July 21, 2010
Yet more good news - this is the fun part - as Apple Inc reported better-than-expected earnings last night. This is a surprise? Hardly. It seems that everyone under a certain age has an iPod, and even tech slowpokes like me are using the iPhone at increasing rates. Later today we will see reports from Wells Fargo, Coca-Cola, and eBay, among others, and tomorrow Xerox will report.
But the boring part - the part that will get little attention in the media - is perhaps more important to our economy and to financial markets. The boring news comes from the Bank For international Settlements (even that name is boring). The BIS, which serves as an international "banker's bank", reports that for the first time since September 2008, bank lending is rising. Boring? Yes? Important? Very. This news means we're beginning to see world economic expansion, something I have been saying here for a while. It's nice to have a little more proof.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).