Roundup: S&P +0.45%. Dow +0.47%. Gold at $1,576.60. London +0.69%. Germany +0.59%. France +1.22%.
Goldman: NIFTY 7000 by March 2014. (ET) And bullish on commodities: “The recent sell-off in commodities on worries about Chinese growth is overdone in our view and we upgrade to overweight on a 3-month horizon.” (Bloomberg)
Did the Bank of England sell its gold reserves to protect banks that were severely short the yellow metal back in 1999. Or was it in response to the damage being caused to African gold producers due to European central banks deciding to suspend gold sales? What a mess. (FT) [stockquote]GOLDBEES[/stockquote]
China bears have been dead right on the existence and scope of the Chinese “Ghost Cities” – developments that have been built just for the sake of giving people something to earn a living doing and for “growing” the economy. Here’s the latest expose.
Mukesh Ambani’s Reliance Jio Infocomm is eyeing to get the largest foreign direct investment in the country by selling a little over 25% stake in Reliance Jio for $3.5 billion to US-based AT&T, valuing the company at $14 billion. (TOI) [stockquote]RELIANCE[/stockquote]
There is zero correlation between economic growth and stock market returns. “There is a cross-sectional correlation of -0.37 for the compounded real return on equities and the compounded growth rate of real per capita GDP for 16 countries over the 1900–2002 period.” (Economist)