Global Macro Perspectives
*** The Big Picture: Markets Down 6 Weeks Consecutively (and that means…) ***
*** FT Alphaville: The foreigners are frightened ***
*** FT Alphaville: ENRC(ore) International? ***
*** FT BeyondBRICs: EM assets: rich and getting richer ***
*** JESSE’S CAFÉ AMÉRICAIN: SP 500 Deflated By Gold ***
*** Bronte Capital: Sino Forests – some thoughts ***
Baltic dry index fell 4.8% last week; Capesize Index was down 10.5%; Panamax Index rose 7.6%; Supramax Index was down 6.1%; Handysize Index fell 2.1%.
Thermal coal stockpiles unchanged at extremely low levels; Steel stockpiles fell but stocks are high; Iron ore stockpiles at new record high. Prices still strong.
Baltic Dirty Tanker Index fell 4.1%; Baltic Clean Tanker Index fell 6.0%.
The most broad measure of money supply – M2 rose 15.1% y-o-y in May vs. 15.5% consensus and 15.3% rise in April.
Chinese banks issued CNY 552 billion of new loans in May vs. CNY 740 billion in April and consensus of CNY 650 billion. New loan issuance January-May is 11.7% lower than in 2010.