Newsworthy Snips

• Singapore’s 2Q GDP Growth Momentum Likely Unsustainable, CS Says
  July 18 (Bloomberg) — Singapore’s strong growth momentum
  seen in 2Q is unlikely to be sustained because of some pullback
  of production in biomedical sector, Dennis Tan, Asian economist
  at Credit Suisse Private Banking and Wealth Management, says in
  e-mail.

• Russian Deputy Finance Minister Sergei Storchak said
  the G-20, which meets this weekend, probably won’t call for a
  tapering of stimulus in nations including Japan.  (Bloomberg)

• Of US index members that have released
  earnings so far this month, 75 percent have topped analysts’
  profit projections, and 53 percent have beaten on sales,
  according to data compiled by Bloomberg.
• Exxon and Bank of America open at new multi-year highs !
  July 18 (Bloomberg) — U.S. stocks rose, sending the
  Standard & Poor’s 500 Index to an intraday record, amid better-
  than-forecast earnings and data on jobless claims and
  Philadelphia-area manufacturing that bolstered optimism in the
  economy. Treasuries retreated while the dollar rose.

So why did Morgan Stanley cuts Q2 GDP forecast to 0.3% ????!!!!

• China June Home Prices Rise as Big Cities Post Record Gains
  July 18 (Bloomberg) — China’s June new home prices rose in
  all but one city, led by the biggest metropolitan centers and
  underscoring Premier Li Keqiang’s struggle to rein in
  speculative investment even as the economy cools.

• Home prices in Hong Kong could fall as much as 45 per cent over the next three to five years amid higher property taxes, rising interest rates and a bleak outlook for commercial property, says one real estate agent.
  http://www.scmp.com/business/economy/article/1284945/hong-kong-home-prices-could-fall-45pc-midland-controlled-agent

•  July 18 (Bloomberg) — European government bonds rose for a
  third day as Federal Reserve Chairman Ben S. Bernanke’s
  testimony to U.S. lawmakers buoyed optimism that central banks
  around the world will maintain stimulus.

• Reuters : Japan survey ships prepare for deployment, tension with China rises. link

• July 18 (Bloomberg) — The best-performing Dim Sum bond
  fund managers are favoring shorter-dated debt to avoid losses
  from the halt in yuan appreciation and planned paring of U.S.
  monetary stimulus.

And finally, what would have happened to Edward Snowden if he had been Chinese ?

Chinese whistleblower blinded in acid attack

An amateur Chinese whistleblower, who spent his free time embarrassing Communist party officials by posting pictures of their luxury cars on the internet, was rammed by a car, blinded with acid, and deprived of two of his fingers.

(The Daily Telegraph)