U.S. Construction Spending Rose 0.2% In June
U.S. construction spending rose 0.2% In June vs. 0.1% consensus and 0.3% gain (revised from 0.6% fall) in May. On year level we are at -4.7%.
July ISM Manufacturing Index At 50.9
ISM Manufacturing Index was reported at 50.9 vs. prior reading of 55.3 and consensus of 54.5.
Large negative surprise; a culmination of deteriorating economic data.
Daily Reading – Monday, August 1, 2011
*** Bloomberg: Debt-Limit Deal to Get Congress Vote Today ***
*** JESSE’S CAFÉ AMÉRICAIN: US Debt Limit and Debt Versus Gold in US Dollars ***
*** Reuters: Country Sovereign Ratings ***
*** Reuters: Goldman’s new money machine: warehouses ***
*** FT Alphaville: What price UK QE2? ***
*** FT Alphaville: Do not underestimate rising EM inflation risk ***
U.S. Freight Carloads Weekly – August 1, 2011
U.S. railroads originated 291,909 carloads, up 1.8% compared with the same week in 2010 and down 4.0% compared with 5-year average. Week over week change was +3.7%.
Tanker Weekly – August 1, 2011
Baltic Dirty Tanker Index fell 1.6%; Baltic Clean Tanker Index rose 0.9%.
July China Official PMI At 50.7; HSBC/Markit China PMI At 49.3
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI fell form 50.9 to 50.7; HSBC/Markit PMI fell from 50.1 to 49.3.
Slowdown reflected in PMI’s is (still) not reflected in industrial production growth.
Dry Bulk Weekly – August 1, 2011
Baltic dry index fell 4.5% last week; Capesize Index was down 5.0%; Panamax Index fell 1.6%; Supramax Index was down 0.9%; Handysize Index fell 3.0%.
U.S. GDP Growth in Q2 2011 At 1.3%
U.S. GDP growth for Q2 was reported at 1.3%; consensus was at 1.9%. Q1 2011 reading was revised +0.4% (initial reading was at 1.8%).
Large negative surprise. This proves that FY growth consensus is way too high.
U.S. Petroleum Weekly – July 28, 2011
Demand weakened in recent weeks, crude oil stocks rose, distillates stocks rose.
U.S. Initial Jobless Claims At 398.000; Down 24.000
Initial jobless claims in the U.S. were reported at 398.000 vs. 425.000 consensus and last week revised (up 4.000) reading of 422.000.
Four week moving average declining.
Daily Reading – Thursday, July 28, 2011
*** Macro Man: Catching Dutch Disease ***
*** Calculated Risk: Fed’s Beige Book: “Pace of economic growth has moderated” ***
*** The Slope of Hope: NASDAQ False Breakout Unfolding ***
*** The Slope of Hope: Shorting GLD at Top of Wedge ***
*** The Slope of Hope: No Ship, Sherlock (Again) ***
*** The Big Picture: CFNAI — Toeing the Line ***
*** Kids Prefer Cheese: Educated Leaders, More Growth? ***
U.S. Durable Goods New Orders Fell 2.1% In June
Durable goods new orders fell 2.1% in June vs. 0.3% consensus and 1.9% rise in May.
Daily Reading – Tuesday, July 26, 2011
*** Macro Man: We can’t believe it ***
*** Econbrowser: The Bonds of August ***
*** The Big Picture: Uncle Sam asks for more today ***
*** The Big Picture: Soros Ends His Run Investing Other People’s Money ***
*** The Big Picture: The Lean StartUp ***
*** China Daily: Property loans halted in 2nd and 3rd-tier cities ***
*** The New York Times: Hulu, Billed as Tomorrow’s TV, Looks Boxed In ***
S&P/Case-Shiller 10 City Composite HPI Rose 0.1% In May
Seasonly adjusted S&P/Case-Shiller HPI 10 city rose 0.1% in May; On year level 10 city index is down 3.6%.
Daily Reading – Monday, July 25, 2011
*** Macro Man: Looking over the edge ***
*** FT Alphaville: What’s wrong with Greece bailout II… ***
*** Bloomberg: Investors Raise Bullish Commodity Bets by Most in Year as Economy Expands ***
*** Bloomberg: BP Breakup Worth $100 Billion to JPMorgan as Investors Doubt Dudley’s Plan ***