Global Macro Perspectives
Initial jobless claims in the U.S. were reported at 410.000 vs. 400.000 consensus; last week revised (up 2.000) reading was at 385.000.
Lot of noise in data; Big weekly raise. Four weeks moving average unchanged.
U.S. consumer price index rose 0.4% in January vs. 0.3% consensus and December reading of 0.5%. On year level CPI inflation is running at 1.7%.
Markets well supplied, demand weak, refiners cutting refining capacity and crude oil imports. Record high WTI – Brent pricing disparity.
U.S. housing starts in December rose 14.6% to 596.000 vs. revised (9.000 lower) 520.000 December reading. The consensus was at 529.000. On year level U.S. housing starts are down 2.6%.
Did not have time to review this yesterday… Most important – economic projections were raised up. Theme remains unchanged: inflate.