Authored by Stephen Roach via Project Syndicate,
Despite seemingly robust indicators, the world economy may not be nearly as resilient to shocks and systemic challenges as the consensus view seems to believe. In particular, the absence of a classic vigorous rebound from the Great Recession means that the global economy never recouped the growth lost in the worst downturn of modern times.
While the rest of Draghi's presser was uneventful, the two things investors were looking for were the ECB's revised GDP and inflation forecasts. And while the first saw a modest improvement across the board relative to the September forecast as follows:
Content originally published at iBankCoin.com
Chanos has been so wrong on Tesla and for so long, I think he's starting to lose his mind. After all, what's not to like about Tesla?
Look at those revenues. Beautiful yes?
Now here's the losses.
Oh.
Despite a fourth monthly decline in real earnings, the good ol' American consumer is doing what she does best - consume. Retail sales surged 0.8% MoM (much better than expected) and 5.8% YoY - the best since March 2012.
Data beat across the board... except motor vehicles and parts dealers - everything else is surging. However, it is worth noting the spike in gasoline station spending - which accounted for a third of the surge MoM in the headline print... not exactly a positive spending scenario.
Investors are panic-buying Israeli generic drugmaker Teva Pharmaceutical after the new CEO announces restructuring plan that involves eliminating 25% of global workforce, suspending its dividend, and warns of "downward pressure on the top line."
As WSJ reports, Teva Pharmaceutical is cutting more than 25% of its workforce, suspending its dividend, and closing factories and research facilities world-wide as it works to cut costs and pay down debt.