Video Of The Day – Richard Koo – How the West is Repeating Japan’s Mistakes
Richard Koo on Japan “lost decade” experience and lessons learned on balance sheet recessions and quantitative easing.
Archive for March 11th, 2011
U.S. Retail Sales Rose 1.0% In February
U.S. retail sales were reported at 1.0% in February, right at consensus. January reading was at +0.7% (revised from +0.3%). On year level retail sales are up 8.4%.
Daily Reading – Friday, March 11, 2011
*** FT Alphaville: Japan, a quake update ***
*** FT Alphaville: Earthquake – from Japan to the States, and back again ***
*** FT Alphaville: Japan’s uncool problem ***
*** FT Alphaville: Insurance in the ring of fire ***
*** FT Alphaville: Meanwhile in Europe… ***
*** The Big Picture: Kobe Earthquake’s Impact on the Nikkei and $/Yen ***
*** unexpectedutility.com: Forecasting Yesterday ***
*** CNBC: Saudi Arabian Unrest: Thumbnail Summary of a Potential Crisis ***
U.S. Freight Carloads Weekly – March 11, 2011
U.S. railroads originated 300,953 carloads, up 5.5% compared with the same week in 2010 and down 0.7% compared with 5-year average. Week over week change was 1.6%.
U.S. Natural Gas Weekly – March 11, 2011
Working gas in storage fell 71 Bcf from previous week. The consensus was at 78 Bcf.
Storage level is 48 Bcf higher than same time year ago.
March University of Michigan Consumer Sentiment Preliminary Reading At 68.2
March University of Michigan Consumer Sentiment preliminary reading was reported at 68.2 vs. 76.3 consensus and 77.5 February reading.
China Fixed Asset Investments Up 24.9% In February
China fixed asset investments were up 24.9% y-o-y in February; the consensus was at 23.0%. January reading was not reported.
China Retail Sales Up 11.6% In February
China retail sales rose 11.6% in February vs. 19.0% consensus. January reading was not reported.
Industrial Production In China Up 14.9% In February
Industrial production in China was up 14.9% y-o-y in February; January reading was apparently not reported. The consensus was at 13.0%.
China February CPI Inflation At 4.9%; PPI Inflation At 7.2%
China Consumer Price Index was up 4.9% in February, vs. 4.8% consensus and 4.9% January reading .
In line with expectations, I expect the monetary tightening will continue, but without the need for aggressive actions.
China Producer Price Index was up 7.2% vs. 7.0% consensus and 6.6% January reading. Running ahead of expectation, have to watch this closely.