Archive for January 11th, 2011

Evening Reading – January 11, 2011

*** The Big Picture: Inside the Paradox of Forecasting ***
*** Zero Hedge: The US-Japan Congruity Explained By David Rosenberg In Ten Easy Pictures ***
*** Zero Hedge: Who Leaked Last Week’s (Irrelevant) ADP Number? ***
*** Macro Man: Kings and Queensland ***
*** FT Alphaville: Go north, jaded government bond investor? ***
*** Visualizing Economics: Effect of Dividends Reinvested on US Stock Returns since 1871 ***
*** Paper Economy: Beveridge Curve Balancing Act: November 2010 ***
*** Calculated Risk: CoreLogic: House Prices declined 1.6% in November ***

Ceridian-UCLA Pulse of Commerce Index Rose 2.4% In December

The Ceridian-UCLA Pulse of Commerce Index rose 2.4% in December after rising 0.4% in November.

Baltic Dry Index At 1480, Down 1.0%

Down 1.0%. It keeps going down…

NFIB Small Business Optimism Index For December At 92.6

NFIB Small Business Optimism Index for January was reported at 92.6 vs. consensus of 94.5 and prior reading of 93.2. The index is trending up, but it’s consistent with weak recovery.

Morning Reading – January 11, 2011

*** Web Urbanist: The Empty City of Ordos, China: A Modern Ghost Town ***
*** FT BeyondBRICs: Bangladesh stocks: a rollercoaster ride ***
*** FT BeyondBRICs: China bears should look to the skies ***
*** FT BeyondBRICs: Chart: the Chinese renminbi’s hidden descent ***
*** FT Alphaville: The illustrated, erstwhile, safety of senior bank debt ***
*** FT Alphaville: P-p-p-ick up a Portuguese private placement ***

Strong Monetary Expansion in China Continues In December

The most broad measure of money supply – M2 rose 19.7% YoY in December vs. 19.0% consensus and 19.5% rise in November.
Chinese banks issued CNY 480.8 billion of new loans in December vs. CNY 564.0 billion in November and consensus of CNY 360.0 billion. Total new loans for 2010 reached CNY 7.9 trillion vs. CNY 7.5 trillion annual target.
New loan issuance slowed down in December because banks tried to obey annual targets; Monetary expansion continues.


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