The Conference Board today released its monthly report on consumer confidence, showing a plunge in September from 53.2 to 48.5, its lowest level since February. Meanwhile, the Business Roundtable also published its quarterly CEO outlook, and many American business executives expressed caution about hiring and investing.Bond spreads reached 453bp for Ireland and 441bp for Portugal in trading today - higher than Greek bond spreads were in late April, just before they headed toward 800bp.
More fuel on the flames of the “currency war” from Brazil: Henrique Meirelles, its central bank governor, warned on Tuesday that his country “is not going to pay the price” for economic imbalances driving forex markets
This is terrible news. Confidence is sagging in the USA. Serious credit problems in Europe. Currency issues in Latin America and Asia.
With all these crises the market has to go up. Central banks will have to keep printing money to keep the global economy afloat. Let's hope so.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer in the 12 and 6 months ending 8/20/10 by Timer Digest
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