Global Macro Perspectives
Apparently, out of 91 European Union banks only 7 (seven!!!) have failed the test: Hypo Real Estate Holding AG, Agricultural Bank of Greece SA and five Spanish savings banks. The test points out that the banks that failed the test have combined capital shortfall of 3.5 billion euros ($4.5 billion). What a joke of a […]
We have crossed the -10.0% critical level which has historically predicted recession with 100% accuracy. Chart 1. ECRI Weekly Leading Index
Aggregate results of European bank stress tests will be published today at 17.30 CET (Central European Time)/ 11.30 New York time by the Committee of European Banking Supervisors. From then on, individual countries supervisors or banks will publish their results with no exact timeline determined. The test will cover 91 banks in 20 countries, which account for […]
Working gas in storage rose 51 Bcf from previous week. Consensus was at 51 Bcf. Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average Chart 3. Natural Gas Futures Curve
U.S. Existing home sales fell 5.1% to 5.37 million units SAAR. Consensus was at 5.1 million. Total housing inventory is at 4.0 million units vs. 3.9 million units in May Months supply rose from 8.3 to 8.9 months. Chart 1. Existing Home Sales Chart 2. Existing Home Sales Inventory & Existing Home Sales Months Supply SAAR