Markets had a wonderful end to the week with the SET hitting a 16-year high at 1324.04 with strong fund flows from the MSCI portfolio rebalance as well as LTF’s (expected to continue further this month).
- Thailand’s auto sales increase 200+% in October
- Thailand’s exports improve 14% in October
- Greece escapes and is given more time to figure itself out
- Spanish and Italian bond yields fall to new lows
- Japan’s IP in Oct unexpectedly jumps by 1.8% helped out by smartphone component production. Also, further yen weakness leads to highest Nikkei close since late April.
- German retail sales in Oct fall 2.8% m/o/m vs est of down .4%.
- Euro zone unemployment rate ticks up to new high at 11.7%.
- German and Italian consumer confidence fall.
- Japan’s PMI 46.5 v 46.9 in Oct, below 50 for 6th straight month.
- Hong Kong exports in Oct unexpectedly fall and imports grow less than expected.
Lots to cover from his latest quarterly letter and I highly suggest you go to the source link below, but these are a few of the highlights
- US GDP growth rate will never return to 3% p.a.
- Resource costs have been growing @ 7% a year since 2000, if the world continues to grow under 4%, a squeeze will intensify
- Increasing climate change, reflected in food prices and flood damage, is going to increase