Quick Overview

• The National Association of Realtors said that U.S. existing home sales were at an annual rate of 6.12 million units in March, down 8.4% from the previous month and weaker than expected. YoY Median home prices were down 0.3% in March.
  

• U.S. consumer confidence dropped from 108.2 to 104.0 in April, more than expected.
  

• YoY consumer prices in Australia were up 2.4% in the first quarter, down from a 3.3% gain in the previous quarter.
  

• The Bank of Canada kept its interest rate unchanged at 4.25%.
  

• Canada's composite index of leading indicators was up 0.4% in March.
  

• Industrial new orders in the Euro area were down 0.7% MoM, and up 4.7% YoY.
  

• India's central bank kept its interest rate unchanged.
  
  
• Canadian farmers intend to plant:
  3.5 million acres of corn this year, up 26% YoY.
  17.1 million acres of spring wheat, down 16% YoY.
  14.8 million acres of canola, up 12% YOY.
  
  
  
  

Yen Climbs After Standard & Poor's Raises Japan's Debt Rating
``This is a sign the economy has returned to normal, following a long period when people lost confidence in Japan,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd. ``As a trading factor, this may have a positive impact on the yen in the long term.''

Quick Overview

• U.K. Retail sales increased 0.3% MoM and 4.5% YoY.
  

• Canadian retail sales rose 0.1% MoM and up 5.2% YoY.
  

• The USDA said there were 11.644 million head of cattle on feed on April 1st, down 1.4% YoY. Placements were up 7%, marketing’s were down 6% YoY.
  

• The USDA said there were 55.3 million pounds of frozen bellies in storage on March 31st, down 10% YoY. Frozen pork supplies totaled 506 million pounds.
  
  

• The Chocolate Manufacturers Association said the U.S. cocoa grind totaled 97,584 tons in the first quarter of 2007, down 7% YoY.
  

• Brazilian increased its estimate of this year's coffee harvest to 32.0 million bags.
  
  

• The USDA said there were 825 million pounds of frozen orange juice concentrate in storage on March 31st, down 18% YoY.

House OKs Bill to Give Investors Say on Executive Pay Bloomberg -- The U.S. House of Representatives approved a measure to give shareholders more say on how companies pay top executives, rejecting amendments by Republicans who said investors already have the power to influence compensation.
The measure, approved 269-134, aims to rein in pay levels House Financial Services Committee Chairman Barney Frank and other top Democrats called exorbitant by giving public-company shareholders annual non-binding votes on executive salaries.

Quick Overview

• The Conference Board's U.S. index of leading indicators was up 0.1%
  

• U.S. Jobless claims were down 4,000 last week to 339,000.
  

• Japan's index of services, increased 1.0% in February to a new record high, much stronger than expected.
  

• China's economy grew at a faster than expected 11.1 % pace, powered by exports that have inflamed trade tensions and increased the risk of overheating.
  
  
  

• Canada Core CPI YoY at 2.3% as expected.
  

• The DOE said that underground supplies of natural gas were down 46 billion cubic feet to 1.546 trillion cubic feet. YoY supplies are down 12%.
  

Global Commodity Price Boom May Last Decades Longer, RBA Says
(Bloomberg) -- Emerging economies' demand for resources may sustain high commodity prices for several decades, Australia's central bank said.

Quick Overview

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 1.0 million barrels last week to 332.4 million barrels.
  Supplies of gasoline were down 2.7 million barrels
  Supplies of heating oil were down 600,000 barrels.
  In the past four weeks gasoline demand was up 2.5%
  
  

Platinum leaders berate fund launch The world's two largest platinum producers have voiced opposition to the planned launch of a platinum exchange traded fund announced last week by Zurich Cantonal Bank of Switzerland.
Trevor Raymond, head of investor relations at AngloPlat, said the ETF would put upward pressure on prices and would have a negative impact on jewellery demand.

Foreclosures, default notices hit 10-year high
Homes lost to foreclosures in California shot up to 11,033 in the first quarter, an 81.5 percent climb from 6,078 in the previous quarter, according to DataQuick Information Systems. Foreclosures rocketed 802.1 percent from 1,223 in the first quarter last year but remained below the 1996 peak of 15,418.

Quick Overview

• U.S. consumer prices rose 0.6% in March and up 2.8% YoY. Excluding food and energy costs, prices rose 0.1% in March and up 2.5% YoY
  

• U.S. housing starts were at an annual rate of 1.518 million units up 0.8% from February's, but down 23% YoY. So far in 2007, housing starts are down 30% YoY.
  

• U.S. banking regulators urged lenders on Tuesday to help distressed borrowers unable to make mortgage payments and offered possible incentives to move homeowners to lower-cost loans.
  

• U.S. industrial production was down 0.2% in March and up 2.3% YoY, weaker than expected.
  

• U.K.'s consumer price was up 3.1% YoY, the most in a decade.
  

• Canada's factory shipments were down 0.2% MoM.
  

Quick Overview

• Retail sales rose 0.7% in March, the biggest jump in three months, the Commerce Department said.
  
  

• The U.S. Treasury Department said that in February, foreign investors bought $77.9 billion of long-term U.S. securities while U.S. investors bought $19.8 billion of foreign securities.
  

• The New York Federal Reserve's regional index of manufacturing increased from 1.85 to 3.80 in April.
  

• New vehicle sales in Canada were down 3.7% in February.
  

Updates resume April 15

Quick Overview

• Federal Reserve policymakers were unanimous in the view last month that inflation, not economic weakness, was their major worry.

• Machinery orders in Japan were down 5.2% in February, more than expected.
  
  
• The International Monetary Fund estimates 2007 real GDP growth:
• US 2.2%.
• Canada 2.4%
• U.K 2.9%
• Euro Area 2.3%
• Japan 2.3%
  
  
  

• The U.S. DOE said:
  Supplies of crude oil were up 700,000 barrels to 333.4 million barrels.
  Supplies of gasoline were down 5.5 million barrels
  Supplies of heating oil supplies were down 1.2 million barrels.
  Gasoline demand was up 2.5% YoY, and distillate demand was down 1.3% YoY

Gas guzzler penalty fuels debate
California drivers who buy new Hummers, Ford Expeditions and other big vehicles that emit high levels of greenhouse gases would pay a fee of up to $2,500.
And drivers who buy more fuel-efficient cars — like the Toyota Prius or Ford Focus — would receive rebates of up to $2,500, straight from the gas-guzzlers' pockets.

Quick Overview

• The Bank of Japan kept the interest rate unchanged at 0.50%.
  

• Nickel prices broke through the $50,000 mark for the first time on Tuesday, leading a surge in base metals prices as traders returned to their desks following the Easter break.
  

• The USDA's 2006-2007 U.S. ending stocks estimate for:
  Corn was increased from 752 to 877 million bushels.
  Soybeans were increased from 595 to 615 million bushels.
  Wheat was reduced from 472 to 422 million bushels.
  Sugar was increased from 1.686 to 1.743 million tons.
  Cotton was increased from 8.80 to 9.20 million bales.
  

• The USDA's 2006-2007 world ending stocks estimate for:
  Corn was increased from 88 to 92 million tons.
  Soybeans were increased from 57 to 61 million tons.
  Wheat was kept at 121 million tons.
  Cotton was increased from 52.4 to 52.6 million bales.
  

• The estimated soybean production in Argentina was increased from 44.0 to 45.5 million tons.
  

• The estimate for Brazil was increased from 57.0 to 58.8 million tons.
  

• Brazil expects the 2007-2008 coffee crop at 37.5 million (60-kg) bags, more than expected.
  
  

• The USDA reduced its estimate of the Florida orange crop from 132 to 131 million boxes, but increased the juice yield from 1.62 to 1.65 gallons a box.
  
  

Quick Overview

• Brazil's main stock index surged past 47,000 points on Monday, setting yet another record, and the nation's currency neared two per dollar.
  
  

• Berkshire Hathaway, has bought a 10.9% stake in Burlington Northern Santa Fe Corp., becoming the railroad’s largest shareholder.
  
  

• Gasoline pump prices jumped 18 cents in the past two weeks to $2.79 a gallon, the highest since September, analyst Trilby Lundberg said in her latest filling station survey released Sunday.

Robert Fisk: The true story of free speech in America
Sami al-Arian is 49 but he stayed on hunger strike for 60 days to protest the government outrage committed against him, a burlesque of justice which has, of course, largely failed to rouse the sleeping dogs of American journalism in New York, Washington and Los Angeles.
All praise, then, to the journalist John Sugg from Tampa, Florida, who has been cataloguing al-Arian's little Golgotha for months, along with Alexander Cockburn of Counter Punch.

Conservatives for the Constitution
Rejecting the suggestion that conservatives must remain silent because Bush is supposedly one of their own, Viguerie says, "Conservatives must not fail to oppose the massive expansion of presidential powers out of fear they will be aid and comfort to the Left. Concern about one branch of government acquiring excessive power should not be the providence of liberals, moderates, or conservatives. It must be the concern of all Americans who value liberty…"

Representatives okay Real ID ban Supporters of the ban said New Hampshire needs to send a clear statement that the federal government strayed too far.
"It is probably the worst piece of blackmail to come out of the federal government. This is pure, unadulterated blackmail," said. Rep. Sherman Packard, a Republican from Londonderry.

Quick Overview

• U.S. Unemployment rate improved from 4.5% to 4.4% in March with a net gain of 180,000 jobs, better than expected.
  

• U.S. Average hourly earnings were up 0.3% in March and up 4.0% YoY.