Here's my summary of the key news overnight in 90 seconds at 9 am, including news Google accidentally releasesed a weaker-than-expected profit result before the close of trading overnight.
Usually Google's result is released after the close of trading in New York. Google's shares fell as much as 11% before being halted because Google's profit per share of US$9 was much weaker than the consensus forecast for around US$11 a share.
Average advertising revenues per click fell 15% in the last year and were down 3% in the quarter. See more here at Bloomberg.
This surprise miss for Google helped drive the technology stock-heavy Nasdaq index down around 1% in late trade, while the S&P 500, the broadest measure of US stocks, was down around 0.5%.
This slight downturn on US markets reduced appetites for riskier currencies such as the New Zealand dollar, which eased back under 82 USc in morning trade.
Elsewhere, European stocks nudged higher on hopes for an easing of tensions in the European debt crisis. Hopes are rising Spain is on the verge of asking for a bailout, which would trigger the European Central Bank's 'Big Bazooka' of unlimited bond buying.
Spanish and Italian bond auctions overnight received stronger than expected bids and longer term bond yields are dropping, another sign of easing tensions.
Meanwhile, in China, annual GDP growth in the September quarter fell to 7.4%, its lowest level since early 2009, but quarterly growth picked up to 2.2%, a four quarter high. This indicated a rebuilding of momentum in the Chinese economy, which helped support stock markets and riskier currencies globally earlier in trading overnight.
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58 Comments
Excellent ! ....... that is how it should be ..... business is back to normal .....
...... your head wasn't in a spin when the central bankers and government control freaks were smoothing everyting , bailing out the screw-ups , glossing it all over , sanding off the rough edges ....
" Up / Down / Up / Down / Up " is the nature of the capitalist system .... and oddly enough , Winston Peter's political career !
We are not allowed to say Morons Rudderless....nope..... rule, you'll be hearing Moron that from Bernard......
The censor is still up to the job , as a missing post from yesterday would verify...who's ..?
It was yours Scarfo.....tsk tsk.....don't ever mess with a Camel.
No problem getting a camel GBH, but camels like Carmel only come along once in a blue moon.....she thinks she's special.....
Here she is doing a photo shoot for Linda Grimes , number two camel , well as if you couldn't tell.
http://www.lindagrimes.com/2011/06/if-its-wednesday-it-must-becamel-time.html
Now lookie here Bernard....yesterday I give you the nod on the Fed bomber, son of a Bangladeshi Banker no less...even throw in a free shot a my Camel and what still no press..?
Let this be a lesson to all other latent terrorists and Walter obviously, if you can't get any traction in the media then the activity loses it's allure.
Too true Stephen H, sadly....
Over the weekend it was not some disenchanted and long-suffering Greek, nor Irishman, nor even a Spaniard, but a German who burned and stabbed himself to death in front of the Reichstag in broad daylight. Moments ago, yet another country which has so far had been spared ritualistic (attempted) suicides, joined the ranks of places where people would rather take their lives than live under the oppressive European depression,
http://www.zerohedge.com/news/2012-10-18/man-self-immolates-front-romes-presidential-palace
Hey christov, d'ya feel like doing a clandestine trip down to kaikoura with the balaclavas on and test the security arrangements of a certain goldsmith .. it seems he's gonna be out of the country for a while and the load would be too heavy for him to tote around the golf course.
hey Kunst,
You gotta be extra careful in what you say in public forums in this day in age. The above comment could be construed as a terrorist threat. Next minute you'll have jack booted government stormtroopers kicking down your door and you'll be charged under the new Terrorism legislation. They'll do it just to make an example of you to the rest of the plebs who refuse to give our financial overlords the respect that is due to them.
I think it would be a mistake to assume that only Muslims will be the only victims of Western police and intelligence agencies efforts to induce them into committing violent acts that they otherwise likely not to have commited. Entrapment and implanting agent provacateurs into dissident organizations has been a favorite tactic of TPTB for a long time, in order to sway public opinion against groups who challenge the status quo. Don't make their task any easier for them.
Good advice there Anarkist...I know you are right, but even if just to agitate I try to say bomb on the phone at least 5 times a week....
I don' t know why Anarkist, but something about....
the intro "Hey Kunst," makes me a little uncomfortable
it's sort of what I imagine the jackboots will be shouting as they kick the door down...!
haha Christov,
I remember doing that when I was 15, upon learning about the Echelon system that the U.S. NSA agency is running. Now looking back I'm slightly embarrassed that some poor intelligence analyst must be deluged with similar hijinks from thousands of adolescents and "adolescents at heart"
Well I hope for Kunst's sake, someone in the police hierarchy will exercise some discretion, and such a scenario won't take place.
OOps! looks like Walter's just got company..so I'd better put up the Friday YaY early and pack.
YaY it's Friday.......
In keeping with the breakfast theme, sorry Petra, I'd prefer that git in the middle had gone myself what a twat...anyhoo...
A grade three teacher is giving a lesson on nutrition, and she decides to ask her students what they had for breakfast.
To add a spelling component, she asks the students to also spell their answers. Susan puts up her hand and says she had an egg, 'E-G-G'. 'Very good', says the teacher. Peter says he had toast 'T-O-A-S-T'. 'Excellent.' Johnny has his hand up and the teacher reluctantly calls on him. 'I had bugger all', he says, B-U-G-G-E-R A-L-L'. The teacher is mortified and scolds Johnny for his rude answer. Later when the lesson turns to geography, she asks the students some rudimentary questions. Susan correctly identifies the Capital of Canada. Peter is able to tell her which ocean is off Canada 's east coast. When it's Johnny's turn, the teacher remembers his rude answer from the nutrition lesson, and decides to give him a very difficult question. Johnny, she asks, 'Where is the Pakistani border?' Johnny ponders the question and finally says, 'The Pakistani boarder is in bed with my mother.. That's why I got bugger all for breakfast'.European central bank unlimited bond buying suggests another good reason to own hard assets like land, house, precious metals and forget cash in the bank. If there is run on some Spanish banks then its safe for the Spanish to have a small amount of cash at home just in case they will not be able to get money out at the machines or pay by card for a week to 10 days when this occurs. Events like this have happened before and could happen again.
Yes you are right its has happened before, eg the 1930s depression. You could consider why they are printing....if its to avoid a recession/depression and significant deflation then owning vastly over-priced hard assets that are illiquid is a huge mistake, which is my take.
Now yes I'd be worried about cash in the bank, but bank runs and defaults are going to get some warning, so you should have time to mitigate that risk (I hope).
Cash at home, well shops as a rule have 3 to 5 days food on the premisies. So having cash is moot if pak-n-save cant re-stock, so several weeks of food at home is a better bet.
NB. The open doors policy the RB is pushing for mostly solves the cant get cash out and buy wholesale problem.
regards
One senerio to think about over a decent coffee concerning Greece and Europe:
Ordinary Greeks may queue up to empty their bank accounts before they get frozen and converted into drachmas that lose half or more of their value. Depositors in other eurozone countries seen as being at risk of leaving the euro - Spain, Italy - may also move their money to the safety of a German bank account, sparking a banking crisis in southern Europe.
Confidence in other banks that have lent heavily to southern Europe- such as the French banks - may also collapse. The banking crisis could spread worldwide, just like in 2008. The European Central Bank may have to provide trillions of euros in rescue loans to the banks. Some governments may not have enough money to prop up their banks with the extra capital needed to absorb losses and restore confidence; the banks could then go bankrupt.
Im calling you out PDK, what say you?
Energy in compared to energy out etc, hit me!
oh and uh,
"Although the prototype system is designed to extract carbon dioxide from the air, this part of the process is still too inefficient to allow a commercial-scale operation.
The company can and has used carbon dioxide extracted from air to make petrol, but it is also using industrial sources of carbon dioxide until it is able to improve the performance of "carbon capture".
http://www.independent.co.uk/news/science/exclusive-the-scientists-who-…
So it uh doesnt even uh work yet....great solution that.
regards
Steven: It does work. The know-how of re-arranging the carbon atoms in Co2 (C1O2) to petroleum (C8H18) has been known for a long time. Nothing new. But the energy cost of doing that re-arrangement is not only prohibitive, it is astronomical. You would have to design a new EREOI to just accomodate it.
LOL Leadbelly! Thank you for the chuckle!
This comment sums it up well:
There are two cultures. One which understands the second law of thermodynamics, and one which does not.
And unfortunately, every one of these magic fuel schemes manages to run afoul of either thermodynamics, or economics, or both.
Guess which camp you fall into?!! :-)
Couldn't see the comments thread on that? Maybe wasn't one when I visited. Anyway, good oil from air(I know I know, and the other inputs as per stevens 2 cents) was news to me.
Go the white lab coat brigade, I can but admire. 5 litres in 3? Months is 5 litres more than I!
On a local note, how about that biofuel story in the herald today? Oil for 50-55US$ a barrel, if nothing more than to instigate a reload, gentleman?
I didn't have the energy to reply this time, thanks guys. :)
Heinberg calls that kind of wishful thinking as: 'Waiting for the Magic Elixir'.
I call it clutching at straws. 10% of USA petrol is bio; clashing directly with corn and corn products. This is all about absolute limits now, Hughey crashing into farmland, both reliant on oil. No growth without burning carbon, so a need to burn more (G7 to IEA, for example) to grow. No physical way to physically sequester even the current output, so a need to 'spin'.
One who might be interested is Gertraud, though; she was waiting for the good oil on electrcity from the air.
Me, I'll stick to solar voltaics; even 15% efficiency from 1KW per square metre, is better EROEI than the proposal - although it's not enough to maintain BAU as we understand it....
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