Still No Reason To Suspect China’s Paradigm Shift Has Ended
China’s official manufacturing PMI was unchanged at 50.1 in May. As such, the media doesn’t know what to make of it. It’s slightly less than the 50.2 “rebound” in March, but still more than the [...]
It’s Not Stupidity, It Is Apathy (For Now)
Ten days ago, it was reported that the Bank of Japan for the first time set aside reserves against expected losses should its massive portfolio of JGB’s finally move toward QQE success. The main part [...]
Mood Swings
The ISM Chicago Business Barometer PMI fell back below 50 again in May, the ninth time in the past sixteen months that the index came out under the supposed dividing line. It is more likely, [...]
The Pressure Builds
Two weeks ago, Chinese stock futures traded in Hong Kong flash crashed. Between 2:14pm and 2:16pm local time on May 17, the Hang Seng China Enterprises Index suddenly liquidated due to an intense burst of [...]
Bi-Weekly Economic Review
Economic Reports Scorecard The standout reports from the last two weeks are mostly real estate related. The Housing Market Index kicked things off two Mondays ago with a solid reading of 58 (this is a [...]
Converting Into The (So Far) Broken Correlation
The Chinese exchange rate has traded lower for five consecutive days, and aside from essentially no change last Friday would have been eight in a row. That contrasts with the downward pattern that existed ever [...]
Investment Risk These Days Includes The Census Bureau
When I started in this business more than twenty years ago, I fully expected to be a profession investor in the purest sense of the term. I envisioned spending my days tearing apart corporate financials, [...]
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