Tuesday, August 26, 2014

Morning Journal---With the Fed, less is best

    News on Stocks in Our Portfolios
·         Bank of Nova Scotia (NYSE:BNS): FQ3 EPS of C$1.40 misses by C$0.01.
·         Revenue of C$6.49B (+17.6% Y/Y) beats by C$550M.

Economics

   This Week’s Data

            The August Markit flash services PMI came in at 58.5 versus expectations of 62.0.

            July new home sales fell 2.3% versus estimates of a 5.9% increase.

            The August Dallas Fed manufacturing index was reported at 7.1 versus forecasts of 13.5.

            A very unusual report this morning.  July durable goods orders rose 22.6% versus estimates of up 5.1; but ex transportation (aircraft), they fell 0.8% versus forecasts of up 0.4%,

   Other

            The less the Fed does, the better off we are (medium):

            The latest from David Stockman (medium):

            Try free enterprise in Europe (medium):

            Repeal the corporate tax (medium):
           
Politics

  Domestic

  International

            Escalation in the Middle East: UAE bombs Libya (medium):

            Iran shoots down Israeli drone (short):

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