Durable Goods Orders Rose 0.7% in June, Topping Expectations Amid Lagging Shipments Jul 25, 2014 11:01AM

Durable goods orders rose 0.7 percent to $239.9 billion in June, topping expectations of a 0.5 percent gain.

The U.S. Census Bureau reported that it was the fourth of the last five months for an increase in the reading.

Excluding transportation, new orders increased 0.8 percent, versus a 0.5 percent increase expected by economists.

Shipments of manufactured durable goods in June, up four of the last five months, increased $0.3 billion or 0.1 percent to $238.2 billion. This followed a 0.1 percent May decrease.

Inventories of manufactured durable goods in June, up fourteen of the last fifteen months, increased $1.6 billion or 0.4 percent to $399.7 billion. This was at the highest level since the series was first published on a NAICS basis and followed a 1.0 percent May increase.


UPDATE: IMF Cuts Global Growth Outlook to 3.4% Jul 24, 2014 11:08AM

(Updated - July 24, 2014 11:08 AM EDT)

IMF sees 3.4 percent world growth this year, versus 3.6 percent in April.

UPDATE - Some highlights from the updated World Economic Outlook:

• The global growth projection for 2014 has been marked down by 0.3 percent to 3.4 percent, reflecting both the legacy of the weak first quarter, particularly in the United States, and a less optimistic outlook for several emerging markets. With somewhat stronger growth expected in some advanced economies next year, the global growth projection for 2015 remains at 4 percent.1/

• Global growth is expected to rebound from the second quarter of 2014, as some of the drivers underlying first quarter weakness, such as the inventory correction in the United States, should have only temporary effects, and others should be offset by policies, including in China. But the first-quarter setback will only be partially offset.

• Downside risks remain a concern. Increased geopolitical risks could lead to sharply higher oil prices. Financial market risks include higher-than-expected U.S. long-term rates and a reversal of recent risk spread and volatility compression. Global growth could be weaker for longer, given the lack of robust momentum in advanced economies despite very low interest rates and the easing of other brakes to the recovery. In some major emerging market economies, the negative growth effects of supply-side constraints and the tightening of financial conditions over the past year could be more protracted.

• In many advanced and emerging market economies, structural reforms are urgently needed to close infrastructure gaps, strengthen productivity, and lift potential growth.


UPDATE: IMF Cuts Global Growth Outlook to 3.4% Jul 24, 2014 11:08AM

(Updated - July 24, 2014 11:08 AM EDT)

IMF sees 3.4 percent world growth this year, versus 3.6 percent in April.

UPDATE - Some highlights from the updated World Economic Outlook:

• The global growth projection for 2014 has been marked down by 0.3 percent to 3.4 percent, reflecting both the legacy of the weak first quarter, particularly in the United States, and a less optimistic outlook for several emerging markets. With somewhat stronger growth expected in some advanced economies next year, the global growth projection for 2015 remains at 4 percent.1/

• Global growth is expected to rebound from the second quarter of 2014, as some of the drivers underlying first quarter weakness, such as the inventory correction in the United States, should have only temporary effects, and others should be offset by policies, including in China. But the first-quarter setback will only be partially offset.

• Downside risks remain a concern. Increased geopolitical risks could lead to sharply higher oil prices. Financial market risks include higher-than-expected U.S. long-term rates and a reversal of recent risk spread and volatility compression. Global growth could be weaker for longer, given the lack of robust momentum in advanced economies despite very low interest rates and the easing of other brakes to the recovery. In some major emerging market economies, the negative growth effects of supply-side constraints and the tightening of financial conditions over the past year could be more protracted.

• In many advanced and emerging market economies, structural reforms are urgently needed to close infrastructure gaps, strengthen productivity, and lift potential growth.


U.K. Prosecutors Open Criminal Probe into FX Rigging - Bloomberg Jul 21, 2014 10:07AM

U.K. prosecutors opened a criminal investigation into alleged manipulation of FX benchmarks, according to reports in Bloomberg.


UPDATE: Dell Now Accepts Bitcoin Jul 18, 2014 12:29PM

(Updated - July 18, 2014 12:29 PM EDT)

Dell is now accepting Bitcoin, according to founder Michael Dell. The following was posted to Twitter today:



UPDATE: The following was posted by Coinbase today:

Dell is now accepting bitcoin payments from consumers and small business shoppers across the U.S. for all items available on Dell.com, including the Alienware line of products. To date, Dell is the largest ecommerce company to officially accept bitcoin, with nearly $60 billion in annual sales. Head over to Dell.com to view this video guide on Dell’s bitcoin splash pageand see the bitcoin payment process in action.

With the Coinbase integration, Dell is able to provide its customers with even more flexibility when it comes to payment options. Coinbase partnered closely with the Dell team to implement bitcoin payments on Dell.com in just two weeks, and we look forward to continuing to support Dell in the coming weeks as they implement additional bitcoin features. For more information about this integration, visit the official Dell.com blog here.

To celebrate this partnership, Dell will be offering a special Alienware promotion where customers can save 10% off a new Alienware system purchase when checking out with bitcoin. Visit Dell.com/bitcoin to learn more.


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