Markets sell-off across the world, Wal-Mart reports earnings
- Asian markets sold off in overnight trading with the Shanghai Composite falling nearly 3 percent following a selloff in the resource sector on weaker commodity prices, and on concerns about liquidity in the market. Europe is getting slammed and U.S. futures are lower.
- Euro area composite index of services and manufacturing PMI fell to 47.3 in February, from 48.6 the previous month. A reading below 50 indicates contraction. The 25 most miserable places in the world >
- Initial claims climbed to 362K, above expectations of a rise to 355,000. Meanwhile, core consumer prices were up 0.3 percent, and headline CPI stayed flat. Flash PMI for February at 8:58 am ET. Consensus is for flash PMI to decline to 55.5. Follow the release at Business Insider >
- Wal-Mart beat expectations when it reported earnings of $1.67 per share, above estimates of $1.57 per share. Revenue of $127.1 billion however came in shy of expectations. It also issued Q1 guidance of $1.11 to $1.16 per share, lower than consensus of $1.19.
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Fed officials, uneasy with potential risks springing from the central bank’s low-interest-rate policies, are split over an early retreat from the experimental programs created to revive the U.S. economy.
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Wal-Mart Sees Flat U.S. Sales
We are in serious touble as Wal-Mart which averages 140 million shoppers weekly to its stores had lowest sales. So goes Walmart, so goes the Economy
Here is the key section:
“We are confident that our low prices will continue to resonate, as families adjust to a reduced paycheck and increased gas prices,” Simon said. “We see the underlying health of the Walmart U.S. business is sound, and sales trends are similar to what we’ve demonstrated in the last few quarters.
While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers.
The IMF’s unit of account, or “currency,” known as a Special Drawing Right (SDR), is being readied for eventual adoption as the replacement for the U.S. dollar in international transactions, to lead the way toward eventual adoption of the SDR or some other designated unit as the global currency, much in the same way that the euro was foisted upon the people of Europe as a replacement of their national currencies.
KWN: Today Marc Faber told King World News that a major bottom is forming in gold, but global stock markets are on shaky ground. Faber, who is author of the Gloom Boom and Doom Report, was speaking with KWN as the gold market was in the midst of being smashed on Wednesday. This is part I of a series of powerful written interviews that will be released today on KWN.
Eric King: “Marc, you brought up gold, and I know you recommend 25% in real estate, 25% in gold, etc. Your thoughts on the gold market? It’s just been in this long consolidation for almost 2 years now.”
Stocks Tumbling Across The World
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