Monday, September 6th, 2010

Daily Verdict: October 20th, 2008

Zimbabwe opposition won’t attend summit
AP reports that Zimbabwe opposition leaders will boycott the SADC regional summit that was intended to help bring along the power-sharing agreement and stabilize the political volatility within the country. With the world’s worst inflation, desperate humanitarian conditions and constant food crises, is this really the right time to fight for a few measly cabinet positions?

Obama lead back up to 6, Powell promised role in administration
The latest Reuters/C-Span/Zogby has Obama up 6 points nationally with significant gains in independent voters and women. As a response to the Powell endorsement yesterday, Obama has come out and stated that Powell will play, officially or unofficially, a role in his administration if he so chooses. This latest endorsement further bolsters Obama’s credentials on foreign policy as well as his cross-over appeal to members of both parties.

UN says 20 million jobs will go
The UN has said that over 20 millions jobs worldwide will disappear by the end of next year due to the current financial crisis with the construction, real estate, financial services, and the auto sector taking the biggest hits. No regional breakdown of the projected losses is available but it is expected that global unemployment to pass 200 million for the first time ever sometime next year. The trickle down effect of the financial crisis will be severely felt in many parts of the world.

Bernanke hints at yet another stimulus package, markets open strong
Time reports markets opened Monday with signs that the credit markets easing and the Federal Reserve Chairman Ben Bernanke declaring another stimulus package may be the right move for the US economy. Nancy Pelosi, House Speaker, has previously stated that the bill could be as large as $150 billion but some economists have suggested figures twice that size. The Dow is up 150 points for the day; TSX is up 320; FTSE100 up over 200 points; IBEX up close to 300 points with the Nikkei up 300 points as well. The Nasdaq, and the CAC also posted modest gains on the day.

OPEC to cut supply
Bloomberg reports oil rose once again, up to $72.54/barrel, as OPEC, supplier of almost 40% of the world’s oil, seems to be in agreement to cut production later this week. No details about the size of reduction are available. Oil prices are down 18% compared to last year.

Economic liberty under attack?
The Economist has an interesting editorial out which highlights the disadvantages of the current worldwide movement to try and bolster regulation and government influence on financial institutions. Is the flow of the free market more important than saving the jobs, houses, and incomes of millions? Interesting read. Click here to read the article.

IBEX begins outer solar system mission, more Hubble problems
NASA successfully launched the Interstellar Boundary Explorer spacecraft on Sunday with the mission to image the outer boundary of our solar system. In other galactic news, the Hubble seems to be “hobbling” again after recent attempts to fix it have run into major trouble. Much rests on the reported manned mission in February 2009 where it is hoped the telescope will be repaired and updated.