Here's my summary of the key news overnight in 90 seconds at 9 am, including news China has annointed a North Korean-educated economist and someone who has pushed debt-fueled infrastructure development to its ruling body.
Leader Xi Jinping is part of a new team of Communist Party hardliners, who are expected to speed up economic reforms at a time of slowing growth but oppose political liberalisation.
In Europe, the euro-area economy succumbed to a recession for the second time in four years as governments imposed tougher budget cuts and leaders struggled to contain the debt crisis that broke out in October 2009. Rising unemployment and fiscal austerity across much of Europe is deepening the bloc's economic malaise.
The news is not that much better in the US where the latest general economic survey slipped into contraction in the important industrial Northeast.
Also out overnight, US cost of living rose only marginally in October, confirming inflation is in check in America.
The Dow is down although staging a small comeback at mid-day in New York. Oil is weak as well.
And gold prices fell after the World Gold Council said that demand for the metal plunged by 11% in the third quarter. We will have more detail on this later in the day.
The NZ$ starts the day at 80.8 USc and 72.7 on the TWI, the lowest our currency has been vs the US has been in 10 weeks.
No chart with that title exists.
8 Comments
Panic selling can hit any thing, at any time and ironically, it's worse if the market enjoyed ardent support up to that point. Pucker upski ;-)
If you didn't click, here is comment of the year; "Apple was the classic case of no more incremental buyers of the stock," said Enis Taner ofRiskReversal.com. "No matter how bullish a story, you need new buyers of the stock each and every day, or it will go down. Simply put: Apple has run out of them."
This is why Ollie wants us all in.
Either it's true that everybody in the world wants to buy AKL property at these prices, OR going forward at some point, we can swap out Apple with AKL in the above statement, and it will fit.
AAPL has come from around 700 to 525USD currently; approx 25% off. Could you defend a loss of 25% portfolio equity?
risk has gone under the table
http://www.golemxiv.co.uk/2012/11/where-has-all-the-risk-gone/#comments
http://www.aljazeera.com/news/middleeast/2012/11/20121115135540965773.h… Israel likely to step things up a notch or two.
You learn a lot more from failure than from success.
If you have no money (To "flick into existance via a bank", borrow from the world or blatently just steal off the public taxpayer) then you have to actually think...
Give the guy a chance; it may be refreshing! someone, in one of the largets economies in the world, has chosen to.
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