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Dale A. Norton, ME

Dale accumulated extensive research experience in fixed income markets and emerging markets at his previous position on the Leveraged Finance team at a global investment bank. He focused primarily on investment research coverage to support leveraged finance transactions and emerging market capital raising. He was formerly a management consultant at a top firm, where he focused on financial institutions. Dale holds a Master's degree from the leading university in Cambridge, MA.

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Dale A. Norton, ME

  • Financials

    Why Russia’s economic weakness is hurting producers

    Currency depreciation and Russia’s commodities Several Russian firms reported that the weak ruble increased the prices of imports, also increasing costs. Most global commodities are priced in U.S. dollars. Since recently, the dollar has strengthened. Given hopes of tapering at the next FOMC (Federal Open Mark Committee) meeting, local emerging market currencies have depreciated versus […]

    By Dale A. Norton, ME
  • uploads///HSBC China Manufacturing PMI
    Financials

    China’s PMI confirms severe Asian weakness (Part 1)

    China’s July PMI was more than a disappointment—it was a confirmation of weakness Across the board, all items within China’s (FXI) Manufacturing PMI (Purchasing Managers Index) were down. The 47.7 value was the third decreasing consecutive value below the 50 point neutral line. Production and demand contracting Output contracted for the second month in a […]

    By Dale A. Norton, ME
  • uploads///Russia Manufacturing PMI
    Financials

    Russia’s PMI grim picture getting worse, but some see hope

    Several worsening conditions lead Russia’s PMI closer to the 50 point neutral line. The PMI index is a closely followed leading indicator of a country’s manufacturing sector which can offer insight into the economy’s overall economic cycle. Russia’s PMI for last month was weak and this month’s data continued the gloom and doom. The PMI is now at […]

    By Dale A. Norton, ME
  • uploads///HSBC India Manufacturing PMI
    Financials

    Must-know: Why India’s June PMI increase is full of negative signals (Part 1)

    PMI increases versus May, but same underlying problems remain The PMI (Purchasing Managers Index) survey comes out monthly and is sponsored by Markit and HSBC. The survey polls several aspects of the production logistics chain, though the main index is assembled based on only five key items: New orders Production output Employment Suppliers’ delivery time […]

    By Dale A. Norton, ME
  • uploads///Brazil Manufacturing Industry Confidence Index
    Financials

    Brazilian manufacturing falters, confidence to drop in June

    The flash manufacturing confidence survey for June is hinting towards a decrease, putting it below the five-year average. Industry confidence surveys can be very useful at gathering insight from managers directly on the front lines of a sector. In Brazil, the Fundacao Getulio Vargas (FGV) issues monthly surveys on several sectors, including consumer, services and […]

    By Dale A. Norton, ME
  • uploads///Mexico Unemployment
    Financials

    Unemployment in Mexico holds steady, finally some good news

    May unemployment figures were marginally stable compared to April Unemployment is a key indicator of economic health. It’s a lagging indicator, and that means it’s better at confirming trends, especially downward trends, since unemployment rises faster than it falls. Unemployment holds steady, in line with PMI employment indicator The June PMI showed a continued slowdown […]

    By Dale A. Norton, ME
  • uploads///HSBC India Manfacturing PMI
    Financials

    India on the verge of contraction

    The PMI hits 50.1, the lowest point in 50 months The Purchasing Managers Index is a useful gauge of the confidence in the manufacturing sector. Since the sector is sensitive to consumer demand and pricing dynamics, it can give insight about the broader economy as well. India’s economy has been disappointed for several months now, […]

    By Dale A. Norton, ME
  • uploads///Japan vs Europe
    Financials

    Christine Lagarde of the IMF sees a 3-speed economy (Part 1)

    Christine Lagarde, the managing director for the International Monetary Fund, sees a three-speed global economy In her speech at Brookings Institution in early June, Lagarde mentioned that the global economy has shifted this year towards a three-speed economy, versus the two-speed economy coined by PriceWaterhouseCoopers half a year ago. You can broadly categorize the three […]

    By Dale A. Norton, ME
  • uploads///India vs Gold
    Basic Materials

    Why is gold so important in India?

    India is the largest gold importer in the world, yet the government continues adding limitations to importing gold into the country Many factors—including low credit and the continued depreciation of the Indian Rupee—have led the government to instill several gold importing restrictions since the beginning of the year. It seems now that every few weeks, the […]

    By Dale A. Norton, ME
  • uploads///Brazil Confidence Index Seasonally Adjusted
    Financials

    Why Brazilian consumers are becoming pessimistic

    Consumer expectations surveys are helpful for analysts Consumer expectations drive the trade-off consumers make between spending and saving. Both saving and spending are important for economic growth. More spending means there’s more demand for products, so businesses increase revenues and profits. More saving, though, means banks have more capital to lend out to businesses to […]

    By Dale A. Norton, ME
  • uploads///Chinese Inflation
    Financials

    Chinese inflation not a concern, leaving room for very needed stimulus

    China has been lucky versus the other BRICs with regards to inflation and the uptick in April is not relevant. Inflation, as measured by the consumer price index, is a key indicator of health in an economy. When inflation increases too fast, economic growth is choked and slows down either by reduced consumer spending or […]

    By Dale A. Norton, ME
  • uploads///Bazilian Inflation To July
    Financials

    Why the Brazil PMI confirms a downward spiral (Part 3)

    Continued from Part 2 The latest PMI placed Brazil under the 50 point line, signaling contraction Out of the five key sub-indices making up Brazil’s (EWZ) PMI, five posted drops. Stubborn inflation Inflation hit costs hard, rising at the fastest pace in more than three years and squeezing margins in the process. A large component […]

    By Dale A. Norton, ME
  • uploads///Mexico Global Economic Indicator
    Financials

    Mexican economic recovery dragged down by industry and agriculture

    Despite signs of recovery within the services sector, the agricultural and industrial sectors are dragging down economic growth. The global economic indicator, as published by the Mexican Institute for Statistics and Geography, registered the third mild growth of the year in March. Despite its lagging nature, the indicator offers insight into how each of the […]

    By Dale A. Norton, ME
  • uploads///Emerging Markets vs China vs Brazil
    Financials

    Christine Lagarde of the IMF sees a 3-speed economy (Part 3)

    Continued from Part 2 Emerging markets and developing countries This is the third of Lagarde’s three economic groups. This group includes developing regions such as Southeast Asia, with countries such as Indonesia (IDX) and  Malaysia (EWM), and Sub-Saharan Africa (AFK), currently the two fastest-growing regions in the world. Latin America (ILF) has also been a […]

    By Dale A. Norton, ME
  • uploads///Mexican Manufacturing Sector
    Financials

    Mexican manufacturing employment up, but wages suffer from inflation

    The employment figures for March’s manufacturing indicators showed increases in employment, but real wages dropped significantly. The manufacturing sector in Mexico plays an important role in the economy, and while it accounts for approximately a fifth of GDP, its sensitivity to consumer demand makes it a good gauge of the overall health of the country. […]

    By Dale A. Norton, ME
  • uploads///HSBC Mexican Manufacturing PMI
    Financials

    Mexico’s manufacturing sector flat during May: bottom reached or further downside?

    The May PMI survey for Mexico showed growth at the same rate as in May, possibly implying the bottom has been reached or instead that further pains are ahead. The Purchasing Managers Index is a survey that measures the sentiment regarding several elements across the logistics supply chain. It measures growth on items such as […]

    By Dale A. Norton, ME
  • uploads///Mexican Economic Activity
    Financials

    Mexico’s growth picks up in June, what will drive growth? (Part 1)

    The latest global activity indicator showed a meaningful increase in economic activity The global activity economic indicator in Mexico (EWW) is a gauge of GDP performance by broad industry sectors. It’s published monthly by the Mexican Institute for Statistics and Geography. The global economic indicator indices allow investors to distinguish between growth in the industrial and […]

    By Dale A. Norton, ME
  • uploads///Brazil Monthly Unemployment
    Financials

    Brazil’s payrolls way below consensus, soft patch ahead?

    New jobs for May dropped by over 60% in May versus April Under normal market conditions, not many economists and analysts would pay attention to payrolls, but given the fragile state of the economy, everyone is trying to guesstimate the next action by the central bank by following specific macroeconomic indicators. In the U.S., weekly […]

    By Dale A. Norton, ME
  • uploads///India Manfuacturing and Services Combined Expectations
    Financials

    India Services PMI drops to lowest growth rate since October 2011

    In case the Manufacturing PMI didn’t disappoint you enough, the Services PMI should drive the point home The Services PMI is a useful survey to review in conjunction with the Manufacturing PMI to get a full picture of the prospects of an economy. In emerging markets, like Brazil, Russia, India and China, the services sector PMI is available approximately […]

    By Dale A. Norton, ME
  • uploads///Chinas April Car Sales
    Consumer

    China’s auto sales post strong increase, short-lived spike?

    Amidst a wave of disappointing data from China, the jump in car sales seems promising, but it is likely to be unsustainable Car sales are a strong indicator of the health of consumer spending in a country. Durable goods, such as cars, are generally “big ticket” items that last more than three years. Given their […]

    By Dale A. Norton, ME
  • uploads///Brazilian Equity Market
    Financials

    Why Brazil’s equity market keeps dropping (Part 1)

    Several negative factors have come combined to cause a steep drop in the equities market Over the past month, the main Brazilian ETF, EWZ, has dropped 20% in value. Below is a recap of the negative chain of events that led to this fall and how likely the market will recover. Social unrest: Why Brazil’s equity market […]

    By Dale A. Norton, ME
  • uploads///HSBC Mexican Manufacturing PMI
    Financials

    Why Mexico’s economic slide continues and a recovery isn’t happening (Part 1)

    The survey is at its lowest point since it started slightly over two years ago The Purchasing Managers Index (PMI) measures several items along the manufacturing supply chain, including new orders, production, inventory levels, prices, and employment. The PMI serves as a leading indicator of the economy’s near-term performance, so economists and financial analysts closely […]

    By Dale A. Norton, ME
  • uploads///Brazilian Unemployment
    Financials

    Brazil unemployment steadily decreasing

    Unemployment may be a lagging indicator, but Brazil’s steady unemployment downtrend is greatly reassuring that the economy has a solid base. Unemployment is a basic indicator of the economic performance of an economy. A low is a basic requirement for a country to achieve its economic growth potential. In the case of Brazil, unemployment has […]

    By Dale A. Norton, ME
  • uploads///India Rate Policy Inflation
    Financials

    India keeps rates steady, depreciation jeopardizes receding inflation

    The Reserve Bank of India kept interest rates unchanged at their June meeting, citing lingering inflation concerns. The Reserve Bank of India (RBI) is the country’s central bank, which is in charge of setting interest rates. Just as we have seen in the United States, interest rates are market moving indicators that need to be […]

    By Dale A. Norton, ME
  • Financials

    Why Russia’s profitability margins are under pressure

    Russia’s inflation On the prices side of the PMI survey, Russian inflation continued increasing both in the inputs (cost) side as well as in the outputs (prices charged) side. However, the increase in costs was once again faster than the prices charged rate of increase, which leads to margin squeezes. On seasonally adjusted terms, costs […]

    By Dale A. Norton, ME
  • Financials

    Why slower production and more margin squeezes drain China’s hope

    Production slowdown Looking at the individual drivers reveals further insight into why minor improvements did not and may not continue to translate into increased production. As we mentioned in Part 1, there was a loss of momentum (new orders minus inventory) in September with respect to August. The production sub-index fell 0.7 points to 50.2, […]

    By Dale A. Norton, ME
  • uploads///willian justen de vasconcellos hMETvYTAQ unsplash
    Financials

    Peru’s GDP expectations increase across the board

    The latest survey by the Peruvian Central Bank showed that GDP growth expectations were up in January, which is a positive development after many investors thought Peru was losing steam.

    By Dale A. Norton, ME
  • uploads///Mexicos Unemployment
    Financials

    Mexico’s unemployment is not showing signs of recovery

    While it may not come as a surprise, the worsening unemployment means the economy is not improving Unemployment is a key indicator of economic health. It is a lagging indicator, and that means it is better at confirming trends, especially downward trends, since unemployment rises faster than it falls. After the tease drop in February, […]

    By Dale A. Norton, ME
  • uploads///Brazil Consumer Confidence and Sub Indices
    Financials

    Brazil consumer confidence levels off after sustained decline

    Consumer confidence in Brazil seems to have leveled off after several months of decline, showing that the current situation has improved. The consumer confidence index, published by the IBRE in Brazil, posted a minimal decline of 0.4%. The value comes after six months of consecutive declines and a flat reading last month. The index is […]

    By Dale A. Norton, ME
  • uploads///HSBC China Manufacturing PMI
    Financials

    China’s PMI shows red all over the tape

    While the overall PMI was no surprise due to the Flash PMI release, the surprise came from several drivers falling below 50 The China PMI Flash a week ago had foreshadowed what would be a bad PMI reading, but the breakdown by indices was able to disappoint even more. Hongbin Qu, HSBC’s Chief Economist for China & Co-Head of […]

    By Dale A. Norton, ME
  • uploads///Indonesian Stock Market
    Financials

    Indonesia’s slower than expected GDP haunted by government inaction

    The last quarter grew at 1.4%, but consensus expected 1.5% Gross domestic product growth is the most telling metric of economic performance. Governments usually release data on a quarterly basis while analysts and economists wait anxiously for the data to compare against their own projections. The GDP forecast underpins many projections across the economy, from […]

    By Dale A. Norton, ME
  • uploads///Chinese Services Sector
    Financials

    Spoiler alert: China Services PMI drops across the board

    The April Services PMI showed drops across most indices comprising the headline value If you want to feel your life is not as bad as it could be, look at the China Services PMI. All indices composing the headline figures slowed down, with the exception of prices charged, just to throw some unwarranted inflation into […]

    By Dale A. Norton, ME
  • uploads///HSBC India Service PMI May
    Financials

    India Services PMI spikes to 3-month high, offsetting manufacturing slow down

    Services business activity moved almost three points to reach 53.6 in May The Services PMI is the counterpart to the Manufacturing PMI. They are both based on surveys to managers in the respective sector to compare the current situation of several indicators versus the prior month. Observing both the Manufacturing and Services PMIs allows a more holistic […]

    By Dale A. Norton, ME
  • uploads///HSBC BRIC PMIs
    Financials

    Asia drags HSBC’s EM Index lower and future output reaches new lows

    The EM index showed a slow down, led by China and its neighbors The Emerging Markets Index is composed of the Manufacturing and Services PMIs for all the emerging markets covered by HSBC and Markit. The recent surveys pointed to slow downs around the emerging markets world, with particular emphasis on the BRICs. The output […]

    By Dale A. Norton, ME
  • uploads///EWZ vs DBBR
    Financials

    Dump the MSCI Brazil Index (EWZ) for a hedged option, avoid the FX risk (Part 1)

    The Brazilian real has depreciated over 10% since mid-May, and will likely just get worse Over the past three months, the MSCI Brazil Index (EWZ) has fallen 16%. The index is a dollar denominated index of the Brazilian equities market, so it’s subject to foreign exchange fluctuation. During the past three months, the Brazilian real […]

    By Dale A. Norton, ME
  • Financials

    Why Indonesia’s (IDX) account deficit may offset tapering effects

    Foreign exchange rate stabilization In the minutes of its latest meeting, Bank Indonesia outlined several reasons why the account deficit is likely to narrow in the coming months. The 1.25% rates hike will certainly help support the rupiah and offset the potential effects of a beginning of tapering. Recently, the government changed the holding period […]

    By Dale A. Norton, ME
  • uploads///Mexico Inflation new
    Financials

    Why Mexico is one of the safest emerging market plays

    Mexico (EWW) is currently one of the safest plays in emerging markets, naturally hedged given its close relationship with the United States.

    By Dale A. Norton, ME
  • uploads///HSBC Mexico Manufacturing PMI
    Financials

    Must-know: Mexican indicators confirm a positive turnaround

    Turnaround signals Earlier this month, several macro indicators started giving faint signals of turnaround for Mexico (EWW). While quarterly GDP was down, PMI started pointing towards a reversal in the negative course. Given that PMI is forward-looking, positive macroeconomic data this month have been key in confirming the positive trend. Industrial production increasing Industrial production was […]

    By Dale A. Norton, ME
  • uploads///EWW vs SPY
    Financials

    Additional indicators confirm a positive outlook for Mexico (EWW)

    Is the Mexican market becoming bullish? Below are additional macroeconomic indicators released in September that point towards a recovery in the Mexican economy (EWW). The Mexican market may be changing its course towards a bullish trend. Unemployment drops The rate of unemployment also continued its downward trend during August, dropping to 5.2% in August versus 5.4% […]

    By Dale A. Norton, ME
  • uploads///Latam currencies relative strength
    Financials

    Mexican Pesos gaining strength vs. other Latam currencies

    The currencies of the two largest Latam markets are now once again regaining strength, as evidenced by the appreciation of the Mexican Peso and the Brazilian Real. Foreign exchange rates are very relevant to emerging market investors since the local markets are traded in the local currencies, hence foreign investors are exposed to currency risk. […]

    By Dale A. Norton, ME
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