While everyone knew Q1 would be a terrible quarter for energy companies, it is turning out to be an absolute bloodbath for consumer-facing retail companies, and the latest example was "fashion accessory", but really watch company Fossil, which has cratered after hours after reporting not only a miss in EPS of $0.12 (Est.
Submitted by John Rubino via DollarCollapse.com,
Something interesting has happened. China earlier this year responded to falling stock prices by borrowing a trillion dollars and spending it on commodities, boosting the prices of iron ore, oil, copper, etc., and giving the global economy a patina of recovery.
Nothing unusual so far. China did the same thing in response to 2008’s Great Recession, and the world breathed an appreciative sigh of relief, ignoring the massive new leverage that the policy required.
In what has been an approximate repeat of the Monday overnight session, global stocks and US futures rose around the world as oil prices climbed toward $44 a barrel, with risk-sentiment pushed higher by another plunge in the Yen which has now soared 300 pips since the Friday post-payroll kneejerk reaction, and was trading above 109.20 this morning.
Authored by Paul Craig Roberts,
Do you remember all the hopes Americans had for Obama when we elected him to his first term? Painful memories. He betrayed the voters on every one of his promises. There was no change, except for the worst as Obama went on to become one of the most vicious war criminals in world history. Despite his horrific record, we re-elected him, only to have US economic policy turn against the people in order to bail out at our expense the mega-banks and the One Percent.
Filipinos are casting their votes on Monday for a new president, with a tough-talking straight-shooting Donald Trump type of candidate poised as favorite to win. Voice of America reports: Rodrigo Duterte, the long-serving mayor of the southern city of Davao, is leading in public opinion polls by as much as 10 percentage points over his nearest rivals, Senator Grace Poe and Interior Secretary Manuel Roxas, the preferred candidate of outgoing President Benigno Aquino.