Posts from Tuesday Jul 24 2012

The Closer


The US S&P 500 ended the trading day down 0.90 per cent despite a late rally, while Spanish yields climbed yet again to euro-era highs and the outlook for US corporates worsened with poor results and earnings forecasts from UPS and . (Reuters and Financial TimesRead more

Apple Q3 Earnings

Big disappointment with today’s earnings report from Apple….

 Read more

The academics on QE… for now

We’ll be back later with a proper preview of next week’s FOMC meeting, but for now here is something to argue about:

1. QE1 was more effective than QE2. Read more

Only fools pay tax, Greek edition (encore)

The euro crisis spotlight may be focused on Spain and the larger euro members this week, but it’s unlikely to be long before it swings right around to Greece. Again.

It seems that further EU/IMF loan disbursements to Athens are not likely before September. But some €3.2bn in bond redemptions are due on August 20, requiring perhaps a bridge loan. Read more

A Deutsche Bank update

A preliminary warning update from Deutsche Bank on Tuesday (flashes via Reuters):


And now for something special in the gilt market

A little update on what short-term rates are pricing in when it comes to BoE meetings this fall courtesy of ICAP’s Nick Middleton.

As he observes, something of a 25 bps cut definitely being eyed to some degree: Read more

Is peak oil dead?

This is a guest post from Chris Nelder, an energy expert who has spent a decade studying and writing about energy and related issues. He has written two books (Profit from the Peak and Investing in Renewable Energy) and hundreds of articles on energy and investing. He blogs at and writes the Energy Futurist column for SmartPlanet.

Is peak oil dead? Read more

Murdoch’s former editors charged over phone hacking

In another blow to Rupert Murdoch’s newspaper empire, it was announced today that two of his most prominent former editors have been charged with phone hacking.

From BloombergRead more

Markets Live transcript 24 Jul 2012

Live markets commentary from 

The (early) Lunch Wrap

Good morning New York…


China flash PMIs — the employment factor

The latest HSBC/Markit Economics flash PMI for China paints a slightly odd picture.

Okay, so overall it’s positive – the index is 49.5 for July compared to 48.2 in June. The best number in five months, although it’s also the ninth month of below-trend growth. Read more

More damn lies and Libor statistics

On the surface, the story around Libor is relatively easy to understand, hence easy to write something about. All one needs to reel readers in is a big, flashy headline number. Or so goes the theory…

Unfortunately, there aren’t any easy numbers to hand. This has not, however, stopped people from finding some figures to abuse. Read more

Further reading

Elsewhere on Tuesday,

– The land of a million scrapped televisionsRead more

The 6am Cut London

Asian stocks fell on concerns about the eurozone after Moody’s cut the outlooks for Germany, the Netherlands, and Luxembourg. Australia’s dollar and copper climbed as China’s manufacturing outlook improved. (Bloomberg)(FT Alphaville)

China’s flash PMI edged upwards to 49.5 from June’s 48.2. The HSBC/Markit Economics China manufacturing index crept closer to trend growth with the highest figure in five months. Most components of the index showed deceleration was slowing and the output and work backlog segments moved into positive territory. However the unemployment index declined at a faster rate than before. (Bloomberg)(Financial TimesRead more