U.S. Producer Price Index Rose 0.7% In March
U.S. producer price index rose 0.7% in March vs. 1.0% consensus. February reading was at 1.6%. On year level PPI is up 5.7%.
Daily Reading – Thursday, April 14, 2011
*** FT Alphaville: This year’s oil bill – $2,400bn according to Morgan Stanley ***
*** FT Alphaville: Glencore’s trading strategies disclosed! ***
*** FT Alphaville: Goldman says there’s been a copper collateral crackdown ***
*** FT Alphaville: Greek-out! Again! ***
*** The Big Picture: Corporate Tax Rates, Then and Now ***
*** The Big Picture: Hoenig: The New GSEs Are Citi, Bank of America ***
*** The Big Picture: Why Has No One on Wall Street Gone to Jail (Yet)? ***
*** Macro Man: Plants vs Zombies ***
*** Casandra Does Tokyo: Credit Where Credit is Due ***
*** The Reformed Broker: Peak Fish and Other Insights from Agriculture 2.0 ***
*** Slope Of Hope: Staring at a Beautiful Top ***
U.S. Initial Jobless Claims At 412.000; Up 27.000
Initial jobless claims in the U.S. were reported at 412.000 vs. 380.000 consensus and last week revised (up 3.000) reading of 385.000.
Four weeks mostly unchanged in the last 6 readings.
U.S. Petroleum Weekly – April 14, 2011
Goldman doesn’t like markets taking their research lightly, so it issued sell recommendations twice.
Same as it issued sell recommendation ahead 2008 crude oil record run.
Look at the gasoline stocks.
China Monetary Expansion Speeds Up In March
The most broad measure of money supply – M2 rose 16.6% y-o-y in March vs. 15.4% consensus and 15.7% rise in February.
Chinese banks issued CNY 679.5 billion of new loans in March vs. CNY 535.6 billion in February and consensus of CNY 600.0 billion. The government has not provided a target for this year, but inferring on Q1 numbers the pace of loan growth could be similar to last years pace.
U.S. Retail Sales Rose 0.4% In March
U.S. retail sales were reported up 0.4% in March vs. o.5% consensus. February reading was at +1.1% (revised from +1.1%). On year level retail sales are up 7.1%.
MBA Mortgage Applications Fell 6.7%
MBA mortgage applications fell 6.7%; Prior reading was a fall of 2.0%; On year level MBA Basic Index is down 8.4%.
U.S. Trade Deficit At $-45.8 Billion In February
U.S. trade balance for February was reported at $-45.8 billion vs. consensus of $-44.0 billion and January reading of $-46.3 billion.
NFIB Small Business Optimism Index For March At 91.9
NFIB Small Business Optimism Index for March was reported at 91.9 vs. consensus of 95.0 and prior reading of 94.5.
Higher commodity prices kicking-in…
Daily Reading – Tuesday, April 12, 2011
*** FT Alphaville: Goldman jolts commodities market ***
*** FT Alphaville: The qualifier in Yellen’s speech ***
*** FT Alphaville: Japan, nuclear accident upgrades, economic downgrades ***
*** FT Alphaville: UK inflation *non fail* shock ***
*** Pragmatic Capitalism: PIMCO GOES SHORT… ***
*** The Big Picture: What’s Driving Gold? ***
*** Credit Writedowns: The Sell-Off in Paper Gold ***
*** Slope Of Hope: Doe-Eyed Optimism ***
First Orbit – 50 Years
Real time recreation of Yuri Gagarin’s pioneering first orbit, shot entirely in space from on board the International Space Station. The film combines this new footage with Gagarin’s original mission audio and a new musical score by composer Philip Sheppard.
Daily Reading – Monday, April 11, 2011
*** The Big Picture:Does Fed Intervention Produce Low Volume Rallies? ***
*** Calculated Risk: Fed’s Dudley: Not “enthusiastic about tightening policy too early” ***
*** Calculated Risk: Fed’s Yellen: Too soon to exit QE2 ***
*** Calculated Risk: Economic Outlook and Downside Risks ***
*** FT beyondBRICs: China’s deficit: bullish for the redback ***
*** Quantivity: Portfolio Theory is Dead, Now What? ***
*** The Reformed Broker: Inside the Currency Boiler Rooms ***
*** Slope Of Hope: Weekend Summary – Bulls Still in Control ***
*** Slope Of Hope: Want to Feel Inadequate? ***
New Week Intro – April 11, 2011
Weekly economic calendar.
China Trade Balance Rose In March
China trade balance was reported at USD 0.14 billion vs. USD -7.3 billion in February and USD -3.4 billion consensus. Export and import growth were running at 35.8 and 27.3 percent vs. 2.4% and 19.4% y-o-y in February
For Q1 2011, exports and imports rose by 26.5% y-o-y and 32.6% y-o-y, with the trade deficit atUS$1bn.
Better than consensus, but high commodity prices clearly kicking in.
Dry Bulk Weekly – April 11, 2011
Baltic dry index fell 9.5% last week; Capesize Index was down 10.0%; Panamax Index fell 11.9%; Supramax Index was down 3.6%; Handysize Index was unchanged.
Oversupply across the board…