Global Macro Perspectives
Philadelphia FED General Business Conditions Index fell to -7.7. The consensus was at +7.0, prior reading at +5.1. Chart 1. Philadelphia Fed Survey – General Business Conditions Index
Crude oil stocks fell 0.8 million barrels for week ending August 13; Gasoline stocks remained unchanged; Distillate stocks increased 1.1 million barrels; Propane/propylene stocks rose 2.4 million barrels; Other oils stocks were up 2.3 million barrels; Total crude oil and petroleum stocks were 5.3 million barrels higher than the week before. Refinery utilization rose 1.9% […]
Initial jobless claims were reported at 500.000. The consensus was at 478.000, last week revised reading was at 488.000. Chart 1. U.S. Initial Jobless Claims
MBA mortgage applications rose 13.0% for week ending August 13, prior reading was an increase of 0.6.%. Refinance index rose 17.1%; Purchase index fell 3.4% and it is just 6 points shy of all time low. Lower rates spurred refinancing while purchasing activity stayed at recent depressed levels. Chart 1. MBA Mortgage Applications
U.S. industrial production rose 1.0% in July. The consensus was at 0.5%, June revised reading at -0.1%. Capacity utilization rose to 74.8% in July vs. 74.1% in June and consensus of 74.6%. Chart 1. U.S. Industrial Production and Capacity Utilization
U.S. producer price index rose 0.2% in July, right at the consensus. June reading was at -0.5%. Food & energy taken out U.S. producer price index rose 0.3% in July. The consensus was at 0.1%, prior reading at 0.1%. Chart 1. U.S. Producer Price Indexes
U.S. housing starts in July rose 1.7% to 546.000 vs. revised (12.000 lower) 537.000 June reading. The consensus was at 560.000. Building permits in the same period rose 3.1% to 565.000. Chart 1. U.S. Housing Starts Chart 2. U.S. Building Permits
HMI for July came out at 13 vs. 14 in July. Consensus was at 15. All components edged lower except traffic of perspective buyers which remained unchanged. Chart 1. NAHB / Wells Fargo Housing Market Index
Empire State Manufacturing Survey for August came out at 7.1 vs. 8.0 consensus and 5.08 prior reading. Again bellow consensus. Chart 1. Empire State Manufacturing Survey
U.S. railroads originated 284,507 carloads for the week ending August 6, up 3.7% compared with the same week in 2009, but down 11.3% compared with 5-year average. Week over week change was -5.3%. Chart 1. Association of American Railroads U.S. Freight Carloads Total
Number of crude oil drilling rigs rose for 25 for the week ending August 13, 2010; Number of natural gas drilling rigs rose for 9 rigs in the same time frame. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World Rig Count
Important U.S. earnings this week: Monday: The Valspar Corporation (VAL), Urban Outfitters (URBN), Agilent Technologies (A), Lowe’s Companies (LOW), Sysco (SYY) Tuesday: Wal-Mart Stores (WMT), Analog Devices (ADI), Abercrombie & Fitch (ANF), The TJX Companies (TJX), The Home Depot (HD) Wednesday: Applied Materials (AMAT), Deere & Co. (DE), PetSmart (PETM), BJ’s Wholesale Club (BJ), NetApp […]
Baltic dry index rose 21.6% last week; Capesize Index gained 46.3%; Panamax Index rose 11.0%; Supramax and Handysize Indexes gained 4.7% and 4.1% respectively. Chinese steel mills resumed with iron ore purchases. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. Baltic Dry Index Chart 3. Baltic Dry Index Components
Baltic Dirty Tanker Index rose 4.7%; Baltic Clean Tanker Index fell 6.7%. Again clean/dirty rates moving in opposite directions. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
ECRI Weekly Leading Index for week ending August 6 was reported down 9.8%. Prior reading was at -10.3%. Chart 1. ECRI Weekly Leading Index