Good morning. Happy Thursday. Overnight, the Asian/Pacific markets got clobbered. Seoul dropped 6%; Australia, Japan and Taiwan fell more than 4%; Hong Kong, India, Indonesia and Singapore dropped more than 3%. No indexes moved up. Europe is currently mixed with a slight bearish lean. Belgium, Germany, France and Amsterdam are down close to 1%. Austria […]
Before the Open
Good morning. Happy Wednesday. The Asian/Pacific markets closed mostly up. China and India rallied more than 3%. Seoul moved up 1.3%. Most other indexes gained ground. Europe is down across the board. Spain, Stockholm, Germany, Amsterdam, France and London are down more than 2%. Futures here in the States indicate a gap down open for […]
Before the Open
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 […]