Morning Links…

Even though investors were able to ignore the horrible earnings posted by aluminum giant Alcoa, it doesn’t seem they are taking JP Morgan’s earnings report as lightly. S&P futures ticked lower soon after the release. The bank essentially failed to meet expectations, but posted a ‘beat’ due to an accounting gimmick. More on that below. Today, we are really focusing on China. While the Euro debt debacle has been front and center for quite a while now, investors are starting to question the health of the Chinese economy. Export growth is slowing, and many analysts have spent the past few weeks covering the growing real estate bubble in the country. If China hits the wall, it will make the Euro situation look like a walk through the park in comparison. Back here in the U.S., jobless claims came in above 400K again, although the moving average trended a bit lower. Spot gold prices are currently down 0.4%, and most other commodities are weak this morning. Euro shares are all lower as investors have no rumors to pounce on today…yet. S&P futures are trading down 0.7%. Best of luck out there, and on with the links…

  • JP Morgan earnings ‘beat,’ but the numbers tell another story. (Zero Hedge, Bloomberg)
  • Uh-Oh: China export growth dwindles, global outlook dim. (Bloomberg)
  • Will China boom forever, or is a bust looming? (Credit Writedowns)
  • Florida Attorney General, like Congress, is bought. (The Big Picture)
  • Upside to RIM outage – now you can get an IPhone. (MarketBeat)
  • Jobless claims come in above 400,000. (Calculated Risk)
  • Buffett’s son defends Occupy Wall Street. (Bloomberg)
  • 3 landmark trade deals finally pass Congress. (NYT)
  • U.S.-China trade gap widens. (WSJ)
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