Global Macro Perspectives
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*** The Big Picture: The Destruction of Economic Facts ***
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*** JESSE’S CAFÉ AMÉRICAIN: Portrait of Desperation ***
*** CAFÉ AMÉRICAIN: Open Letter From Ted Butler to Custodian of SLV Silver ETF ***
Weekly economic calendar.
Baltic dry index rose 1.2% last week; Capesize Index was up 1.6%; Panamax Index rose 5.3%; Supramax Index was down 0.8%; Handysize Index fell 0.6%.
Huge drop in thermal coal stockpiles; Huge drop in steel inventory; Iron ore inventory unchanged. Prices are strong. Monetary tightening still not affecting Chinese commodity demand much.
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI fell form 53.4 to 52.9. Consensus was at 53.9.
Weakening, but that’s nothing new.
Number of crude oil drilling rigs rose for 13; Number of natural gas drilling rigs rose for 4.
Baltic Dirty Tanker Index fell 1.2%; Baltic Clean Tanker Index rose 0.6%.
We could see a slight bounce in Q2 as refinery maintenance season ends.
U.S. railroads originated 292,706 carloads, down 1.8% compared with the same week in 2010 and down 3.8% compared with 5-year average. Week over week change was -0.9%.
Weakening.