Cayman’s economy is at least fair, if not good or even excellent.

Jamaica
• Jamaica’s Prime Minister Bruce Golding appealed to G8 countries for greater assistance to countries like Jamaica in the fight against organized crime.
• Over 130,000 Canadian visitors came to Jamaica during the 2009/10 winter tourist season, representing an increase of some 11 per cent over the same period of the previous season.
• Press reports that a new infirmary for the parish of Hanover is to be constructed. Details of the project were outlined at a meeting of representatives of the Hanover Parish Council and the Department of Local Government last Thursday

St. Kitts and Nevis
•Press reports that the Four Seasons Resort Nevis will re-open on December 15, 2010. The Resort has been closed due to impacts from Hurricane Omar, which passed through the islands of St. Kitts & Nevis in October 2008.

Trinidad
• Dr. Keith Rowley has assumed leadership of the People’s National Movement (PNM) following the party’s 29-12 defeat in the May 24 general election elections a month ago.

DISCLAIMER- This document is for informational purposes only. This information is based on the close of the previous business day activity. The information presented is from usually reliable sources. FirstCaribbean has not independently verified the facts, assumptions, and estimates contained in this report. No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, or completeness of the information and opinions contained in this report. FirstCaribbean International Bank accepts no liability for any loss occasioned by reliance on any information contained herein which may prove to be incorrect.

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