Markets failed to get a lasting boost from change in EZ governments; dollar broadly higher into open. Italy auction met with decent response, but higher yields nonetheless ; change in governments no panacea in EZ. Japan’s preliminary Q3 marks the end of the recession; Hungarian forint weakest currency on the day.Read more ›
Post Tagged with: "economic data"
David Rosenberg recently spoke to WealthTrack’s Consuelo Mack about prospects for the US economy. Rosenberg believes that upside to US economic growth will continue to be constrained by high levels of debt. Despite historic levels of fiscal and monetary stimulus, “no major economic indicator that measure the economy from employment to GDP to industrial production to real incomes has managed to get back to their prior cycle highs in late 2007”, notes Rosenberg. He believes that we are in a depression.
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Markets have shifted back to crisis mode amid uncertainty over Italian economic reforms. Three likely scenarios remain after Berlusconi’s upcoming departure; Italian 10-year above 7%. UK September trade data unexpectedly widened, on imports; China’s October CPI eases.Read more ›
Great data from from the BLS. The average annual wage in New York’s financial industry more than tripled from 1990 to 2009.Read more ›
A breakdown of Friday’s numbers with net loss and gain by key industry.Read more ›
Markets are cautiously optimistic ahead of Greek confidence vote, US payrolls and G20. US private payrolls expected to increase by 125k; Greek headlines still likely to drive price action. G20 unlikely to deliver much in terms of policy solutions; problems require national solutions.Read more ›
Jobs and the lack of them are top of the agenda for policymakers and increasingly groups of protestors gathered in the financial districts of New York, London, and elsewhere. Unemployment in these countries is in danger of reaching 10%. In Germany, however, unemployment is below 7%. Some hail it as a miracle. This column finds a scientific – and far less inspiring – explanation.Read more ›
Market sentiment modestly improves after most Asian stocks fall ; EFSF to delay €3bln bond sale. Greek cabinet endorsed referendum plan overnight; aims to win Friday’s confidence vote. FOMC unlikely to announce further asset purchases, forecast updates; soft PMIs in EMEA.Read more ›
Greece’s decision to hold a referendum weighing on sentiment; global PMIs most softer thus far. EUR/USD has retracted half of its Oct. move in two days; Greek referendum increases disorderly default risk. US ISM manufacturing key report of North American session; Asian trade numbers focus of EMs.Read more ›
50.4 is the lowest number since early 2009, during the depths of the recession. So this number, shades above contraction, is a big deal. In fact, the sub-index for new (export) orders index is contracting, meaning slowing economic growth in the developed economies is now impacting China as well.Read more ›
In terms of business activity, the Chicago ISM highlighted the fact that order backlogs recovered from two months of contraction and that employment was the highest in six months, even while new orders erased half of September’s gain.
As any number above 50 shows expansion, this is generally good report. But the message is mixed because of the continued fall in the three-month moving average.Read more ›