The purchasing managers reported Monday on factory orders in October. China disappointed markets as the Caixin PM index again showed slowing order levels, at 49.5 for the month. Anything under 50 shows contraction.
However, Britain’s PMI came roaring in at 55.5. The Eurozone PMI also showed good gains, at 52.3. The US PMI published later by the Institute for Supply Management was less uplifting, at 50.1, barely positive.
The Chinese data squeezed down the Shanghai stock market index by 1.7% and the contagion spread to other Asian markets. However, markets were buoyant across the pond after the sharp rise in orders.
I am mourning the Mets and unhappy that no US New Yo?r?k marathoner came in higher up than 7th in the men’s and women’s races yesterday, beaten mostly by Kenyans and a few Ethiopians. The ladies were more varied. If Barrack Obama really was a Kenyan he would be cheering, but despite Donald Trump’s charges, he isn’t Kenyan except by half his ancestry.
Moreover Barrack Obama Sr was a Luo from the lakes, not likely to have benefited from a lifetime buildup of lung capacity because of living in the Highlands.
More from Israel, Germany, Britain, Canada, Hong Kong, India, The Netherlands, South Korea, and Bermuda today. Today’s blog will be late as I am going to a conference on R&D by a non-US pharmaceutical firm.
*The stars went into alignment yesterday for Delek Group, DGRLY, the developer of offshore gas fields in Israeli and Cypriot waters. Aryeh Deri, the Shas Party Minister of the Economy, resigned after his backing for an antitrust attack on Delek was voted down by the cabinet and the Knesset, or parliament. PM Benjamin Netanyahu is taking his place and wants to fast-track natural gas production.
Over the weekend too, Energy Minister
Yuval Steinitz got into a confab with ENI, to set up a deal whereby the Italian oil company would take over two fields which Delek has to spin off under the cabinet deal: Karish and Tanim. ENI discovered a huge new gas deposit offshore Egypt, and the Israelis want to create synergies for example by reversing the trans-Sinai pipeline to deliver Israeli gas to the Nile Delta for export to Europe along with Egypt’s future output. ENI was supposed to become the intermediary for shipping Israeli gas to European markets.
Delek’s spinoff of half its US Gulf Coast concessions held by two Israeli subs to their CEO, Gideon Tadmor, may lead to the creation of a new Israeli oil company by an ipo, with Mr Tadmor heading Navitas Petroleum and leaving the Delek C-suite. Delek’s largest shareholder, Yitzchak Tshuva, an Arab-speaking Israeli of Libyan heritage, (Mizrahi) has long sought to create a cross-border Israeli-Arab conglomerate. The currently producing Tamar field delivers gas not just to Israel, but also to Jordan and the West Bank.
The Leviathan field, as big as its name implies, extends to Cypriot waters and Delek is a participant in the development of the Aphrodite field there.
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