News on Stocks in Our Portfolios
Pepsico reported third quarter earnings per share of $1.31 versus expectations of $1.29.
Economics
This Week’s Data
Weekly jobless claims were up 3,000 versus expectations of up 4,000.
The US August trade deficit came in at $45.6 billion versus estimates of $45.9 billion.
Other
China lowers the valuation of the yuan in response to the senate’s passage of the China currency manipulation bill (short):
http://www.zerohedge.com/news/pboc-launches-day-two-currency-cold-war-offensive
The Pulse of Commerce index supports the recent ECRI recession call; but it does not square with the trucking tonnage data. One of these two indicators will have to reverse sooner or later:
http://advisorperspectives.com/dshort/updates/Pulse-of-Commerce-Index.php
Politics
Domestic
Rich Lowery on not being a politician (medium):
http://www.nationalreview.com/articles/279706/businessman-canard-rich-lowry
Why running massive budget deficits won’t help the private sector ‘deleverage’ (medium):
http://www.nakedcapitalism.com/2011/10/will-internal-devaluation-work.html
Nor improve the prospects for economic growth (medium):
http://pragcap.com/more-unfortunate-math-behind-our-economic-plight
International
What Ireland and Iceland taught us (short):
http://www.zerohedge.com/news/banks-credit-events-and-sovereign-cds
A new bogey man (medium):
http://www.zerohedge.com/news/guest-post-new-boogeyman-america
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