Two wraps today...after the economics wrap here...now the markets related one.
1. What China wants - as I noted on Twitter:
'interesting chart, right way to think about it
2. Active management - clearly the way to go but pick the wrong stocks andit is not pretty...
3. Chinese travel - good news for one of my favourite Asian stocks Samsonite re untapped demand...
4. Wolseley numbers in the UK were not well-received with over a 10% fall today. Here is my key insight from the conference call...not the greatest general readthrough.
Wolseley - on call saying US industrial biz (15% sales) slowed but growth for country +6% next 6 mths (visibility they have). Shares -10.7%
5. And then there is Glencore - a big bounce today after reiteration that the company's balance sheet remains reasonably solid. There was also a (house) broker note that in contrast to yesterday's excitable commentary saw over 100% upside. And the truth? Somewhere in the middle of course (my preference - added to yesterday - is the more solid/higher yielding BHP Billiton).