Global Macro Perspectives
*** Wall Street Journal: Barroso: Euro Crisis No Longer Only in Periphery ***
*** The Big Picture: In gold terms, S&P’s back to Mar ’09 low ***
*** Macro Man: Now What? ***
*** FT Alphaville: Keep calm and carry on [updated] ***
*** FT Alphaville: There are many ways to impair a Greek bond ***
*** FT Alphaville: Il sorpasso ***
*** FT Alphaville: The cash killing BNY Mellon: details ***
Nonfarm payrolls rose 117.000 in July; Consensus was at 75.000; June reading was an increase of 18.000. The unemployment was reported at 9.1% vs. prior reading and consensus of 9.2%.
Private payrolls were up 154.000 vs. 108.000 consensus and 57.000 reading in March.
By all means this is not a strong report, but is much, much better than feared.
U.S. railroads originated 292,812 carloads, down 2.5% compared with the same week in 2010 and down 5.1% compared with 5-year average. Week over week change was +0.3%.
Working gas in storage rose 44 Bcf from previous week.
Storage level is 190 Bcf lower than same time year ago and bellow 5-year average.
Initial jobless claims in the U.S. were reported at 400.000 vs. 405.000 consensus and last week revised (up 3.000) reading of 401.000.
*** Pragmatic Capitalism: QUANTITATIVE EASING 3 – ANOTHER MONETARY NON-EVENT? ***
*** The Slope Of Hope: Tigger Time ***
*** The Big Picture: S&P 500 Index (SPX) – Technical Snapshot ***
*** FT Alphaville: Trichet, you’re our only hope ***
*** FT Alphaville: Inter-yention action ***
*** FT BeyondBRICs: Turkey surprises with rate cut ***
*** Macro Man: They are NOT Alone ***
*** Infectious Greed: Global Financial Stock Back to Pre-Crisis Levels ***
Technically crude oil (WTI) looks heavily oversold. On the other side crude oil demand is closely following 2008 path…
U.S. total motor vehicle sales rose 6.9% to 12.2 million SAAR in July. On year level motor vehicle sales are up 5.4%.
*** Hussman Funds: More Than Meets the Eye ***
*** The Big Picture: Sell the Bounce ***
*** The Big Picture: Trannie Swan Dive to Take Down Crude Oil ***
*** The Big Picture: Another day of disgust with fiat currencies ***
*** FT Alphaville: Le plan, negatifs taux d’intérêt ***
*** FT Alphaville: Eventually, French Spreads Fail (E.F.S.F.) ***
*** FT Alphaville: The US’s Greece-y new debt dynamics ***
*** FT Alphaville: Dagonged! Again ***
*** Macro Man: Are they Alone? ***
*** Inside-Out China: Who Is the Guilty Party? ***
*** Economix: Is Deflation Back? ***
MBA mortgage applications rose 7.1%; Prior reading was a fall of 5.0%; On year level MBA Basic Index is down 22.6%.
ADP Employment rose 114,000 in July vs. revised (down 12,000) gain of 145,000 in June.
Challenger’s count of layoff announcements was reported at 66,414 in July vs. 41,432 in June.
*** The Big Picture: There’s Something Happening Here . . . ***
*** Institutional Investor: Soros Shows How Hard It Is For Hedge Fund Managers To Retire ***
*** FT Alphaville: What’s inside Pandora’s box? ***
*** FT Alphaville: Cyprus SOS ***
*** FT Alphaville: Cleary Gottlieb’s new client ***
*** Macro Man: Run away! ***
*** The Slope Of Hope: Reid Between the Lines ***
*** The Slope Of Hope: IPO Zillow Down 50% in Nine Days ***
*** The Economist: Word herd ***
U.S. personal income rose 0.1% in June vs. 0.2% consensus and 0.2% rise in May (revised down 0.1%). On y-o-y level personal income is up 5.0%.
U.S. consumer spending fell 0.2% in June vs. 0.1% consensus and 0.1% May reading (revised up 0.1%). On y-o-y level consumer spending is up 4.4%.
Global economic growth is clearly slowing down.