Equities fall as Philly Fed slumps


	Equities fall as Philly Fed slumps

JICWyllie

1-18-2008 6:27 AM

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tags:

economy, manufacturing, i-recession, i-forecast

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/e71b6bdb-685b-46c1-8c01-f1c6c41d63e4/04E02C23-14F4-4D80-B8E4-3ACCED1EF394/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html">Financial markets recoiled on Thursday when a closely watched survey of regional US manufacturing activity moved into recession territory and US bond insurers faced the threat of losing their triple-A ratings.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html">investors’ fear of recession was stoked when the Philadelphia Fed index slumped to minus 20.9 in January – the lowest reading since October 2001 – from minus 1.6 in December.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html">“The Philly Fed data is particularly important because this is historically the most reliable signal for the national economy of all the regional surveys and because this is the first hint at January data,” said Mr Ruskin. “The Philly Index is the lowest since the last recession and historically whenever we have breached the minus 20 level, we have fallen into recession over the last 30 years.”</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/856dac24-c52a-11dc-811a-0000779fd2ac.html">Ian Shepherdson, chief US economist at High Frequency Economics said: ”The really grim news is that the drop in the headline index is reflected in the orders index, down to a six-year low of minus 15.2.”</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/04E02C23-14F4-4D80-B8E4-3ACCED1EF394/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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