Monday, December 05, 2011

Quick Overview

  • U.S. factory orders fell by 0.4% in October after falling a downwardly revised 0.1% in September

  • Cargill is firing 2,000 people due to “continued weak global economy”.

  • The Institute for Supply Management said its non-manufacturing index slowed from 52.9% in October to a reading of 52.0% in November, its lowest level since Jan. 2010.

  • S&P may downgrade the triple-A ratings of six European nations including Germany, according to the Financial Times.
    (Telegraph) If only S&P had been such attentive party poopers at the height of the credit bubble  we wouldn't be in the mess we are  in now.

  • (Reuters) - The U.S. Postal Service moved forward with plans to end next-day delivery of letters. Also, in a notice filed with its regulator, it sought approval to close more than half of its 461 processing facilities that have been critical for next-day delivery service. The agency expects to eliminate about 28,000 jobs as part of the processing facilities plan.

  • Bloomberg: Carmakers will use a record $7 billion of platinum in catalytic converters next year, diminishing a glut just as mine production declines for the first time since 2008

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