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From The Dollar Collapse: This is why quantitative easing can never end: Asian Stocks Slip on World Bank as Kiwi Drops; Yen Gains Asian equities dropped, with the region’s benchmark index headed toward a correction, and the yen rose to the strongest in two months against the dollar after the World Bank cut its global growth forecast amid concern central banks may pare monetary stimulus… … More than $2.5 trillion has been erased [...] Looks like it might be another bad day for Japan. http://www.indexq.org/ http://e.nikkei.com/e/fr/marketlive.aspx “Asian stocks fell, extending last month’s loss, amid speculation a strengthening U.S. economy will prompt the Federal Reserve to reduce monetary stimulus. The Australian dollar, gold and copper climbed, while oil declined.” http://www.bloomberg.com/news/2013-06-02/asian-stock-futures-decline-as-fed-stimulus-concern-increases.html All European futures down: http://www.bloomberg.com/markets/stocks/futures/ Japanese Stocks Down Over 2% At Open; Nikkei 16% Off Highs
Charts: Bloomberg http://www.zerohedge.com/news/2013-06-02/japanese-stocks-down-over-2-open-nikkei-16-highs
CHINA’S MANUFACTURING SECTOR IS CONTRACTING China’s unofficial HSBC manufacturing PMI report is out and its disappointing.
The headline [...] Asian stocks are down for the fourth day. … Here’s how the markets look: Japan’s Nikkei 225 is down 0.31% Hong Kong’s Hang Seng index is down 1.03% Australia’s S&P/ASX 200 is down 1.06% The Shanghai Composite is down 1.13% Korea’s Kospi Index is down 0.62% Updated: 9:45 p.m. ET businessinsider U.S. stocks extended their worst weekly decline since June, while the dollar and Treasuries rose, as reports showed weakening economic growth. Gasoline surged on concern about tighter supplies in the U.S. East Coast. The Standard & Poor’s 500 Index slipped 0.4 percent to 1,440.91 at 2:32 p.m. in New York and is down 1.3 percent this week. The Stoxx Europe 600 Index declined 1.2 percent and has tumbled 2.7 percent in five days. Ten-year Treasury yields fell [...] The dollar weakened to a seven- month low against the yen and Treasuries rose amid speculation the Federal Reserve will unveil more stimulus today. European stocks dropped from a 14-month high as European Aeronautic, Defence & Space Co. and BAE Systems Plc fell on plans to merge. The dollar depreciated 0.3 percent to 77.63 yen at 8:35 a.m. in New York. The yield on 10-year Treasuries fell three basis points. The yield spread between Dutch and [...] BREAKING NEWS TODAY Big drop in Chinese exports growth, fueling more problems to an already battered world economy. We are totally screwed if this worsens. Recovery sluggish at best, if there even is one. Article below… China’s export growth collapsed and imports and new yuan loans trailed estimates in July, adding to signs the global economy is weakening and raising the odds the government will step up measures to support expansion. Outbound shipments increased 1 percent from a [...] I’ve been watching it for the past 10 minutes was -56 now pushing -100 moving fast. Watch the action live… http://www.sgxniftydowfutureslive.com/index_files/DOWFUTURES.htm http://finviz.com/futures.ashx http://online.wsj.com/mdc/public/page/marketsdata_europe.html?mod=WSJ_topnav_marketdata_main China’s ‘5 apocalypses’ signal global recession – Paul B. Farrell Warning: China’s local governments drowning in debt Warning: China’s economic crisis triggering unrest Warning: China’s ‘super rich’ now ‘exporting’ capital Warning: China’s environmental crisis Warning: Life-style demands triggering inflation http://www.marketwatch.com/story/chinas-5-apocalypses-signal-global-recession-2012-07-12?pagenumber=2
Futures are slowly sinking in ahead of the U.S. stock market open. Dow futures are down a solid 100 points right now. Asian stocks tanked and European [...] businessweek China’s manufacturing may shrink for an eighth month in June, matching the streak during the global financial crisis in a signal the government’s stimulus has yet to reverse the economy’s slowdown. The preliminary reading was 48.1 for a purchasing managers’ index today from HSBC Holdings Plc and Markit Economics. Above-50 readings indicate expansion. The lowest crisis level was 40.9 in November 2008, when industrial production increased 5.4 percent from a year [...] From Zero Hedge:
Hugh Hendry is back with a bang after a two year hiatus with what so many have been clamoring for, for so long – another must read letter from one of the true (if completely unsung) visionary investors of our time: “I have not written to you at any great length since the winter of 2010. This is largely because not much has happened to change our views. [...] From Bloomberg: Singapore’s exports fell for the first time in three months in January on lower electronics and petrochemical shipments, as Europe’s debt crisis crimped demand and the Chinese New Year holiday shortened the working month. Non-oil domestic exports slid 2.1 percent from a year earlier, after a 9 percent gain in December, the trade promotion agency said in a statement today. The median of 15 estimates in a Bloomberg News survey [...] From Bloomberg News: China’s economy probably grew the least in 10 quarters in the last three months of 2011 and may cool further as export demand slumps and officials prolong a campaign against property bubbles. Gross domestic product, the value of all goods and services produced, rose 8.7 percent from a year earlier, the slowest pace since the second quarter of 2009, according to the median forecast of 26 economists surveyed by Bloomberg News. The [...] Notice that during last week’s brief pullback, the NY Composite pulled right back to the 21-day EMA twice and held. And, we closed at new highs for the move on Friday. http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosetti… QQQ is still outperforming SPY: http://chart.finance.yahoo.com/z?s=SPY&t=6m&q=l&l=on&z=l&c=QQQ&a=v&p=s&l… If the short interest is as high as Tyler says it is, then if the EUR gets another huge squeeze, that is going to send all Risk Assets of every type, race, color, sex, and ethnic origin up [...] CNBC Greece exit the euro zone, in what the bank describes as the “worst case scenario”. The event will send investors fleeing from risk into the traditional safe havens of gold and U.S. Treasurys, sending the U.S. dollar soaring and Asia ex-Japan equities plummeting to price-to book lows of 1x not seen since the 2008 global financial crisis, Kelvin Tay, chief investment strategist of UBS, told CNBC [...] (Rick Rycroft/Associated Press) – A man watches display boards at the Australian Stock Exchange flicker with news of a falling market in Sydney, Friday, Aug. 5, 2011. The Australian benchmark S&P/ASX-200 index plunged 168.6 points, or 3.94 percent, at 4,107.9 shortly after opening. BANGKOK — Asian stock markets tumbled Friday as investors dumped riskier assets amid fears the U.S. is heading back into recession and [...] Daily highlights courtesy of Egan Jones: Portugal reaches deal on €78B bail-out; EU and IMF in 3-yr package. Looks like a bad day for the perma-gloomers, survivalists, and naysayers tomorrow. Like I said, I’m expecting the “worst of the worst” stocks to outperform into year end. Underinvested hedge fund managers will be grabbing the worst junk possible with the highest short interest. I’m betting that the worst two sectors (oil services and semiconductors) will be upgraded en masse tomorrow to get a good short squeeze [...] Small business owner here. Had a shitty end of 08 and almost went out of business in 09. Started 2010 as best year ever, but heading into same flux as 08. Not a good sign! I cater to the existing residential market. They have slowed spending greatly, meaning confidence is diminishing rapidly once again. Here we go again!!! I barely stayed in business through the first wave, I’m done if this stretch continues. This economy can’t [...] Volcano ash grounds more European flights Goldman charged with fraud over Paulson CDO trade The Securities and Exchange Commission on Friday charged Goldman Sachs Group Inc. and one of its vice presidents with defrauding investors by misstating and omitting key facts about a financial product related to subprime mortgages. 1) Asian stocks fall as Greece fears return “European Central Bank board member Juergen Stark warned that the global economy may be on the [...] |
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