They should also look into Pelosi’s kin
Comments »Monthly Archives: September 2011
Eurozone inflation jumps to 3% in September
The weaker euro is having an effect.
Comments »FRANKFURT, Germany (AP) – Inflation jumped to a startling 3.0 percent in September in the 17 countries that use the euro, a surprise increase that makes it less likely the European Central Bank will cut interest rates next week to head off a possible recession.
The rate reported Friday from the European Union’s statistics agency was the highest since October 2008 and represented a big increase from August’s 2.5 percent. The scale of the rise was unexpected.
The ECB, the chief monetary authority for the euro countries, has come under pressure to cut interest rates soon to ward off mounting signs of recession in the eurozone economy. A waning global recovery and market turmoil from Europe’s debt crisis are starting to weigh on growth.
Leading economic indicators have been falling to the point where some predict a downturn is imminent, after a weak 0.2 percent growth figure for the second quarter.
Separate figures Friday from the statistics office showed unemployment in the eurozone stuck at 10 percent in August.
A few economists have predicted a cut next week when the ECB’s rate-setting council meets in Berlin. But the council’s 23 members may want to see evidence that inflation is not a threat before they cut. September’s rate, which is well above the ECB’s mandate to keep inflation just below 2 percent, could mean a cut that soon is less likely.
“The latest eurozone inflation and unemployment numbers would appear to reduce the chance of an imminent ECB rate cut,” said Ben May, European economist at Capital Economics.
Warren Buffet’s Favorite Indicator For the Economy Posts a Second Upturn
Rumors Have It That Germany Will Leave the Euro
Must See Doug Casey Interview
MS Credit Default Swap Inspection
Chicago PMI: Prior 56.5, Mkt Expects 54, Actual 60.4
Barclay’s Examines Technical Breakdown of Charts
Starbucks, $SBUX, Reports No Slowdown Was Seen This Summer
Ingersol Rand, $IR, Tanks on Estimate Cuts
Upgrades and Downgrades This Morning
Upgrades
KOP – Koppers Holdings initiated with a Buy at Janney Montgomery Scott
MU – Micron downgraded to Neutral from Outperform at Wedbush
GPN – Global Payment initiated with a Buy at Stifel Nicolaus
AL – Air Lease initiated with a Buy at Citigroup
MRO – Marathon Oil upgraded to Hold at The Benchmark Company
SINA – SINA initiated with a Buy
CEA – China Eastern Airlines upgraded to Neutral from Underweight at HSBC
ZNH – China Southern Airlines upgraded to Overweight from Neutral at HSBC
EIX – Edison upgraded to Buy at Wunderlich
DELL – Dell ests raised at Brean Murray
Downgrades
DOW – Dow Chemical initiated with a Hold at Jefferies
NTRS – Northern Trust ests and target lowered to $41 at RBC Capital Mkts
REG – Regency Centers downgraded to Underperform from Neutral at BofA/Merrill
ITRI – Itron downgraded to Underperform from Neutral at BofA/Merrill
DNKN – Dunkin Brands initiated with a Hold at Argus
CZZ – Cosan downgraded to Equal Weight from Overweight at Morgan Stanley
Comments »Gapping Up and Down This Morning
Gapping up
LVLT +7.3%, HRBN +5.2%, SQNS +2.3%,CAMP +10.5%, ING +1.4%, KGC +1%, BAYRY +0.2%, PANL +0.7%,
GERN +5.1%, GLBC +4.2%, MHP +1.4%,
Gapping down
TEX -5%, CAT -0.9%, HPQ -1.3%, DB -7%, HBC -4.4%, MT -4.3%, ORN -12.8%, IR -9.9%, MU -7.7%, XRTX -5.4%, BCDS –
2.9%,UBS -4.2%, MU -3.2%, BCDS -2.9%, AU -2.3%, BHP -1.6%, RIO -1.3%, HBC -4.4%, STD -2.3%, RIO -2.7%, GFI –
2.5%, AU -2.3%, BBL -2%, BHP -1.4%, SLV -1.1%, BIDU -5.6%, DANG -4.6%, YOKU -3%, SINA -2.7%, SOHU -2.2%, QIHU –
1.6%, SDRL -3.2%,
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