Ireland Credit Rating Cut Two Notches By S&P
The country is in the process of being bailed out and they have an A rating on it?
Archive for November, 2010
Daily Reading – November 23, 2010
Today’s interesting reads and posts.
November Richmond FED Manufacturing Survey At 9
Richmond FED Manufacturing Survey came out today at 9. Prior reading at 5.
It will be interesting to see ISM…regional manufacturing surveys contradictory.
FOMC Minutes – November 23, 2010
Only thing interesting are revisions to the committee’s forecasts for growth, unemployment, and inflation in the next three years.
Sales Of Existing Homes In U.S. Fell 2.2% In October
Sales of existing homes in U.S. fell 2.2% to 4.43 million units SAAR. Consensus was at 4.5 million…
U.S. GDP Growth in Q3 2010 Revised to 2.5%
U.S. GDP growth for Q3 was revised from 2.0% to 2.5%; consensus was at 2.4%. Q2 reading was at +1.7%.
Moody’s/REAL National Commercial Property Index Rose 4.3% In September
(For September 2010) Moody’s/REAL National Commercial Property Index rose 4.3% in September and it is now running at +0.3% y-o-y. The relatively large swings in the index in recent months are due in part to the uncertain macroeconomic environment and the low number of repeat-sale transactions. In the first nine months of 2010, four months have measured […]
North And South Korea Exchange Gunfire
This is the last thing world and markets need… Hope it will not evolve into something bigger. Bloomberg story: South Korea Returns Fire on North After Shells Wound Troops. South Korea scrambled fighter jets and returned fire after North Korea lobbed dozens of shells into its waters and an island, injuring 14 soldiers according to […]
Chicago Fed National Activity Index For October At -0.28
Chicago Fed National Activity Index for October was reported at -0.38 vs. revised September reading of -0.52. Chicago Fed National Activity Index 3-month moving average was at -0.46.
When the CFNAI three month moving average value moves below –0.70 following a period of economic expansion, there is an increasing likelihoodthat a recession has begun.
Another indicator pointing to mild growth and still indecisive on whether it will turn lower.
Rig Count Weekly – November 22, 2010
Number of crude oil drilling rigs rose for 11; Number of natural gas drilling rigs fell for 19. Significant shift from natural gas drilling to crude oil. This should be supportive for natural gas price.
On world scale number of drilling rigs rose for 43 rigs in October. All of the gains coming from North America.
Dry Bulk Weekly – November 22, 2010
Baltic dry index fell 6.8% last week; Capesize Index was down 2.4%; Panamax Index fell 13.8%; Supramax Index was down 8.4%; Handysize Index fell 5.4%.
Capsize Index started forming a bottom; Steel inventory falling; As I wrote last Monday I expect Chinese buyers returning to the market soon and substantial ramp up in iron ore imports.
New Week Intro November 21, 2010
U.S economic data & earnings calendar…
Ireland Asks For European Union & IMF Bailout
And we have a second EU bailout.
Book Reviews: The Ascent of Money: A Financial History of the World By Niall Ferguson
After reading Niall Ferguson’s great essay in the yesterday’s WSJ, I can recommended a great book (accompanied by TV series on DVD) from the same author.
Author tells the story of money and it’s importance in building today’s civilization. Niall Ferguson writes in comprehensive langue and uses anecdotes and specific historical events to paint a broader picture of past and present global economy…
Tanker Weekly – November 20, 2010
Baltic Dirty Tanker Index rose 9.8%; Baltic Clean Tanker Index rose 13.6%.
Rates rose on falling crude oil stocks and distillate demand from China…