The market’s in a bit of a swoon now, so it is difficult to suss out where some of the bright spots will be when it comes to the effect that oil’s decline has on markets and on the economy. The pullback has been severe, with analysts furiously downgrading the shares of energy stocks – among other sectors – and overall revisions sliding, given the heavy focus many companies have internationally, accounting for about 45 percent of the revenues of the S&P 500.
from Global Investing:
Is now the time to shift to equities vs. bonds? Goldman Sachs think so and traditional valuation measures such as the equity risk premium (chart) make bonds look expensive relative to equities when compared to the average over the last 20 years.
from Russell Boyce:
After rioting in Xinjiang left 11 dead at the start of Ramadan the Chinese authorities stated that the insurgents who started the trouble had fled to Pakistan. Security forces quickly deployed in numbers to ensure that any further trouble was prevented or quickly quelled. Shanghai-based Carlos Barria travelled to Kashgar to shoot a story on the renovation of the old Kashgar centre, an example of China's modernising campaign in minority ethnic regions. A busy week for Aly Song, who is also Shanghai based, with taxi drivers on strike over rising fuel costs while Lang Lang had local fishermen preparing for typhoon Muifa to hit. In both pictures, the eye is cleverly drawn to the distance to show in one image, a line of striking taxi drivers, and in the other, rows of boats bracing for the imminent typhoon.
from Russell Boyce:
As India heads towards their Republic Day celebrations, Prime Minister Singh makes minor adjustments to his cabinet while outside on the streets people demonstrate over food and fuel price inflation and corruption. Adnan Abidi produces a great picture as a middle-aged demonstrator gets to feel the full force of a police water canon. In stark contrast, B Mathur gets a glimpse of the dress rehearsal of the full military parade planned to celebrate India's independence where the security forces are deployed in a somewhat different manner. Danish Siddiqui added to the file this week with a well seen picture to illustrate a government spending initiative with a man pulling a pipe across a building site, the shadow creating an eye like image that almost seems to wink at the viewer.