Here's my summary of the key news overnight in 90 seconds at 9 am, including news US stocks fell around 0.3% from their 5 year highs overnight after very weak US manufacturing data and more signs of divisions within Europe.
The Empire State Index of manufacturing activity in the New York, northern New Jersey and southern Connecticut from the Federal Reserve Bank of New York showed another slump in new orders. The index fell to minus 10.41, the lowest since April 2009 and down from 5.85 in August. See more here at Bloomberg.
Meanwhile, nerves about the European crisis bubbled to the surface again after a meeting of European finance ministers in Cyprus broke up without agreement on a timetable towards a European banking union and divisions over the role of the European Central Bank and the format of expected bailouts for Spain and Italy. See more here at Businessweek.
Elsehwere, tensions between China and Japan are at boiling point over who owns the disputed Diaoyu Islands in the seas between Japan and China. State-run media in China have whipped national anti-Japanese feeling into a frenzy, sparking a wave of protests and riots against Japanese owned factories and businesses in China.
Japan's Mazda, Canon, Panasonic, Toyota and Honda shut factories in China overnight, causing a slump in Chinese stock markets. See more on the riots and the dispute here at Bloomberg and here at Reuters.
The disputes put at risk more than US$340 billion worth of trade between the countries and risks disrupting global supply chains for many manufactured goods where the goods are designed in Japan and manufactured in China.
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Elsehwere, tensions between China and Japan are at boiling point over who owns the disputed Diaoyu Islands in the seas between Japan and China. State-run media in China have whipped national anti-Japanese feeling into a frenzy, sparking a wave of protests and riots against Japanese owned factories and businesses in China.
Japan's Mazda, Canon, Panasonic, Toyota and Honda shut factories in China overnight, causing a slump in Chinese stock markets. See more on the riots and the dispute here at Bloomberg and here at Reuters.
Oh Goody, all we need is for the recent bouts of drinking violence to go xenophobic and we too can eventually get our lost factories back home.
Hopefully TPP may go on hold.
http://www.youtube.com/watch?v=vjqIJW_Qr3c&feature=player_embedded
mousetrap/pingpong ball chain reaction ie, when TSHTF
So true ngakonui gold , but we have come a long way with our freedoms here at Interest .Co.
I was censored here once for saying "there is no pollution in China ", and so it would appear we have grown a little in terms of oversensitivity to offending our gracious saviours.
I suspect Japan will not yeild the Island's ownership to China, forcing China to make good on it's promise to revise their trade relationship, and perhaps other unsavory action. This will only benifit other economies as Japan moves out and looks for accessible freight and labour cost freindly locations.
Yet another example of the path to protectionism , albeit a forced one.
Of course Honda, Toyota and the rest could collaboratively make an offer for the Islands from the GOVT and gift them to China.....................but then ,maybe they'd get burned down at home...tricky eh.?
Said it once Scarfo...all's fair in love and war....the line in the sand...just that simple when all complexity becomes just so much noise.
Must say ,I'm more than a little shocked the Argies don't seize the opportunity to reclaim some islands of their own....speaking of distractions that is..
And houses NG... You forgot houses... It's so nice to be able to fund wealthy Chinese into their retirement, with free pension and health care... Makes me proud to do my bit...
Ps you forgot to mention houses, did I mention that? Or is it ok to sell houses coz that's what we do?
Here's one in need of your disection Notaneco........Governments “mustn’t disappoint markets” in their banking-supervision design, German Chancellor Angela Merkel said today
Just what the hell did she mean by that......?So there will be no autonomy for the ECB directors....? So the Gemans don't want some dago loose with their chequebook....?
Any agreement they make to move forward with the bailout will require stong influence from Germany and it's little club ( as in control of the puppet)...and the capitulation of the remaining members.
There is your sticking point....Pinocchio's gotta go back on the string to get the stage, lights.....and........... action .! call.
I wonder what folly our bilateral Defense* arrangements with the Japanese actually amount to ...maybe we should send them one of our "state of the ar"t [ sic] frigates to scare away the naughty Chinamen... but perhaps not as we might then find the owners of the RedShed [ aka the Warehouse ] are jumping up and down as their supply of "Bargains" dries up !!!???
{* or perhaps de man wid de nails is going to fix de fence ??}
Gotta say, it's not looking pretty out there.
In addition to the hostilities between China and Japan you have these other hot spots flaring up.
http://www.zerohedge.com/news/4000-marines-headed-middle-east-part-peleliu-amphibious-group-dispatch
http://www.zerohedge.com/news/full-summary-latest-anti-american-sentiment
WTF is happening to mankind? WTF are we doing?
Is pillage and plunder all we're good for whether by capitalism/consumerism, central planning (banking) & govts., financialisation or military methods?
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