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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (16600)	11/23/2004 2:04:59 AM
From: Elroy Jetson	Respond to of 116555

Here's a comparison of MZM with M2. The same economic events are marked in the same places on each chart. See if the red lines, indicating the rate-of-change in monetary growth, are predictive of future events - or is the Fed just reacting after the fact. It's clearly after the fact when the Asia Crisis hit, and our Fed hit the gas (as they promised to do at the time) to support Asian economies by goosing up an American buying binge. Likewise it seems obvious how the Fed hit the gas to cushion the blow of the stock market unpleasantness (just as they said they would do). home.pacbell.net home.pacbell.net

To: mishedlo who wrote (16600)	11/23/2004 6:05:02 AM
From: Haim R. Branisteanu	Respond to of 116555

23 Nov 2004 10:00 GMT - BULLET: EMU DATA: Sep. industry new orders +2.0% m/m, the.... EMU DATA: Sep. industry new orders +2.0% m/m, the first rise since May. -- However, the annual rate decelerated to +8.2% y/y from a revised +10.8% y/y in Aug. due to an unfavourable base effect. -- Despite the Sep. rise, 3Q seasonally adjusted industry orders fell 1.8% q/q after a 6.1% q/q surge in 2Q, according to MNI calculations. -- A rebound in Sep. orders was expected after Aug. data was adversely affected by the summer holiday schedule, particularly in Germany. However, the trend in demand over the summer months seems to have been down, which does not bode well for industrial production in the months ahead. -- October data will be key for determining whether the September rise was simply a snap-back from a weak summer or rather a sign of a renewed upward trend. But leading indicators are weak: the Oct. EMU PMI new orders index fell from 54.1.1 to 52.6, the lowest level since Sep03, while the headline PMI fell to the lowest level in 10 months. Provided by: Market News International