Economist Kenneth Rogoff is one of the great economic minds out there. His book, “This Time is Different” is probably the best read about the 2008 financial crisis and the structural issues surrounding it.
Despite China’s GDP better than expected results of 7.9% suggesting China’s economy is beginning to speed up once again the U.S. dollar remained well supported against the majors.
This is sad and bad business. Russian President Vladimir Putin says he will sign a law banning U.S. adoption of Russian children.
South Korean stocks rose today after the historic election of the first female president, Park Geun-hye. Park is the 60-year old daughter of a former dictator and a member of the conservative party. She replaces outgoing President Lee Myung-bak.
The opening today of the Chinese Communist Party Congress which will oversee the once in a decade transfer of power will likely raise questions of what the impact of this political change is on Chinese stocks and markets worldwide.
The solid bull run by DXY has been confirmed today by EURUSD as it trades below support, just above 1.28. The double top on EURUSD targets 1.2470. All of this takes the air out of commodity trades and we can see spec longs this AM of oil are at 3m lows. Commodity rally in miners and bulks looks questionable if USD breaking out again. USTs are positioned for Obama win 10yr longs rising according CFTC to most bullish since 2008/Oct. This is all a bit confusing b/c strong USD would be more indicative of Romney election win, while bond mkt is pricing in Obama win. Equities and periphery this am trading weaker more on EU noise.
How does a mediocre rock band from Moscow like Pussy Riot go about becoming world famous? Simple: outrage public morality. And as provocateurs since Rousseau and Voltaire have known, the surest way to outrage public morality is via the Church.