Good morning. Happy Tuesday. The Asian/Pacific markets closed mostly down. Japan, which was closed yesterday, lost almost 5%. Hong Kong lost over 2%; China and Malaysia fell over 1%. Taiwan gained 1.8% and Seoul managed a 1% gain. Europe is currently down across the board. France, Germany, Norway, Italy, Spain and Stockholm are down more […]
Before the Open
Good morning. Happy Monday. Hope you had a good weekend. The Asian/Pacific markets, which didn’t have a chance to react to last Friday’s jobs report, closed mostly down today, but losses weren’t terrible. India lost 3.2%; Seoul and China lost more than 2%; Australia and Singapore lost more than 1%. Europe is currently trading mostly […]
Before the Open
Good morning. Happy Friday. Employment numbers are out. Here they are… Unemployment rate jumped to 7.2% – the highest since 1993. Nonfarm payrolls declined 524K. Average hourly earnings was +0.3% m/m vs. +0.2% and 3.7% y/y vs. 3.6%. Average weekly hours was 33.3 vs. 33.5 consensus. And October nonfarm payrolls was revised lower from -320K […]
Before the Open
Good morning. Happy Thursday. Every single world market is down, and most markets are down a bunch. In Asia/Pacific, Taiwan lost 5.3%, Japan and Hong Kong lost almost 4%, Australia, China and Singapore lost more than 2% and Indonesia and Seoul fell more than 1%. In Europe, Austria, Belgium and Stockholm are down more than […]
Before the Open
Good morning. Happy Wednesday. The Asian/Pacific markets closed mixed with a bearish bias. Australia, Japan, Seoul and Taiwan rallied more than 1% while India dropped 7.3%, Hong Kong 3.4% and Singapore 1.7%. China fell 0.7%. Europe is currently most down. Austria and Stockholm are up more than 1% while Spain, Amsterdam and London are down […]
Before the Open
Good morning. Happy Tuesday. The Asian/Pacific markets closed mixed with an upward bias. China gained 3% and Australia and Seoul rallied more than 1%. There were no big losers. Europe is currently up across the board. Norway is up 3.3%, Italy up 2.3% and France, Germany, Austria, Switzerland and London are up more than 1%. […]
Before the Open
Good morning. Happy Monday. The Asian/Pacific markets had a solid day. Indonesia gained over 6%, Singapore better than 5%, and China, Hong Kong and India rallied over 3%. Europe is mixed with an upward bias. The Swiss market is up 3.5% and Austria is up 1.5%. Otherwise no other market has moved more than 1% […]
The End of the Financial World as We Know it
by Michael Lewis and David Einhorn (This report was first posted at nytimes.com and is continued at How to Repair a Broken Financial World.) AMERICANS enter the New Year in a strange new role: financial lunatics. We’ve been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of […]
How to Repair a Broken Financial World
by Michael Lewis and David Einhorn (This report was first posted at nytimes.com and is a continuation of The End of the Financial World as We Know It.) Mr. Paulson must have had some reason for doing what he did. No doubt he still believes that without all this frantic activity we’d be far worse […]
Before the Open
Good morning. Happy Friday. Hope you had a great New Years. The indexes traded range bound for the entire month of December, so it’ll be interesting to see who grabs initial control in the new year. Half the Asian/Pacific markets were closed today, but of the ones that were open, mostly gains were seen. Hong […]