Global Macro Perspectives
U.S. railroads originated 265,305 carloads, down 12.6% compared with the same week in 2010 and down 12.3% in relation to 5-year average. Week over week change was -12.1% . This was all due to Thanksgiving Day seasonality.
Baltic dry index rose 3.3% last week; Capesize Index was up 11.8%; Panamax Index fell 5.2%; Supramax Index was down 3.3%; Handysize Index fell 2.5%.
Baltic Dirty Tanker Index fell 0.8%; Baltic Clean Tanker Index rose 3.0%.
(For November 2011) ISM Manufacturing Index was reported at 52.7 vs. prior reading of 50.8 and consensus of 51.8.
Official (China Federation of Logistics & Purchasing and National Bureau of Statistics) China PMI fell form 52.0 to 50.9. Consensus was at 49.8.
FT Alphaville: So much for that impact on currency basis swaps
FT Alphaville: More on the dollar crunch and the liquidity drop
FT Alphaville: Nomura on European bank deleveraging and US loans
FT Alphaville: Hedge fund survey says
FT Alphaville: Italy’s very own special liquidity programme?
FT Alphaville: Behind those Bloomberg banks-profit-from-Fed figures
Felix Salmon: Chart of the day, Morgan Stanley bailout edition
Macro Man: Hang 10
FT BeyondBRICs: China to the world: time for action
FT BeyondBRICs: India’s GDP: the new normal is here
The Big Picture: Merkel to neuter the German Constitutional Court?
The Big Picture: Apple vs Samsung
theunderstatement: Google’s Management Doesn’t Use Google+
Pending home sales rose 10.4% in October vs. 4.6% fall in October. On year level, the index is up 9.1%.
Chicago Purchasing Managers Index was reported at 62.6. Consensus was at 58.5, prior reading at 58.4.
Challenger’s count of layoff announcements was reported at 42,474 in November vs. 42,759 in October.
ADP Employment rose 206,000 in November vs. revised (up 20,000) gain of 130,000 in October.
U.S. new home sales rose 1.3% to 307.000 SAAR; Consensus was at 315.000 SAAR, prior reading (revised downward 10.000) was at 303.000 SAAR.
*** The Big Picture: No, Black Friday Sales Were Not Up 16% (not even 6%) ***
*** The Big Picture: Futures Scream Higher on Italian Bailout Rumor ***
*** The Big Picture: Billionaires’ Top 10 List for Success ***
*** Gavyn Davies: Thinking the unthinkable on a euro break-up ***
*** An American Perspective from China: “Winter is Coming” ***
Baltic Dirty Tanker Index fell 0.6%; Baltic Clean Tanker Index rose 3.4%.
Baltic dry index fell 4.6% last week; Capesize Index was down 5.7%; Panamax Index fell 2.0%; Supramax Index was down 0.1%; Handysize Index fell 3.3%.
HSBC/Markit PMI fell from 51 to 48.0.