Archive - Dec 9, 2009

A Detailed Technical look at the DXY / US Dollar Index on the 34-minute, 55-minute, 89-minute, 144-minute, daily, weekly and monthly time-frames.

• Asian shares were down Wednesday in the wake of weak US closing, Japan GDP nos.
• Dubai companies' bonds decline as credit swaps display 33% risk of default.
• Japan's economy grew 1.3% last quarter, less than initial estimate of 4.8%.
• China plans to require all the nation’s steel mills to have at least 1M tons of capacity
• Oil rises above $73 after expected US crude supply drop suggests demand recovery.
• 3M's 2010 profit forecast meets analysts’ estimates, says recovery is occurring “slowly.”

RANsquawk 9th December Morning Briefing - Stocks, Bonds, FX etc.

The world's second biggest economy just posted a dramatic miss in GDP expectations, and demonstrated how tendentious "developed" governments can be when fudging numbers in volatile economic times. And the biggest reason for the divergence: the mythical inventory bounce, which based on preliminary estimates was supposed to generate a 4.8% GDP. Alas,inventories never " bounced" leading to a disappointing 1.3% reading. Is the US next in line for major GDP disappointment? Or do we have mid-term elections to thank for continued GDP fudging for at least the next 12 months?