Global Macro Perspectives
We have clear roll over of leading indicators in recent weeks and a deterioration in housing, jobless claims, durable goods orders today and bad consumer confidence reading. Seems that the markets do not appreciate the data. Things that move the markets are only FED policy on rates, dollar strength and Greece debt problems. China credit […]
Initial jobless claims rose 23.000 to 496.000- The consensus was at 460.000. It’s not a “V” shaped recovery at all. Chart 1. Initial Jobless Claims
A negative surprise if we take airplanes out; Durable goods orders rose 3% vs. 1.5% consensus and 0.3% prior reading; Durable goods orders excluding transportation fell -0.6% vs. 0.9% growth in December. Chart 1. Durable Goods Orders Chart 2. Durable Goods Orders Excluding Transportation
Working gas in storage fell 172 Bcf from the previous week. Cold weather is helping the stockpiles draw, but the spring is nearing fast. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5-year Range