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From The Reformed Broker: The health care sector, a big overweight in the portfolios we manage, probably needs to take a breather, having outperformed the galaxy in the first part of 2013. But the secular trend in demand for drugs and care looks to be a one-way trade when viewed through the prism of developed-world demography and the rapid adoption of modern medicine in the emerging nations. And so from that standpoint, [...] China services PMI is out, and it’s mediocre.
From Markit: HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled an expansion of output for the eighth consecutive month in April. However, the HSBC China Composite Output Index signalled only a marginal rate of growth, posting at 51.1. This was down from 53.5 in March, suggesting that the rate of expansion was the weakest since last October. Output rose simultaneously across both the [...] After two-decade downturn, Bank of Japan unleashes world’s biggest stimulus – $1.4 trillion!
(Reuters) – The Bank of Japan unleashed the world’s most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows. … Bank of England keeps policy steady despite new remit
Here’s A Bunch Of Ugly Numbers Out Of [...] From Sober Look: The divergence between the two U.S. manufacturing gauges is making market participants uneasy – again. The Markit PMI measure (both seasonally adjusted and unadjusted) for March was clearly in growth territory. Markit’s commentary on U.S. manufacturing was incredibly upbeat. Chris Williamson, Chief Economist, Markit: – “Manufacturers enjoyed another month of strong output and order book growth in March, finishing off the best quarter for two years. The sector will have provided [...] We Just Got To See The European Crisis That’s Far Bigger Than Cyprus Or Italy Via Markit, here’s a breakdown of some of what we just saw. First, the general Eurozone chart. You can see it deteriorated, and is well below 50, indicating deep contraction.
Markit
And here’s a summary of some themes we saw across countries. There was really terrible news on the output, new orders, and employment front.
Markit
Now here’s the really ugly chart, [...] LIVE: Thousands Of Companies Around The World Reveal The Truth About The Economy SCORECARD (All Time ET) SCORECARD (All Time ET) 7:00 PM South Korea: HSBC Manufacturing PMI — 49.9, down from 50.1 in Dec. globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / December 28, 2012 The Markit/JMMA Japan Manufacturing PMI™ shows Downturn of manufacturing sector accelerated during December. Key points: Output and new orders register sharpest contractions for 20 months Summary: Latest data from Markit/JMMA indicated that the performance of the Japanese manufacturing sector continued to deteriorate in December. Output, new orders and employment all fell [...] The Canada’s manufacturing PMI fell from 51.4 to 50.4 in November, a sign of slowing growth in this sector which comes on the heels of Friday’s 3Q GDP release that showed a flat lining Canadian economy. This marks the lowest for the PMI since the index was started in October 2010. Though it has never fallen below 50, which would signal a contraction in manufacturing, the RBC PMI has been in decline since June:
RBC, Markit
Read more: http://www.businessinsider.com/canada-manufacturing-pmi-2012-12#ixzz2E0KAnJ2q  from businessinsider: For much of the year, the big story was that the US economy was the world’s strongest, refusing to succumb to weakness, even as Europe went into crisis, and China flirted with a hard landing. Because of this, the US stock market was a star performer. But for the moment, things are doing a 180… As we wrote earlier, one of the big stories from today’s PMI reports was the strength of the BRICS. China, [...] LIVE: Thousands Of Companies Are Telling Us The State Of The Global Economy from businessinsider: SCORECARD (All Times EST) Japan: Markit/JMMA Manufacturing — 46.5, down from 46.9 in October Rebecca Clancy The flash estimate out this morning by Markit shows the PMI Composite Output Index was little-changed in November up to 45.8 from 45.7 in October. October’s reading had been the lowest since June 2009. Activity has now fallen in 14 of the last 15 months, with the exception being a marginal increase seen in January. Chris Williamson, chief economist at Markit said the eurzone economy continued to deteriorate at an [...] Markit China’s HSBC services PMI declined to 53.5 in October from 54.3 in September.
But any number above 50 signals expansion. Read more: http://www.businessinsider.com/china-hsbc-services-pmi-2012-11#ixzz2BJITmqo2 Economic Gloom in the Eurozone Spreads In October, Markit’s Composite Purchasing Managers’ Index (PMI) fell to 45.8 from a September reading of 46.1. That is, businesses in the eurozone saw their worst month since the 17-nation bloc emerged from recession more than three years ago. … The business expectations index fell sharply to 47.8, its lowest reading since February 2009. And the output index for the sector sank to 44.8 from last month’s 45.9. In addition, the composite employment index rose [...] It’s global PMI day And Crucial PMI Numbers Coming In WEAK!!! SCORECARD Japan: Markit/JMMA Manufacturing PMI — 48.0, up from 47.7 in August HEADS UP: It’s global PMI day, and this is our scorecard. …. SCORECARD Japan: Markit/JMMA Manufacturing PMI — 48.0, up from 47.7 in August By William L. Watts, MarketWatch FRANKFURT (MarketWatch) — Fears of a rapidly slowing global economy trumped bullish enthusiasm over monetary stimulus on Thursday, after data from China’s manufacturing sector and the euro zone signaled a further contraction in business activity. “Another night goes by and so it seems we have another slide in the fortunes of major global economies,” wrote Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. [...] A September Selloff Is Coming Within Days While The World Economy Is Tottering On The Brink Of ChaosWarning: Investor sentiment is now hitting the “danger area” The latest reading from the Investor’s Intelligence Survey of Advisors showed very high levels of bullishness that is consistent with excessive optimism. The new highs in the markets and the Bernanke Put has led to readings in what II calls their “danger area”: “The new highs contributed to more bulls, to 54.2%, from 51.1% a week ago. Their number is up from 39.4% at the end of July, and [...] The eurozone economic downturn since the start of the crisis looks like the Great Depression of the 1930s, according to one economist The decline in the economy of the eurozone, sparked by the beginning of the debt crisis with the shocks in Greece two and a half years ago, “seems to be more of a long-distance run than a quick sprint,” according to Carl Weinberg, chief economist at High Frequency Economics. One [...] Euro-zone August composite PMI falls to 46.3 The downturn in private-sector activity in the 17-nation euro zone deepened in August, the Markit euro-zone composite purchasing-managers’ index, or PMI, for the region indicated Wednesday. The PMI fell to 46.3 from 46.5 in July and was down from a preliminary reading of 46.6. The index for the services sector fell to 47.2 from 47.9 in July and was down from a preliminary figure [...] World’s Economies Are CRASHING! PMI Numbers Crashing Across The World. CHINA HSBC PMI FALLS TO LOWEST LEVEL SINCE MARCH 2009!!! Japan: Markit/JMMA Manufacturing PMI — 47.7, down from 47.9 in July Netherlands: NEVI Manufacturing PMI — 49.7, up from 48.9 in July. SCORECARD Japan: Markit/JMMA Manufacturing PMI — 47.7, down from 47.9 in July Netherlands: NEVI Manufacturing PMI — 49.7, up from 48.9 in July. China’s HSBC’s manufacturing PMI fell to 47.6 in August. This is down from 49.2 in July.
The number is also lower than the Flash (i.e. preliminary) August PMI number of 47.8, which SocGen’s Wei Yao described as “plainly awful.” “Manufacturing sector operating conditions worsened at the sharpest rate in 41 months,” wrote Markit analysts. Here are the key points from Markit: Renewed decline in factory output signalled The Markit/JMMA Manufacturing Purchasing Managers Index fell to 47.7 in August.
This is down from 47.9 in July. This is the sharpest rate of contraction in manufacturing activity since April 2011, a month after the tragic earthquake and tsunami devasted the country. Key points from Markit; Output and new orders down at accelerated rates Read more: http://www.businessinsider.com/japan-pmi-august-2012-8#ixzz257jR5dqF From Pragmatic Capitalism: China’s flash PMI in August fell to a nine-month low of 47.8 with broad weakness in output, employment, prices, and new orders. This obviously is not a huge vote of confidence for the direction of the global economy. Markit has more details on the report: - Flash China Manufacturing PMI™ at 47.8 (49.3 in July). Nine-month low. Commenting [...] From Bloomberg: China’s manufacturing teetered on the edge of contraction in July, signaling a rebound in economic growth has yet to take hold. The Purchasing Managers’ Index unexpectedly fell to 50.1 in July from 50.2 in June. The reading today from the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing was the weakest in eight months and compares with the 50.5 median estimate in a Bloomberg News survey. A [...] SCORECARD Japan: Markit/JMMA Manufacturing PMI – 47.9, down from 49.9 in June Germany Markit Flash purchasing managers index (PMI) fell to 47.3 in July, down from 48.1 in June. This represents the sixth straight month of declines.
Markit Read more: http://www.businessinsider.com/germany-flash-pmi-2012-7#ixzz21XNUzRot FTSE 100 5,530-4-0.08% 6,398-21-0.33% CAC 40 3,095-7-0.22% FTSE MIB 12,510-196-1.54% IBEX 35 6,022-156-2.52% Stoxx 600 2510-0.17%
U.S. 10yr /quotes/zigman/3483607 1.44 +0.01 +0.35% http://www.marketwatch.com/?link=MW_Nav_FP
The Euro Area Downturn Is Getting Worse! The Flash Eurozone purchasing managers index fell to 46.4 in July, which represents the sixth straight month below 50. And a reading below 50 signals contraction. Economists were looking for a reading of [...] The spread for Spanish 10-year bonds has jumped to 627 from Friday’s 603, blowing past a June 18 record of 620. The compares with spreads of 548 and 897 bps, respectively, for Italian and Portuguese 10-year bonds. via marketwatch: The cost of insuring Spanish debt spiked to a record high on Monday on fears that one of the biggest euro-zone economies will have to seek a comprehensive bailout. The spread on credit-default [...] Global manufacturing remained deeply depressed in Europe and much of the developed world, even as North America largely showed strength this June, new data out of Markit Economics shows. The firm released PMI readings for some two dozen countries over the past twenty-four hours, with continued weakness across the euro area, and difficulty resonating in Asian strongholds like Japan and China. Notable readings: U.S.: 52.5 in June, down from 54.0 in May HEADS UP: Global PMI day is going to begin tonight.
PMI day is the day (always at the beginning of the month) when PMI manufacturing reports come out for all the world’s big economies, from China to Europe to Brazil. And we cover each reading as they come out so get an instant look at the economic health of the globe. The reports start tonight with the Netherlands and South Korea at 8 PM ET, and then the [...] |
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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 [...]