June 2010

Must-read Steve Jobs at D8 on Flash, iPad and the Post-PC Era - Mashable The Usual Fare China Financial Markets » The Shanghai market isn’t really predicting anything Iran selling 45 billion euros of reserves for dollars FT…

Highlights The US dollar is little changed against most of the European currencies and within the dollar-bloc as a consolidative phase is emerging.  The yen is center stage today following the resignation of Japan’s prime…

The PDF of Hugh Hendry's letter to investors is embedded below. Enjoy. Eclectica Monthly Letter 2010 05

I have been talking about "recovery fading" and the economy "rolling over" in the second half of this year. What I have been suggesting is that we will experience a slowing of growth to 1 or 2% in the second half of the…

Highlights The US dollar was mostly firmer vs. the majors.  EUR/USD made a marginal new low for the cycle at 1.2111, helped by rumors about France (see below) but then spiked higher during North American trading before closing lower…

US corporate profit margins reached a half-century peak with the housing bubble. As in most recessions, margins fell. But, this time they fell precipitously, only to snap back to near that 50-year peak. The chart above from David…

Australia The Reserve Bank of Australia met earlier today and as widely expected kept the official rate steady at 4.5%.  The tone of the statement was fairly neutral, as one might expect after 6 rates hikes since last October and…

Win Thin of Brown Brothers Harriman is out with a note, remarking on the Eurozone contagion now moving to the core.  Questions about France and a potential ratings downgrade are now circulating. Thin says: France is coming under…

More Deepwater Horizon Links BP shares plunge | Business | guardian.co.uk RIGZONE - Deepwater Horizon: A Firsthand Account Washington Post: EPA tells BP to use less toxic chemicals to break up oil spill BP hit by avalanche…

Asian stocks fell as China released a bearish manufacturing report this morning. Added to this bearish news out of China is a spate of negative credit ratings news in Europe (Spanish Bank CAM, Brussels regional government, etc) and a…