Prieur’s readings (November 26, 2009)

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This post provides links to a number of interesting articles I have read over the past few days that you may also enjoy.

• Palash Ghosh (The Wall Street Journal): US, overseas stock correlation too strong to last, November 24, 2009.
The correlation between US and foreign stock markets, even the emerging markets, has become so strong as to render almost meaningless the concept of geographic investment diversification and asset allocation.

• Craig Torres (Bloomberg): Fed officials watch asset prices for signs of “excessive risk“, November 25 2009.
Federal Reserve policy makers said for the first time that their decision to cut interest rates to zero may be fueling undue financial-market speculation even as they called the dollar’s decline “orderly”.

• The Economist: Should America worry about its deficit? November 24, 2009.
The easy answer is yes, America should worry about its deficit. The hard question is how much should it worry about it relative to other potential problems.

• Colin Barr (Fortune): No lending, no recovery, November 24, 2009.
Loans keep falling as banks tidy up their balance sheets. Can the economy grow without their help?

• Phil Izzo (The Wall Street Journal): As Black Friday looms, will consumers show up? November 23, 2009.
Black Friday marks the unofficial start of the holiday shopping season, but retailers still aren’t sure how strong a showing consumers will make.

• Paul Sandison: Navigating the inevitable economic policy crossroads ahead – what are the crucial choices for the US economy and government? November 25, 2009.

• Watson Wyatt (via Scribd): Tail risks II – extreme events in society and the economy, November 2009.
Watson Wyatt reports about extreme risks in the economy, from pandemics to currency crises to capitalism itself.

• Maurice Saatchi (Financial Times): Only competition can safeguard free markets, November 25, 2009.
In finance and elsewhere, cartels have proved too clever for the regulators. They have a ready scapegoat – the government.

• Ambrose Evans-Pritchard (Telegraph): Bundesbank fears relapse as German banks face €90bn fresh losses, November 25, 2009.
The Bundesbank has told German banks to take advantage of renewed confidence while they can to prepare for likely losses of €90bn over the next year, warning that the delayed shock waves of the economic crisis still pose a major threat to global recovery and bank finance.

• Simeon Kerr and Jennifer Hughes (Financial Times): Dubai shock after debt standstill call, November 25, 2009.
Request by indebted government holding company raises spectre of default in Middle East trading hub.

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