As we’ve been all well trained (and annoyed) with the art of politician newswire headline watching throughout Europe over the past few years as they grappled with Greece, Ireland, Portugal, Spain, etc…hopefully we’ll be ready for the barrage of US political sound bytes and opinions on how to come to an agreement between Dems and Repubs. It may very well be the sole driver of stock performance into yr end with the economic consequences of such a deal being a focus only beginning in 2013. Overseas, add the 3rd largest economy in the world, Japan, to the list of countries that saw a contraction in growth in Q3. GDP fell 3.5% annualized, a touch more than the estimate of a drop of 3.4%. It was led by a sharp drop in capital investment but domestic spending was not surprisingly down too. In China, new yuan loan growth in Oct totaled 505b, 85b less than expected, down from 623b in Sept and the slowest pace of gain since Sept ’11. M2 grew 14.1% and that also was less than the expected growth rate of 14.5%. Chinese Exports rose 11.6% y/o/y in Oct, above the forecast of 10% and was led by a 9% increase to the US. Exports though to Europe, China’s largest trading partner, fell by 8.1% y/o/y, the 5th month in a row of declines. Chinese imports rose 2.4%, but below the estimate of 3.4%. Imports typically lead export growth in China. In India, industrial production unexpectedly fell .4% y/o/y vs the estimate of up 2.8%.
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/