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 Times) Read more
Big disappointment with today’s earnings report from Apple….
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
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
warning update from Deutsche Bank on Tuesday (flashes via Reuters):
DEUTSCHE BANK AG PROVIDES PRELIMINARY UPDATE ON SECOND QUARTER 2012 RESULTS: COSTS IMPACTED BY CURRENCY MOVEMENTS Read more
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
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 GetREALList.com and writes the Energy Futurist column for SmartPlanet.
Is peak oil dead? Read more
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 Bloomberg: Read more
Live markets commentary from FT.com
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
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
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 Times) Read more