Global Macro Perspectives
The usefulness of ECRI weekly leading index is widely debated today. The debate was started by Bank of America Merrill Lynch biased report: ECRI: Not the “Holy Grail”. David Rosenberg of Gluskin Sheff + Associates in todays Breakfast with Dave: What is fascinating is how the ECRI, which was celebrated by Wall Street research houses a year ago, […]
Although I don’t agree with every piece of trading advice it can be derived from the piece; todays economic commentary by Gluskin Sheff’s David Rosenberg is one of the most impressive research pieces I have ever read. Link.
One of the most important piece of data being reported this week is Chinese money supply. When giving a little thought to the meter, it gives a negative impulse to the markets turned both ways. If the growth continues we have asset bubbles forming and inflation threat; If growth slows down we have a threat […]
I lot of optimism on housing inventory backlog coming down to 7 months supply. A view from David Rosenberg of Gluskin Sheff + Associates: So, while this data may well show that the inventory backlog has come down to what seems to be a respectable 7 months’ supply, we also know from the U.S. Census […]
Could well be. Today’s extension of the rally was on the back of retail sales figures. Retail sales rose 1.4% in October vs. 0.9% consensus and 1.5% decrease in September. Retail sales ex. autos rose 0.2% vs. 0.4% consensus and 0.5% growth in September. Obviously the low base in September reading (cash-for-clunkers ended in August) […]
As I wrote before Wells Fargo earnings came better than expected. I gave gone through the material and I have to say the the way management presents the data gave me a sort of the confidence that they know their job, but when I reviewed the details the seen has only scared me.
Noting much on the news front today. Mr. Bernanke speech yesterday stirred up the markets sending U.S. dollar up, and treasuries down. The rhetoric is unchanged, the highlight is that the FED is ready to tighten the monetary policy when the economy starts to recover. Bloomberg link: Bernanke Ready to Tighten When Recovery Sufficient.