With investors taking heart from better-than-expected earnings announcements (albeit only as a result of cost cutting negating a decline in revenue), the major US equity indices reached new highs for the year on Thursday/Friday and the S&P 500 Index closed in on the roundophobia 1,000 level.
Newsweek’s cover declared “The recession is over”, but a footnote stated “Good luck surviving the recovery”, implying a hard slog ahead.
Elsewhere, Washington hosted a US-China Strategic Dialogue, as the Chinese are increasingly focusing on America’s deficit, the value of the greenback and the implications for their Treasury holdings. After almost doubling, a mid-week sell-off in Chinese stocks raised concerns about the sustainability of the Chinese economic recovery and repercussions for the rest of the fragile global economy.
Unsurprisingly, four of the clips included in this week’s video compilation deal with Chinese -related issues. Covering these and other topical issues are David Rosenberg, Jim Owens, Robert Shiller, Barry Ritholtz, Mohamed El-Erian, Jeff Saut, Mario Gabelli, Don Coxe and others.
The selection starts off with, you guessed it, the Chinese material, and concludes with an interview with Charles Ellis, author of “The partnership: The making of Goldman Sachs”.
Reuters: Obama calls for deeper US-Chinese ties
“The Obama administration is hoping for stronger US ties with China as Washington hosts the US-China Strategic Dialogue.”
Source: Reuters, July 27, 2009.
Forbes: China’s liquidity trap
“Beijing’s Treasury holdings keep growing in line with reserves. That’s good and bad news.”
Source: Forbes, July 24, 2009.
Yahoo Finance, Tech Ticker: China’s new “Great Wall” built on easy money, speculation and toxic debt
“China’s GDP growth and stock market are the envy of the developed world. But recent events stand in stark contrast to the ’strong, prosperous and successful’ China that President Obama described at the opening of this week’s strategic economic dialogue.”
Click here for the article.
Source: Yahoo Finance, Tech Ticker, July 28, 2009.
BNN: David Rosenberg on the economy
Source: BNN, July 24, 2009.
Financial Times: Jim Owens on the US stimulus and manufacturing
“Jim Owens, chief executive and chairman of Caterpillar, talks to Hal Weitzman, Chicago and Midwest correspondent, about the role the US stimulus has played in job creation, the difference between the US stimulus and the Chinese stimulus and the possibility of a second stimulus bill in the US. He also discusses how US manufacturing has fared in the downturn and the competition posed by low-cost manufacturers from abroad.”
Click here for the transcript.
Source: Financial Times, July 30, 2009.
Fox Business: Shiller – good time to buy home
“Macromarkets Chief Economist Robert Shiller and Macromarkets CEO Sam Masucci weigh in on the state of the housing market and economy.”
[Click here for Shiller defending the MacroShares Major Metro Housing ETFs.]
Source: Fox Business, July 28, 2009.
CNN Money: Another real estate nightmare
“Fortune’s Colin Barr says regional banks face huge exposure to the commercial real estate bust.”
Source: CNN Money, July 27, 2009.
MSNBC: Forclosure crisis slamming California
“Barry Ritholtz, author of ‘Bailout Nation’ joins MSNBC’s Dylan Ratigan and a panel to discuss the Golden State’s struggles with a forclosure rate that is higher than the rate of new home sales for the entire United States.”
Source: MSNBC, July 29, 2009.
CNBC: Barney Frank on curbing executive compensation
Source: CNBC, July 28, 2009.
CNBC: Weak Treasury auctions raise worries about US debt burden
Click here for the full article.
Source: CNBC, July 29, 2009.
“The Dow is up nearly 8% so far this month, but Mohamed El-Erian, one of the world’s most powerful money managers, does not think the rally will last. He shares his insight with CNBC.”
Source: CNBC, July 29, 2009.
John Authers (Financial Times): Shanghai surprise
“The Chinese market saw a near 7% sell-off after doubling this year. John Authers, FT’s investment editor, explains why it may be more than just a technical correction.”
Click here for the article.
Source: John Authers, Financial Times, July 29, 2009.
CNBC: Bovino and Saut on the stock market
“Beth Ann Bovino of Standard & Poor’s and Jeffrey Saut of Raymond James share their market and economic insight.”
Source: CNBC, July 28, 2009.
John Authers (Financial Times): US corporate profits reflect cost cutting
“The corporate profits were better than expected but they were based on cutting costs rather than increase sales.”
Click here for the article.
Source: Financial Times, July 27, 2009.
MoneyNews: Gabelli – Don’t bet against the US dollar
“Wall Street Fund Manager Mario Gabelli tells Newsmax TV’s Dan Mangru that he’s not betting against the dollar.”
Source: BNN, July 29, 2009.
Financial Times: BHP agrees new iron ore contracts
“BHP Billiton said on Wednesday that a third of its customers have signed contracts to buy iron ore on the basis of contracts linked in part to the nascent spot market, breaking with more than 40 years of tradition of annually negotiated prices. Javier Blas, commodities correspondent talks to Daniel Garrahan about why this is a victory for BHP.”
Source: Financial Times, July 29, 2009.
MSNBC: Madoff gives first prison interview
“The disgraced money manager spent nearly four-and-a-half hours with two lawyers representing victims of his scheme. MSNBC’s Dylan Ratigan and a panel examine the details of the conversation.”
Source: MSNBC, July 29, 2009.
Bloomberg: Goldman Sachs flourishes while others flounder
“Interview with Charles Ellis, Founder of Greenwich Associates and Author of ‘The Partnership: The Making of Goldman Sachs’.”
Source: Bloomberg (via You Tube), July 29, 2009.
