Fri Sep 28, 2012 8:23am EST
“European stocks and U.S. futures dropped, while Spanish bonds fell, pushing the yield on the benchmark 10-year securities above 6 percent, before stress tests on the country’s banks. Treasuries and commodities rose….
Spain will present the results of stress tests on its lenders at 6 p.m. in Madrid today. The country’s Prime Minister Mariano Rajoy cut ministries’ spending and imposed a tax on lottery winnings, while France aims to reduce its deficit to 3 percent of gross domestic product from 4.5 percent in 2012. Japan’s industrial production fell more than expected, while output in South Korea dropped for a third month, government reports showed.”
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Fri Sep 28, 2012 8:18am EST
Thu Sep 27, 2012 9:56am EST
Nice catch here by Pedro da Costa at Reuters. He highlights a little followed indicator that is flashing a warning sign (comments via RBC):
“Here’s another indicator flashing red. The three-month trend for the Philly coincident index (which captures state employment and wage metrics) fell to a fresh cycle low of +24 in August – it was +80 just three months ago.
A reading this low historically bodes ill for future economic activity. Looking back at the last five downturns, this index averaged +41 three months prior to the official start of the recession. We have decidedly crossed that threshold.”
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Thu Sep 27, 2012 9:42am EST
Bank outflows sound so much better than bank runs….
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Thu Sep 27, 2012 8:52am EST
Thu Sep 27, 2012 8:31am EST
GDP : 1.3% down 0.04%
Durable Goods: -13.2% vs consensus of -4%
Initial Claims: Prior 382k, Market expects 379k, Actual 359k
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Thu Sep 27, 2012 8:24am EST
“Stocks rose around the world and commodities rebounded from a seven-week low amid speculation China’s government will do more to support economic growth. Spain’s bonds advanced as ministers met to approve a 2013 austerity budget.
The MSCI All-Country World Index (MXWD) climbed 0.3 percent at 12:32 p.m. in London, and futures on the Standard & Poor’s 500 Index advanced 0.5 percent. The Shanghai Composite Index jumped the most in three weeks, while the S&P GSCI gauge of 24 commodities gained 0.8 percent as aluminum added 1.3 percent. New Zealand’s dollar led gains among higher-yielding currencies. Spanish 10-year yields dropped for the first time in three days.”
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Thu Sep 27, 2012 8:21am EST
Wed Sep 26, 2012 8:15am EST
Tue Sep 25, 2012 8:04am EST
Mon Sep 24, 2012 8:57am EST
Mon Sep 24, 2012 8:31am EST
AKS, GE, LVS, TBI,
“U.S. stock-index futures dropped as Germany and France differed on when to introduce a banking union for the euro-area and a report showed optimism among Chinese manufacturers fell, adding to concern of an economic slowdown.”
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Mon Sep 24, 2012 8:28am EST
Fri Sep 21, 2012 10:26am EST
Market update
3 D heat map
European markets
[youtube://http://www.youtube.com/watch?v=IuSIbZ6npXI 450 300]
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Fri Sep 21, 2012 9:57am EST
” This week’s rail data conflicts with some recent reports from some major transport firms like Norfolk Southern and FedEx who both said end demand was softening. AAR reported a decline in carloads at -2.9%, but an increase in intermodal at 3.9%. We tend to favor intermodal as it has a better track record of forecasting expansion/contraction in the economy. The updated 10 week moving average dropped slightly to 4.8%, but remains near its highest levels of the year. The AAR has more details:”
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Fri Sep 21, 2012 8:58am EST
“$MS continues to be one of the most bearish big shops around, and the latest Global Asset Strategy report from Gregory Peters drives that home.
The report is titled Fundamental Disconnect and the gist is that the market represents a battle right now between deteriorating fundamentals and central bank liquidity actions, and that the deteriorating fundamentals are likely to trump the easing in the end.
The general view on markets is summed up here: ”
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Fri Sep 21, 2012 8:20am EST
Investors are bidding up stocks and commodities on get this; the iPhone debut. At least, this is what some media outlets are saying is the cause for the rally.
Chalk it up to no short sellers willing to fight the central banks and money managers trying to play catch up to boost year end performance and a rumor that a bailout for Spain is coming next week.
World Markets
Currencies
Commodities
USD Libor
Euribor
Yields for Italy, Spain, France, and Germany …
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Thu Sep 20, 2012 10:00am EST
Thu Sep 20, 2012 8:15am EST
“Investors were spooked by a report from HSBC that contained more dour news for China. HSBC’s initial purchasing manager’s index for Chinese manufacturing ticked up slightly to 47.8 in September from 47.6, the bank said Thursday. Any reading below 50 indicates that factory growth is shrinking rather than picking up speed.
Economists at Capital Economics said the data indicated a stabilization in China’s economy, but not a recovery.”
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Thu Sep 20, 2012 8:08am EST
“Stocks declined, with an index of emerging-market shares falling the most in two months, and metals slipped as reports signaled economies in Europe and Asia are slowing. The euro weakened and Spanish bonds dropped, while Treasuries gained for a fourth day.”
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