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Friday, November 8, 2013

Three bits of morning news


So apparently blah blah gold crashed again.

Other than that:

BI - jobs report ANNIHILATES expectations. Upward revisions to previous months, new jobs beat. Quote:
What's big about all this is that everyone expected October to be extremely weak with the government shutdown, and yet in all of the data, that weakness is not showing up.

Stocks are falling on the news, as people think that the Fed's "taper" could come sooner than expected.
Because apparently tapering is bad because it means the US economy is getting better.


Michael Shaoul - China October trade data. Quote:
Imports grew 7.6% YoY, again roughly matching stated GDP, and this is hardly surprising given that there is little evidence that domestic demand, and particularly that for housing, has diminished in recent months. The trade balance reached $31.1 bln, somewhat better than the $24.8 bln consensus estimate, thanks to the consensus beat by exports. This is slightly lower than the corresponding month last year, but the fact that 2013's data is rather less reliant on suspect Hong Kong activity means that this is a more reliable data-point.

FT beyond brics - China's exports are even better than they seem. Because last year's baseline included all that round-tripping from Hong Kong. Also, these numbers are more reliable because they're consonant with Taiwanese and Korean numbers. Also,
The US and Europe are taking up the slack. Year on year, exports to the US rose from 4.2 per cent in September to 8.1 per cent in October. Europe showed even more improvement, with exports up 12.7 per cent after a decline of 1 per cent in September.

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