U.S. Industrial Production Fell 0.1% In February
U.S. industrial production fell 0.1% in February. The consensus was at 0.6%, January revised (up 0.4%) reading was at 0.3%. On year level industrial production is up 5.5%.
Archive for March, 2011
Daily Reading – Thursday, March 17, 2011
*** FT Alphaville: The situation in Tokyo, a view from the ground ***
*** FT Alphaville: China: pass the salt ***
*** FT Alphaville: On top of everything, Mizuho bank is having ATM problems ***
*** The Reformed Broker: Here’s Something You Didn’t Know – Pimco Shares Trading on SecondMarket ***
*** Zero Hedge: Tokyo Passengers Set Off O’Hare Radiation Detectors ***
*** Early Warning: Saudi oil production increased in February ***
U.S. Consumer Price Index Rose 0.5% In February
U.S. consumer price index rose 0.5% in February vs. 0.4% consensus and January reading of 0.4%. On year level CPI inflation is running at 2.2%.
U.S. Initial Jobless Claims At 385.000; Down 16.000
Initial jobless claims in the U.S. were reported at 385.000 vs. 388.000 consensus and last week revised (up 4.000) reading of 401.000.
Four weeks moving ticked lower.
U.S. Petroleum Weekly – March 17, 2011
Libya is out of the markets, but judging from the recent events the rebels are on the brink of defeat and since world needs oil purchases of Libyan crude could resume in following months.
Focus in the last few days has shifted to Bahrain, there also the ruling regime is succeeding to restore order using extremely violent measures.
The biggest question is the demand impact of Japanese earthquake, tsunami and nuclear disaster. I believe that short term demand shock is widely underestimated, but for the time being and despite the fundamental facts mentioned above I believe crude oil is bound to rise on all of this uncertainty.
Japan Update – Things Getting Worse?
Japanese official reports are quite scarce, so this is my inferring based on what is not said rather than on what is said.
Video Of The Day – CNBC – Can Japan’s Economy Recover?
Stephen Roach, Morgan Stanley Asia non-executive chairman, discusses whether the world’s third-largest economy can survive its recent natural disasters. Will it encounter another recession?
Number Of U.S. Housing Starts Fell 22.5% In February; Number Of Building Permits Issued Fell 8.2%
U.S. housing starts in February fell 22.5% to 479.000 vs. revised (24.000 higher) 520.000 January reading. The consensus was at 566.000. On year level U.S. housing starts are down 20.8%.
Morning Reading – Wednesday, March 16, 2011
*** FT Alphaville: Goldman sees no earthquake impact on Japan’s GDP ***
*** FT Alphaville: CDS markets predictably worried ***
*** FT Alphaville: Meanwhile, in Bahrain… ***
*** FT Alphaville: Moody’s downgrades Portugal to A3 from A1 ***
*** FT Alphaville: Portugal: finally about the banks ***
*** Calculated Risk: Lawler: Early Read on February Existing Home Sales ***
*** Zero Hedge: DigitalGlobe’s Satellite Imagery Analysis Of Fukushima ***
*** Zero Hedge: Magnified Picture Of Reactors 3 And 4 Post Explosion ***
Video Of The Day: CNBC – Marc Faber: QE8 on the Way?
I try to post diverse opinions (too much Marc Faber lately), but this video is so fun, especially seeing CNBC hosts so shocked with Marc Faber views that they lose the ability to ask any kind of questions.
FOMC Statement – March 15, 2011
The wording on strength of economic recovery is upgraded (“economic recovery is on a firmer footing”). Some improvement in labor market recognized.
Energy and commodities rising prices effect on inflation downplayed.
March Empire State Manufacturing At 17.5
Empire State Manufacturing General Business Conditions Index for March came out at 17.5 vs. 16.1 consensus and prior reading of 15.4.
Morning Reading – Tuesday, March 15, 2011
*** The Big Picture: Black Swans, 100 Year Floods ***
*** FT Alphaville: A nuclear primer from BarCap ***
*** FT Alphaville: Another market overreaction? ***
*** FT Alphaville: Japan’s banks already facing stock losses, CreditSights says ***
*** self-evident: The Japan Syndrome ***
*** The Slope Of Hope: Potentially Golden Opportunity ***
*** The Slope Of Hope: What We’ve Been Waiting For ***
*** Zero Hedge: Eric Sprott Debunks The Gold Bubble Myth ***
*** Hussman Funds: Anatomy of a Bubble ***
Japan Update
Things got much worse during the night…two additional reactors exploded and radiation got out to atmosphere.
Help Japan Earthquake And Tsunami Victims
My thoughts are with the earthquake and tsunami victims in Japan. If you would like to help, you can make a donation via. the International Federation of Red Cross and Red Crescent Societies (IFRC) web site.