Global Macro Perspectives
*** The Big Picture: Is the Worst of the Bear Market Behind Us? ***
*** FT BeyondBRICs: No help soon for China’s developers ***
*** FT BeyondBRICs: China: Just how fine a tuning? ***
*** FT Alphaville: Cheap China ***
*** Macro Man: The Euro Summit Schedule (maybe). ***
Seasonly adjusted S&P/Case-Shiller HPI 10 city fell 0.2% in August; On year level 10 city index is down 3.6%.
*** The Big Picture: A Tale of 2 Seasonal Investors ***
*** The Big Picture: Deja Vu? Acuthan of ECRI on 4/2/08 when stocks were shooting up after recession call ***
*** The Big Picture: Felix Zulauf: The Die is Cast ***
*** The Big Picture: The Tragedy of Steve Jobs ***
*** FT Alphaville: China GDP forecasts and net exports ***
*** FT Alphaville: WTI is no longer a burden to passive investors ***
*** FT Alphaville: Bullish bears and the worst-case scenario ***
*** FT BeyondBRICs: Roubini: Goodbye China, hello Indonesia ***
Huge move in WTI futures curve in the last two days. In theory this should be bullish.
*** FT Alphaville: A tale of two PMIs ***
*** FT Alphaville: US in possible downgrade encore shock ***
*** Gavyn Davies: Great Recession may cost US economy $5,900 billions ***
*** The Big Picture: Repairing Infrastructure Can Help Economy ***
*** The Big Picture: Dropbox startup lessons learned 2011 ***
*** The New York Times: It’s All Connected: A Spectator’s Guide to the Euro Crisis ***
Chicago Fed National Activity Index for September was reported at -0.22 vs. revised August reading of -0.59. Chicago Fed National Activity Index 3-month moving average is at -0.21.
Baltic dry index fell 0.1% last week; Capesize Index was down 0.6%; Panamax Index fell 2.8%; Supramax Index was up 0.8%; Handysize Index rose 0.5%.
Baltic Dirty Tanker Index rose 2.8%; Baltic Clean Tanker Index fell -2.8%.
HSBC/Markit PMI rose from 49.4 to 51.1.
*** The Big Picture: Tactical Shift in Portfolios: Reducing Cash ***
*** The Big Picture: Europe’s Undercapitalized Banks ***
*** The Big Picture: First Look At US Pay Data, It’s Awful ***
*** Calculated Risk: Builders to deliver record low number of housing units in 2011 ***
*** FT Alphaville: Albert Edwards: Hold on for a hard landing in China ***
Total deterioration in fundamentals.
Philadelphia FED General Business Conditions Index rose from -17.5 to 8.7. Consensus was at -9.4.
Very strong inventory data is not translating into price strength.
*** FT Alphaville: [Explaining backwardation] The curious case of super-backwardation ***
*** FT Alphaville: [Explaining backwardation] Are index funds the new swing producers? ***
*** FT Alphaville: [Explaining backwardation] The WTI-Brent anomaly ***
*** FT Alphaville: EFSF as bond-buyer (and repo monster) ***
*** FT Alphaville: Steeling for more commodities volatility ***
*** The Big Picture: Understanding Federal Debt & Presidential Budgets, Fiscal Year Edition ***
Initial jobless claims in the U.S. were reported at 403.000 vs. 400.000 consensus and last week revised (up 5.000) reading of 409.000.