By Emann Charts
10,000 feared killed in Philippines by super typhoon Haiyan (PHOTOS, VIDEO)
An estimated 10,000 people might have been killed in the central Philippine province of Leyte alone, which was almost completely destroyed by the powerful typhoon Haiyan, local authorities said.
The typhoon has devastated up to 80 percent of the Leyte province area.
The Week Ahead: Bubble Top or Buying Opportunity?
The long awaited Twitter IPO did better than expected, as it closed Thursday 70.8% above the initial offering price. The S&P futures had turned lower by the opening, and closed very weak. It appeared that someone was paying attention to the financial networks and their segments on whether it was a “stock market bubble.”
This discussion may have been in reaction to comments on October 29, by BlackRock’s Chief Executive Officer Laurence D. Fink, who said “Fed policy is contributing to bubble-like markets, such as the surge in stock prices.” BlackRock manages a reported $4.1 trillion in assets, which makes it the world’s largest money manager.
Retail, Hotel And Temp Workers Account For Half Of All October Job Gains
Following the quantity breakdown of jobs in the month which saw the third biggest jump in people not in the labor force in history and a loss of over 600,000 full-time workers (don't ask how this is possible - not even the BLS knows), next we look at the quality of October jobs. Or lack thereof. Because the top job-gaining sectors were also the worst of all:Leisure and Hospitality; Retail; and Temp Help, namely minimum wage hotel workers and retailers, amounted to roughly half of all job gains.
Gallup: Confidence in the Economy Plummets
Gallup's Economic Confidence Index dropped 16 points to minus-35 during the month of the government shutdown and political deadlock.
Confidence improved after Congress reached an agreement to end the shutdown, but has yet to recover to pre-shutdown levels, according to Gallup.
The Most Anticipated Chess Match In Decades Is Off To A Disastrous Start
The match pits current world champion Viswanathan Anand against the 22-year-old Norwegian Magnus Carlsen, who is the highest-rated player in the world. One obvious reason the contest is so exciting is that Carlsen is a young prodigy, while Anand (43) is part of an older generation. The pair are playing a best-of-12 series. If neither side has won a majority of games by that point, a series of tiebreaker games will be played.
KPMG to face MPs again over HS2 report
Consultants KPMG will again be called before parliament to defend their report into the regional benefits of HS2 which claimed the high speed rail line could boost the economy by £15bn a year.
Last week leading transport economists told MPs that they believed a key calculation behind the figure was "essentially made up".
Whopping 932,000 Americans Drop Out Of Labor Force In October; Participation Rate Drops To Fresh 35 Year Low
The only two charts that matter from today's distroted nonfarm payrolls report.
First, the labor force participation rate, which plunged from 63.2% to 62.8% - the lowest since 1978!
But more importantly, the number of people not in the labor force exploded by nearly 1 million, or 932,000 to be exact, in just the month of October, to a record 91.5 million Americans! This was the third highest monthly increase in people falling out of the labor force in US history.
Strong start for Help to Buy, say lenders
Royal Bank of Scotland (RBS) and Halifax said they had received a total of 2,384 applications, potentially worth £365m in mortgages.
The scheme is designed to encourage lenders to offer mortgages with deposits as low as 5%.
But critics are concerned it could help to create a UK housing bubble.
German firms eye bigger role in China's progress
BEIJING -- China's economic development will continue to prove resilient and German firms expect more participation in the reform process, said officials from the German Chamber of Commerce.
"China may not continue double digit GDP growth, but I would put my money on stable development of China's economy," said Joerg Mull, chairman of the German Chamber of Commerce in China and Executive Vice President of Volkswagen (China) Investment Co Ltd.
Stocks near highs face Yellen, Cisco, shaky sentiment
SAN FRANCISCO (MarketWatch) — As concerns over an overheated stock market run high, investor attention this week will shift to the economy, the next Fed chief, and the outlook from tech bellwether Cisco Systems Inc.
The week’s data releases are likely to be muddied by the government’s October shutdown, making it even harder to figure out whether the economic recovery is solid enough for the Federal Reserve to back off its stimulus. Some earnings reports—notably, Wal-Mart Stores Inc., and a few other retailers—may help fill in the blanks.
Severe Tropical Storm Haiyan makes landfall in Vietnam
Tropical Storm Haiyan, which killed thousands as a typhoon in the Philippines, has made landfall in north Vietnam, near the China border.
It still carried gusts of up to 157km/h (98 mph) as it arrived close to the Ha Long Bay tourist destination.
U.S. popularity in Germany on a steep decline in wake of spy scandal
A new poll by German public television (ARD) indicates that only 35 percent of Germans still see the United States. as a good partner. That figure has fallen 14 points since just this past July when about half of all Germans saw America as a partner they could trust.
The new poll, done Thursday, also indicates that 61 percent of Germans now see the United States as an untrustworthy partner.
Europe’s gravity-surveying ‘Ferrari’ satellite plummeting to Earth likely incinerated - officials
A satellite that mapped the Earth’s gravity for four years likely burned up as it re-entered the atmosphere on Sunday. The device had completed its mission before starting it uncontrolled descent.
About a quarter of the 1.2-ton GOCE satellite could have survived the re-entry, with debris most likely falling into the ocean, European Space Agency officials said.
World powers, Iran to hold new nuclear talks
GENEVA - The European Union foreign policy chief said early Sunday that world powers and Iran would reconvene talks over its controversial nuclear program on November 20.
After three-day talks between the five permanent members of the United Nations Security Council - Britain, China, France, Russia and the United States plus Germany, and Iran, with the involvement of foreign ministers, the two sides failed to nail down an interim deal as expected.
Vince Cable counts on Russia visit to boost exports
The business secretary, Vince Cable, is leading a business delegation to Russia as part of a government drive to boost trade between the two countries as well as increasing the number of UK firms exporting goods and services around the world.
Cable is being accompanied on the trip by representatives from more than 30 British companies who are hoping to capitalise on fast-growing economic links with Russia. Between 2009 and 2012, exports of goods and services to Russia grew by over 75% from £4.3bn to £7.6bn.
Wall Street doesn't seem to care about the data
The economic news this week and beyond might not even matter to money managers who are anxious to capitalize on Wall Street's record levels.
Ray Dalio's Bridgewater On The Fed's Dilemma: "We're Worried That There's No Gas Left In The QE Tank"
"The Fed's real dilemma is that its policy is creating a financial market bubblethat is large relative to the pickup in the economy that it is producing," Bridgewater notes as the relationship between US equity markets and the Fed's balance sheet (here and here for example) and "disconcerting disconnects" (here andhere) indicate how the Fed is "trapped." However, as the incoming Yellen faces up to her 'tough' decisions to taper or not, Ray Dalio's team is concerned about something else - "we're not worried about whether the Fed is going to hit or release the gas pedal, we're worried about whether there's much gas left in the tank and what will happen if there isn't."
The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.
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