World economy talk

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volatility is back!

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but Coach...

Total North American sales increased 8%, to $784 million from $729 million last year. North American direct sales rose 11% for the quarter with comparable store sales up 5.5%. At POS, sales in North American department stores were essentially even with prior year while shipments into department stores declined, as inventories were planned lower.

International sales increased 15% to $362 million from $314 million last year. China results continued very strong, with total sales up nearly 40% and comparable store sales rising at a double-digit rate. Shipments into international wholesale accounts rose sharply reflecting strong underlying POS sales trends. In Japan, sales rose 1% on a constant-currency basis, while dollar sales were even with the prior year, adjusted for a slightly weaker yen.

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Facebook Q3 revenue beats estimate

$1.26B vs.$1.23B

mobile ad revenue = 14% of total ad revenue (impressive... coz everyone thought they couldnt monetize mobile)

http://www.nytimes.com/2012/10/24/te...asts.html?_r=0

Zuckerberg:

“I want to dispel this myth that Facebook can’t make money on mobile,” he told financial analysts on the company’s third-quarter earnings call. “We are just getting started.”

[Ry_Tower]

Mukhang kumakagat na -ber months sa china.

China manufacturing contracts at slower pace in Oct vs Sept, HSBC say

Stolen oil.

http://www.bbc.co.uk/news/world-africa-20038724

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wti


brent-wti spread $22

[mark.1]

World economy has damaged badly after recession. The unemployment has spread all over the world due to recession. But now some big countries has recovered from bad economy and they are now in good position. Many investors are moving towards those companies in which there are good business facilities.

Please share your ideas with me.
Business coaches Gold Coast

[Ry_Tower]

Microsoft's chief boss has confirmed he plans to release more devices.

BBC News - Microsoft's Steve Ballmer has plans for more hardware

Among other stocks in the news, Nike fell 2-3/8 to 39-11/16 after it reported a 51% plunge in quarterly earnings due to a weak US retail market.

This is despite recent selling of their Umbro line. BBC News - Nike sells Umbro to Iconix Brand Group for $225m

The decline in earnings affected the biggest athletic footwear and apparel, sport equipment products manufacturer but Q4 may see a rebound IMHO.

[Monseratto]

From 1 billion to just 100 million...

Santander profits sink 90% on bad property loans

Spanish bank Santander has said its quarterly profits fell by more than 90% after taking provisions for bad property loans in its local market.

Net income fell to 100m euros (£81m) in the third quarter from 1.8bn euros in the same period last year, it said.

The bank also said that UK profit fell 21% to 337m euros in the three months.

So far this year Santander has set aside 3.5bn euros for provisions for property losses - a problem facing all Spanish banks.

The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country's over-heated property market, and many fear that it will need a full bailout on top of the banking loan that has already been agreed.

Santander said that total problematic property assets amounted to 18.5bn euros.

"The bank's capacity to generate profit enables us to set aside hefty real estate provisions in Spain in 2012 and significantly increase non-performing loan coverage," Santander chairman Emilio Botin said.

Loans grew in emerging market such as Latin America and Poland and declined in economies that are "deleveraging" - that is, cutting down on debt - such as Spain and Portugal, the bank added.

Spain is struggling with a shrinking economy and 25% unemployment.

Spain's banks will need an injection of 59.3bn euros to survive a serious downturn, an independent audit recently calculated. However, Santander - along with six other banks - was found to have no need for extra capital.

The Spanish government is still hoping to avoid requesting a bailout from the eurozone rescue funds, but many think this is inevitable.

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UK Q3 GDP +1.0% vs.+0.6% estimate

U.K. ECONOMY GROWS MOST IN FIVE YEARS IN THIRD QUARTER

U.K. OLYMPIC TICKET SALES ADDED 0.2 PERCENTAGE POINTS TO GDP

twitter.com/World_First

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From 1 billion to just 100 million...

like the US, Spain had a housing boom and bust

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Spain

25% unemployment rate

[Monseratto]

Spain

25% unemployment rate

Nearly 1 in 2 youth is unemployed in Spain...Generation U.

[Ry_Tower]

Nearly 1 in 2 youth is unemployed in Spain...Generation U.

Umatras ah. Gen. U.

Same with Greece pala. Germany lang ang below double digit. Bleak Euro.

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flight to cash and recession-resistant stocks

money manager Barry Ritholtz:

The Big Picture » Time to Reduce Equity Exposure . . . » Print

I have cut back on some major holdings, and raised our cash levels to 25% in the asset allocation model I manage. I removed half of our energy positions, eliminated our emerging markets exposure. The biggest move was cutting S&P500 exposure by 50%. A handful of clients who had outsized Apple exposure saw those positions reduced by a third. We maintain a heavy bias in long portfolios in health care and in consumer staples. I have no desire to reduce treasuries or munis, which will become a safe harbor if and when things get choppy. (I have NOT added inverse ETFs, but that is something I may consider in the future).

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US market closed tonight

FT:

US stock markets to close as Hurricane Sandy nears New York: The NYSE, the Nasdaq will all close on Monday and possibly Tuesday. US bond trading is expected to remain open on Monday morning although Sifma told the FT late on Sunday that it was still recommending that US fixed income markets close at midday on Monday. The CBOE also said it would be closed. The CME said its US equities index futures and options and its NY trading floor would be closed. Transportation networks including the subway system and railways were shut down on Sunday and the City issued evacuation orders for residents in low lying parts of Manhattan.

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Two-thirds of East Coast refiners shutting as Hurricane Sandy nears | Reuters

(Reuters) - More than two-thirds of the East Coast's refining capacity was shutting down on Monday ahead of Hurricane Sandy, sources and officials said, as operators braced for potentially damaging power outages and flooding.

finished products:

gasoline

heating oil

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^^^
prices of finished products pull back on reports refineries in the US East Coast were unharmed

24/7 Wall St. » Blog Archive Refinery Impacts from Hurricane Sandy «

There are six large oil refineries in the path of Hurricane Sandy, and as of last night two were closed. The Phillips 66 (NYSE: PSX) refinery and the Hess Corp. (NYSE: HES) refinery in New Jersey were shut down, taking 285,000 and 70,000 barrels a day, respectively, out of production.

Of the remaining four, the largest, belonging to Philadelphia Energy Services, was running at a minimum level, not its 330,000 barrel a day maximum. Two refineries owned by PBF Energy Co. also were running at reduced levels. The status of the sixth, now owned by Delta Air Lines Co. (NYSE: DAL), is unknown, as Delta has declined to indicate whether it is operating or at what level.

The largest portion of the gasoline supply to the U.S. Northeast comes from the Gulf Coast by way of the Colonial Pipeline, which has a capacity of 2.3 million barrels a day. So far as we know, the pipeline is undamaged.

Crude oil prices are only a little higher this morning, while reformulated gasoline prices have dropped a little. Unless there is some major problem with restarting the shut down or slowed down refineries, production should return to normal relatively quickly. Pump prices may spike temporarily, but the spikes are very likely to be short-lived. Unlike Hurricane Katrina in 2005, crude production is not affected and damage to the refineries at this point is not believed to be extensive.

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The NYSE, Nasdaq, BATS and Direct Edge exchanges all said they would open as normal on Wednesday after hurricane Sandy, and Sifma recommended US bond markets reopen.

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