Mulberry Is World’s Top Fashion Retailer as Overseas Sales Boom +

Australia Grocers May Post Higher Sales Even as Consumer Sentiment Slumps

http://www.bloomberg.com/news/2011-07-18/australia-grocers-may-post-higher-sales-as-cautious-consumer-crimps-rivals.html?cmpid=

“If you happen to be a company involved in digging up parts of Australia and sending them overseas, the chances are things are looking pretty good for you right now,” Alexander Mees, an analyst at JPMorgan Chase & Co. in Sydney, said in a July 13 report. “If, on the other hand, you are a company with nothing to do with mining, it is more than likely you are finding trading conditions challenging.”

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India Government Sees Growth Imperiled With Rising Greek-Like Tax Evasion

http://www.bloomberg.com/news/2011-07-18/india-government-sees-growth-imperiled-with-rising-greek-like-tax-evasion.html?cmpid=

India’s government revenue as a share of GDP compares with 36 percent in Brazil, 37 percent in Russia and 21 percent in China, the IMF says. Its debt ratio is 68 percent, against China’s 17 percent, Russia’s 8.5 percent and Brazil’s 66 percent.

In a country where the per capita income is 50,000 rupees and the income tax exemption limit is 180,000 rupees, only 3 percent of India’s 1.2 billion population pays tax, according to the finance ministry. Endemic tax evasion makes it tougher to stem any crisis in investor confidence, as Greece discovered last year.

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RBA Had ‘More Time’ to Assess Inflation

http://www.bloomberg.com/news/2011-07-19/rba-had-more-time-to-assess-australian-inflation-pressures-minutes-show.html?cmpid=

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Office Prices in California’s Subprime Center Leapfrog Real Estate Rebound

http://www.bloomberg.com/news/2011-07-19/office-prices-in-subprime-s-center-leapfrog-recovery-in-region.html?cmpid=

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Cisco Cuts 6,500 Workers, Record $1.3B in Costs

http://www.bloomberg.com/news/2011-07-18/cisco-plans-to-cut-about-6-500-jobs-take-pretax-charge-up-to-1-3-billion.html?cmpid=

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Fed’s Recovery Forecast Buoyed by Dudley Expecting Dollar-Driven Exports

http://www.bloomberg.com/news/2011-07-17/fed-s-recovery-forecast-buoyed-by-dudley-expecting-dollar-driven-exports.html?cmpid=

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Mulberry Is World’s Top Fashion Retailer as Overseas Sales Boom

http://www.bloomberg.com/news/2011-07-17/mulberry-is-world-s-top-fashion-retailer-as-overseas-sales-boom.html?cmpid=

Mulberry Group Plc (MUL), the 40-year-old British luxury-handbag maker, is the world’s best-performing fashion retail stock over the past year and its sales may keep gaining, driven by overseas growth, analysts say.

The stock has risen 526 percent to 1,756 pence in the past 12 months, making it best performer in the apparel retailers segment, according to Bloomberg data. Among all retailers, it’s behind only PT Mitra Adiperkasa, an Indonesian company that runs Starbucks Corp. coffee shops and Sogo department stores in the country, which has risen 641 percent over the period.

Mulberry’s shares have gained 24-fold over the past two years, making it the top gainer over the period in the FTSE AIM All-Share index of 805 British stocks. In the year ended June 30, it was the second biggest gainer on the 1,526-member Russell GLO Consumer Discretionary index, behind only Jinchuan Group Co., a Chinese nickel producer that also sells cosmetics.

“I’m not at all worried about the company, but when you get beyond this, you are betting on the scale of upgrades,”said Stoddart, who has a “buy” recommendation on the shares. Mulberry raised its profit forecasts four times between last October and March.

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Gundlach Leads Bond Funds Boosting Cash to Most Since 2008

http://www.bloomberg.com/news/2011-07-18/gundlach-leads-bond-funds-boosting-cash-to-most-since-2008-in-bullish-bet.html?cmpid=

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BofA Needs $50 Billion Cushion as Mortgage Expenses Swell

http://www.bloomberg.com/news/2011-07-18/bofa-mortgage-settlements-magnify-capital-strain-as-50-billion-gap-looms.html?cmpid=

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Gold Tops $1,600, Surges to Record in Longest Rally in 31 Years on Debt

http://www.bloomberg.com/news/2011-07-18/gold-rallies-to-record-in-best-run-since-1980.html?cmpid=

Gold rose to a record $1,607.90 an ounce, capping the longest rally in 31 years, as debt concerns in Europe and the U.S. boosted demand for the metal as a haven.

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Stocks, Oil Drop on Debt Concern; Gold in Longest Run Since 1980

http://www.bloomberg.com/news/2011-07-18/euro-weakens-asia-stocks-decline-on-debt-crisis-concerns-as-silver-rises.html?cmpid=

Ray Dalio of Bridgewater Associates LP said he expects“another very difficult period” for financial markets next year or in early 2013 as governments struggle to reduce their debt, the New Yorker reported, citing an interview with the founder of the world’s biggest hedge fund by assets. The U.S. will eventually print more money to devalue its currency, which would hurt its bond markets, Dalio said, according to the New Yorker. Countries in the euro zone don’t have that option and will undergo “classic depressions,” he told the magazine.

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Conditions for the next crisis are firmly in place


http://www.ft.com/cms/s/0/f1ff9be8-a3e5-11e0-9f5c-00144feabdc0.html#axzz1SWZAdxXs

Today the conditions for the next financial crisis are already in place. Debt remains at pre-crisis levels and US equities and UK property are seriously overpriced.

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