Industrial Production In China Rose 13.3% In May
Industrial production in China rose 13.3% y-o-y in May; April reading was at 13.4%. Consensus was at 13.1%.
China Retail Sales Up 16.9% In May
China retail sales rose 16.9% y-o-y in May vs. 17.1% April reading. Consensus was at 17.0%.
China May CPI Inflation At 5.5%; PPI Inflation At 6.8%
China Consumer Price Index was up 5.5% in May, vs. 5.2% consensus and 5.3% April reading.
China Producer Price Index was up 6.8% vs. 6.8% consensus and 6.8% April reading.
Strong PPI suggest that the inflation will not come down so fast.
The POBC rose the reserve requirement after the CPI release (to 21%(21.5% for large institutions and 19.5% for small and medium-sized institutions)).
Daily Reading – Monday, June 13, 2011
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Dry Bulk Weekly – June 13, 2011
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.
Tanker Weekly – June 13, 2011
Baltic Dirty Tanker Index fell 4.1%; Baltic Clean Tanker Index fell 6.0%.
China New Loan Issuance Slows Down In May; Rate Of Money Supply Growth Eases
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.
U.S. Natural Gas Weekly – June 10, 2011
Working gas in storage rose 80 Bcf from previous week. The consensus was at 78 Bcf.
Storage level is 269 Bcf lower than same time year ago and bellow 5-year average.
This looks promising.
Daily Reading – Friday, June 10, 2011
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China Trade Balance Surplus Smaller Than Expected In May
China trade balance was reported at USD 13.5 billion vs. USD 11.4 billion in April and USD 19.3 billion consensus. Export and import growth were running at 19.4 and 28.4 percent vs. 29.9 and 21.8 percent y-o-y in April.
Big miss, but we had large positive surprise in April.
Video Of The Day – ECRI’s Lakshman Achuthan: Outlook for Growth
ECRI’s Lakshman Achuthan talks on global outlook for growth.
U.S. Petroleum Weekly – June 9, 2011
Demand is strengthening, crude oil stocks declined, distillates increased. Supply/demand balance is tight.
U.S. Initial Jobless Claims At 427.000; Up 1.000
Initial jobless claims in the U.S. were reported at 427.000 vs. 418.000 consensus and last week revised (up 4.000) reading of 426.000.
Historically quite high level, consistent with a bellow average economic growth.
Daily Reading – Wednesday, June 8, 2011
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MBA Mortgage Applications Down 0.4%
MBA mortgage applications fell 0.4%; Prior reading was a fall of 4.0%; On year level MBA Basic Index is down 7.7%.