Stagnation
A short look to the yesterdays jobless claims which came out at 502k vs. 512k consensus and 512k the week before. Again a edge down, but still high.
Asia ended mixed, small moves in different directions, Europe is trading flat at the moment.
German Q3 GDP growth came at 0.7% vs. 0.8% consensus and o.4% the quarter before. French Q3 GDP growth came at 0.3% vs. 0.6% consensus and o.3% the quarter before. Everybody calls it recovery, I call it stagnation around the bottom.
Crude oil X-Files continue. Guardian link: Oil: future world shortages are being drastically underplayed, say experts. My take on that, I believe that there is a lot of evidence corroborating the peak oil theory, but the global economy ability to adapt to future necessity of consuming less energy and consequently crude oil is highly underestimated by the peek oil (conspiracy) theorist. I believe combination of a crude oil substitution with coal, nuclear generation and natural gas and reduced energy consumption could secure another 20 years normal life after the peek oil to find new energy source.
Another support for the tanker market as Port of Fujairah announced it could ban single-hull tankers. Bloomberg story: Frontline Says Fujairah Ban to Spur Tanker Scrapping. I think Frontline overestimates the effects of the measure as the inflow of the new ships to the market is overwhelmingly larger than scraping and demand for crude oil has fallen during the crisis.