“I’m tired of Bronco Bama and Mitt Romney”

Here is a little humor ahead of tomorrow’s election and after an extremely difficult week for many, While many of us agree with this little girl and we’ll finally know for sure tomorrow night what we’ll get for the next four years, most business people and investors want a continuation of current tax rates (I specifically said tax rates because we’ll pay more in taxes if the economy gets better) and not rising ones, especially in the context of an economy that has grown less than 2% on average this year. In the current global economic circumstances, it won’t take much to push the US economy into a recession. In Europe, with more meetings on Greece this week, stocks there are playing catch up to our 2nd half of the day weakness on Friday. Yields in Spain are also moving to multi week highs. UK PMI services index fell to 50.6 from 52, the weakest since Dec ’10. In Asia, China’s state sector weighted PMI services index rose 1.8 pts to 55.5 in Oct but comes after falling 2.6 pts in Sept to the lowest in its short 1 1/2 yr history. The private sector weighted HSBC figure fell to 53.5 from 54.3 in Sept but still up from 52 in Aug. Australia, a Chinese economic proxy, saw exports in Sept fall to the lowest since Feb ’11 with merchandise exports specifically to China falling 6.5% m/o/m.

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