Quick one today….
China steals the headlines again this morning, announcing the expansion of their economy by an impressive 8.9%, but issues surrounding the reliability of such figures and economic releases denting some of the enthusiasm normally associated with as remarkable a figure in this global economic environment. Suspicion surrounding a probable end to China’s “extended fiscal stimulus” measures dampening most markets, with losses (avg.-1%) across almost each and every territory in Asia, Europe suffering with Ericsson’s disappointing results adding to downwards pressure and (as noted yesterday) a raft of money-managers seemingly content to take money off the table and count their lucky stars for a decent 2009 (sending US futures lower, DJIA -25pts, S&P -4.1pts).Oil printing and closing above $80/brl bringing more joy amongst our friends in the Middle East and making it easier to field the 20,000DHS ($5,500) minimum for a table at the closing party of the Grand Prix.
More talk that the US government wants to punish, sorry I meant “curb” senior executives pay ahead of bonus announcements filtering through the moans of investment bankers’ and once-mighty corporate executives’ corner offices (most sit back out on the “floor” now - to banish perceptions of excess) – in what sounds like an arbitrary decision, the plan is to half the pay to the top 125 earners (and reduce by 90% those in the top 25) across those firms still infused with government cash – those guys that came in at 126 last year must be laughing, Mr 124 not quite so happy. Will we shed tears? Hmmm…Let me think for a s…….
Anyway, with the opening of the world’s longest golf course in the Australian outback - coming in at an impressive 835miles long and taking almost 7 days to complete the 18holes – there will be many content to take - or is that “choose “ -early retirement and indulge in a thoroughly time-consuming pastime. Many of them will be in good company amongst the dingos.
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