Global Macro Perspectives
Important U.S. earnings this week: Monday: Anadarko Petroleum (APC), Sysco (SYY), Kraft Foods (KFT), Exxon Mobil (XOM) Tuesday: AFLAC (AFL), United Parcel Service (UPS), Entergy (ETR), News Corp (NWS-A), Archer Daniels Midland (ADM), Marathon Oil Corporation (MRO), Automatic Data Processing (ADP), Dow Chemical Company (DOW), Emerson Electric (EMR), MetLife (MET) Wednesday: Comcast (CMCSA), Yum! Brands […]
U.S. GDP Rose 5.6% in Q4 2009. The consensus was at 4.5%, Q3 reading was at 2.2%. Chart1. U.S. Real GDP & Percent Change
Record Bund/Greek government bond spread is crucial market moving factor today. A lot of rumors on the issue. Bloomberg story: Papandreou Says Rumors Hurt Greece, Not Seeking Aid. As I wrote before I expected a meltdown before this weeks bond issue, but apparently they manged to sell the bonds, but the pain continues… Durable orders […]
Working gas in storage fell 86 Bcf from the previous week. Somewhat disappointing draw, the futures price declined more with all energy commodities than because of fundamentals. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range
Crude oil stocks fell 3.9 million barrels for week ending 22 January; Gasoline stocks increased for 2 million barrels; Distillate stocks rose 0.4 million barrels; Propane/propylene stocks fell 4.3 million barrels; Other oils were down 0.2 million barrels; Total crude oil and petroleum stocks fell 5.7 million barrels. Refinery utilization remained flat at 78.5%. Crude […]
New home sales fell 7.6% in December to 342.000 SAAR vs. revised November figure of 370.000 (revised upwards from 355.000 SAAR) and 370.000 SAAR consensus. Chart 1. U.S. New Home Sales SAAR
FED just released that the benchmark rate remains unchanged. The “extended period” is still here. Business conditions are improving but at subdued rate: Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating. Household spending is […]
I’m puzzled by the market action in recent days. It fells that something is wrong, but I major move down doesn’t seem probable. The news and blogosphere are full of stories on Mr. Bernanke and AIG/Goldman Sachs/Societe Generale unwinding. Both are neither interesting neither useful in investing. Who cares what happened more than year ago, […]
Consumer confidence increased in January to 55.9 vs. December’s 53.6 and a consensus of 53.5. Chart 1. Conference Board Consumer Confidence
Both S&P/Case-Shiller Composite 10 and S&P/Case-Shiller Composite 20 fell 0.2% in November. Chart 1. S&P/Case-Shiller Composites Chart 2. S&P/Case-Shiller Composites Percent Change
Markets got their boost when it became obvious that FED chairman Mr. Ben Bernanke will be conformed for the second term. The trading feels anemic, but I think that we will not see a sequel to Friday action in the next days. VIX is down, equity up, treasuries down. Greece, contrary to my views will […]
Existing home sales fell 16.7% in December. Chart 1. Existing Home Sales
Big names reporting this week, but I suspect that the earnings won’t be in focus, at least in the first couple days of the week. Important U.S. earnings this week: Monday: Apple (AAPL), Amgen (AMGN), Halliburton (HAL), Texas Instruments (TXN) Tuesday: Corning (GLW), EMC (EMC), Verizon Communications (VZ), Johnson & Johnson (JNJ), EI DuPont de […]
Equity collapsed. VIX exploded. Monday will be a big day for the markets. Chart 1. S&P 500 Chart 2. VIX
After sleeping it off and giving a little tough on Barack Obama’s proposal of new financial regulation I still think this is HUGE. Because it is so HUGE, I have some doubts how the final version would look like. Similar as with health care reform, a strong opposition backed by almost unlimited (lobbying) funds will […]