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By Dr. Constantin Gurdgiev
Germany’s CESIfo published the latests (January 2013) assessment of the state of the German economy in Manufacturing and these are slightly more upbeat than at the end of Q4 2012, albeit with some clear seasonal supports.
“In manufacturing the business climate indicator continued to rise. Manufacturers are more satisfied with their current business situation than last month. The improvement in expectations with regard to future business developments continued into the New [...]
Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter
That France’s economy is hurting is an understatement. Today’s manufacturing index tested depths not seen since 2009 during the trough of the financial crisis. Orders plunged and employment was morose. The service sector index dove to the lowest level since January 2009. Cited reasons: “unfavorable business climate and lack of visibility.” It confirmed yesterday’s Insee business climate index, which, at the lowest level since mid-2009, was mired in pessimism.
So the government deployed [...]
by Phoenix Capital Research
Swing by www.gainspainscapital.com for more market commentary, investment strategies, and several FREE reports devoted to help you navigate the coming economic and capital market changes safely.
Today as was the case a month ago, everything ultimately hinges on Germany. Political intrigues aside, Germany is just about out of money. And Merkel has to decide… save Germany or save the EU. Only one of these options is even possible at this point [...]
Market crash ‘could hit within weeks’, warn bankers
The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008, and shows the recent dramatic downturn in sentiment among credit investors towards banks.
“The problem is a shortage of liquidity – that is what is causing the problems with the banks. It feels exactly as it felt in 2008,” [...]
Driving across California is like going from Mississippi to Massachusetts without crossing a state line. Consider the disconnects:
• California’s combined income and sales taxes are among the nation’s highest, but the state’s deficit is still about $16 billion.
• It’s estimated that more than 2,000 upper-income Californians are leaving per week to flee high taxes and costly regulations, yet California wants to raise taxes even higher.
• Its business climate already ranks [...]
JERUSALEM (AP) – Mitt Romney told Jewish donors Monday that their culture is part of what has allowed them to be more economically successful than the Palestinians, outraging Palestinian leaders who suggested his comments were racist and out of touch with the realities of the Middle East. His campaign later said his remarks were mischaracterized.
“As you come here and you see the GDP per capita, for instance, in Israel which [...]
Moody’s cut to the outlook of Germany’s top credit rating came as a serious blow to the country’s confidence this week. German commentators on Wednesday don’t seem particularly surprised by the change, but warn of worse things to come.
Credit ratings agency Moody’s on Monday slashed its outlook for the creditworthiness of not only Germany, but also of the Netherlands and Luxembourg to “negative” from “stable.”
Though Moody’s maintained its triple-A ratings [...]
The largest and one of the most financially sound economies in Europe continues to show cracks.
The German IFO Business Climate index, a measure of confidence in the region, fell to 103.3 in July.
This is down from 105.3 in June.
The latest reading was worse than the 104.5 economists were looking for.
According to Bloomberg’s Linda Yueh, this is the third straight month of declines. It’s also the lowest reading since March 2010.
The comes after [...]
California’s fiscal and governance crisis careens from bad to worse. The latest blow: a 70% increase in the state’s projected budget deficit in Gov. Jerry Brown’s revised budget, to $16 billion from $9 billion. Meanwhile, S&P warns of a downgrade to the state’s bond rating, already the lowest of any state, and the latest CEO survey ranks California’s business climate dead last.
Caught in the symbiotic financial embrace of special interests—teacher [...]
Shrinking order books will force Britain’s manufacturing sector to cut output over the next three months, the CBI said.
The employers’ organisation blamed weak demand for the worsening business climate for industry but said that exports were so far holding up despite the fresh turmoil in the eurozone.
In its monthly snapshot of activity in UK factories, the CBI found that only 19% of firms reported order books above normal against 36% [...]
California is struggling to emerge from the worst recession since the Great Depression and has more than 2 million unemployed workers, plus countless others who have given up seeking work out of frustration and/or have fled to other states.
Clearly the state needs many billions of dollars in job-creating investment. But its attractiveness to that investment is, to say the least, problematic, given its relatively high tax burden, its dense regulatory [...]
Following this week’s ongoing battery of abysmal economic news out of Europe it will hardly come as a surprise that yet another indicator has been released and is pointing to a multi-year low in the deleveraging (elsewhere called incorrectly austere) continent, namely the Euro-area wide confidence index which just slide to the lowest leve since 2009, missing every single estimate and declining sequentially across the board.
Economic confidence 92.8, est. 94.2 [...]
From GoldCore:
Gold’s London AM fix this morning was USD 1,658.00, EUR 1,255.02, and GBP 1,047.91 per ounce.
Friday’s AM fix was USD 1,651.00, EUR 1,246.04 and GBP 1,040.85 per ounce.
Gold rose 1.23% in New York on Friday and closed at $1,666.22/oz. Gold rose sharply at the open in Asia before determined selling at the $1,670/oz level saw gold fall. Weakness continued at the open in Europe which has gold now trading [...]
From HUFFPOST:
The life of a Wall Street banker is glamorous — if you don’t mind grappling with alcoholism, eating disorders, Crohn’s disease and arthritis.
These were just some of the afflictions observed among one group of about two dozen young investment bankers, according to a study to be published later this month in Administrative Science Quarterly, cited by the Wall Street Journal.
The study followed the young bankers through their first six years out of business [...]
by ZH
Expectations for ISM Services (services as in the sector that accounts for 70% of US GDP) were for expansion to keep the decoupling dream alive. Unfortunately, those dreams are dashed for now as the data prints its worst level in 23 months. The biggest driver of this drop was the employment sub-index which cliff-dived from 53.3 to 48.9 (a contracting print). The composite manufacturing and services PMI also dropped notably.
The [...]
The Obama economy is so bad that 77 percent of small business owners do not plan to hire any more workers despite all of Washington’s hype that the business climate is getting better. Worse: 64 percent of small business owners in a new survey provided to Whispers see the nation teetering on the verge of another recession.
Most shocking of all in the survey of small and medium sized business owners [...]
by ZH
Image: AP
Classic.
One quarter after going on an epic anti-Obama monologue at the end of his Q2 earnings call, Steve Wynn comes back with a sequel, confirming that when it comes to completely justified anti-presidential rants, he is truly second to none. Topics touched upon include massive government deficits, the business climate, the administration’s horrendous handling of the economy, and of course, Occupy Wall Street. His damning conclusion: “ I am watching my [...]
GE HEAD CALLS FOR LOWER CORP TAXES; BUT GE PAID ZERO!
Fri Oct 07 2011 14:17:58 ET
The corporate titan President Obama picked to help create millions of new jobs thinks lowering corporate taxes and eliminating all tax loopholes for U.S. companies will put more Americans to work. General Electric Chairman Jeff Immelt sits down with Lesley Stahl to discuss the creation of jobs, the U.S. business climate and his own company, [...]
From FT:
While the financial markets and economists were impressed with the size and generosity of official support for Greece, there was much less confidence that private investors will take enough of a hit to make its debt sustainable in the medium term.
The private debt exchange plan, based on a proposal from the Institute of International Finance, will relieve the short-term funding pressure on Greece by [...]
As Goldman Sachs (GS) plans major job cuts in the United States, the firm is planning to expand overseas with a major hiring spree in Singapore and taking the unusual step of alerting Congress before even it’s widely known to its own shareholders, the FOX Business Network has learned.
Goldman is so concerned about the potential for criticism that the firm’s representatives have been alerting [...]
By Stephen Dinan – The Washington Times
The Utah Legislature on Thursday passed a bill allowing gold and silver coins to be used as legal tender in the state — and for the value of their precious metal, not just the face value of the coins.
State backers said they hope the move will help insulate Utah from a potential monetary slide as countries question the value of [...]
Republicans who swept into power in state capitols this year with promises to cut spending and bolster the business climate now are beginning to usher in a new era of labor relations that could result in the largest reduction of power in decades for public employee unions.
But as massive public protests and legislative boycotts in Wisconsin this week have shown, the Republican [...]
WASHINGTON (MarketWatch) – U.S. small business owners grew more pessimistic in June after two months of modest improvement, according to a monthly survey released Tuesday by the National Federation of Independent Business.
The small-business-optimism index fell to 89 in June from 92.2 in May. The index has been trending sideways for more than a year at historically weak levels. Read more on the NFIB website.
“Owners have no confidence that economic policies [...]
This editorial on Steve Wynn, threats to the US economy & the New American Exodus explains why the productive, brightest and most successful entrepreneurs are leaving America for more political stability and a better business climate outside the United States .
by Ron Holland
Previously by Ron Holland: Beware an ‘American Style’ Federalized EU
Are you ready for interesting times and an exodus from the United States? A possibly apocryphal ancient Chinese curse [...]
http://www.cnbc.com/id/37392344
Steve Wynn says Americans are afraid. He’s just angry.
“Washington is unpredictable these days,†declares the CEO of Wynn Resorts [WYNN 83.88 -0.61 (-0.72%) ] . “No one has any idea what’s next…the uncertainty of the business climate in America is frightening, frightening to everybody, and it’s delaying the recovery.†(Catch more Steve Wynn’s views in the videos below and on CNBC [...]
Retailers blaming the weather again…. It was cold…….
May it be consumers are tightening their belts again ????
Bank stocks fell as they are investigated for fraud.
Say it ain’t so…Fraud ???? Banks ??????? We do Gods work… Who are you to question Gods work ????
Cisco forecast is for a poor business climate, so profits may be down for the next quarter.
At least Cisco tell it like it is…. Good for them… I [...]
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Today As Was The Case a Month Ago… It All Hinges On Germany
by Phoenix Capital Research
Swing by www.gainspainscapital.com for more market commentary, investment strategies, and several FREE reports devoted to help you navigate the coming economic and capital market changes safely.
Today as was the case a month ago, everything ultimately hinges on Germany. Political intrigues aside, Germany is just about out of money. And Merkel has to decide… save Germany or save the EU. Only one of these options is even possible at this point [...]