Global Macro Perspectives
We have clear roll over of leading indicators in recent weeks and a deterioration in housing, jobless claims, durable goods orders today and bad consumer confidence reading. Seems that the markets do not appreciate the data. Things that move the markets are only FED policy on rates, dollar strength and Greece debt problems. China credit […]
Marvin King: It was at this press conference one year ago that I explained the asset purchase programme to you. That was at a time of sharply falling output and collapsing confidence. Since then, the position has improved considerably. Output has stabilised and confidence has recovered. The additional money created by the asset programme will […]
A lot of action on the earnings losses and economic announcements front. So, let’s start. Initial jobless claims came at 512k vs. 523k consensus and 530k the week before. Finally some improvement, but still at some 170k job losses a month.
Markets, off-course, cheered the data. All major indexes ended with nice gains of a 2% and more. We will see if the positive action continues after the tomorrows unemployment figures. Could be, consensus on non-farm payrolls is pretty low at 175k job loses, I think we could manage to beet that.