Global Macro Perspectives
(For The Week Ending September 17, 2010) MBA mortgage applications fell 1.4% , prior reading was a decrease of 8.9.%. Refinance index fell 0.9%; Purchase index fell 3.3%. Purchase index which is supposed to be leading home sales – pathetic in one word. Chart 1. MBA Mortgage Applications
In last 7 sessions Baltic Dry Index declined 14.5%. This is little bit surprising since with the start of new quarter lower iron ore price kicks in. Maybe holiday season (Mid Autumn Festival – from September 22 to September 24 and National Day – from October 1 to October 7)… Chart 1. Baltic Dry Index
New highs today for Irish and Portuguese 10 year government bond yield spread versus same maturity German. Greece yields off recent highs. ECB is not managing to put this under control. Chart 1. Ireland vs. Germany 10 Year Government Bond Yield Spread Chart 2. Portugal vs. Germany 10 Year Government Bond Yield Spread Chart 3. Greece vs. Germany […]