Global Macro Perspectives
(For The Week Ending September 3, 2010) Working gas in storage rose 58 Bcf from previous week. Consensus was at 57 Bcf. My stance is unchanged from previous week: “Stockpiling will be higher in the following weeks (because of mild temperatures) so the overall supply/demand balance for the coming months will be better then last year, but […]
(For The Week Ending September 3, 2010) Initial jobless claims were reported at 451.000. The consensus was at 470.000, last week revised (up 8.000) reading was at 478.000. Bloomberg: Jobless Claims in U.S. Decreased 27,000 to 451,000 Last Week. …For the latest reporting week, nine states didn’t file claims data to the Labor Department in […]
(For July 2010) U.S. trade balance for June was reported at $-42.8 billion vs. consensus of $-47.0 billion and June reading of $-49.8 billion. Chart 1. U.S. Trade Balance
(For The Week Ending September 3, 2010) Initial jobless claims were reported at 451.000. The consensus was at 470.000, last week revised (up 8.000) reading was at 478.000. Chart 1. U.S. Initial Jobless Claims
Extension of European debt problems returned as a mayor concern this week. Most notable problem is, off-course, much hyped Ireland’s banking system nationalization. Latest leg included spiting up Anglo Irish. Bloomberg: Ireland’s Burial Plan for Anglo Irish Keeps Cost Question Alive. Irish 10 year government yield spread versus same maturity German issue moved to new highs. Chart 1. Ireland vs. Germany […]
I will be away from my computer from now till Thursday, so regular service continues on Thursday, September 9.
It’s a slow day both in terms of data scheduled to be released and in terms of trading. The bias is negative. Surprise of the day is 2.2% fall in German manufacturing orders for July. The consensus was at 0.5%, June reading at 3.2%. Given the recent strength in German economy, this comes as a quite big negative surprise. Chart […]
(For The Week Ending September 3, 2010) Number of crude oil drilling rigs fell for 7; Number of natural gas drilling rigs rose for 4. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. Rig Count Chart 3. Baker Hughes Monthly World Rig Count
(For The Week Ending August 27, 2010) U.S. railroads originated 302,358 carloads, up 8.2% compared with the same week in 2009, but down 8.1% compared with 5-year average. Week over week change was +1.2%. Chart 1. Association of American Railroads U.S. Freight Carloads Total
Important U.S. earnings this week: Monday: Urstadt Biddle Properties (UBA) Tuesday: Phillips-Van Heusen (PVH), Casey’s General Stores (CASY), NCI Building Systems (NCS) Wednesday: The Men’s Wearhouse (MW), Shuffle Master (SHFL), Pep Boys – Manny, Moe & Jack (PBY), CIENA (CIEN), United Natural Foods (UNFI), Hi Tech Pharmacal (HITK), Smithfield Foods (SFD), AeroVironment (AVAV) Thursday: National […]
Baltic dry index rose 6.0% last week; Capesize Index was up 14.1%; Panamax Index rose 4.8%; Supramax and Handysize Indexes lost 5.5% and 1.2% respectively. China steel prices ticking up, bringing some demand to the shipping markets. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. Baltic Dry Index Chart 3. Baltic Dry Index Components […]
I have been thinking for a while on starting my book review series and here comes the first one. I am going to try to point to books which I find most useful in improving my understanding of the markets and most interesting and fun to read. My first review will be a short one and it […]
Baltic Dirty Tanker Index fell 3.0%; Baltic Clean Tanker Index fell 2.2%. Supply is overwhelming demand; rates are approximately at ship operating costs; vessel owners are slowing down vessel speed to reduce supply. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
(For August 2010) ISM Non- Manufacturing Index was reported at 51.5 vs. 53.0 consensus and 54.3 reading in July. Chart 1. ISM Non- Manufacturing Index
(For The Week Ending August 27, 2010) ECRI Weekly Leading Index for week ending August 27 was reported down 10.1%. Prior reading was at -9.9%. Again in the recession territory. Chart 1. ECRI Weekly Leading Index