Production at China’s manufacturing plants fell sharply in November. The China Federation of Logistics and Purchasing reported that its purchasing managers index plunged to 38.8 from last month’s 44.6 and the lowest level since the survey started in 2005.
From the monthly archives:
November 2008
I love how we finally have official word that the country is in recession. Gee, thanks NBER!
In case you missed it, the National Bureau of Economic Research’s Business Cycle Dating Committee, the most widely-followed experts on the subject just determined that the U.S. economy ended its 73-month-long period of expansion in December 2007.
Coincidentally, [...]
I am seeing a flurry of stories that base metals miners are rushing to shut down. Just look at some of the headlines from the past couple days:
Zambian copper workers face layoffs … Indefinite shutdown for world top tantalum miner … Mwana Africa shuts Zimbabwe nickel mines … Denison Mines delays uranium project … [...]
China’s central bank cut interest rates by more than a full percentage point.
The key lending rate was dropped by 1.08% to 5.58%. This is the fourth time China has dropped interest rates since September 16, but this 1.08% cut is roughly four times the 0.27% previous rate cuts
The reserve requirements at Chinese [...]
The World Bank lowered its 2008 growth projection for China from 9.8% to 9.4%. It also chopped its 2009 forecast from 9.2% to 7.5%.
The latest new home sales figures for October have been released. Here is what they showed: * New home sales dropped 5.3% to a seasonally adjusted annual rate of 433,000 from a downwardly revised 457,000 in September (originally reported as 464,000). That was slightly worse than the forecast for a reading of 441,000, and [...]
Here is my latest Money and Markets piece …
Financial Mayhem to Fuel Gold’s Next Surge?
by Sean Brodrick
Wednesday, November 26, 2008 | 7:30 AM
Last week, I wrote about how our oil-rich friends in the Middle East are buying gold hand over fist. It turns out they’re not the only ones. The latest figures from [...]
We just got a big batch of economic data, and most of it doesn’t look good — though it’s not exactly a surprise on Wall Street. A quick recap:
* Durable goods orders plunged 6.2% in October, more than twice the forecast for a 3% drop and the biggest decline since October 2006 (-8.3%). If [...]
Richard Russell, who lived through the Great Depression, writes the following in the November 26 issue of his newsletter, “Dow Theory Letters” …
‘… if the government wants to inflate in a time of deflation, and the dollar’s viability is under attack, the government could back the dollar with gold. The government could unilaterally raise the [...]
Ratings agency Fitch downgraded Toyota debt from AAA to AA.
“Multiple negative developments, including the rapid and significant appreciation of the yen, the concurrent downturn in all major auto markets and high raw material costs, have occurred simultaneously and are impacting earnings and cash flow, even for the strongest players in the sector.”
