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Morning sports fans,

Yet another positive night on the US as good corporate numbers coupled with economic optimism propel it higher…how long will rates stay on panic setting in this environment..I mean the US unemployment rate is now lower than we have here and we had a mining boom didn’t we? Didn’t we? Not sure where it all went as the local economy slips into a stupor…property seems to be the only game in town with every man and his dog in Sydney discussing auction tactics, house prices and how to do the quick flip! Real Estate agents will be partying big time this January..Whistler and Niseko will be packed with yuppie agents …and the State Governments are coining it in…

Nice big article in the Herald today(not much actual news, news people are expensive after all) about the state of Smokin Joe’s budget…lets face it ,it was a disaster…here wwe are opening the advent calendars and pretty much all of it has stalled…the budget emergency is just getting bigger as export prices for coal and iron ore collapse and corporates avoid tax like it mad things. Still Luxembourg going well!!

Anyway it fair to say that the local outlook is pretty wobbly…the transition from the mining boom to the whatever else is left boom is not happening…not happening at all..except in financial services and the fees that are being gouged by the industry..for let’s face it pretty dodgy performance in most cases…so the biggest drivers of our economy Super and Property are the ones firing and no coincidence that the two are related is it?

So last night we saw gold slump again..oil swoon up then down (more trouble in Ukraine) and APECs start before the big shirtfronting takes place in Brisbane..expect financials to be better but wary and resources to slip a bit! SPI was up 11 points…we are range bound!

Idea of the Day

Citigroup has just cut its forecasts for Iron Ore in 2015 to $65/ton…may even go below $60…will make more of a mess of the budget and BHP and RIO..focus will shift back to industrials and high yield paying stocks…certainty is the name of the game…Aussie dollar to continue to fall on that basis and the USD will continue to be the currency of choice and the safe haven for all…..

Things to make me go mmmmmm!!!

Day Seven!!Just saying….worst is over but my teeth are beginning to feel a little underused..still they are getting used to life at 85!!everything through a straw!

I went to the new Macquarie Park shopping centre on the weekend to H&M and Zara…I was amazed to see women queueing to get in ,to get in the change rooms and then to pay…and in Myers,”find wonderful”…tumbleweed!!Says it all really…and don’t get me started on Uniqlo…great value..

Is it just me or are Americans just bloody weird!!!There is a game about Kim Kardashian you can download on your iphone which is making a fortune..I cant work out what Kim has ever done except be famous!!!Anyway  Glu Games just announced that Kim K’s iPhone game, Kim Kardashian Hollywood, took in $43.4 million in Q3.

I read that a company in the US that is the doggy equivalent of Airbnb raised $25m!!Come on it’s a dog sitting web site!!Really?

Spain is the engine room of Euro growth it seems..shame they still have 24% unemployment..hardly surprising that they are going better than most given their dependency on the UK for tourists and small time criminals..recession looming for Zombieland!! With growth of 0.5 percent in the July-September period, the Spanish economy outperformed the German one for a second quarter, something it hasn’t done since 2007.

This picture says it all about the balance of power in the New World Order…still at least our Tone gets to plunge a knife into RasPutin’s back and then Shirtfront him!!He is directly behind Vlad…

APEC 2014 big

Maybe Obama was trying to stay close to the exit so he could get on the golf course early!

In a sign of the times for Gold companies ,one of the worlds’ biggest a Russian one called Petropavlovsk was valued at more than $3 billion four years ago and was a potential candidate to move into the coveted FTSE100. But today the firm is now worth just $60 million and is close to going under perhaps, with speculation it may even default on $310 million in convertible bonds in February.

Fertiliser and explosives maker Incitec Pivot has posted a 33 per cent fall in full year net profit to $247.1 million.The result was due to impairments in the value of three of its overseas businesses.The company increased its final dividend to 7.3 cents from 5.8 cents.

One of the big US consultancy groups that predicted the 2007 crash has suggested that 2015 has a 65% chance of a recession…US now too dependent on exports…13% of its GDP is export related and the rest of the world is stuffed!

A billion dollar divorce for the man who started the frack boom…Harold Hamm…. Sue Ann Hamm, his wife of 24 years, will receive $7 million a month until the balance she’s owed under the decree is paid. Along with cash, the wife was awarded the couple’s $4.7 million home in Oklahoma, their $15 million ranch in Carmel Valley and all of its livestock except a pair of horses named “Star” and “Uno.”

The Chicago Board Options Exchange Volatility index fell 3.4 percent to 12.67.

And in the US former superstar biotech Dendreon sank 81 percent to 18 cents. The maker of Provenge filed for Chapter 11 bankruptcy protection, potentially wiping out shareholders.

Yesterday news that the HK and Shanghai stock markets would be finally linked up on 17th November was well received. The Shanghai comp jumped 55 points or 2.3% to 2473, the CSI 300 gained 63 points or 2.54% to 2565 and the Shenzhen comp improved by 11 points to 1365.

Ten Network Holdings’ biggest shareholder, WIN Corporation owner Bruce Gordon, says he will not sell his stake making it pretty tricky for overseas suitors to take out the struggling free to air narrowcaster.

And finally……………..gotta love Irish Jokes..

Paddy, the Irish boyfriend of the woman whose head was found on  Galway beach was asked to identify her.

A detective held up the head to which point Paddy said “I don’t think that’s her, she wasn’t that tall!”

And this one…

Two Irish couples decided to swap partners for the night.

After 3 hours of amazing sex, Paddy says “I wonder how the girls are getting on”.

poppy

We salute you

Clarence

XXX

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Get a Global take on things at http://www.ntmarkets.com

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