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Monthly Archives: August 2010
Benefits of a Weak Pound Kick In
The benefits of the weak pound are starting to kick in, as export volumes pick up. They may have made a minor contribution to overall GDP growth this year, which has been driven by domestic demand, but there are signs that businesses are investing on the back of it. British manufacturing may have recently piggy [...]
The Clear and Present Regulatory Danger Facing ETFs
We may not have long to wait for the collapse in the exchange-traded fund bubble. The ETF industry ran out of control long ago, but regulators can no longer ignore the retail money distorting market prices. Stuffed with exotic derivatives and super-concentrated bets on very risky markets, regulators are closing in. The steps they are taking will lead to a cascade of falling dominoes, as speculative ETFs are unwound.
Posted in Commodities, Economy, Fund Management, Stockmarket Tagged Brazil, CFTC, commodities, ETF, Finra, flash crash, mutual funds, Obama, Petrobras, regulation, Vale do Rio Doce, Wall St Leave a comment
When Green Doesn’t Mean Green: Obama is Backtracking on Clean Energy
Environmentalists seized upon President Obama’s stimulus plan as a means to turn America into a low-carbon economy by pouring massive amounts of money into clean energy and green transportation. But in these tough economic times, taxpayers are not prepared to keep footing the subsidy bill. Belatedly, there is now recognition at the highest levels of government that a green industrial revolution is no longer realistic, economically or politically.
Posted in Companies, Economy, Global Warming Scare Tagged American Electric Power, clean energy, CO2, Denmark, electric cars, EPA, EU, Germany, global warming, Italy, Obama, Solyndra, Spain, Supreme Court, US, Wall St Leave a comment
What A Wicked Game to Play: The Truth Germany Conspires to Hide
Germany’s politicians are up to their necks in fraudulently covering up the true state of their banking system. Getting serious about cleaning up their banks would mean admitting the financial crisis was not all the fault of Anglo Saxon bankers. The price that Germany and Europe as a whole pays for this disingenuousness is likely to be another full-blown banking crisis. Only this time it will be Chancellor Angela Merkel and her colleagues that end up being cast as the villains.
Posted in Companies, Economy Tagged banks, bond markets, Deutsche Bank, Euro, France, Germany, Greece, Hypo Real Estate, Landesbanken, Postbank, UK Leave a comment
Running Faster to Stand Still, Ireland is Going Nowhere Fast
Standard & Poor’s cut to Ireland’s credit rating is hardly a surprise given that Irish debt is estimated to peak at 137% of GDP, against government estimates of about 94%, despite austerity that will have seen the economy contract by around 15% since 2008 by the end of 2010. Many more downgrades can be expected [...]
Posted in Economy Tagged bond markets, EU, Euro, Germany, Greece, Ireland, sovereign debt crisis Leave a comment
Pez Dispensers Filled With Smack All the Rage on Wall Street
The NYMag reports today on how cocaine has lost its cachet among investing professionals, according to drug-testing firm Sterling Infosystems, which has concluded that marijuana has become the drug of choice among finance professionals.
Unduly Rosy Indicators Disguise Real Slowdown Headed Germany’s way
Investors, and Germany’s central bank, need to be wary about jumping to the conclusion that the strong growth in the second quarter will continue. The fiscal austerity being implemented in Greece and the other Club Med countries is not yet reflected in the expectations that leading indicators measure, and contrary to media reports, exports to [...]
Posted in Economy Tagged China, Euro, Germany, Greece, Italy, manufacturing, Portugal, Spain Leave a comment
American Apparel, A Poster Child for the Changing Face of Fashion Retailing
Targeting twentysomething hipsters with T-shirts and spandex leggings that are sold at a big premium to what you can buy in cheaper stores is not a recipe for success in a world in which youth unemployment is soaring, as American Apparel is discovering. But for precisely that reason, this maker of über-trendy wear could make a decent acquisition for a buyer with the scale to sacrifice its socially responsible but unprofitable policy of manufacturing solely in the US.
Posted in Companies, Stockmarket Tagged American Apparel, asian currencies, cash flow, retail Leave a comment
The Bottom Line
It’s not just the US administration realizing it has counted its chickens before they’ve hatched, but the overvalued stock market.
Posted in Companies, Economy Tagged autos, China, consumer, Deleveraging, housing, Unemployment, US Leave a comment
EU To Follow US Lead on Commodity Speculation