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U.S. FLASH MANUFACTURING PMI ACCELERATES

Strong output growth, strong new orders, strong and rising backlogs and tight inventories of finished goods: manufacturing is booming! Delivery times are lengthening. Rising prices ahead? June data pointed to a robust and accelerated improvement in the performance of the U.S. manufacturing

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EUROZONE COMPOSITE PMI AT 54.0 IN APRIL

The recovery in the eurozone economy gathered pace at the start of the second quarter, with the combined output of the manufacturing and service sectors rising at the fastest pace for almost three years in April. The outlook for the upturn was

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MARGIN CALL NO MARGINAL RISK

First the facts, from Factset: As a result of the downward revisions to earnings estimates, the estimated year-over-year earnings decline for Q1 2016 is -9.1% today, which is below the expected earnings growth rate of 0.7% at the start of the quarter

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U.S. FLASH SERVICES PMI DROPS SHARPLY TO 49.8

U.S. service providers indicated that overall business activity declined slightly in February, thereby ending a 27-month period of sustained growth. At 49.8, the seasonally adjusted Markit Flash U.S. Services PMI™ Business Activity Index was down sharply from 53.2 in January, but only

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EUROZONE PMI DROPS ON WEAK ORDERS

The flash Markit Eurozone PMI fell from 53.6 in January to 52.7, the lowest since January of last year. The second consecutive monthly slowing in the rate of output expansion reflected a waning in growth of new orders for a third successive

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THE MID-TERM BUST-BOOM PATTERN

I am not inclined to put much weight on the behaviour of historical equity prices to predict future trends but I must admit that a 1.000 batting average over half a century deserves attention. From Charles Schwab’s Liz Ann Sonders: “there is

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Gold Summer Doldrums

April Through September is Historically A Weak Period For Gold And Gold Equities RBC Capital Markets has a research piece on the poor returns that gold and gold stocks generally offer during the summer months. Why is Gold Weaker? – in our

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BUT, WHO’S THE PIPER?

It has become an almost universal theme: It’s now time to pay the piper! The Icelanders heard it first, back in 2008, then the Irish, and recently the Greeks, the Portuguese, the Spaniards, the Italians. The English people are also hearing it,