Global Macro Perspectives
(For September 2010) Dallas FED Manufacturing Activity was reported at -17.7. The consensus was at -6.0, prior reading at -13.5. Again bellow consensus and again pointing to contraction. Dallas Fed Manufacturing, Empire State Manufacturing and Philadelphia FED General Business Conditions Index all point to lower ISM manufacturing. Dallas Fed Manufacturing and Empire State Manufacturing both deteriorated in […]
(For The Week Ending September 17, 2010) U.S. railroads originated 304,679 carloads, up 7.9% compared with the same week in 2009, but down 4.2% compared with 5-year average. Week over week change was +9.8% (due to Labor day). Chart 1. Association of American Railroads U.S. Freight Carloads Total
Baltic dry index fell 8.7% last week; Capesize Index was down 10.3%; Panamax Index fell 7.1%; Supramax Index fell 6.6%; Handysize Index was down 1.5%. Baltic dry index is off 18.6% from recent peek. Holiday season in China (Mid Autumn Festival – from September 22 to September 24 and National Day – from October 1 to October […]
(For August 2010) Chicago Fed National Activity Index for August was reported at -0.53 vs. July revised reading of -0.11. Chicago Fed National Activity Index 3-month moving average was at -0.42. When the CFNAI three month moving average value moves below –0.70 following a period of economic expansion, there is an increasing likelihoodthat a recession has […]
Baltic Dirty Tanker Index rose 1.0%; Baltic Clean Tanker Index fell 2.2%. Dead in the water. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Moody’s just downgraded Anglo Irish senior unsecured debt by three notches (A3/Prime-1 to Baa3/Prime-3) and subordinated debt by six notches (Ba1 to Caa1). Irish spreads unchanged at Fridays record highs. Downgrade (as usual) when the market price has already ran its course.
Important U.S. earnings this week: Monday: Paychex (PAYX), Thor Industries (THO), Zale (ZLC), Jabil Circuit (JBL), Cal-Maine Foods (CALM) Tuesday: Walgreen (WAG), Standard Microsystems (SMSC) Wednesday: SYNNEX (SNX), Worthington Industries (WOR), Actuant (ATU), Family Dollar Stores (FDO), American Greetings (AM), Allscripts Healthcare Solutions (MDRX) Thursday: AZZ (AZZ), Christopher & Banks Corporation (CBK), McCormick & Co. […]