Global Macro Perspectives
Interesting paper on HFT : via FT Alphaville: Quant-ifying the HFT effect in stock movements. via Zero Hedge: Scientific Proof That High Frequency Trading Induces Adverse Changes In Market Microstructure And Dynamics, And Puts Market Fairness Under Question.
China new loan issuance for June was at 603 CNY billion. In May the issuance was at 639.4 CNY billion. Chart 1. China New Loans
China trade balance was reported at USD 20.0 billion vs. USD 19.5 billion in May. Export and import growth were running at 43.9 and 34.1 percent. The imports are slowing down, I would say that will mean lower exports further down the road. The accumulated surplus is now at USD 55.8 billion vs. USD 97.4 billion for […]
Housing and commercial real-estate prices in China rose 11.4% in June compared with of 12.4% rise in May. It’s slowing down…I don’t understand spinning this as positive by mainstream media. Chart 1. China NDRC Property Price Index – House Price YoY
Again down… Longest loosing streak in nine years. Chart 1. Baltic Dry Index
Important U.S. earnings this week: Monday: Heartland Express (HTLD), Commerce Bancshares (CBSH), Shaw Group (SHAW), CSX (CSX), Alcoa (AA), Novellus Systems (NVLS) Tuesday: Intel (INTC), Yum! Brands (YUM), Fastenal (FAST), Wednesday: ADTRAN (ADTN), Marriott International (MAR), Westamerica Bancorp. (WABC), Landstar System (LSTR) Thursday: JPMorgan Chase & Co. (JPM), Advanced Micro Devices (AMD), People’s United Financial […]
Baltic dry index fell 16.6% last week; The hardest hit were Panamaxes with 20.6% loss; Capesizes lost 20.0% ; Handysizes and Supramaxes lost 10.3% and 8.9%. Chinese tax rebates on hot-rolled coil and some cold-rolled coil and galvanized products will be removed starting July 15. This makes Chinese steel exports uncompetitive and it is moving the markets. Chinese steel […]
Baltic Dirty Tanker Index fell 4.2%; Baltic Clean Tanker Index rose 0.5%. In short, the supply of vessels overwhelms cargoes needed to be transported for at least following month. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
Belisarius is keeping this week’s posts short as he’s on vacation and in a beach vs. blogging standoff the beach is winning. The markets, anyhow, make no sense as gunning the market up on a no economic data week is the flavor of the week. This is the beach Belisarius enjoyed today.
I already wrote that Greece returning to financial markets despite receiving fully funded bailout is a stupid idea: Greece Returns To Financial Markets. Apparently idea to issue 1-year bills was scraped and they are planing to issue 6-month notes. Reuters story: Greece to sell 1.25 bln eur of 6-mth T-bills July 13. Greece will auction 1.25 billion euros ($1.58 […]
Well, we are just shy of critical level of -10.0% level despite improving initial jobless claims and equity market bounce. Chart 1. ECRI Weekly Leading Index
Again down… Brake-even for shipowners is around 2.200, so most of of the shipping companies are losing money at this levels. Chart 1. Baltic Dry Index
Crude oil stocks fell 5.0 million barrels for week ending July 2; Gasoline stocks rose 1.3 million barrels; Distillate stocks increased 0.3 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels higher than the week before. Refinery utilization rose from 88.4% to 89.8%. Highest since January […]
Working gas in storage rose 78 Bcf from previous week. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Another move to the downside. Chart 1. Baltic Dry Index