China’s alarming credit crunch...as investors digest the sharp spike in China’s interbank rates last week, the action of the central bank is now in the spotlight.
Was this a considered policy to purge speculative excess from the financial system, or is the People’s Bank of China seeking to disguise a bigger problem?
China Manufacturing PMI Hits Nine-Month Low as Output and New Orders Decline
Business Times says Job Prospects for China's Grads Bleak.
A record seven million students will graduate from universities and colleges across China in the coming weeks, but their job prospects appear bleak - the latest sign of a troubled Chinese economy.
Shanghai stocks plunge 5.3%, weigh down Asia
Shanghai index ends below 2,000 after worst drop in nearly 4 years
INDIA
Currency Stress Hits India: Rupee Near Record Low, Emerging Nations Face Capital Flight; Global Currency Crisis Awaits
Economic Times reports a million engineers in India struggling to get placed in an extremely challenging market
Somewhere between a fifth to a third of the million students graduating out of India's engineering colleges every year run the risk of being unemployed.
JAPAN
Day Traders Take Control of Japanese Stock Market Using 300% Leverage; What Can Possibly Go Wrong?
BRAZIL
How Currency Wars End: Violence Erupts in Brazil, Fatalities Reported; One Million Protest 800,000 Protest in Brazil Over a 10-Cent Hike in Fares and the High Cost of Staging the World Cup; Police Join Protestors; Inflation, Corruption, as Boom Comes to an End.
SPAIN
EU Twists the Screws on Spain With Inane Requests
The economic madness in the EU continues unabated.
In return for granting Spain an extension on meeting 3% deficit threshold of the stability act, Vice President of the Commission responsible for Economic Affairs, Olli Rehn, said Wednesday it is "crucial" that Spain and other countries that will benefit from an extension to correct its excessive deficit in return accelerate reforms to improve competitiveness.
EUROPE
European Car Sales Hit 20-Year Low; Don't Worry, Things Have Stabilized??
NPR reports European Car Sales Hit 20-Year Low For May.
USA
Curve Watchers Anonymous note the yield on the 10-year US treasury note hit as high as 2.657% today, up a whopping 104 basis points since the early May low in yield of 1.614%.
A one percentage point rise in rates affects mortgage affordability by 10-11%.
Obamacare Effects Hit Local Governments, Small Businesses, Temp Staffing Agencies; Chicago Dumps Retirees Into Obamacare.
CNBC asks and answers the question Will Obamacare Hurt Jobs? It's Already Happening, Poll Finds Small business owners' fear of the effect of the new health-care reform law on their bottom line is prompting many to hold off on hiring and even to shed jobs in some cases, a recent poll found.
MY CONCLUSION
There is no way FED/Bernanke or other CB's can stop QE anytime soon.
That does not mean they won't, since they can.
But trade safely. Things do not look tranquil & sanguine.
Edited by pdx5, 24 June 2013 - 05:47 PM.
