Investment Markets Overview — 14th November 2014

There were more divisions within Euro-land this week, one political and one financial, albeit that the two are married. First up is Catalonia, which is home to 7.4 million people in the northeast corner of the Iberian Peninsula and has the largest economy of Spain’s 17 autonomous regions, with a GDP 17% above the European Union average and Catalonia-based companies representing about 12% of Spain’s main stock index, so its an important region. Like Scotland and many other regions within Europe, Catalonia has been itching for a vote on devolution but has been denied thus far by the Spanish political establishment, with Spain’s Prime Minister, Mariano Rajoy, marshalling a ban from the Constitutional Court on any voting attempt. Rajoy has been outmanoeuvred however, as last week an alleged 2.3m Catalonians participated in the “non-binding survey,” thereby circumventing the courts, where they were able to answer two questions: a) Do you want Catalonia to become a State? If the answer is in the affirmative: b) Do you want this State to be independent? Of the 42% voter turn-out, 81% have supported the Yes-Yes option and is adding to the serious political crisis developing within Europe where even the Germans are becoming surprisingly sceptical of Brussels. As for the financial division of the week, Italian political activist and founder of the Five Star Movement, Beppe Grillo, has called for a referendum on Italy leaving the euro, with a bold statement saying,” we are not at war with Russia, but with the ECB.”

14 Nov 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 . . .

As divisions within Europe widen, China sees closer integration next week as   …….

…..

Charts:
1.Indices Weekly
2.US Consumer confidence V  the $US Index
3.E-Z Core CPI  V E-Z GDP
4.China Retail Sales V China PPI
5.Commodity 1 Week Moves

Table:

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

Big Is Not Necessarily Beautiful

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