Investment Markets Overview — W/E 17th October 2014

It was a big week for “Inflation Updates,” at least the nonsense compositions that make up “official CPI numbers,” as opposed to money supply, velocity of money readings and good old credit growth numbers, all far better measures of inflation. Either way, whereas there was a time when Central Bankers’ allegedly had sleepless nights over high inflation, today they are desperate to stoke inflation in any way they can, whether legal or nor. This week’s release of CPI and/or PPI for the US, the UK, the Euro-Zone and from Japan should have given the CBs nightmares, albeit that Japanese PPI for September came in as expected, still negative at -0.1% versus the -0.2% seen in August. UK CPI and PPI for the same month hit a 5-year low, the former at 0% month on month and 1.4% year on year, with PPI at a respective -0.5% & -6.7% annualised, so not much change there for Charmer Carney for the £375BN wasted. Meanwhile, with over half of the Euro-Zone already in deflation, a not so cool expansion of the Fed’s balance sheet, by a massive $US3.5 trillion, has failed to stimulate any price inflation in anything other than financial assets, but perhaps that was their intention all along? For the record, US PPI final demand came in at -0.2% in September versus 0% in August.

17 Oct 14

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Additional Commentaries:
•US economic data . . .
•Euro-Zone . . .
•The UK . . .
•Out East . . .
•The $US index . . .
•Within the commodities complex . . .
•Economic data due next week includes . . .

Returning to those “inflation numbers,” or at least the US wholesale figure, aka PPI, no sooner was the ink dry on the data release…..

Charts:
1.Indices Weekly
2.US PPI V US Retail Sales
3.UK Unemployment V UK Average Wages
4.China PPI V China GDP
5.Commodity 1 Week Moves

Table:

13 Indices, 11 columns of detailed information, for accurate analysis

Insanity: doing the same thing over and over again and expecting different results

Click Here to view Details of the full version of this Newsletter which includes full text and detailed Charts for each section

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