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Turkey's First Direct Presidential Election

August 06, 2014
(from my colleagues Dr. Win Thin and Ilan Solot)

The first direct presidential elections in Turkey’s history will be held on Sunday. While not likely to be a market moving event, it will have important consequences for the country’s future. Current Prime Minister (PM) Erdogan should easily win the contest, and is expected to continue ruling the co…
Turkey's First Direct Presidential Election Turkey's First Direct Presidential Election Reviewed by Marc Chandler on August 06, 2014 Rating: 5
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Great Graphic: US Corporate Taxes, Inversions and Surplus Savings

August 06, 2014
Walgreen's decision to go ahead an buy the 55% of Alliance-Boosts that it does not own, but not move their headquarters may mark the beginning of the end of the so-called inversion boom.  Inversion is simply when a US businesses buys a foreign company in a lower tax country and moves its headquarters there. 
As this Great Graphic, from Goldman…
Great Graphic: US Corporate Taxes, Inversions and Surplus Savings Great Graphic: US Corporate Taxes, Inversions and Surplus Savings Reviewed by Marc Chandler on August 06, 2014 Rating: 5
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Greenback Remains Firm

August 06, 2014
The US dollar remains firm following the much stronger than expected service PMI yesterday, heightened concerns around Ukraine and uninspiring European data.  The US 10-year yield is off a few basis points to 2.45%.  Recall that at the end of July, it had briefly yielded more than 2.60%.   Since late May, the yield has held above 2.43%.  
However, …
Greenback Remains Firm Greenback Remains Firm Reviewed by Marc Chandler on August 06, 2014 Rating: 5
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Great Graphic: Wages and Productivity

August 05, 2014
We live in a brave new world.  Never before have the major central banks so strongly advocated higher wages.    The Yellen Federal Reserve has shifted the focus from the unemployment rate to broader measures, including wages.  
The anemic wage growth is one of signs of the "substantial" slack in the labor market.  Weak wage growth in Japa…
Great Graphic: Wages and Productivity Great Graphic: Wages and Productivity Reviewed by Marc Chandler on August 05, 2014 Rating: 5
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Services PMIs in Focus

August 05, 2014
The service PMIs have provided sufficient incentives to widen the currency ranges seen yesterday, though the net change is modest.  It was the strong UK service PMI that spurred the euro's losses more than that slight down tick in the euro area flash reading, as cross positions were adjusted.   Still the euro is holding above last week's l…
Services PMIs in Focus Services PMIs in Focus Reviewed by Marc Chandler on August 05, 2014 Rating: 5
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Great Graphic: Leading Industry Employer by State 1990 and 2013

August 04, 2014
This Great Graphic was posted by Rani Molla of Wall Street Journal.  It draws on Bureau of Labor Statistics data to show the industry with the highest employment by state.  There is a snapshot from 1990 and from 2013.  In a word, this short quarter of a century saw a marked shift from manufacturing employment to health care (and social-assistance)…
Great Graphic: Leading Industry Employer by State 1990 and 2013 Great Graphic: Leading Industry Employer by State 1990 and 2013 Reviewed by Marc Chandler on August 04, 2014 Rating: 5
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Emering Market Preview: Week Ahead

August 04, 2014
(from my colleagues Dr. Win Thin and Ilan Solot)
Emerging markets weathered the storm last week relatively well. For example, the MSCI EM index was down just 1.7%, compared with 2.7% fall in the S&P500 and a 4.5% fall in the DAX over the same time period. EM FX got hit as well, notable IDR, TRY, CLP and MXN, all down around 1.7% against the USD…
Emering Market Preview: Week Ahead Emering Market Preview: Week Ahead Reviewed by Marc Chandler on August 04, 2014 Rating: 5
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