Global Macro Perspectives
(For September 2010) Richmond FED Manufacturing Survey came out today at -2. The consensus was at 6.0, prior reading at 6. Another manufacturing survey bellow consensus and again pointing to contraction. Richmond FED Manufacturing, Dallas Fed Manufacturing, Empire State Manufacturing and Philadelphia FED General Business Conditions Index all point to lower ISM manufacturing. Richmond FED Manufacturing, Dallas Fed Manufacturing […]
(For September 2010) Conference Board consumer confidence came out at 48.5 vs. 52.1 consensus and 53.5 reading for August. Big miss; markets as usual not valuing negative news and readings. Chart 1. Conference Board Consumer Confidence
(For July 2010) Seasonly adjusted S&P/Case-Shiller HPI 10 city composite rose 0.03%; Seasonly adjusted S&P/Case-Shiller HPI 20 city composite also fell 0.3%. On a year level 10 city index is up 4.0%; 20 city index is up 3.1% This is three month rolling average for July. Time lag is huge. Chart 1. S&P/Case-Shiller Composite 10 Chart 2. […]
Irish 10 year government bond yield spread versus same maturity German moved to new record high today. European markets resemble roller coaster ride today, having fallen post opening and paring losses after some verbal intervention from ECB officials. Irish story is starting to more and more look like Greece earlier. Chart 1. Ireland vs. Germany […]