Video Of The Day: ECRI’s Achuthan: “No Upturn Yet…More Weakness” Ahead, But Jury Still Out on Recession
The Daily Ticker: ECRI’s Achuthan: “No Upturn Yet…More Weakness” Ahead, But Jury Still Out on Recession.
August Conference Board Consumer Confidence At 44.5
Conference Board consumer confidence came out at 44.5 vs. 52.0 consensus and 59.5 reading for July.
Lowest since April 2009. Massive negative surprise.
S&P/Case-Shiller 10 City Composite HPI Unchanged In June
Seasonly adjusted S&P/Case-Shiller HPI 10 city was unchanged in June; On year level 10 city index is down 3.9%.
Daily Reading – Tuesday, August 30, 2011
*** Gavyn Davies: No blueprint from the “big three” at Jackson Hole ***
*** FT Alphaville: Bill Gross has something to say ***
*** FT Alphaville: Inter-company, intra-state Chinese lending ***
*** the Atlantic: Square, the iPhone Credit Card Machine, Goes Mainstream ***
*** Gawker: Tim Cook: Apple’s New CEO and the Most Powerful Gay Man in America ***
Tanker Weekly – August 29, 2011
Baltic Dirty Tanker Index rose 0.6%; Baltic Clean Tanker Index was unchanged.
High volume of fixing, but supply more than enough to cover the demand.
U.S. Personal Income Rose 0.3% In July; U.S. Consumer Spending Rose 0.8%
U.S. personal income rose 0.3% in July vs. 0.3% consensus and 0.2% rise in June (revised up 0.1%). On y-o-y level personal income is up 5.3%.
Dry Bulk Weekly – August 29, 2011
Baltic dry index rose 5.4% last week; Capesize Index was up 5.7%; Panamax Index rose 2.6%; Supramax Index was up 3.7%; Handysize Index rose 2.9%.
My feeling is that the rate increases are mostly sentiment driven and not backed by supply and demand fundamentals.
Iron ore inventory at new all time high, price edging up; Steel inventory and price stable; Coal inventory and price also stable.
Bernanke Jackson Hole Speech – A Big Nothing
In short – A big nothing
U.S. Q2 GDP Growth Second Estimate At 1.0%
U.S. Q2 GDP growth second estimate was reported at 1.0%; prior estimate was at 1.3%; consensus was at 1.1%. Q1 2011 reading was at +0.4% .
Tainted Alpha Second Anniversary
Two years have passed.
U.S. Initial Jobless Claims At 417.000; Up 5.000
Initial jobless claims in the U.S. were reported at 417.000 vs. 405.000 consensus and last week revised (up 4.000) reading of 412.000.
U.S. Petroleum Weekly – August 25, 2011
With Libya returning to the market soon, further negative pressure possible.
July Chicago Fed National Activity Index At -0.06
Chicago Fed National Activity Index for July was reported at -0.06 vs. revised June reading of -0.38. Chicago Fed National Activity Index 3-month moving average is at -0.3.
Dry Bulk Weekly – August 22, 2011
Baltic dry index rose 13.6% last week; Capesize Index was up 19.9%; Panamax Index rose 5.9%; Supramax Index was up 6.6%; Handysize Index rose 0.9%.
U.S. Natural Gas Weekly – August 19, 2011
Working gas in storage rose 50 Bcf from previous week. Consensus was at 47 Bcf.
Storage level is 179 Bcf lower than same time year ago and bellow 5-year average.