Friday, July 21, 2006

Quick Overview

  • China today raised required reserve ratio on banks (up 0.5 point to 8.5%) for the second time in 2 months in an attempt to slow bank lending and the economy. That action followed the +11.3% Chinese Q2 GDP report.

  • UK Q2 GDP rose +0.8% QoQ +3.2% YoY.

  • Some 100,000 Italian bondholders will file a lawsuit against Argentina, looking for repayment of $5.5 billion in bonds that defaulted in early 2002

  • Canada's consumer price index was down 0.2% in June -- up 2.5% YoY.

  • The USDA said there were 10.872 million head of cattle on feed on July 1st, up 4.6% YoY -- more than expected. June placements were up 10.3% YoY, and marketing’s were up 5.8%.

  • The USDA said there were 52.5 million pounds of frozen pork bellies in cold storage on June 30th, down 26% YoY.

  • Frozen pork totaled 409 million pounds, down 17% YoY.

  • The USDA said there were 1.105 billion pounds of frozen orange juice concentrate in cold storage on June 30th, down 29% YoY.

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