The Traderszone Network

Mizuho notes upbeat manufacturers
Mizuho senior economist Hidenobu Tokuda said companies are upbeat but cautious about the future.
“This reflects concerns about emerging markets,” he said. “This is also due to concerns about the domestic economy, because consumer spending has been somewhat disappointing.”

Submitted by Paul-Martin Foss via The Mises Institute,

read more

Nikkei 225 down 2.3%
The Nikkei is following the global trouncing in markets that took place in the US and Europe on Friday. The index is down 451 points to 18779 in early trading.

UK prices decline
UK house prices fell for the second consecutive month, slipping 1.1% in December. There was no consensus estimate on this indicator.
In November, prices were down 1.3% but despite two months of declines, home prices were still up 7.4% on the year.

Highlights of the fourth quarter Japanese Tankan:
– Prior large manufacturing index was +12
– Large manufacturing outlook +7 vs +11 exp
– Prior large manufacturing outook +10
The current reading were both better than expected but the outlooks were significant disappointments. The small manufacturer outlook also fell to -4 from -2 in a surprise signal about widespread pessimism from businesses.

And just like that last week’s junk bond debt fund liquidation and redemption suspension, which first struck at the mutual fund giant Third Avenue and promptly spread to a hedge fund launched by the former heads of distressed and high yield trading from, get this, Bear Stearns, and was supposed to be quietly buried, went front page and nuclear read more

European currencies and AUD under pressure
The US dollar is gaining momentum in early Asia-Pacific trading. The dollar declined on Friday against the Swiss franc, yen, euro and sterling on Friday. Those gains have been eroded in early trading.