Tuesday, April 22, 2008

Quick Overview

  • The National Association of Realtors said existing home sales fell 2% MoM, and 19% YoY.

  • The Richmond Fed's regional index of manufacturing fell from +6 to 0 in April.

  • A member of the European Central Bank said “again” interest rates might need to be raised to fight inflationary pressures.

  • Reuters reported that YoY oil demand in China jumped up 8%.

  • Canada cut its interest rate from 3.50% to 3.00%.

  • Queues at the Panama Canal are becoming longer. About 90 ships are waiting to get through the Canal, doubling transit times to a record 53 hours from the usual 27 to 30 hours.

  • Corn traders are waking up to the fact that this year’s planting delays are getting serious.

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