Jump to content

Recommended Posts

China’s Stock Market Passes US as Leading Indicator

 

Published: Wednesday, 4 Aug 2010 | 12:43 PM ET

By: John Melloy

Executive Producer, Fast Money

 

 

China may be the second biggest economy in the world behind the US, but it is No. 1 in terms of influence over global stock markets, analysts said.

 

“The Chinese equity market has shown signs of ‘leading’ global equity markets at turning points over the past three years,” wrote Geoffrey Dennis, Citigroup’s emerging markets strategist. “As a result, the 13 percent rally in the Shanghai Composite since early-July has been a major support for improved overall global sentiment over the past month.”

 

It’s only natural China’s stock market would take a leading role following structural changes such as a jump in listings and the allowance of short sales. After all, the economic influence speaks for itself. Among other things, China is the biggest consumer of energy products, accounts for 70 percent of iron ore demand, and in 2009, became the No. 1 auto market, according to analysts’ reports.

 

The Shanghai Composite Index has led the US market back from its 2010 low. It’s no coincidence that the leading US stocks during this comeback have come from the stocks in the industrial and raw material industries such as Caterpillar [CAT 71.56 -0.40 (-0.56%) ] and Freeport-McMoRan [FCX 74.61 0.54 (+0.73%) ]. Ford [F 13.04 0.06 (+0.46%) ] shares are up 30 percent in one month.

 

 

 

“China’s rapid growth in auto sales is merely a reflection of the rise of middle class consumption patterns,” wrote Marshall Adkins, Raymond James energy analyst. “Add in increasing Chinese trucking, petrochemical and aviation consumption, and total Chinese oil demand growth in 2011 should be well north of 500,000 barrels per day and could drive over half of the global oil demand growth next year.”

 

It’s no coincidence then that oil topped $80 this week before retreating today.

 

The iShares FTSE/Xinhua China 25 Index [FXI 41.95 -0.08 (-0.19%) ], an ETF traded here on the NYSE, is supposed to be a direct play on the Chinese market, but it has underperformed China’s local market over the past month. The ETF contains only the large Chinese stocks that are listed as ADRs on US exchanges. What this data shows is that you may be better off buying a US index fund, industrial stocks or a broader emerging market ETF if you believe China is going higher. Citigroup sees the Chinese stock market rising five to 15 percent higher by the end of the year as fears of an economic slowdown are priced in.

 

"Based on a 'no double-dip' scenario, solid growth in emerging markets, low interest rates 'for longer' and attractive valuations, we remain bullish on emerging market for the long-term, including Chinese equities," wrote Citi's Dennis.

 

The closing bell of the New York Stock Exchange used to ripple through the rest of the world, dictating trading in Australia, Asia and Europe that followed it. No longer. The US traders’ day may be decided before he or she even wakes up.

 

 

http://www.cnbc.com/id/38558580

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Similar Content

    • By jesseps
      Here's some of my stock pick(s)
       
      ASTI (US) — Solar
      AGU — Agricultural
      CUM — Copper
      CRESY (Argentina) — Agricultural
      BAA — Mining
      LMA — Mining
      PPX — Thermal
      HDY (US) — Oil
      VRX — Pharmaceuticals
      UEC (US) — Uranium
      TKO — Mining
       
      Most are under $10.
       
      PPX, is currently trying to be bought up by another company. Hopefully that wont fall through.
    • By IluvMTL
      Sindage IPSOS
      Vancouver est là, et Toronto, mais pas Montréal. Voir le lien pour lire le texte au complet. Je reproduis la carte qui démontre les choix par génération. Vancouver est plus populaire dans la catégorie des baby boomers. Toronto aussi.
      https://www.ipsos.com/ipsos-mori/en-uk/ipsos-top-cities-2017?language_content_entity=en-uk
      Ipsos Top Cities 2017
      The 2017 edition of the Ipsos Top Cities Index finds that New York is the most popular city worldwide, retaining the title it claimed when the survey was first run in 2013.
          Ipsos Top Cities 2017: New York remains the best city for work, rest and play
      EU publics see London as the top city in Europe
      The 2017 edition of the Ipsos Top Cities Index finds that New York is the most popular city worldwide, retaining the title it claimed when the survey was first run in 2013.
      This year sees Abu Dhabi leapfrogging London and Paris into second position, with Tokyo, Sydney and Zurich on the same score in equal fifth.
      People in 26 countries worldwide were asked which, from a list of 60 global cities, they felt were best to live in, do business in, and visit. The scores from the three questions were then added together to create the Ipsos Cities Index.
      The cities in the global top five have unique strengths; New York and Abu Dhabi are unparalleled as centres for business but they score less strongly as a place to live or visit, whilst Paris tops the global list of tourism destinations but rates comparatively poorly as a business hub, failing to reach the top 10 on this measure. London and Tokyo have rounded profiles, scoring more evenly across the three dimensions, while Zurich and Sydney’s strength is derived from their high scores as top cities to live in.
      The remaining top ten positions this year are occupied by Rome, Los Angeles and Amsterdam. The cities at the bottom of this year’s ranking are Nairobi and Tehran.
       

    • By mtlurb
      Outside the box in old Montreal
       
      By Patricia Harris, Globe Correspondent | May 27, 2007
       
       
      MONTREAL -- Once the weather warms there's hardly a better picnic spot than the riverside park of the Old Port. And there's hardly a better place to pick up your meal than Europea Espace Boutique , the Old Montreal gourmet shop opened by one of the city's top chefs, Jérôme Ferrer .
       
       
      No sub shop here, as the elegant minimalist decor and racks of museum-quality coffee sets and boutique condiments attest. Although Europea sits in the heart of the tourist district, you're likely to encounter bankers, lawyers, and government office workers coming in for the box lunches ( boîtes à lunch to the French-speakers). In case it rains, the shop even has a few tables and a bar with high stools for dining in.
       
       
      The box lunches feature a choice of sandwich (prosciutto and Benedictine blue cheese with grapes and figs, for example, or sliced lamb with onion confit and grilled vegetables on ciabatta ) or salad (marinated vegetables with smoked duck and shaved Parmesan, or tiny greens with gravlax , fresh dates, and slices of mango) and choice of soda, juice, or water.
       
       
      An exquisite little pastry is perhaps the clincher. There's something downright decadent about concluding a picnic with a lemon and chocolate cream tart or a miniature chocolate mousse cake. The chocolate indulgence needn't end with the meal. Europea also sells dessert-inspired body products, such as crème brûlée hand lotion, dark chocolate bath oil, chocolate orange perfume, and white chocolate massage oil. Sweets for the sweet, indeed.
       
       
      Europea Espace Boutique, 33 rue Notre-Dame Ouest. 514-844-1572. europea.ca. Box lunch $8.10.
    • By WestAust
      DURING the 2000 presidential campaign, the candidate from Texas fielded a question from Canada: “Prime Minister Jean Poutine said you look like the man who should lead the free world into the 21st century. What do you think about that?”
       
      When George W. Bush pledged to “work closely together” with Mr. Poutine, Montrealers fell off their chairs laughing. It wasn’t so much that the Canadian leader was, in fact, Jean Chrétien, but that the “reporter” — Rick Mercer, a television comedian — had invoked the city’s emblematic, problematic, comedic junk food dish: poutine.
       
      A gloppy, caloric layering of French fries, fresh cheese curds (a byproduct of Cheddar making) and gravy, poutine goes deep into the Quebequois psyche. Somehow, Quebec’s rural roots, its split identity (Acadian farmers or Gallic gourmets?) and its earthy sense of humor are all embodied by its unofficial dish.
       
      This may be one reason that until now poutine has not traveled well. True, it was on the menu for years at Shopsin’s, the quirky West Village restaurant that closed this year, but so was nearly every other known foodstuff. But recently, it has materialized in a handful of cities across the United States. In New York City, it is on the menu at three highly divergent establishments, and this time it shows signs of taking hold.
       
      Andy Bennett, the chef at the Inn LW12 in the meatpacking district, recalled his reaction on being told (by the Canadian faction of the inn’s owners) that poutine must be served. “I said, you’ve got to be kidding me. Then I realized I wasn’t going to be able to get away from it.”
       
      Mr. Bennett, however, was converted. “You have to embrace these things,” he said. “Now it’s our biggest selling item by a long stretch.”
       
      “I think it’s going to be across the city soon,” he said. “It’s going to stick without a doubt.”
       
      Mr. Bennett’s choice of words was apt. Poutine is an extreme stick-to-your-ribs concoction, whose name is said to derive from Quebequois slang. According to the dominant creation myth, in 1957 a restaurateur named Fernand Lachance, when asked by a customer to combine fries and cheese curds, said it would make “une maudite poutine” — an unholy mess. (And this was pre-gravy. Another restaurateur, Jean-Paul Roy of Le Roy Jucep, claims to have first served fries with gravy and curds in 1964.)
       
      Since Mr. Lachance’s death three years ago, poutine’s de facto spokesman has been Bob Rutledge, creator of the Web site MontrealPoutine.com. Mr. Rutledge, a professor of astrophysics at McGill University specializing in neutron stars, black holes and gamma ray bursts, first heard of poutine on moving to Montreal in 2004. He was instantly smitten.
       
      “When I started asking about it, I got one of two responses,” he said. “It was either: ‘Oh here’s my favorite poutine place; you must go...’, or else it was: ‘Oh my God, why do you want to eat that stuff?’ It’s a veritable food phenomenon; half the people are embarrassed it exists.”
       
      Siobhan O’Connor, a journalist who moved to New York from Montreal five years ago, has a different view. “The only people who don’t like poutine are people on a diet,” she said. “It’s the first thing you want when you go back, a real late-night post-drinking thing.”
       
      Ms. O’Connor recently sampled the new batch of New York poutines. The classic version at Sheep Station, an Australian gastropub on the western edge of Park Slope, initially struck her as too dry. But, on discovering that the Quebequois chef, Martine Lafond, had secreted further curds and gravy under crisp, hot fries, she warmed to it, declaring the gravy authentically peppery, salty and meaty, and the curds as fresh as could be expected so far from home.
       
      At Pommes Frites, an East Village storefront that traffics in Belgian fries but now has a sideline in their Canadian cousins, neither the rubbery, yellowish curds nor the lukewarm, flavorless sauce met with Ms. O’Connor’s approval. But Mr. Bennett’s four varieties at the Inn LW12 did, despite distinctly unorthodox stylings.
       
      “I’d come back here just for this,” she declared of the plate with five-spice gravy and chewy strips of pork belly, though she found the Stilton cheese in the rich, toothsome braised beef with red wine version to be overload and the herby marinara sauce on the tomato version — called Italienne back home — disappointing. Though somewhat overshadowed by its glitzy sisters, the classic, too, more than passed muster.
       
      Ms. O’Connor explained that poutine really belonged to the French speakers — her Irish-Montrealer mother, for instance, had never tried it — until “around 2000, when people started messing with it: green peppercorns, Gruyère, truffle oil...”
       
      According to Professor Rutledge, variations on the theme are fine. “They strike me as creative and interesting so I give bonus points,” he said. He is, however, from Southern California. The average Montrealer seems to be more of a purist.
       
      The chef Martin Picard, one of Montreal’s most high-profile culinary figures, embraces poutine at his restaurant Au Pied de Cochon. “That dish becomes an international passport,” he declared. “It’s not haute gastronomie, but it permits Quebec to get more interest from the rest of the world.”
       
      Mr. Picard said he occasionally offers classic poutine as a “clin d’oeil” — a wink — to Quebequois cuisine, but his version with foie gras is what everyone remembers. For this, the regular poutine sauce — a thick, highly seasoned chicken velouté, which Mr. Picard enhances with pork stock — is enriched by foie gras and egg yolks. The dish is crowned with a four-ounce slab of seared goose liver.
       
      Whether Montreal’s embarrassing but adored junk food does take root in New York, it may never attain the status it achieved earlier this year when the CBC revealed the results of a viewer poll on the greatest Canadian inventions of all time. Granted, poutine came in only at No. 10. But it beat, among other things, the electron microscope, the BlackBerry, the paint roller and the caulking gun, lacrosse, plexiglass, radio voice transmission and basketball.
    • By begratto
      Wednesday, September 26, 2007
       
      Feast on Montreal's wonderful charm
       
      Erica Johnston / Washington Post
       
      I've been captivated by Montreal since my first trip there almost 20 years ago, drawn in by two things in particular: the bowls of hot chocolate offered at the city's many cafes -- hey, why settle for a measly cup? -- and the people who packed the streets in July and August, soaking in the two-month party they call summer. It seemed as busy as midtown Manhattan at rush hour, but these people were smiling.
       
      So when my oldest and best friend and I realized that our 40th "anniversary" was approaching, I managed to talk her into a celebratory trip over a long weekend. To Montreal, of course.
       
      When I arrived on a summer-like fall afternoon, a day before Kathy, I hit the streets. It had been eight years since my last visit. Had I exaggerated the city's charms?
       
      From our hotel downtown, I walked a mile or so, past the edge of Chinatown and through the Latin Quarter to the Plateau, the neighborhood where my affection for the city first took root.
       
      Along the leafy side streets, spiral staircases wind their way up the outsides of cozy rowhouses. Somehow, it seemed that if I knocked on a few doors, I'd find someone I knew. A few blocks away, Mount Royal, the modest mountain and majestic park on the neighborhood's western flank, rises over the city, offering a constant compass and an instant refuge to anyone who needs one.
       
      In a bakery, a boy of about 4 offered me his friendliest "Allo!" I did my best to respond in kind: "Allo."
       
      "Oh," he responded. His smile never broke. "Hello!"
       
      And that seems to sum up the language issue -- for tourists, anyway. It's far more complicated for residents -- in the place generally acknowledged to be the world's second-biggest French-speaking city. French? English? Whatever. We can work with you.
       
      Nearly everyone who crossed our path was unrelentingly friendly. Even the illuminated "man" in the crossing signals has a spring in his step; check it out. Along Rue St. Denis, a beautifully dressed woman stepped out of an elegant bakery with an elaborately wrapped sandwich and handed it with a smile to a homeless stranger. By the time a Metro toll taker wished us a good life -- and seemed to mean it -- we weren't especially impressed.
       
      We walked along the lovely Rue Laurier from east to west, from a low-key weekend street market to the decidedly upmarket blocks of fancy shops west of Rue St. Laurent. That street, also called "The Main," has historically served as the unofficial line separating the city's French culture from its English-speaking stronghold.
       
      Today's Montreal is often a wonderful jumble, with strong strands of distinct cultures living amongst one another. It's been called a salad bowl -- the concept of Canadian diversity as separate components complementing each other, as compared with the American ideal of the melting pot.
       
      In few places is this more true than in Mile End, a historically Jewish enclave that was one of my favorite discoveries of the trip.
       
      Mile End, the boyhood home of the late novelist Mordechai Richler (along with his famous protagonist, Duddy Kravitz), is gentrifying rapidly. But though the challenge of change in the neighborhood just north of the swanky part of Rue Laurier riles some, others revel in it.
       
      To the outsider, the place offers a kaleidoscopic array: The Asian teenager with an Orthodox Jew's side locks ambles along Rue St. Viateur. At a street corner, black-clad Goth girls check out South American pan flutists. Butcher shops of seemingly every Eastern European persuasion line the streets.
       
      Here's where you get your Montreal bagels, smaller, denser and sweeter than their American counterparts. Their supporters insist that these rounds, boiled in honeyed water before baking, are the real deal; the recipe allegedly was brought over by Romanian Jews in the early 1900s.
       
      From there, we continued on a mile or so north, to the Little Italy neighborhood and -- more to the point -- the Jean-Talon Market, a huge, year-round public market for regionally grown meats, cheeses, fruits and vegetables. Such spots often serve as my museums, telling me more about a place than most collections of art or artifacts ever could.
       
      It was a Saturday, and the joint was jammed with more than 100 stalls and thousands of Montrealers, all pondering the same age-old question: What's for dinner?
       
      On Sunday night, as our time wound down, we followed our trip to its logical conclusion: dinner at Au Pied de Cochon, a boisterous bistro that offers an unabashed homage to all creatures fat and fowl, a cuisine that is profoundly, jubilantly Quebecois. Chef Martin Picard, a darling of the back-to-the-land school of cooking, looks like a lumberjack, and kind of cooks like one, too. On the menu: "The Big Happy Pig's Chop," "the Pig's Foot" and steak that tends to be venison, when it's in season. If forced to choose, I'd say our favorite meal was at La Montee de Lait, a smallish refuge tucked into a quiet corner of the Plateau that offers a fixed-price parade of exquisite small plates.
       
      And then, sadly, the time came to put down our forks and back away slowly. The air had turned seasonably chilly, and we marveled at the Montrealers sitting at sidewalk cafes. For us, it was freezing, and unthinkable. But they were enjoying it while they could, knowing that everything -- even the temperature -- is relative. And the bowls of hot chocolate couldn't have hurt, either.
×
×
  • Create New...
adblock_message_value
adblock_accept_btn_value