News: 2013-12-02

Markets

Robert Shiller: Nobelpreisträger warnt vor Börsenblase – SPIEGEL ONLINE

This is the original German article from Spiegel in which Robert Shiller warns of a bubble.

Nobel Prize economist warns of U.S. stock market bubble | Reuters

Nouriel Roubini warns that policymmakers are powerless to rein in frothy housing markets around the world. – Project Syndicate

So this is how fiat currency dies, with thunderous CPUs? | FT Alphaville

Faber: Stocks, bitcoin, bonds are all in massive financial bubble

 

Britain

London house prices driving people to move away – but only 26 miles | Money | theguardian.com

UK manufacturing recovery in full swing as new orders boom | Business | theguardian.com

Housing boom lures German builders to leave ‘boring Bavaria’ for London | Business | The Guardian

Lloyds and Nationwide drive best quarter yet for FLS – Telegraph

Headline overlooks that loans to small business shrank, which is the sub-headline

UK GDP driven by strong consumer spending and business investment | Business | theguardian.com

from last week

 

Europe

BBC News – Eurozone factory orders up for fifth consecutive month

ekathimerini.com | Manufacturing output rose in November for first time since 2009, says Markit

Italy Helps to Boost Euro-Zone Manufacturing Activity in November – WSJ.com

Italian Banks’ Woes Hurt Small Firms – WSJ.com

German ministers used Irish shell firms to balance budget – Economic News | Ireland & World Economy Headlines |The Irish Times – Mon, Dec 02, 2013

Downgraded Netherlands is another victim of EMU money mess – Telegraph Blogs

German business savages economic plans of proposed coalition – FT.com

Eurozone youth unemployment reaches record high of 24.4% | Business | theguardian.com

BBC News – Eurozone unemployment falls for first time since 2011

Conditions in Europe are still poor but in terms of momentum, this points to growth momentum.

Spanish government approves draft law cracking down on demonstrations | World news | The Guardian

 

North America

Canada’s economy beats forecasts with fastest growth in 2 years | Financial Post

Canada’s Strong Third-Quarter Growth May Be Tough to Replicate in Fourth Quarter – Canada Real Time – WSJ

Shoppers’ Black Friday Weekend Spending Falls 3% – WSJ.com

“The results suggest that the crowds that piled into stores across the country were careful in their spending and the weekend’s added hours didn’t lead to a surge in buying. Retailers have warned that intense promotions this holiday season could hurt margins as they battle for sales in a barely growing market.”

National Retail Federation reports U.S. holiday spending down By Investing.com

“The retail industry’s main trade group said it still expects total holiday sales through the year’s end to increase by 3.9% to USD602.1 billion.”

Retail Sales on Thanksgiving, Black Friday Rose 2.3%, Report Finds – WSJ.com

As I commented earlier, don’t necessarily believe the analyses that say the consumer is retrenching. We will have to see the full data, not just Black Friday data. Here there is a y-o-y increase consistent with 1.5-2.5% growth for the quarter.

 

Asia

China’s November factory growth clings to 18-month high | Reuters

China Manufacturing Beats Estimates as Output Rises – Bloomberg

 

Technology

Video: Amazon testing delivery by drone, says founder – Telegraph

Apple Retreats to the Suburbs – Bloomberg

Amazon reports record breaking ‘Black Friday’ – Telegraph

My week as an Amazon insider | Technology | The Observer

 

Economics

Economics textbooks – how to get away with scientific fraud | LARS P. SYLL

Steve Keen: The International Financial Architecture « naked capitalism