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Media Navel Gaze: August 24, 2015

Mark Kollar  Follow

The Week Unpeeled

Yikes! The summer turned nasty last week, with stock markets worldwide showing red almost everywhere as the indices hit 10-percent correction levels amid commentary that the six-year bull market may have run its course.  The week-long slide was based on concerns about China's growth following its currency devaluation and sluggish economies elsewhere.  The S&P 500, probably the broadest best measure, fell some 5.8 percent last week and is now down 4 percent for the year.  Unclear if this is a breather or more to come but lots of ink sure to follow.

Elsewhere:

  • Oil continued its descent with crude falling briefly below $40 per barrel and projections for the $30 range soon.
  • Maybe it should wait after this week but the law firm Wachtell, Lipton, Rosen & Katz has recommended that public companies shed the quarterly reports, calling on the SEC to get rid of the practice which no doubt would make many CFOs happy;
  • A top Bloomberg editor was dismissed last week when he broke the embargo on Fed minutes story;
  • The Koreas traded threats;
  • Female Viagra was approved; and
  • Jared happened.

LatAm Gaze:

  • LATAM: This week's steep selloff that pushed down the S&P 500 says more about the outlook for emerging markets than US companies; recessions in Latin American countries like Brazil and Chile is hurting commodity-related companies, and prompting traders to overlook improving US economic data.
  • BRAZIL:  Amid ongoing investigations into Brazil's Petrobras oil firm, Brazil's TSE electoral authority has called for an investigation of President Dilma Rousseff's 2014 re-election campaign, citing evidence that it may have been financed with money from a Petrobras corruption scheme.
  • MEXICO:  Mexico has completed its oil hedging program for next year, paying more than $1 billion to guarantee it will get at least $49 a barrel for about half of its exported crude in 2016. End of Story

 

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