Postingan

Menampilkan postingan dari Juli, 2023

Hakim federal menolak keputusan Ripple tentang kripto dalam kasus Terra.

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(Bloomberg) - Seorang hakim federal di New York memutuskan pada awal bulan ini bahwa Ripple Labs token bukanlah sekuritas ketika dijual kepada publik di pasar sekunder, menambah ketidakpastian di seputar regulasi mata uang kripto. Paling Banyak Dibaca dari Bloomberg • Keluarga Terkaya di Asia Memicu Perebutan Pekerjaan Keuangan yang Menggiurkan • Banyak Pemilik Rumah di AS Ingin Pindah. Mereka Tidak Punya Tempat untuk Pergi • AS dan Eropa Semakin Khawatir dengan Serbuan China ke Chip Warisan • Suku Bunga KPR AS 5% Dipandang Sebagai Titik Balik untuk Membuka Pasokan • Tangki Septik dan Tumpukan Sampah yang Meluap di Miami Menguji Daya Tarik Orang Kaya Hakim Distrik AS Jed Rakoff pada hari Senin mengizinkan Komisi Sekuritas dan Bursa untuk melanjutkan kasusnya terhadap Terraform Labs Pte dan pendirinya, Do Kwon. Dengan melakukan hal tersebut, Rakoff mengatakan bahwa ia menolak perbedaan yang dibuat dalam kasus Ripple antara penjualan publik dan institusional. Keputusan Ripple pada 13...

Kolombia mempertahankan suku bunga acuan di 13,25% karena inflasi melampaui negara-negara lain di kawasan ini

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(Bloomberg) -- Kolombia mempertahankan suku bunga pada level tertinggi selama periode 24 tahun pada hari Senin untuk menekan inflasi, yang telah jauh melampaui negara-negara lain di kawasan ini. Paling banyak dibaca dari Bloomberg • Keluarga terkaya di Asia memicu perlombaan untuk mendapatkan pekerjaan finansial yang menguntungkan • Banyak pemilik rumah di AS ingin pindah. Mereka tidak punya tempat untuk pergi. • AS dan Eropa semakin khawatir dengan serbuan China ke aset-aset warisan • Suku bunga hipotek AS sebesar 5% dipandang sebagai titik kritis untuk melepaskan pasokan • Meluapnya tangki septik dan tumpukan sampah di Miami menjadi daya tarik bagi orang kaya Bank sentral mempertahankan suku bunga acuan pada 13,25% selama dua bulan berturut-turut, sejalan dengan ekspektasi. Keputusan ini diambil dengan suara bulat, kata gubernur bank Leonardo Villar kepada para wartawan di Bogota. Kolombia adalah negara terakhir dari negara-negara besar di Amerika Latin yang mengakhiri rekor pen...

Intraday AUD/USD: sisi bawah 0,6679 adalah resisten

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Preferensi kami: Sisi bawah berlaku selama 0,6679 adalah resistensi. Skenario alternatif: Di atas 0,6679, cari 0,6711 dan 0,6730. Komentar: RSI berada di bawah area netralitasnya di 50. MACD negatif dan di bawah garis sinyalnya. Konfigurasinya negatif. Selain itu, harga berdiri di bawah rata-rata pergerakan periode 20 dan 50 (masing-masing di 0,6662 dan 0,6672).

Percaya atau tidak, sentimen konsumen membaik

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Saham-saham naik minggu lalu, dengan S&P 500 naik 1,0% dan ditutup pada 4.582,23. Indeks ini sekarang naik 19,3% year-to-date, naik 28,1% dari level terendahnya pada 12 Oktober di 3.577,03 dan turun 4,5% dari level tertingginya pada 3 Januari 2022 di 4.796,56. Pasar menguat karena kita diingatkan untuk tidak meremehkan konsumen Amerika. Pada hari Jumat, BEA melaporkan bahwa pertumbuhan pengeluaran konsumsi pribadi meningkat pada bulan Juni ke rekor tahunan sebesar $18,4 triliun. Hal ini penting karena belanja konsumen adalah pendorong utama ekonomi AS, dengan pengeluaran konsumsi pribadi mencapai 68% dari PDB. Namun, perilaku konsumen bisa sangat kompleks dan beragam. Selama hampir dua tahun terakhir, ukuran-ukuran sentimen konsumen telah mengalami kelesuan - sebagian besar disebabkan oleh inflasi, yang secara jelas termanifestasi dalam kenaikan harga-harga barang dan jasa. Namun, belanja konsumen terus tumbuh. Penjelasannya: Keuangan konsumen berada dalam kondisi yang sangat bai...

BOJ Mengirim Lonjakan Imbal Hasil Dengan Perubahan yang mengejutkan ke Batas Suku Bunga

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Bank of Japan mengguncang pasar keuangan dengan melonggarkan cengkeramannya pada imbal hasil obligasi dalam langkah kejutan pertama Gubernur Kazuo Ueda sejak mengambil alih kepemimpinan, sebuah langkah yang kemungkinan akan memicu pembicaraan tentang potensi normalisasi kebijakan yang akan datang. Imbal hasil obligasi acuan Jepang melonjak, memperpanjang kenaikan di atas batas 0,5% bank sentral sebelumnya. Yen whipsaw, jatuh lebih dari 1% sebelum berbalik arah dan reli untuk diperdagangkan dengan jumlah yang sama lebih tinggi — dan kemudian melepaskan keuntungan tersebut. BOJ mempertahankan targetnya untuk imbal hasil 10 tahun di sekitar 0% tetapi mengatakan plafon 0,5% sekarang menjadi titik referensi, bukan batas kaku karena berusaha membuat program pelonggarannya lebih fleksibel. Bank juga mengatakan akan menawarkan untuk membeli utang pemerintah 10 tahun sebesar 1% setiap hari, sementara membiarkan suku bunga negatif jangka pendek tidak berubah di -0,1%.

Analisa Jumat 28 Juli 2023

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Pada hari Kamis, saham AS ditutup di wilayah negatif setelah sesi berombak yang melihat indeks dibuka di sisi positif tetapi turun seiring berjalannya sore hari. S&P 500 berakhir lebih rendah, meluncur 29,27 poin (-0,64%) ke 4537, sedangkan Nasdaq 100 turun 34,33 poin (-0,22%) ke 15464. Dow Jones Industrial Average juga mengalami penurunan tajam, turun 237,4 poin (-0,67%) ke 35282. Di sisi sektor, saham di sektor Otomotif & Komponen (-2,62%), Layanan Telekomunikasi (-2,03%), dan Real Estat (-1,9%) berkinerja paling buruk selama sesi perdagangan. Di sisi ekuitas AS, Meta Platforms (META), sebuah perusahaan teknologi sosial, naik 4,4% menjadi $311,71 setelah melaporkan pendapatan kuartal kedua yang lebih kuat dari perkiraan sementara perkiraan pendapatan kuartal saat ini juga melampaui perkiraan. Selain itu, target harga saham dinaikkan menjadi $380 dari $350 di Deutsche Bank dan menjadi $375 dari $350 di BofA Global Research. Sementara itu, AbbVie (ABBV), sebuah perusahaan f...

A.I. Generatif akan menjungkirbalikkan tenaga kerja, memaksa 12 juta perubahan pekerjaan dan mengotomatisasi 30% jam kerja dalam ekonomi AS pada tahun 2030.

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Diskusi tentang AI di dunia kerja terombang-ambing antara kekhawatiran akan pengangguran massal dan fantasi utopia masa depan di mana setiap orang bebas mengejar passion mereka alih-alih mengejar karier. Meskipun rincian tentang bagaimana AI generatif akan mengubah dunia kerja masih bisa diperdebatkan, para ahli dan pekerja percaya bahwa perubahan tidak dapat dihindari. Sebuah laporan baru dari perusahaan konsultan raksasa McKinsey mencoba untuk mengukur perubahan yang akan terjadi dengan melihat bagaimana perpaduan pekerjaan dapat berubah dari waktu ke waktu. Yang terpenting, penelitian McKinsey sampai pada titik yang sejauh ini jarang dibicarakan - bahwa AI tidak akan menghapus pekerjaan dalam jangka panjang. Meskipun penelitian yang dimaksud "tidak dapat secara pasti mengesampingkan hilangnya pekerjaan, setidaknya dalam jangka pendek". Sektor-sektor yang paling terpapar oleh AI generatif masih dapat menciptakan lapangan kerja pada tahun 2030, tetapi dengan kecepatan yang...

Saham AS ditutup lebih rendah mengikuti keputusan Federal Reserve untuk menaikkan suku bunga sebesar 25 poin

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Pada hari Rabu , sebagian besar saham AS ditutup lebih rendah setelah sesi yang bergejolak menyusul keputusan Federal Reserve untuk menaikkan suku bunga sebesar 25 poin, menandai kenaikan suku bunga ke-11 dari 12 pertemuan kebijakan terakhir. S&P 500 berakhir lebih rendah, turun 0,71 poin (-0,02%) ke 4566, sedangkan Nasdaq 100 turun 62,16 poin (-0,4%) ke 15499. Sebaliknya, Dow Jones Industrial Average melanjutkan pukulan panasnya, menambahkan 82,05 poin (+0,23%) ke 35520. Di sisi sektor , saham di sektor Transportasi (+2,96%), Media (+2,95%), dan Bank (+1,32%) adalah yang berkinerja terbaik sementara saham di sektor Perangkat Lunak & Layanan (-2,54%), Semikonduktor & Peralatan Semikonduktor (-1,35%), dan Sektor Peralatan & Layanan Perawatan Kesehatan (-0,39%) berkinerja paling buruk selama sesi perdagangan. Di sisi ekuitas AS , dalam berita pendapatan, Microsoft (MSFT), perusahaan pengembang perangkat lunak, turun 3,76% menjadi $337,77 setelah pertumbuhan pendapata...

Federal Reserve menaikkan suku bunga ke level tertinggi sejak 2001

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Federal Reserve menaikkan kisaran target suku bunga acuannya sebesar 0,25% pada hari Rabu dan membuka peluang untuk kenaikan suku bunga lebih lanjut di tahun ini. Kenaikan suku bunga pada hari Rabu membawa suku bunga kebijakan The Fed, fed fund rate, ke kisaran baru 5,25%-5,50%, level tertinggi sejak Maret 2001. Kenaikan suku bunga pada hari Rabu menandai kenaikan ke-11 bank sentral sejak Maret 2022 dan terjadi setelah The Fed mempertahankan suku bunga pada bulan Juni. Dalam pernyataannya pada hari Rabu, The Fed mengisyaratkan kenaikan suku bunga di masa depan akan bergantung pada dampak kenaikan suku bunga sebelumnya terhadap ekonomi dan perkembangan keuangan. Keputusan itu diambil dengan suara bulat. "Dalam menentukan tingkat pengetatan kebijakan tambahan yang mungkin sesuai untuk mengembalikan inflasi ke 2% dari waktu ke waktu, Komite akan mempertimbangkan pengetatan kebijakan moneter secara kumulatif, jeda waktu kebijakan moneter yang mempengaruhi aktivitas ekonomi dan infla...

Dow Seeks Longest Winning Streak Since the Volcker Era

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Last time the Dow climbed for 13 straight days, "The Cosby Show" was TV's hottest program, the Lawrence Taylor-led Giants were en route to a Super Bowl and Paul Volcker was in the last year of his inflation-taming tenure at the Federal Reserve. Today, the blue-chip index is seeking its longest winning streak since January 1987. Fed Chair Jerome Powell, who has cited Volcker's playbook in the latest fight against price pressures, could help decide whether it finishes in the green. Many investors this afternoon will be glued to Powell's press conference for any whiff of the notion that the Fed's widely expected rate hike today will be its last. But the central banker often channels his inner Volcker in such appearances with hawkish rhetoric suggesting more tightening could be needed to slow inflation. DJIA

Indonesia plans incentives for EV makers, sets up meeting with BYD, Tesla

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Speaking at a nickel industry conference hosted by CNBC Indonesia, Coordinating Minister of Maritime Affairs and Natural Resources Luhut Pandjaitan said the incentives will be benchmarked against those offered by regional rivals Thailand and Vietnam, but did not provide details. Indonesia, the largest economy in Southeast Asia, has been trying to attract EV makers to invest in the country, enticing them with its rich nickel reserves - the world's biggest - which can be processed into EV batteries.

Wall Street opens lower as Big Tech results roll in; Fed in focus

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(Reuters) - Wall Street's top indexes opened lower on Wednesday as investors assessed mixed earnings from Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) ahead of a Federal Reserve rate hike that could push borrowing costs to their highest since the global financial crisis. The Dow Jones Industrial Average fell 92.08 points, or 0.26%, at the open to 35,345.99. The S&P 500 opened lower by 8.50 points, or 0.19%, at 4,558.96, while the Nasdaq Composite dropped 21.03 points, or 0.15%, to 14,123.52 at the opening bell. Wall Street opens lower as Big Tech results roll in; Fed in focus 2

Asian stocks push higher on easing Fed fears, China GDP in focus

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Most Asian stocks rose further on Friday, capping off a positive week on signs of cooling U.S. inflation, with focus now turning to upcoming data offering more cues on the Chinese economy. Gains in Chinese stocks were limited as investors awaited key second-quarter gross domestic product data from the country, due next week. Comments from central bank officials on more stimulus measures offered little support to markets. Regional stocks took positive cues from an overnight rally on Wall Street, as producer price index data further showed that inflation in the world’s largest economy was cooling. This in turn spurred bets that the Federal Reserve was close to reaching peak interest rates in its current cycle, sparking strong gains in technology stocks. The trend spilled over into Asian trade, with tech-heavy bourses logging the strongest gains. Hong Kong’s Hang Seng index rose 0.6%, while the Taiwan Weighted index and South Korea’s KOSPI surged 1% and 1.2%, respectively.

USD/CAD Bears Drool Over Trendline Break

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Chart prepared by Warren Venketas, IG Daily USD/CAD price action is trading at a key area of confluence, around the long-term trendline support (black) and the 1.3300 psychological level respectively. While the trendline support was breached yesterday, bears failed to close below the 1.3300 handle which could be the catalyst that fuels a push lower. The recent downside move has been subsequent to the death cross (red) formation and although the pair is nearing oversold territory as measured by the Relative Strength Index (RSI), there is still room for further downside to come. From a bullish perspective, a hawkish Fed announcement could invalidate the downside forecast and keep prices above trendline support exposing the 1.3407 swing low. Key resistance levels: 1.3407 Trendline support (black) Key support levels: 1.3300 1.3263 1.3226 1.3200 IG CLIENT SENTIMENT DATA: MIXED IGCS shows retail traders are currently LONG on USD/CAD , with 71% of traders currently holding long positio...

USD/JPY Setup: Awaiting Pullback to Fibonacci Support Before Eyeing Rebound

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After rallying more than 3.5% in June to multi-month highs above the psychological 145.00 mark, the U.S. dollar has softened against the Japanese yen over the past few days, with the exchange rate down around 1.5% in the first week of July. This slump, however, may be part of a temporary correction, as the fundamental and technical outlook for the greenback remains constructive. When an asset becomes overbought and its price rises too quickly, as has happened recently with USD/JPY, it is normal for pullbacks to occur, as traders who have taken long positions and have been partly responsible for the upward move begin to take profits. This may be taking place right now, meaning there is no reason to believe that a new trend is developing. With USD/JPY still firmly biased to the upside, weakness could fade soon. The daily chart shows that after Friday's sell-off, prices are approaching an important support zone near 140.92, corresponding to the 23.6% Fibonacci retracement of the J...

Gold and Silver Price Forecast: XAU/USD, XAG/USD May Fall Amid Bullish Retail Traders

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Gold and silver prices have been in a prolonged downtrend since topping in May. In response, retail traders have been gradually increasing upside exposure in XAU/USD and XAG/USD. This can be seen by looking at IG Client Sentiment (IGCS). IGCS typically functions as a contrarian indicator, especially in trending markets. With that in mind, could further pain be ahead for these precious metals? Gold Sentiment Outlook - Bearish The IGCS gauge shows that about 76% of retail traders are net-long gold. Since most of them are biased higher, this hints that prices may fall further. This is as downside exposure decreased by 13.02% and 14.63% compared to yesterday and last week, respectively. With that in mind, the combination of overall positioning and changes in recent exposure offers a stronger bearish contrarian trading bias.

French services activity falls for first time since January as demand weakens - PMI

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PARIS (Reuters) - Activity in France's dominant services sector fell in June for the first time since January, a survey showed on Wednesday, as weak demand added to fears the euro zone's second-biggest economy could have contracted in the second quarter. The HCOB France final purchasing managers index (PMI) for June for the services sector, compiled by S&P Global (NYSE:SPGI), fell to 48.0 points from 52.5 in the previous month, matching an earlier flash estimate. Any figure above 50 points indicates an expansion in activity. "It could well be that GDP in France declines in the second quarter, as the service sector accounts for the largest share of French economic output," said Norman Liebke, economist at Hamburg Commercial Bank AG (HCOB). Output was hampered by an accelerated demand slowdown, the survey said, adding that interviewed managers mentioned increased borrowing costs, inflation and growing reluctance among clients as reasons for the downturn. The ...

Euro Technical Outlook – Ranges Against Trends. Is EUR/USD Trapped?

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EUR/USD TECHNICAL ANALYSIS EUR/USD remains in the six-week range of 1.0516 – 1.1096 after failing to meaningfully challenge the topside last week. The run higher barely eclipsed the 78.6% Fibonacci Retracement of the move from 1.1096 down to 1.0635 at 1.0997 when it peaked at 1.1012. Those levels may continue to offer resistance ahead of a series of potential resistance levels in the 1.1076 – 1.1096 area. Nearby support could be at the recent low of 1.0844, which is just above the breakpoint of 1.0831. Further to the downside, there are a series of Fibonacci Retracement levels of the move from 1.0635 up to 1.1012 that might provide support. The 50% Retracement level is at 1.0824, the 61.8% at 1.0779 and 78.6% is at 1.0716. The late May low of 1.0635 was only a fraction below the 78.6% Fibonacci Retracement of the move from 1.0516 to 1.1096 at 1.0640. This could make the 1.0635-40 area a possible support zone ahead of the prior lows at 1.0525, 1.0516, 1.0483 and 1.0443. EUR/USD D...

Gold Price Setup: Can Stretched Long Positioning in XAU/USD Trump Technicals?

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Chart Created by Manish Jaradi Using TradingView The technical setup remains broadly unchanged from the previous update. See “Retreat in US Yields Supports Gold, But for How Long? XAU/USD, XAU/EUR Price Setups”, published May 31. On the daily chart, gold remains above quite a strong cushion around 1930, including an uptrend line from the end of 2022, the 89-day moving average, and the lower edge of the Ichimoku cloud. The colour-coded candlestick daily charts show the current trend is a consolidation within the overall bullish structure. XAU/USD 240-minute Chart

Gold Price Outlook Steadies After a Test Lower that May Prove Pivotal. Higher XAU/USD?

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Gold has tried lower but rallied off the floor after the US Dollar took a turn in the aftermath of rate decisions from the Federal Reserve and the European Central Bank this week. GC1 (GOLD FRONT FUTURES CONTRACT) TECHNICAL ANALYSIS Gold’s recent dip below an ascending trend line and subsequent test of support levels in the 1936 – 1945 area might ask more questions than it answers. Thursday’s low of 1936 has set up a potential Double Bottom that coincides with a previous low. The potential Double Bottom could be confirmed should it move above the neckline at 2000. The push lower went under the 100-day Simple Moving Average (SMA) but the daily close was back above it. This may suggest that recent bearishness could have been rejected by the market for now and that the 1936 – 1945 zone might remain supportive. A clean break below that area may see a bearish run evolve, and the next support zone of note could be at the next Double Bottom of 1811 and 1813.

Australian Dollar Softens After Bull Run. Will AUD/USD Test Support Levels?

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The Australian Dollar has eased lower to start Monday after a stellar rally last week that posted a 4-month peak. Rock solid jobs data revealed an unemployment rate of 3.6% and has opened the prospect of an RBA hike in a fortnight’s time. The interest rate market is pricing around a 50-50 chance of a 25 basis point lift at their monetary policy meeting on July 4th. It is a holiday in the US today and it may contribute to less liquid trading conditions. AUD/USD TECHNICAL ANALYSIS AUD/USD shot to a high just shy of 69 cents last week, not far from a prior peak of 0.6920. Those levels might offer resistance should the rally resume. Further up, resistance could be at the previous peaks of 0.7011 and 0.7030 ahead of a cluster zone in the 0.0.7137 – 0.7157 area. The run-up in the Aussie started after a Bullish Engulfing Candlestick formation emerged and proved to be a salient signal on this occasion. This technical indicator has previously been worthwhile watching and might be someth...

European stocks lower; sentiment hit by signs of global slowdown

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Investing.com - European stock markets weakened Wednesday, with investors fretting over further indications of China's faltering economic recovery ahead of the release of key regional services activity data. At 03:20 ET (07:20 GMT), the DAX index in Germany traded 0.4% lower, the CAC 40 in France fell 0.4%, while the FTSE 100 in the U.K. traded 0.3% lower. Investors are set to concentrate during European hours on the release of the eurozone’s final services and composite PMIs for June, which are expected to confirm a slowing in what has been a consumption-led economic recovery. This follows the release of disappointing manufacturing activity data, with surveys showing factory activity in all four of the region's biggest economies contracted last month. That said, there was some positive economic news earlier Wednesday, with French industrial production rising 1.2% on the month in May, considerably stronger than the fall of 0.2% expected.

USD/ZAR FUNDAMENTAL BACKDROP

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The South African rand looks for its third straight day of gains against the U.S. dollar after Friday’s US Core PCE Deflator release missed estimates. In what would have been a relatively muted trading day today as the US celebrates Independence Day, China’s Foreign Ministry stated they would look to restrict certain chip making materials including gallium and germanium. These two little known substances could have major upside for the local currency as South Africa is one of the biggest germanium producers globally and gallium is produced in aluminum production (a capability South Africa holds). The demand for these materials would in theory rise in accordance with the Chinese decision to limit exports and should increase the demand for the rand. Other major South African commodity prices are trading higher today including gold and iron ore on the back of a weaker USD and with no significant economic data scheduled for today, I do not expect much in the way of price volatility befo...

Brazil Senate approves Lula's picks for central bank board

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BRASILIA (Reuters) -The Brazilian Senate on Tuesday approved President Luiz Inacio Lula da Silva's first picks for the independent central bank, an institution he has clashed with since taking office in January. Former finance ministry official Gabriel Galipolo's nomination for director of monetary policy was approved by a vote of 39 to 12 in the Senate's plenary. The nomination of central bank official Ailton de Aquino for supervising director was approved by 42-10. Earlier on Tuesday, Galipolo and Aquino had been approved by the Senate Economic Affairs Committee. Galipolo told a committee hearing that his government has set the stage for easier monetary policy. Lula, who has criticized the bank for long holding its interest rate at a cycle high of 13.75%, will eventually replace all nine members of the bank's board, which decides monetary policy. Galipolo, former executive secretary of the Finance Ministry, told the hearing that Lula's team has implemented m...

Global stocks muted, Meta to unveil Twitter rival - what's moving markets

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Global stocks search for direction with Wall Street set to remain closed on Tuesday for the July 4 holiday. Meanwhile, Meta gears up to release a platform to rival Twitter later this week in a bid to attract users unhappy with Elon Musk's management of the social media site. Elsewhere, China unveils export controls on two key minerals in the latest development of an ongoing war over microchips between Beijing and the West. 1. Global stocks muted amid U.S. holiday, light data calendar European and Asian stock markets hovered broadly around the flatline on Tuesday as investors were searching for cues in a light data calendar and a U.S. holiday. At 05:07 ET (09:07 GMT), the DAX index in Germany slipped 6 points or 0.04%, France's CAC 40 rose by 3 points or 0.05%, and the pan-European Stoxx 600 gained 1 point or 0.23%. In the U.K., the FTSE 100 index edged up by 8 points or 0.11%. The muted trading in the region comes after shares in Asia moved in a flat-to-low range, with a ...

Los Angeles hotel workers strike over wages, housing

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LOS ANGELES (Reuters) - Thousands of hotel workers in Los Angeles, California, went on strike on Sunday morning as they pushed for better wages and benefits, kicking off what was expected to be one of the largest U.S. hotel strikes in recent history. Unite Here Local 11, which represents thousands of cooks, room attendants, dishwashers, servers, bellmen and front desk agents at hotels in Los Angeles and Orange Counties, said in a statement that union workers were struggling to afford housing in the cities where they worked and had suffered job cuts during the COVID-19 pandemic while industry profits soared. A union spokesperson said workers at hotels across the region including the InterContinental and Hotel Indigo had walked off the job on Sunday, during a busy weekend ahead of the July Fourth holiday. IHG Hotels and Resorts , which operates the InterContinental and Hotel Indigo, did not immediately respond to a request for comment. Contracts expired June 30 at 62 Southern Calif...