What happened this past week?

Positives:

  • Thai banks earnings continue to do well up on avg 20% thanks to more expansion in consumer banking
  • Fed sits quietly this time
  • US Q3 GDP grows 2% vs est of 1.8%, helped out by .6% contribution from defense spending. Consumption up by 2%.
  • German consumer confidence rises to highest level since Oct ’07.
  • Q3 UK GDP grows 1% q/o/q, above est of up .6% and officially out of recession thanks to the Olympics.
  • Both exports and imports in Hong Kong rise more than est in Sept.
  • Philippines follows South Korea and Thailand in cutting rates in part due to weakening their currencies as they fight the Fed’s debasement of the US$.

Negatives:

  • US Q3 GDP weighed down by inflation as price deflator up 2.8%, 2nd most since ’08.
  • Spanish Q3 unemployment rate rises to 25% from 24.6%.
  • German IFO falls to lowest since Feb ’10.
  • Euro zone mfr’g and services composite index drops to weakest since June ’09.
  • French consumer confidence down 1 pt to 8 month low.
  • UK mfr’g index falls to -23 from -8, lowest June ’10.
  • Japanese exports in Sept fall 10.3% y/o/y. Exports to China down by 14.1%, to Europe down by 21.1%.
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