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Global Investing Roundups

Survey; U.S. began recession in April; Target 3Q Profit Down 24%; Merrill Lowers 2009 Brazil Growth to 2.9%; Hong Kong Officially in Recession; SEC Charges Cuban with Insider Trading; Lowe’s Revenue Climbs; October Industrial Output Rises

  • The U.S. economy entered recession in April and will last a total of 14 months, according to a survey of economists by the Federal Reserve Bank of Philadelphia. The survey also predicted that non-farm payrolls would contract by 222,400 jobs during the fourth quarter, Reuters reported. 
  • Target Corp. (TGT) saw its profit drop by 24% in the third quarter, as fewer shoppers showed up at the retailer. Though slightly better than the average forecast, it marked the fifth consecutive drop in quarterly profit, Reuters reported.
  • Merrill Lynch lowered its 2009 growth estimate for Brazil from 3.1% to 2.9%. Merrill cited a “massive depreciation” of Brazil’s currency, forcing the central bank to hold interest rates despite falling consumer demand, Bloomberg reported.
  • Hong Kong officially entered a recession in the third quarter, with its gross domestic product contracting 0.5%, MarketWatch reported. The good news: that’s actually an increase from the 1.4% decline Hong Kong the economy saw in the second quarter.
  • Lowe’s Cos. Inc. yesterday (Monday) posted a 24% drop in profit from a year ago. The company earned $488 million, or 33 cents per share during the three months ended Oct. 31 – down from $643 million, or 43 cents per share, in 2007. Revenue actually climbed 1.4% to $11.73 billion.
  • Industrial output 1.3% in October, the Federal Reserve said yesterday (Monday).  Output had plunged 3.7% in September – the largest drop since February 1946.

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Read more on How To Invest, U.S. Economic Cycles at Wikinvest
November 18th, 2008

Peter Schiff: Why this Money Should Replace the U.S. Dollar

There’s a new universal currency, backed by solid gold. You can use it to make online purchases anywhere in the world. Converting some money to the new currency takes just 5 minutes. You can start with as little as $10… or as much as $10 million.

According to CNBC star analyst and Euro Pacific Capital President Peter Schiff, this money could double the value of your savings – automatically – in just 6-9 months.

For Schiff’s full analysis and recommendations, please go here.




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