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by Phoenix Capital Research
If you want to get a sense of what’s happening in the world, your best bet is to ignore Government data and focus on corporate revenues. Why revenues? Because earnings can be massaged any number of ways (depreciation methods, laying off staff to cut costs, depletion of loan loss reserves for banks, etc.). But you cannot fake actual money coming in the door. With that in mind, I want [...] by Phoenix Capital Research
By all counts, the latest ISM (a measure of manufacturing in the US) was a complete and total disaster. In August the ISM hit 49. Anything below 50 is considered a recessionary rating.
However, things are even worse below the surface. The ISM is made up of several components. Its Production component is back to May 2009 levels. The New Orders component is back to April 2009 levels.
And worse of all, [...] by Phoenix Capital Research
We’ve entered a truly dangerous environment in the financial markets. Economic fundamentals are deteriorating rapidly. Consider the US… By all counts, the latest ISM (a measure of manufacturing in the US) was a complete and total disaster. In August the ISM hit 49. Anything below 50 is considered a recessionary rating. However, things are even worse below the surface. The ISM is made up of several components. Its Production component [...] Proctor and Gamble unexpectedly cut guidance this morning, sending shares down in pre-market trade. In a statement, Procter said “the revisions to the Company’s fourth quarter outlook are primarily driven by slower than anticipated top-line growth from slower than expected market growth rates and market share softness in developed regions and negative impacts from foreign exchange rate changes.” Translation: high unemployment coupled with slow-to-no GDP growth in developed markets are destroying the top line. At a Deutsche Bank panel today, [...] |
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