Evening Reading – December 3, 2010
FED bailouts, Chinese interest and exchange rate(s), Global interest rate, Corruption in Kazakhstan and last remaining bears.
Archive for December, 2010
November ISM Non-Manufacturing Index At 55.0
ISM Non- Manufacturing Index was reported at 55.0, right at the consensus; October reading was at 54.3.
U.S. Factory Orders Fell 0.9% In October
U.S. factory orders fell 0.9% in October. The consensus was at -0.8%, prior reading was at 2.1%.
Factory shipments rose 0.3%, September reading was at 0.3%.
November Nonfarm Payrolls Rose 39.000; Unemployment Rate At 9.8%
Nonfarm payrolls rose 39.000 in November. The consensus was at 150.000, October reading was an increase of 172.000 (revised +21.000). The unemployment was reported at 9.8% vs. prior reading of 9.6% and consensus of 9.6%.
Private payrolls were up 50.000 vs. 160.000 consensus and 160.000 reading in October (revised +1.000).
Average weekly hours worked for private employees stayed unchanged at 34.3.
Huge NEGATIVE surprise.
Morning Reading – December 3, 2010
Euro, Spain, Greece, Peripheral Europe Spreads, End of Rally, Morgan Stanley bailout and 19th century exams…
U.S. Natural Gas Weekly – December 3, 2010
Working gas in storage fell 23 Bcf from previous week. Consensus was at -29 Bcf.
To repeat: I expect large draws in following weeks.
Afternoon Reading – December 2, 2010
Jean-Claude Trichet and ECB doing nothing, QE, central bankers and World Cup hosts…
Pending Home Sales Index Rose 10.4% In October
Pending home sales index rose 10.4% in October vs. fall of 1.8% in September. On year level, the index is down 20.6%,
ECB Disappoints
No real change in ECB policy and measures.
U.S. Initial Jobless Claims At 436.000; Up 26.000
nitial jobless claims in the U.S. were reported at 436.000. The consensus was at 424.000, last week revised (up 3.000) reading was at 410.000.
Improving, but slower than markets expects.
Morning Reading – December 2, 2010
QE2 bad for emerging markets?; Spain debt problems, ECB bond buying or not; Improving employment in the U.S. and top economic forecasters.
U.S. Petroleum Weekly – December 2, 2010
Crude oil stocks rose 1.0 million barrels; Gasoline stocks were up 0.6 million barrels; Distillate stocks were down 0.2 million barrels; Propane/propylene stocks fell 1.1 million barrels; Other oils stocks decreased 3.5 million barrels; Total crude oil and petroleum stocks were unchanged for the week.
Refinery utilization fell 2.9% to 82.6%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell 0.9 million barrels to 8.5 million barrels.
No other comment than that demand is week, stocks are high since the start of last recession and this is not changing or improving.
Evening Reading – December 1, 2010
Euro crisis, FED liquidity (poor Lehman), Goldman turning bullish, Beige Book, U.S. motor vehicle sales…
U.S. Construction Spending Rose 0.7% In October
U.S. construction spending rose 0.7% October vs. -0.4% consensus and revised (down -0.2%) 0.7% rise in September. On year level we are at -9.3%.
Revisions are so big that one can’t rely on this data. This is useless.
November ISM Manufacturing Index At 56.6
ISM Manufacturing Index was reported at 56.9 vs. prior reading of 56.9 and consensus of 56.5.
Kind of disappointment having in mind (mostly) healthy bounces in regional manufacturing surveys.