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OPEC Sees Downside Risk to 2013 on Weaker Oil Demand

“(Reuters) – World oil demand growth could fall short of forecasts next year, exporter group OPEC said on Thursday, citing a vague and turbulent outlook for the global economy.

The Organization of the Petroleum Exporting Countries (OPEC) said it expected world oil demand to expand by 810,000 barrels per day (bpd) next year, unchanged from its previous forecast, although the odds suggested demand could undershoot.

“The downward risk potential has greater probability in the forecast than the upward risk one,” OPEC said in a monthly report. “Therefore, the gloomy picture could reduce the world oil demand growth forecast by 20 percent next year.”

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$JPM Refiles First Quarter Restatement to Reflect London Whale Losses

“(Reuters) – JPMorgan Chase & Co filed a formal restatement of its first-quarter results on Thursday to reflect its conclusion that the values of derivatives positions on a London trading desk were originally overstated.

The filing took the form of an amended form 10-Q submitted to theU.S. Securities and Exchange Commission. The filing, like the company’s July 13 announcement, said first-quarter net income was $4.92 billion, or $459 million less than originally reported.

The reduction reflected a pre-tax loss of nearly $6 billion this year ..”

First article

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Deutsche TeleKom Beats Expectations on U.S. Subsidy Cuts

Deutsche Telekom AG (DTE), Germany’s largest phone company, reported second-quarter profit that beat analysts’ estimates as lower handset subsidies in the U.S. and a stronger dollar helped offset declining sales in Europe.

Earnings before interest, taxes, depreciation and amortization and some items climbed 0.2 percent to 4.7 billion euros ($5.8 billion), compared with the 4.58 billion-euro average of 10analyst estimates compiled by Bloomberg. Profit on that basis at T-Mobile USA surged 19 percent in euro terms and margins in Germany also rose, the company said today.”

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Industrial Output Unexpectedly Falls in China

China’s industrial-output growth unexpectedly slowed in July to a three-year low while investment and retail sales missed estimates, raising pressure on Premier Wen Jiabao to step up efforts to support expansion.

Factory production increased 9.2 percent in July from a year earlier, the National Bureau of Statistics said today in Beijing, below all 32 analyst forecasts in a Bloomberg News survey. Inflation cooled for a fourth month and producer prices fell for a fifth month, separate reports showed.”

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Australia Adds 14k Jobs and Sees Unemployment Fall to 5.2%

“Australian employers boosted payrolls in July and the unemployment rate unexpectedly fell as the nation’s resource-driven economy weathers a global slowdown, sending the local dollar near a 4 1/2-month high.

The number of people employed rose by 14,000 last month, the fourth gain in five months, erasing almost of half of the revised 28,300 fall in June, the statistics bureau said in Sydney today. That compares with the median estimate for a 10,000 increase in July employment in a Bloomberg News survey of 25 economists. The jobless rate fell to 5.2 percent from an upwardly revised 5.3 percent.”

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The Aussie Rallies on the news

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The Kiwi Weakens as The Jobless Rate Jumps to 6.8%

New Zealand’s unemployment rate unexpectedly rose to a two-year high last quarter, adding to evidence of a weak economic recovery. The local currency retreated and investors increased bets on an interest-rate cut.

The jobless rate gained to 6.8 percent from 6.7 percent in the first quarter, Statistics New Zealand said in a report today in Wellington. The median estimate in a Bloomberg survey was 6.5 percent. Employment dropped by 0.1 percent, or 2,000 jobs, from the first quarter, when it increased 0.4 percent. Economists expected a 0.4 percent advance in second-quarter employment.”

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Mercy

[youtube://http://www.youtube.com/watch?v=dTI0KDuQl_4 450 300]

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Miami Bath Salt Cannibal Victim Speaks Out for the First Time

“MIAMI (CBS4) – Two months after he was viciously attacked on the MacArthur Causeway by the so-called Miami Zombie, Ronald Poppo succinctly summed up the events that captured the country’s attention.

“He attacked me,” Poppo said of Rudy Eugene. “He just ripped me to ribbons. He chewed up my face. He plucked out my eyes. Basically that’s all there is to say about it.”

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China CPI Data Hits a 30 Month Low

“Chinese consumer prices climbed 1.8 percent in July, which was slightly higher than the 1.7 percent economists were expecting.  Nevertheless, this was down from 2.2 percent in June.

Producer prices fell 2.9 percent, versus expectations for 2.6 percent.

“China CPI growth is at 30 month low, but will most likely start to rise again next month,” said Bloomberg BRIEF economist Michael McDonough.

Here’s a chart breaking down historical Chinese CPI courtesy of McDonough:”

Full article and chart porn

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