Global Macro Perspectives
I was away from the computer and away from the markets, so let me recap most important developments. MBA purchase applications were up 0.8% vs. 3.6% the week before. Retail sales in December disappointed coming out at -0.3% vs. 0.4% consensus and 1.3% in November. Initial jobless claims edged up reaching 444.000 vs. 437.000 consensus […]
Looks like Nakheel PJSC bonds will be paid off in full. Bloomberg link: Abu Dhabi Bails Out Dubai World With $10 Billion.The move has prevented Asian stock exchanges from going into negative territory; Europe is trading up around 1% in average. Short follow up on last weeks U.S. economic data: Jobless claims ticked up reaching […]
A lot of economic data coming from the US today. Producer price index coming at 1.7% vs. 0.8% consensus on the monthly level and -4.3% vs. -5.3% consensus on year level. Surprise to the positive side. Retail sales were up 2.7% vs. 1.9% consensus in August, taking out Autos and Gas +0.6%. Also, positive, but definitely not breath taking.