International Manufacturing Slowdown; Dollar Rally; Harvard Endowment Adds More Real Assets

MWF (Friday) Briefing:

There's a bit of a slowdown internationally to both developing and develop countries, which takes the U.S. off the hook a bit.  The dollar rallied as did the stock market (sucker rally).  Manufacturing has dropped off around the world in response to decreased spending.  Commodities dropped with money rotating out, but they are fundamentally still in uptrends.  Harvard has increased allocation for 2008 after a positive return for 2007.

• Manufacturing activity falls off globally.Financial Sense

• Harvard endowment has a positive return for the first half of the year. They are increasing allocation of real assets to 18% up 1% from 2007.HAI

• Dollar gains as signs of credit crisis is now global. On Friday the dollar put in its strongest one-day performance for eight years against the euro.   FT