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Great Graphic: MLB Team Valulation

October 31, 2013
I'm in China and thus can't post, but my brilliant webmaster thought this Bloomberg Graphic on MLB Team Valuation would be an interesting great graphic to share. (You'll have to click here if you want the full interactive experience.)


Great Graphic: MLB Team Valulation Great Graphic: MLB Team Valulation Reviewed by magonomics on October 31, 2013 Rating: 5
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Conflicting Impulses Make for Treacherous Waters

October 25, 2013
The recognition that the Federal Reserve is most unlikely to taper this year succeeded US self-defeating fiscal exercise.  However, as the week winds down, it is the monetary policy of China and the Europe that is commanding more attention.  
The excess liquidity in the euro area has fallen below the 200 bln euro level that is perceived to consis…
Conflicting Impulses Make for Treacherous Waters Conflicting Impulses Make for Treacherous Waters Reviewed by Marc Chandler on October 25, 2013 Rating: 5
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Emerging Markets: What has Changed

October 24, 2013
(from my colleagues Dr Win Thin and Ilan Solot)

(1)        Liquidity conditions in China tighten again – though we doubt it will last (2)        Once again the Brazilian central bank’s intervention policy is leaving markets guessing (3)        The much discussed auction of the Brazilian oil field Libra brought some surprises (4)        Expectations fo…
Emerging Markets: What has Changed Emerging Markets: What has Changed Reviewed by Marc Chandler on October 24, 2013 Rating: 5
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Dollar Mixed, Excess Liquidity in Euro Area Falling

October 24, 2013
Yesterday's narrative, posited by many, was that Chinese large banks were drawing down loan loss reserves and recognizing bad loans, as a prelude to defaults, and that the rise in money market yields was precursor to a rate hike.  This was supposed have been negative to risk assets. 
Today, HSBC reported its flash manufacturing PMI for China r…
Dollar Mixed, Excess Liquidity in Euro Area Falling Dollar Mixed, Excess Liquidity in Euro Area Falling Reviewed by Marc Chandler on October 24, 2013 Rating: 5
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Cool Video: Hidden Cost of Big Macs

October 24, 2013
This Cool Video was is part of a larger series of videos assessing the hidden costs of various behaviors and consumption patterns. This one was found on YouTube and in a little less than 2 minutes provides a provocative overview of the environmental, health and economic impact of a Big Mac.



Cool Video: Hidden Cost of Big Macs Cool Video: Hidden Cost of Big Macs Reviewed by Marc Chandler on October 24, 2013 Rating: 5
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Is China Really Driving Today's Price Action?

October 23, 2013
After falling sharply in recent days, especially yesterday after the disappointing jobs data, the US dollar is broadly higher today, with the yen the main exception.  It has strengthened by almost 1% today.  
Many are attributing the price action to news that the five largest Chinese banks tripled the bad loans written off in the first half of the…
Is China Really Driving Today's Price Action? Is China Really Driving Today's Price Action? Reviewed by Marc Chandler on October 23, 2013 Rating: 5
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Five Points for Hump Day

October 22, 2013
We see five developments that investors note:
1. Disappointing US employment data removed a potential obstacle to the foreign exchange adjustment to the newly appreciated recognition that Fed tapering is increasingly unlikely this year. As we noted previously, the private sector and Fed data released during the government shutdown pointed to some …
Five Points for Hump Day Five Points for Hump Day Reviewed by Marc Chandler on October 22, 2013 Rating: 5
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Jobs Disappoint, Sends Dollar to New Lows for Year vs Euro and Swiss Franc

October 22, 2013
US net job creation in September was disappointing and the market seized up the news to resume the selling of the dollar, which had begun in the second half of last week in earnest. The euro and Swiss franc have risen to new highs for the year.  US bond yields have dropped and the stock market has turned better bid in electronic trading.  
However,…
Jobs Disappoint, Sends Dollar to New Lows for Year vs Euro and Swiss Franc Jobs Disappoint, Sends Dollar to New Lows for Year vs Euro and Swiss Franc Reviewed by Marc Chandler on October 22, 2013 Rating: 5
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Subdued Markets Amid Light News Stream Ahead of US Employment Report

October 22, 2013
The US dollar has traded in narrow trading ranges in Asia and early European activity. Many think that the focus is the US jobs report, but outside of a knee-jerk reaction to the headline, it may prove insufficient to awake the market from its slumber. The data, as we have argued, is unlikely to change the investors or policy makers perception…
Subdued Markets Amid Light News Stream Ahead of US Employment Report Subdued Markets Amid Light News Stream Ahead of US Employment Report Reviewed by Marc Chandler on October 22, 2013 Rating: 5
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Great Graphic: Deconstructing the Origins of the Affordable Care Act

October 22, 2013
This Great Graphic posted by the Economist caught our attention. In previous posts, we argued that the Affordable Care Act (= Obamacare) had its origins at least 40 years ago with Richard Nixon.  A more recent incarnation was Romney's health care program in Massachusetts.  
We noted that a paper from the conservative Heritage Foundation also a…
Great Graphic: Deconstructing the Origins of the Affordable Care Act Great Graphic: Deconstructing the Origins of the Affordable Care Act Reviewed by Marc Chandler on October 22, 2013 Rating: 5
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Emerging Markets: Preview of the Week Ahead

October 21, 2013
(from my colleagues, Dr. Win Thin and Ilan Solot)
Today, Brazil will hold an auction for the Libra oil field, which is a test of the new model for oil exploration. The results should be announced at 2pm, Brasilia time. Not surprisingly, the new system is being highly criticized. Most major oil companies (BP, Exxon, Chevron) decided not to partici…
Emerging Markets: Preview of the Week Ahead Emerging Markets: Preview of the Week Ahead Reviewed by Marc Chandler on October 21, 2013 Rating: 5
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Trendless Monday, Consolidation Featured

October 21, 2013
The US dollar is mostly consolidating the losses seen last week.  The bears who were encouraged by last week's potential break out may be a bit wary ahead of tomorrow's release of the September jobs report due to the government shutdown.  
It is not so much that the jobs report will tell us anything we did not know already.  The ADP report,…
Trendless Monday, Consolidation Featured Trendless Monday, Consolidation Featured Reviewed by Marc Chandler on October 21, 2013 Rating: 5
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The Investment Climate in Six Points

October 20, 2013
1.  Long-term interest rates may have bottomed several months ago, but rate will remain low for several more months.  It is becoming clearer to many that the Federal Reserve is most likely not going to reduce the $85 bln of long-term securities it is purchasing every month.   The BOJ remains committed to buying the equivalent of $75 bln of assets …
The Investment Climate in Six Points The Investment Climate in Six Points Reviewed by Marc Chandler on October 20, 2013 Rating: 5
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Great Graphic: US Debt Per Capita for Past Half Century

October 19, 2013
This Great Graphic will likely surprise many.  Work by Giovanni Salzano at Bloomberg Businessweek, drew on US Treasury data  to show the changes in the debt per capita under different presidential administrations, since 1960. The data is adjusted for inflation and displayed in 2013 dollars.  
Before Obama's second term is up, debt per capita …
Great Graphic: US Debt Per Capita for Past Half Century Great Graphic: US Debt Per Capita for Past Half Century Reviewed by Marc Chandler on October 19, 2013 Rating: 5
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Currency Positioning and Technical Outlook: Dollar Breaks Down

October 19, 2013
The re-opening of the US government after a 16-day shutdown sparked a sell-off in the US dollar that has deteriorated the near-term technical outlook.  The combination of setting the stage for a repeat of the brinkmanship in early 2014 and the recognition that the Fed's long-term asset purchases are unlikely to be slowed this year, provides th…
Currency Positioning and Technical Outlook: Dollar Breaks Down Currency Positioning and Technical Outlook: Dollar Breaks Down Reviewed by Marc Chandler on October 19, 2013 Rating: 5
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Paying the Piper: Cost of the US Government Closure

October 17, 2013
The sixteen day political exercise in Washington is over.  The costs are being tallied.  There are economic and political costs that are worth considering.  
S&P estimates that the government closure will shave 0.6% off Q4 GDP's annualized rate or about $24 bln.  A Reuters poll found a consensus of 0.3% drag.  The logic apparently is that …
Paying the Piper: Cost of the US Government Closure Paying the Piper: Cost of the US Government Closure Reviewed by Marc Chandler on October 17, 2013 Rating: 5
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