Financial Data Today

So far this week regarding 2011 Q3 earnings releases, losses from Goldman Sachs were worse than expected, but shares of the investment bank gained 1% after the announcement. Goldman Sachs' $393 million loss was its first quarterly loss since 2008, and was spurred by a 33% drop in investment banking revenue. Meanwhile, slower growth announced by China did little to lift investors' optimism about the world economy. China said its gross domestic product grew at a 9.1% annual rate in the third quarter, following 9.5% growth in the prior quarter. While a slight slowdown was expected as the Chinese government focuses on taming inflation, it nevertheless worries some investors to see China's growth decelerating at a time when growth in the United States and Europe is lagging. As I stated to CNNMoney on Tuesday, the bad news is, it probably means China is consuming less of the world's goods and services. On the other hand, a slight deceleration in GDP may help curb Chinese inflation. Separately, Europe's debt crisis continues to remain in the spotlight as well - stocks tumbled 2% Monday, backing off last week's strong gains, as investors worried it may take longer than expected to reach a final solution to the eurozone crisis.

Timothy Speiss is the Partner-in-Charge of EisnerAmper's Personal Wealth Advisors Group and Vice President of EisnerAmper Wealth Planning LLC. He chairs our Asia Practice and is a member of the firm’s community service group, EisnerAmper Cares.

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