Market Updates

What does a reader do on vacation?

Well, read of course. I have been on vacation for the last week and took some time to read something other than investment manager updates and research reports. I have been a sailor for most of my life and always fascinated by sailing lore. For many years I was a very big fan of Tristan Jones, a sai[...]

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Talk is Cheap

Over the last two weeks the Chairman of the European Central Bank and the our Federal Reserve have been in a position to move markets again. Our chief interventionists have been opining on things such as the future of the Euro and the likelihood of another quantitative easing. The benefit of being a[...]

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Revisionist History

Last week we received the first look at second quarter real gross domestic product (GDP) and the slow-down everyone felt was coming apparently arrived several months ago. GDP was up 1.5% which was slightly better than the consensus forecast of 1.2% but down from the upwardly revised first quarter of[...]

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Monday Morning Market Update

Last week was chock full of economic data that provided some insight into how the economy is doing, whether inflation is accelerating and how the housing market is improving. The week started with retail sales figures coming in below expectations down 0.5% and -0.4% ex-autos. However sales over l[...]

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By the numbers

Economic data last week included the U.S. trade balance, initial jobless claims, import/export price change, the producer price index, National Federation of Independent Business (NFIB) Index and the University of Michigan consumer sentiment indicator. We have discussed the fact that the market i[...]

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Markets are Man Made

Perhaps the current economic cycle is more like the Fukushima disaster than originally thought. Last week an independent Japanese Parliament inquiry into the disaster released their findings and noted that it was “more man made” and also a result of “government mismanagement.” While that may[...]

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Are European Policy Makers Ahead of Those in the US?

Italy’s soccer team was able to oust Germany from the Euro Cup last Thursday, the same day Italy’s Prime Minister Mario Monti was able to extract some concessions from Germany’s Chancellor Angela Merkel. The proposed agreement allows the European Stability Mechanism – ESM (bailout fund) fund[...]

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Downgrades

Last week was an important one for banking, public and private.  The Federal Reserve Bank downgraded their view of U.S. economic and employment growth prospects.  The rating agencies downgraded many money center banks in a move that was widely expected.  The G20 took time out from their romp on t[...]

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In The Streets

The Greece vote is in and the New Democracy Party and Pasok look like they will be able to form a coalition government having a majority in Parliament. The left wing party hoping to earn enough votes to derail the current plan, agreed to by last year’s government, did not garner enough votes. Al[...]

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Monday Morning Market Update

Crisis? At least not this week. Markets have been pricing in a scenario where growth in the US moves from the 2 to 3% level toward 0 to 1%, or near recessionary levels while the recession in Europe worsens significantly. In addition, the concern surrounding a decline in China’s growth rate as[...]

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