Global Macro Perspectives
Important U.S. earnings this week: Monday: Hospitality Properties Trust (HPT), Salix Pharmaceuticals (SLXP), Tyson Foods (TSN), Quicksilver Resources (KWK), King Pharmaceuticals (KG), Hawaiian Electric Industries (HE), Scripps Networks Interactive (SNI) Tuesday: CareFusion (CFN), The Scotts Miracle Group (SMG), Walt Disney (DIS), Fossil (FOSL), TW Telecom (TWTC), Gartner (IT), Cree (CREE) Wednesday: Cisco Systems (CSCO), Dril-Quip […]
Baltic dry index rose 3.2% last week; Capesize Index gained 14.2%; Panamax Index fell -1.2%; Handysizes and Supramax Indexes gained -3.6% and -1.6% respectively. Positive recent developments: Russia grain export ban – increasing ton-mile relation; India imposing additional iron ore export tariffs – also increasing ton-mile relation; improved China steel prices and reduced China steel stockpiles. Negative recent developments: All time […]
Baltic Dirty Tanker Index fell 2.1%; Baltic Clean Tanker Index fell 4.5%. Arabian Gulf tonnage supply at 8 year high. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
ECRI Weekly Leading Index for week ending July 30 was reported down 10.3%. Prior reading was at -10.7%. So, that’s probably it for this time… Chart 1. ECRI Weekly Leading Index
Nonfarm payrolls fell 131.000 in July. The consensus was at -65.000, revised reading for June was a decrease of 221.000. The unemployment was reported at 9.5% vs prior reading of 9.5% and consensus of 9.6%. Average weekly hours worked for private employees rose 0.2% to 34.2. Chart 1. Nonfarm Payrolls & Unemployment Rate Chart 2. […]
Working gas in storage rose 29 Bcf from previous week. Definitely getting more and more interesting… Chart 1. Natural Gas Futures Chart 2. Working Gas in Underground Storage Compared with 5 Year Average
Monster Employment Index fell to 138 in July; May reading was at 141. Charts 1. Monster Employment Index
Initial jobless claims were reported at 479.000. The consensus was at 455.000, last week revised reading was at 460.000. Chart 1. U.S. Initial Jobless Claims
This is the best piece of analysis I have read this year. Enjoy.
Crude oil stocks fell 2.8 million barrels for week ending July 30; Gasoline stocks rose 0.7 million barrels; Distillate stocks increased 2.2 million barrels; Propane/propylene stocks rose 2.1 million barrels; Other oils stocks rose 3.8 million barrels; Total crude oil and petroleum stocks were 61 million barrels higher than the week before. Refinery utilization rose […]
ISM Non- Manufacturing Index was reported at 54.3% vs. 53% consensus and 53.8% reading in June. Chart 1. ISM Non- Manufacturing Index
ADP Employment rose 42,000 in July vs. revised rise of 19,000 in June. Nonfarm payrolls on Friday will be negative, probably missing a -60.000 consensus. Chart 1. ADP Employment
Challenger’s count of layoff announcements was reported at 41,676 in July vs. 39,358 in June. Chart 1. Challenger Job-Cut Report
MBA mortgage applications rose 1.3% for week ending July 30, the prior reading was a decrease of 4.4.%. Refinance index rose 1.3%; Purchase index rose 1.5%. Chart 1. MBA Mortgage Applications
U.S. factory orders fell 1.2% in June. The consensus was at -0.5%, prior revised reading was at -1.8%. Factory shipment fell 0.8%, May reading was at -1.8%. Another data point missing consensus. Chart 1. U.S. Manufacturers New Orders & Shipments