Archive for February 16th, 2009

Canadian Factory Sector in Great Distress

February 16, 2009

Manufacturing sales fell another 8.0% in December after a 6.2% drop in November, and such contracted 18.2% over the final five months of 2008.  Auto sales plunged 14.2% in the latest month.  New orders slumped 12.9% in December, 12.7% in November and 22.8% between July and December.  the 1.50 ratio of inventories to sales was […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: G-7 Fails to Inspire Confidence

February 16, 2009

The Valentine’s Day G-7 statement speaks in generalities. No concrete coordinated steps announced. Calls global downturn and financial turmoil “ongoing and severe.” Softens criticism of Chinese foreign exchange policy and did not mention sterling, the yen, euro or dollar. Monday trading opened on a risk averse note, with lower share prices and a strengthening yen […] More

Currency Markets in the News

Japanese Fourth-Quarter Growth Devastatingly Poor

February 16, 2009

Japanese real GDP sank at a 12.7% annualized rate last quarter, slightly more than forecast and the greatest drop since the first OPEC shock in 1974.  Exports plunged 45% at a seasonally adjusted annual rate (saar), and net foreign demand accounted for 94% of the decline in GDP.  Residential investment and government spending advanced by […] More