The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."
Friday, July 20, 2012
The Philly Fed survey improved a little in July rising from 16.6 to 12.9. The new orders index bounced from 18.8 to 6.9...
European shares climbed to a four month high on Thursday as another string of corporate results beat expectations. Nokia surged by 12% after shorts scrambled to cover following a smaller than expected quarterly loss. Industrial group Alstom, home appliances company Electrolux and paints maker Akzo Nobel all reported strong results with shares up between 3 6%. The benchmark FTSEurofirst 300 index rose by 1pct with the UK FTSE up by 0.5% with the German Dax up by 1.1%. In London trade, shares of BHP Billiton rose by 1.4% with Rio Tinto up by 1.7%.
US sharemarkets rallied on Thursday for a third straight session. Investors were encouraged by upbeat earnings reports from the technology sector. IBM raised its full year outlook, while Qualcomm said it expects a "strong December quarter". A weak result by Morgan Stanley saw its stock down 5pct with the SandP financial index lower by 1%. At the close of trade, the Dow Jones was higher by 35pts or 0.3% with the S&P 500 up 0.3% while the Nasdaq rose by 23pts or 0.8%.