Economics Update

Bad news from the Euro Zone, with Eurozone employment falling by 0.5% in the 3^rd quarter, and Euro zone industrial output fell by 0.6% in October, and by 11.1% year over year.(!)

We are also looking at a spike in food prices over the next year, leading to an increase in inflation that all the economists and the economic journalists ignore, because, after all, it's not core, because it's just food.

In currency, Abu Dhabi has agreed to bail out Dubai, which has made people feel more secure, so they are selling dollars, which pushes the currency down.

In energy, crude oil fell for the 9^th straight day largely on demand concerns.