Global Macro Perspectives
Crude oil stocks rose 2.8 million barrels for week ending April 30; Gasoline stocks increased 1.3 million barrels; Distillate stocks rose 0.6 million barrels; Propane/propylene stocks increased 1.8 million barrels; Other oils stocks rose 1.5 million barrels; Total crude oil and petroleum stocks were 9.8 million barrels higher than the week before. Refinery utilization rose […]
ADP Employment rose 32,000 in April vs. revised rise of 19,000 March. Challenger Job-Cut Report announced layoffs fell from 67,611 in March to 38,326 in April. We will have positive Nonfarm payrolls on Friday, the question is will the actual number reach consensus of +200,000. Chart 1. ADP Employment Chart 2. Challenger Job-Cut Report
MBA mortgage applications rose 4.0% for week ending 30 April, the week before reading was at -2.9%. The first home-buyer tax credit program is approaching its end… Chart 1. MBA Mortgage Applications
Equities With my 1,200 S&P 500 target reached I’ve moved to a kind of a ambiguous stance to the markets. Now I believe the equity markets are bound for a 10%+ down move at least. My mid-term view remains unchanged – this is just a bear market rally; U.S. and E.U. economies will experience same […]