China released preliminary data showing growth in manufacturing. The reading is the 12th consecutive data point below 50, but was an increase and therefore copper and other commodities found risk on traders.
Comments »Monthly Archives: October 2012
The Aussie Dollar Lifts on Inflation Data and China PMI Results
“The Australian dollar climbed against all of its major peers after a private report signaled that a slowdown in Chinese manufacturing is abating, improving prospects for exports to Asia’s biggest economy.
The so-called Aussie snapped a four-day drop after data showed a faster-than-estimated increase in Australia’s consumer price index, easing expectations the Reserve Bank will cutinterest rates. New Zealand’s currency was 0.3 percent from a one-month low as Asian stocks extended global declines.”
Comments »The British Pound Bounces on Expectations The U.K. Has Exited Recession
“The pound strengthened the most in more than three months against the euro as stocks rose on optimism the U.K. economy pulled out of recession in the third quarter, boosting demand for British assets.
Britain’s currency rose against all but one of its 16 major counterparts even after a report showed the nation’s manufacturing industry unexpectedly slumped in October. Gross domestic product expanded 0.6 percent last quarter from the previous three months, according to a Bloomberg survey before the data tomorrow. Bank of England Governor Mervyn King said yesterday the data may confirm a “zig-zag” pattern of recovery in the U.K. Gilts fell.”
Comments »Better Than Expected Earnings Help European Markets to Climb Out of the Hole
“European stocks advanced, after yesterday tumbling the most in four weeks, as technology companies rallied, outweighing worsening economic data from the euro area. U.S. index futures rose, while Asian shares fell.
SAP AG (SAP) gained 5.3 percent after the world’s biggest maker of business-management software raised its full-year revenue target as license sales beat estimates. STMicroelectronics NV (STM) climbed 2.7 percent on plans to cut costs. Volvo AB and Nordea Bank AB (NDA)declined more than 3.5 percent after the companies reported third-quarter earnings that missed projections.”
Comments »Asian Markets Fall on Earnings Contraction
“Asian stocks dropped, with the regional benchmark index heading for its fourth straight loss, as the global economic slowdown crimps corporate earnings and after commodities erased this year’s gains.
BHP Billiton Ltd. (BHP), the world’s largest mining company, declined 1.4 percent in Sydney.Kawasaki Heavy (7012) Industries Ltd. sank 5.7 percent in Tokyo after the gas-turbine maker said first-half earnings missed its forecast on slowing sales in China and Europe. Esprit Holdings Ltd. slumped 9.5 percent as the clothier resumed trading in Hong Kong after saying first- quarter sales plummeted and announcing plans to raise HK$5.2 billion ($671 million) in a rights offer.”
Comments »Asia Remains Lower From the Open, Europe Pares Losses, and U.S. Futures Bounce a Bit After Yesterday’s Drop
Immortal Technique – Rich Man’s World
[youtube://http://www.youtube.com/watch?v=MeE3-rOG7i4&feature=related 450 300]
Comments »Lowkey – Obama Nation
[youtube://http://www.youtube.com/watch?v=vFfoZaOJ5xo 450 300]
Comments »Nigel Farage in Classic Form Indeud
[youtube://http://www.youtube.com/watch?v=FFdxBxQpZ-g 450 300]
Comments »Something to Think About When Betting on the Future of a Consumer Economy
Had to spend some time at the vet today and randomly picked up TIME Magazine to find this interesting article that may have serious ramifications for the economy…
The article touches on a recent book discussing a new type of consumer culture. This could be a mega trend in the making…
Comments »China Flash Manufacturing PMI Ticks Higher, Unfortunately it is the 12th Consecutive Print Below 50
If your not sure what 50 signifies then you need to go elsewhere on these here interwebs….
Comments »David Rosenberg Wonders Why the Markets are Not Benefiting From the “sucking at the Fed teat”
Asia Gaps Down, Trying to Pare Losses
Just a Reminder to Investors During Earnings Season
20% of CFO’s admit to cooking books,
23% of CEOs admit to using accounting gimmicks….
Just imagine the percentage of those polled who did not tell the truth….
Comments »Gapping Up and Down This Morning
Gapping up
ARMH +6.7%, YHOO +3%, GLT +2.5%, WCN +1.8%, HXL +1.7%,
DNKN +0.7%, AMRN +1.9%, QCOR +0.3%
Gapping down
JBT -12.1%, VLTR -10.3%, RSH -7.9%, VECO -6.5%, NOK -6%, RCII -5.7%,
WDC -4.5%, DD -3.5%, GOLD -3%, RCL -2.9%, RIO -2.9%, BBL -2.5%, SLV -2.2%,
BHP -2.1%, MNST -1.6%, CREE -1.5%, STX -1.2%, GLD -1.2%, CRH -3.2%, AMCX -1.5%,
Comments »Upgrades and Downgrades This Morning
AMCX, AMGN, BHI, CPST, CHKP, DUK, EIX, MNST, NTAP, OSG, P, PHI, BTU, WDC, YHOO, BKCC, FSC, QLYS, MCC, PNNT,
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