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Great Graphic: Peak Driving

August 08, 2014
Pundits have talked about peak oil and peak water, and peak nearly every finite resource. A peak in certain behavior is suggestive of a potential social shift. Paul Kedrosky at Bloomberg tweeted this Great Graphicfrom dshort.com.   It shows the change in miles driven by Americans adjusted for population.  It peaked in June 2005, and has since fa…
Great Graphic: Peak Driving Great Graphic: Peak Driving Reviewed by Marc Chandler on August 08, 2014 Rating: 5
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Two Equity Stories You may have Missed

August 08, 2014
It has been a poor week for equity markets, even as the session's losses are being pared, or even reversed.  Geopolitical tensions, and the fallout from escalating sanctions, are the easily cited culprits, along side some disappointing earnings. 
The point we make is that the correction began before this week.  Many of the European markets peak…
Two Equity Stories You may have Missed Two Equity Stories You may have Missed Reviewed by Marc Chandler on August 08, 2014 Rating: 5
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Short Squeeze Lifts Euro, while Falling Yields Weigh on Dollar

August 08, 2014
The key driver of the global capital market is the heightened geopolitical risks ahead of the weekend.  These now include the US air strikes in Iraq, as well as a sense that the situation in the Ukraine is reaching an inflection point.  Putin needs to step up his support for the insurgents in east Ukraine in some fashion, or risk losing that insur…
Short Squeeze Lifts Euro, while Falling Yields Weigh on Dollar Short Squeeze Lifts Euro, while Falling Yields Weigh on Dollar Reviewed by Marc Chandler on August 08, 2014 Rating: 5
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Great Graphic: US-Russian Trade

August 07, 2014
The US reported a June trade deficit that was smaller than expected.  The $41.5 bln shortfall was the smallest since January.
Imports were off 1.2%, which is a bit unusual as the rebound in the US economy is traditionally associated with more imports. The may be some seasonal distortion.  It is the largest drop in imports since June 2013.
A full two…
Great Graphic: US-Russian Trade Great Graphic: US-Russian Trade Reviewed by Marc Chandler on August 07, 2014 Rating: 5
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Emerging Markets: What has Changed

August 07, 2014
(from my colleagues Dr.Win Thin and Ilan Solot)

1) India’s central bank (RBI) kept its benchmark repo rate unchanged at 8.0%, but once again cut the Statutory Liquidity Ratio (SLR) by 50 bp to 22.0% 2) Russia retaliated sanctions from the West by imposing its own sanctions 3) Some of Argentina’s non-holdout creditors are trying to help negotiate …
Emerging Markets: What has Changed Emerging Markets: What has Changed Reviewed by Marc Chandler on August 07, 2014 Rating: 5
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Draghi Stays the Course

August 07, 2014
As widely anticipated, the ECB left policy on hold and Draghi did not change his tone or general assessment.  The euo whipped around a bit on the headlines and spiked down to new session lows just ahead of $1.3350, but rebounded quickly toward the session highs near $1.3390.  
There are five points Draghi reiterated:
1.  The recovery is fragile, mo…
Draghi Stays the Course Draghi Stays the Course Reviewed by Marc Chandler on August 07, 2014 Rating: 5
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Waiting for Draghi

August 07, 2014
The US dollar recouped some of the modest losses seen in North America yesterday.  The focus is not, though, so much on the US today.  The Bank of England, and even more important for the markets today, the ECB meets.  Draghi's press conference is the highlight of the remainder of today's 24-hour session.  
Most observers continue to expect…
Waiting for Draghi Waiting for Draghi Reviewed by Marc Chandler on August 07, 2014 Rating: 5
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