at S&P where he is chief Investment Strategist
"Investor’s vision appears to be changing from 3-D (double-dip with deflation) to 20/20, and is being replaced by the expectation that the U.S. economy will experience a half-speed recovery. Our 12-month target for the S&P 500 is 1270, implying a 9% gain from the current level and an 1180 year-end value. Market optimism appears to be supported by the unwinding of fears that drove share prices lower by 16% through early July, a possible second-round of quantitative easing, and a potential change in Congressional leadership. Earnings growth projections also remain strong for 2010 and 2011. Finally, commodities and foreign investments will likely benefit from the expected further weakening of the U.S. dollar."
Wednesday, October 6, 2010
Factbox: Gold milestones on the road to record high
LONDON (Reuters) - Gold rose to a second successive record high on Wednesday, boosted by investors seeking to profit from weakness in the dollar and the U.S. economy.
Following are key dates in gold's trading history since the early 1970s:
* August 1971 - U.S. President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35.
* August 1972 - The United States devalues the dollar to $38 per ounce of gold.
* March 1973 - Most major countries adopt floating exchange rate system.
* May 1973 - U.S. devalues dollar to $42.22 per ounce.
* January 1980 - Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal.
* August 1999 - Gold falls to a low at $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.
* October 1999 - Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment toward gold begins to turn more positive.
* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.
* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios.
* November 2005 - Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.
* April 11, 2006 - Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
* May 12, 2006 - Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.
* June 14, 2006 - Gold falls 26 percent to $543 from its 26-year peak after investors and speculators sell out of commodity positions.
* November 7, 2007 - Spot gold hits a 28-year high of $845.40 an ounce.
* January 2, 2008 - Spot gold breaks above $850.
* March 13, 2008 - Benchmark gold contract trades over $1,000 for the first time in U.S. futures market.
* March 17, 2008 - Spot gold hits an all-time high of $1,030.80 an ounce. U.S. gold futures touch record peak of $1,033.90.
* September 17, 2008 - Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets.
* Jan-March 2009 - Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe-haven buying. Holdings of the largest, the SPDR Gold Trust, rise 45 percent to 1,127.44 tonnes.
* February 20, 2009 - Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble.
* April 24, 2009 - China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves.
* August 7, 2009 - European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year.
* September 8, 2009 - Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery.
* December 1, 2009 - Gold climbs above $1,200 an ounce for the first time as the dollar drops.
* December 3, 2009 - Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher.
* May 11, 2010 - Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the euro zone fuel safe-haven buying.
* June 21, 2010 - Gold jumps to a new high at $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.
* Sept 14, 2010 - Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook.
* Sept 16-22, 2010 - Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation.
* Sept 27 - Spot gold prices touch the $1,300 an ounce mark for the first time.
* Oct 5 - Gold extends its record highs to above $1,330 an ounce, lifted by renewed weakness in the dollar, and as the Bank of Japan announces moves to combat yen strength.
* Oct 6 - Gold rallies to a record high just shy of $1,350 an ounce as the dollar comes under pressure from building expectations for the U.S. Federal Reserve to take extra measures to keep interest rates low and prop up the economy.
(Compiled by Atul Prakash and Jan Harvey; editing by James Jukwey)
Following are key dates in gold's trading history since the early 1970s:
* August 1971 - U.S. President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35.
* August 1972 - The United States devalues the dollar to $38 per ounce of gold.
* March 1973 - Most major countries adopt floating exchange rate system.
* May 1973 - U.S. devalues dollar to $42.22 per ounce.
* January 1980 - Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal.
* August 1999 - Gold falls to a low at $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.
* October 1999 - Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment toward gold begins to turn more positive.
* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.
* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios.
* November 2005 - Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.
* April 11, 2006 - Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
* May 12, 2006 - Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.
* June 14, 2006 - Gold falls 26 percent to $543 from its 26-year peak after investors and speculators sell out of commodity positions.
* November 7, 2007 - Spot gold hits a 28-year high of $845.40 an ounce.
* January 2, 2008 - Spot gold breaks above $850.
* March 13, 2008 - Benchmark gold contract trades over $1,000 for the first time in U.S. futures market.
* March 17, 2008 - Spot gold hits an all-time high of $1,030.80 an ounce. U.S. gold futures touch record peak of $1,033.90.
* September 17, 2008 - Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets.
* Jan-March 2009 - Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe-haven buying. Holdings of the largest, the SPDR Gold Trust, rise 45 percent to 1,127.44 tonnes.
* February 20, 2009 - Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble.
* April 24, 2009 - China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves.
* August 7, 2009 - European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year.
* September 8, 2009 - Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery.
* December 1, 2009 - Gold climbs above $1,200 an ounce for the first time as the dollar drops.
* December 3, 2009 - Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher.
* May 11, 2010 - Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the euro zone fuel safe-haven buying.
* June 21, 2010 - Gold jumps to a new high at $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.
* Sept 14, 2010 - Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook.
* Sept 16-22, 2010 - Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation.
* Sept 27 - Spot gold prices touch the $1,300 an ounce mark for the first time.
* Oct 5 - Gold extends its record highs to above $1,330 an ounce, lifted by renewed weakness in the dollar, and as the Bank of Japan announces moves to combat yen strength.
* Oct 6 - Gold rallies to a record high just shy of $1,350 an ounce as the dollar comes under pressure from building expectations for the U.S. Federal Reserve to take extra measures to keep interest rates low and prop up the economy.
(Compiled by Atul Prakash and Jan Harvey; editing by James Jukwey)
Central Banks gone wild
Is this Journal video too optimistic? It may be just me, but I see a grim outcome. Oddly, this unlimited source of cheap Central Bank money may keep stocks above water and push the precious metals ever higher.
Tuesday, October 5, 2010
Even Moron Stanley jumps on the gold bandwagon
... pardon, That's MorGAN Stanley. Actually, this almost makes me feel a bit uncomfortable. The phony paper instrument hucksters suddenly liking gold?
Morgan Stanley Metals
Morgan Stanley Metals
Disorder in the markets....
The mortgage mess reminds me of the genius of the Stooges. Yes, there are plenty of stooges today, better known as the bankers and their cohorts. I am concerned we might end up seeing some DISORDER in the financial markets, not to mention housing markets over this mortgage debacle. The outcome won't be a happy one like this 3 Stooges short. Oh, LPS is really standing out as the ugliest girl at the dance.
http://www.nakedcapitalism.com/2010/10/lender-processing-services-tries-to-claim-that-recent-disclosures-are-mischaracterizations.html
"A tarantula!" lol. "Gentlemen, you must control your killing instincts...."
http://www.nakedcapitalism.com/2010/10/lender-processing-services-tries-to-claim-that-recent-disclosures-are-mischaracterizations.html
"A tarantula!" lol. "Gentlemen, you must control your killing instincts...."
"Nixon can wipe his
a$$ with this social security check". I recall overhearing the remark back in the 70's from my grandma who was talking with adults in another room. I wasn't supposed to hear it, but I did. Why do I bring this memory up now? Because of the latest round of stupid Keynesian tricks. Tonight the Bank of Japan has lowered rates to 0 to .1%. This is just getting silly. Governments are tinkering with rates at these tiny levels while the masses continue to endure lean times. Back in the day my grandmother's social security check was about 100 bucks a month. She had every right to view it with disdain after a life of hard working, including raising two boys during the depression. Fast forward to today and seniors in 2011 are getting nothing extra in their checks while our government plays around with near zero rates (screwing savers). It makes no sense. Entitlements for the banksters will trump the average elderly person everyday.
Housing nightmare
What started out as a trickle of news from GMAC of a housing foreclosure suspension a few weeks ago, has become a tidal wave of incredibly bad news for the housing market. As it becomes apparent that servicers (GMAC, Chase, Bank of America, etc.) don't have clear titles to the homes they're foreclosing on, title insurers are refusing to insure and the whole mortgage system in seizing up as a result. This effectively means that with jumbled titles, mortgage debt securities marked on a bank's books at cost or higher, are worth zero. CNBC even spread a nasty rumor this evening that the federal government may try to mandate a 90 day suspension on foreclosures. 90 days won't be enough time to correct this problem which may take years to unravel.
Imho, this has obvious negative implications for banks. $JPM, $BAC, immediately come to mind. Title insurance companies don't look too good in this scenario. Use your imagination.
Imho, this has obvious negative implications for banks. $JPM, $BAC, immediately come to mind. Title insurance companies don't look too good in this scenario. Use your imagination.
Monday, October 4, 2010
Super-rich investors buy gold by ton
(Reuters) - The world's wealthiest people have responded to economic worries by buying bars of gold, sometimes by the ton, and moving assets out of the financial system, bankers catering to the very rich said on Monday.
Fears of a double-dip downturn had boosted the appetite for physical bullion as well as mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.
"They don't only buy ETFs or futures, they buy physical gold," said Stadler, who runs the Swiss bank's services for clients with assets of at least $50 million to invest.
UBS is recommending top-tier clients hold 7-10 percent of their assets in precious metals like gold, which is on course for its tenth consecutive yearly gain and traded at around $1,317 an ounce on Monday, near the record level reached last week.
In a sign of the uncertain times, some clients go further.
"We had a clear example of a couple buying over a ton of gold ... and carrying it to another place," Stadler said. At today's prices, that shipment would be worth about $42 million.
Julius Baer's chief investment officer for Asia is also recommending that wealthy investors park some of their assets in gold as a defensive stance following a string of lackluster U.S. data and amid concerns about currency weakness.
"I see gold as an insurance," Van Anantha-Nageswaran said. "I recommend 10 percent as minimum in portfolios and anything more than that to be used for trading purposes, to respond to short-term over-bought or over-sold signals."
ULTIMATE BUBBLE?
Billionaire financier George Soros, echoing comments from investment guru Warren Buffett, last month described gold as the "ultimate bubble" because it is costly to dig up and has no real value except its market price.
But a rising price for the precious metal has in itself generated more and more demand from investors looking for a way to hedge themselves against a fresh recession. Gold bears no yield and is uncompetitive in an environment of rising interest rates.
The uneasy outlook for inflation, hard currencies and global growth has triggered a five-fold increase in a physical gold fund launched by Pictet one year ago, the Swiss private bank said.
UBS's Stadler said the precious metal had become a staple of investors' portfolios, despite questions about whether it makes for a smart long-term investment.
"If you talk to ultra-high net worth individuals that level of uncertainty has never been higher in the last two, three, four years," he said. "If they ask me 'is inflation going up or are we entering a deflationary cycle?', I don't know. But obviously nobody knows."
Samir Raslan, Citigroup's regional head for central, eastern and northern Europe, Africa and Turkey, said clients were not going overboard on gold.
Fears of a double-dip downturn had boosted the appetite for physical bullion as well as mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.
"They don't only buy ETFs or futures, they buy physical gold," said Stadler, who runs the Swiss bank's services for clients with assets of at least $50 million to invest.
UBS is recommending top-tier clients hold 7-10 percent of their assets in precious metals like gold, which is on course for its tenth consecutive yearly gain and traded at around $1,317 an ounce on Monday, near the record level reached last week.
In a sign of the uncertain times, some clients go further.
"We had a clear example of a couple buying over a ton of gold ... and carrying it to another place," Stadler said. At today's prices, that shipment would be worth about $42 million.
Julius Baer's chief investment officer for Asia is also recommending that wealthy investors park some of their assets in gold as a defensive stance following a string of lackluster U.S. data and amid concerns about currency weakness.
"I see gold as an insurance," Van Anantha-Nageswaran said. "I recommend 10 percent as minimum in portfolios and anything more than that to be used for trading purposes, to respond to short-term over-bought or over-sold signals."
ULTIMATE BUBBLE?
Billionaire financier George Soros, echoing comments from investment guru Warren Buffett, last month described gold as the "ultimate bubble" because it is costly to dig up and has no real value except its market price.
But a rising price for the precious metal has in itself generated more and more demand from investors looking for a way to hedge themselves against a fresh recession. Gold bears no yield and is uncompetitive in an environment of rising interest rates.
The uneasy outlook for inflation, hard currencies and global growth has triggered a five-fold increase in a physical gold fund launched by Pictet one year ago, the Swiss private bank said.
UBS's Stadler said the precious metal had become a staple of investors' portfolios, despite questions about whether it makes for a smart long-term investment.
"If you talk to ultra-high net worth individuals that level of uncertainty has never been higher in the last two, three, four years," he said. "If they ask me 'is inflation going up or are we entering a deflationary cycle?', I don't know. But obviously nobody knows."
Samir Raslan, Citigroup's regional head for central, eastern and northern Europe, Africa and Turkey, said clients were not going overboard on gold.
Sunday, October 3, 2010
Mr. Softy gets a downgrade
Got this email tonight via $GS on $MSFT:
"We are downgrading Microsoft to Neutral and
lowering our EPS estimates by 4%, 3% and 4% in
FY2011, FY2012 and FY2013, and therefore our price
target to $28 from $32, which suggests more upside
in other Buy-rated names in our coverage. We
believe the intrinsic value of shares cannot be
unlocked if the status quo remains, and we have
increased caution near term on a more elongated PC
refresh cycle, combined with the newer threat of
notebook cannibalization from tablets, where
Windows does not yet have a presence. Since added
to the Americas Buy list on 8/12/08, MSFT shares
have returned -13%, compared to -11% for the S&P
500."
"We are downgrading Microsoft to Neutral and
lowering our EPS estimates by 4%, 3% and 4% in
FY2011, FY2012 and FY2013, and therefore our price
target to $28 from $32, which suggests more upside
in other Buy-rated names in our coverage. We
believe the intrinsic value of shares cannot be
unlocked if the status quo remains, and we have
increased caution near term on a more elongated PC
refresh cycle, combined with the newer threat of
notebook cannibalization from tablets, where
Windows does not yet have a presence. Since added
to the Americas Buy list on 8/12/08, MSFT shares
have returned -13%, compared to -11% for the S&P
500."
Saturday, October 2, 2010
Obviously war is serious
business, but here's a video that shows what the so called "illuminati" has been up to for centuries -- getting rich off of both sides.
Friday, October 1, 2010
Remember, there are two gold markets
the physical gold market and the spot market.
Spot is rising again to the $1317 level as the NY Fed head talks about the need for more QE.
Physical spread to spot has narrowed quite a bit from the heady days of late 2008 when certain gold coins commanded near double the spot price. Now the spreads are down to $25 to $50 per ounce. What's going on? 1. the potential for over regulation via the Congressman Weiner gold disclosure bill and 2. the 1099 rules. If Weiner gets passage and 1099 is not overturned in its present form, the market now is signalling a confiscation end run -- almost the perfect storm. Gold suppression schemes at their finest. Confiscation without having to do a 1930's style confiscation.
But throw a monkey wrench into the picture. International holders. Will China or India, for example, allow for a wholesale depreciation of their gold at the hands of US regs? I don't think so. So in the end the US PTB who want to keep gold from rising further because it exposes the true nature of the dollar's standing may end up being frustrated.
Gold is an internationally recognized store of value that you may not as an American be able to buy in the future. Yes, the combination of the so called consumer protection legislation of NYC mayoral wannabe Anthony Weiner and burdensome 1099 rules will be a one two punch to most industry gold and bullion dealers. More in coming posts. I remain bullish on gold with a good supply of Maalox on hand.
Spot is rising again to the $1317 level as the NY Fed head talks about the need for more QE.
Physical spread to spot has narrowed quite a bit from the heady days of late 2008 when certain gold coins commanded near double the spot price. Now the spreads are down to $25 to $50 per ounce. What's going on? 1. the potential for over regulation via the Congressman Weiner gold disclosure bill and 2. the 1099 rules. If Weiner gets passage and 1099 is not overturned in its present form, the market now is signalling a confiscation end run -- almost the perfect storm. Gold suppression schemes at their finest. Confiscation without having to do a 1930's style confiscation.
But throw a monkey wrench into the picture. International holders. Will China or India, for example, allow for a wholesale depreciation of their gold at the hands of US regs? I don't think so. So in the end the US PTB who want to keep gold from rising further because it exposes the true nature of the dollar's standing may end up being frustrated.
Gold is an internationally recognized store of value that you may not as an American be able to buy in the future. Yes, the combination of the so called consumer protection legislation of NYC mayoral wannabe Anthony Weiner and burdensome 1099 rules will be a one two punch to most industry gold and bullion dealers. More in coming posts. I remain bullish on gold with a good supply of Maalox on hand.
First Day of the month
can be quite positive for Wall Street. Let's see if it happens again. http://usat.me/40374340
China PMI a worldwide sentiment booster
.... if the numbers are really accurate. http://www.reuters.com/article/idUSTRE6900ZB20101001
(Reuters) - Chinese manufacturing picked up steam in September after a mid-year lull, easing concerns of a renewed downturn in global growth, although other leading Asian economies showed some signs of softer business activity.
Manufacturing activity slowed in India in September and contracted in South Korea and Australia, surveys showed. Data on Thursday showed Japanese manufacturing contracted for the first time in 15 months and reports later on Friday are expected to show slowdowns in the United States and Europe.
Still, China dominated.
"The PMIs are a very good gauge of the outlook for industrial production in China, and they tell a beautiful story," said Rob Henderson, head market economist at National Australia Bank in Sydney.
"Fears of a substantial downturn have proved unfounded and this should put to rest a lot of the worries about the global outlook."
Indeed, the Asian purchasing managers indexes (PMI) followed signs that activity in the United States had picked up a little in the third quarter, easing worries about a fresh slump in the world's top economy.
New U.S. jobless claims fell last week and manufacturing in the Midwest region grew faster than expected in September.
China's official PMI rose to 53.8 in September from 51.7 in August, well above a median forecast of 52. The data pushed LME copper to a two-year high, lifted the Australian dollar and gave Asian stocks .MIAPJ0000PUS a boost.
India's manufacturing sector expanded for the 18th straight month, but the pace slowed to a 10-month low.
Indian manufacturing had stayed strong earlier this year as Chinese activity had slowed.
"The manufacturing sector shows signs of cooling after a red-hot pace earlier in the year," said Frederic Neumann, co-head of Asian Economics Research at HSBC.
"Capacity constraints may be partly responsible for this, in addition to the fading fiscal stimulus."
In Australia, among the few developed economies to avoid a recession after the global financial crisis, a strong local currency and soft domestic demand led to the first contraction in manufacturing activity in 2010, a survey showed.
PMIs use indicators such as new orders, employment, exports and order backlogs, to gauge the strength of manufacturing, and are considered a leading indicator of broader economic activity.
A reading above 50 indicates expansion, and below that a contraction. Further, a reading above 50 that is higher than the previous month indicates a quickening pace of activity, while a 50-plus reading lower than the previous month shows a slowdown.
(Reuters) - Chinese manufacturing picked up steam in September after a mid-year lull, easing concerns of a renewed downturn in global growth, although other leading Asian economies showed some signs of softer business activity.
Manufacturing activity slowed in India in September and contracted in South Korea and Australia, surveys showed. Data on Thursday showed Japanese manufacturing contracted for the first time in 15 months and reports later on Friday are expected to show slowdowns in the United States and Europe.
Still, China dominated.
"The PMIs are a very good gauge of the outlook for industrial production in China, and they tell a beautiful story," said Rob Henderson, head market economist at National Australia Bank in Sydney.
"Fears of a substantial downturn have proved unfounded and this should put to rest a lot of the worries about the global outlook."
Indeed, the Asian purchasing managers indexes (PMI) followed signs that activity in the United States had picked up a little in the third quarter, easing worries about a fresh slump in the world's top economy.
New U.S. jobless claims fell last week and manufacturing in the Midwest region grew faster than expected in September.
China's official PMI rose to 53.8 in September from 51.7 in August, well above a median forecast of 52. The data pushed LME copper to a two-year high, lifted the Australian dollar and gave Asian stocks .MIAPJ0000PUS a boost.
India's manufacturing sector expanded for the 18th straight month, but the pace slowed to a 10-month low.
Indian manufacturing had stayed strong earlier this year as Chinese activity had slowed.
"The manufacturing sector shows signs of cooling after a red-hot pace earlier in the year," said Frederic Neumann, co-head of Asian Economics Research at HSBC.
"Capacity constraints may be partly responsible for this, in addition to the fading fiscal stimulus."
In Australia, among the few developed economies to avoid a recession after the global financial crisis, a strong local currency and soft domestic demand led to the first contraction in manufacturing activity in 2010, a survey showed.
PMIs use indicators such as new orders, employment, exports and order backlogs, to gauge the strength of manufacturing, and are considered a leading indicator of broader economic activity.
A reading above 50 indicates expansion, and below that a contraction. Further, a reading above 50 that is higher than the previous month indicates a quickening pace of activity, while a 50-plus reading lower than the previous month shows a slowdown.
Thursday, September 30, 2010
Apple - Killing Me Softly, the Verizon version
from endgaget....
Holy hot Androids, a lengthy list of upcoming Verizon devices has leaked and it looks like we are in for a whole heap of Android over the next 6 months. The list reveals a total of six new Android devices to be hitting Big Red and doesn’t skimp on the details. It looks like Motorola will continue to pound the competition with two new handsets and their oft-rumored Stingray tablet while HTC, Samsung, and LG with what could be it’s first worthy Android round out the list. Read on for a breakdown of the devices in question:
Samsung SCH-i400 Continuum: This is the handset we just got a look at this morning and is lined up for a late October release. The phone features a 1GHz processor and two OLED screens.
Motorola Venus: This handset is said to be similar in design to the Motorola Charm and due out in October, featuring a Blackberry stile keyboard perched just below its touchscreen. Unlike the Charm, the Venus will feature a 1GHz processor, CDMA and Gsm/HSPA radios, and Android 2.2.
Motorola Droid Pro: Given that the Droid 2 World Edition shows up nowhere on this list, we are still inclined to believe that the Droid Pro will be an upgraded version of the handset when it hits shelves in late October/early November. It should feature a processor clocked to 1.3GHz, Froyo, and global radios. It is also rumored to replace the Droid 2 outright once it hits shelves.
HTC Merge/Lexikon/Lexicon: Call it what you will, but anyway you slice it this handset that goes by three names for the time being will feature a slide-out QWERTY keyboard with global radios and a 1GHz Snapdragon inside. Expect it in stores come late October/early November.
LG enV Pro: LG hasn’t quite hit one out of the park with Android yet, but this could be just the ticket. Maintaining the form factor of the LG Voyager/enV Touch series of phones, the handset features a 1GHz processor and a global radio.
Motorola Stingray tablet: This is the tablet we have been hearing so much about lately and it’s still pegged for a Q1 2011 release. Specs revealed include a 10-inch screen, Android 3.0 Gingerbread, 16GB of on-board storage, and the super popular NVIDIA Tegra 2 chipset. The tablet is said to be launching with CDMA inside, but much to our delight is said to be “hardware upgradeable to LTE.” How exactly one will upgrade to LTE remains to be seen.
So there you have it. Six new devices to speculate and salivate over. Something about the fact that there is no device on this list that could be dubbed “low-end” gets me a little giddy. Oh, Motorola Droid you have served me well but one of the above handsets might just have to take your place. HTC Merge and enV Pro I’m looking at you. Which do you guys want?
[via Engadget]
Holy hot Androids, a lengthy list of upcoming Verizon devices has leaked and it looks like we are in for a whole heap of Android over the next 6 months. The list reveals a total of six new Android devices to be hitting Big Red and doesn’t skimp on the details. It looks like Motorola will continue to pound the competition with two new handsets and their oft-rumored Stingray tablet while HTC, Samsung, and LG with what could be it’s first worthy Android round out the list. Read on for a breakdown of the devices in question:
Samsung SCH-i400 Continuum: This is the handset we just got a look at this morning and is lined up for a late October release. The phone features a 1GHz processor and two OLED screens.
Motorola Venus: This handset is said to be similar in design to the Motorola Charm and due out in October, featuring a Blackberry stile keyboard perched just below its touchscreen. Unlike the Charm, the Venus will feature a 1GHz processor, CDMA and Gsm/HSPA radios, and Android 2.2.
Motorola Droid Pro: Given that the Droid 2 World Edition shows up nowhere on this list, we are still inclined to believe that the Droid Pro will be an upgraded version of the handset when it hits shelves in late October/early November. It should feature a processor clocked to 1.3GHz, Froyo, and global radios. It is also rumored to replace the Droid 2 outright once it hits shelves.
HTC Merge/Lexikon/Lexicon: Call it what you will, but anyway you slice it this handset that goes by three names for the time being will feature a slide-out QWERTY keyboard with global radios and a 1GHz Snapdragon inside. Expect it in stores come late October/early November.
LG enV Pro: LG hasn’t quite hit one out of the park with Android yet, but this could be just the ticket. Maintaining the form factor of the LG Voyager/enV Touch series of phones, the handset features a 1GHz processor and a global radio.
Motorola Stingray tablet: This is the tablet we have been hearing so much about lately and it’s still pegged for a Q1 2011 release. Specs revealed include a 10-inch screen, Android 3.0 Gingerbread, 16GB of on-board storage, and the super popular NVIDIA Tegra 2 chipset. The tablet is said to be launching with CDMA inside, but much to our delight is said to be “hardware upgradeable to LTE.” How exactly one will upgrade to LTE remains to be seen.
So there you have it. Six new devices to speculate and salivate over. Something about the fact that there is no device on this list that could be dubbed “low-end” gets me a little giddy. Oh, Motorola Droid you have served me well but one of the above handsets might just have to take your place. HTC Merge and enV Pro I’m looking at you. Which do you guys want?
[via Engadget]
Bernanke Testimony
We could see a strong advance on Wall Street Thursday provided that nothing blows up. Ben Bernanke goes to the Senate banking committee for some give and take and old fashioned testimony (yes, the charade that the Fed is accountable to politicians). My cynical view is that the powers that be won't tolerate any sort of a selling binge while Bernanke tells us the usual little lies (great Fleetwood Mac tune). Up 100, 200? Who knows, but I sense the stars shall be favorably aligned. If the market falls apart it would be an "OMG" sort of happening. Underneath Bernanke's nice suit is an outfit with a cape and the words "Captain Economy" emblazoned on it. Bernanke will tell the lawmakers that he and his cadre of flying monkeys at the Fed will do what it takes to prop up an ailing Mr. Economy. Dom Deluise would be proud.
EDIT: 9/30... THE IDEA WORKED ONLY UNTIL ABOUT 9:50. MARKET HAS SINCE FADED.
EDIT: 9/30... THE IDEA WORKED ONLY UNTIL ABOUT 9:50. MARKET HAS SINCE FADED.
Dollar decline
Before we all have an "it's a cookbook!" (Twilight Zone) moment over the state of the U.S. dollar and collectively freak, let's keep in mind that the dollar index is still well above its 2008 lows. Yes, it's declining from a triple top formation, but let's wait until 71 is pierced before picking out the dollar's casket. No doubt, the moves by the Fed to soon enter into another round of quantitative easing are DXY negative. The massive federal liabilities ($100 trl+) are also dollar negative.The dollar bears, however, are still going to be fighting a tough battle since the euro is not a worthy dollar alternative (DXY is heavily weighted in euros). Yes, the long term trend is DOWN and eventually out for all paper fiat currencies, but I am not anticipating that I shall wake up tomorrow to the reality of needing to barter the tuna fish in my pantry for a gallon of gasoline as all major economic players are pretty much in the same boat.. The dollar collapse has been years in the making and will take a little more time to play out.
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