Quick Overview

• The Fed reduced the federal funds rate to 2.00%,
  

• U.S. GDP rose 0.6% QoQ and 2.5% YoY.
  

• U.S. employment cost index rose 0.7% QoQ and 3.3% YoY.
  

• The Chicago Purchasing Managers' index rose from 48.2 to 48.3
  

• Canada’s GDP was down 0.2% MoM and up 1.5% YoY.
  

• Consumer prices in the Euro area rose 3.3% YoY.
  

• Japan’s unemployment rate improved from 3.9% to 3.8% in March.
  
  
  
  

• The U.S. DOE said that:
  Supplies of crude oil rose 3.8 million barrels to 319.9 million barrels
  Supplies of gasoline fell 1.5 million barrels
  Supplies of heating oil fell 500,000 barrels.
  Refinery use dropped from 85.6% to 85.4%
  Gasoline demand rose 0.4% YoY
  Distillate demand rose 0.7% YoY
  
  

• Prudential Financial's first-quarter net income dropped 94% on large investment losses.
  
  
  

Quick Overview

• According to the Standard & Poor's Case-Shiller home price index U.S. home prices fell 12.7% YoY.
  

• The Conference Board index of consumer confidence fell from 65.9 to 62.3 in April

Quick Overview

• The Chicago Fed’s regional index of manufacturing fell from 108.4 to 107.6 in April.
  

• YoY Japan's retail sales rose 1.1% in March.
  

• The USDA said that:
  10% of the corn crop was planted – below the five-year average of 35%.
  2% of the soybean crop was planted.
  19% of the cotton crop was planted.
  34% of the spring wheat crop was planted.
  46% of the winter wheat crop was rated good to excellent, up from 45% last week.

Quick Overview

• The University of Michigan's consumer sentiment index fell from 69.5 to 62.6 -- the lowest in 26 years.
  

• U.K.'s GDP rose 0.4% QoQ
  

• Japan's CPI rose 1.2% YoY
  

• (Reuters) - A cargo ship hired by the U.S. military fired warning shots at approaching boats in the Gulf; the U.S. Navy said on Friday, underscoring tension in the region as the Pentagon sharpened its warnings to Iran.
  

• Bush said tax rebates that start going out Monday will help shore up the sluggish U.S. economy.
  

• (FT) The US and Europe could open their markets to more ethanol from Brazil, where the impact on agriculture is smaller.
  

• Texas filed an application to be exempted from the federal renewable fuels standard. The food industry prompted the state’s request to waive 50% of the state’s ethanol blending.
  

• Thailand and Brazil said they won't curb rice exports.
  

• YoY, Guangdong’s foreign trade volume grew 14.3% to US$149.9 billion, this compares to 24.6% China-wide.

Platinum Falls in N.Y. on Catalyst Replacement; Palladium Drops
April 24 (Bloomberg) -- Platinum fell in New York after Mitsui Mining & Smelting Co. reported developing a silver-based diesel exhaust catalyst, replacing the more expensive metal. Palladium also declined.

Quick Overview

• U.S. Durable goods orders fell 0.3% in March. Excluding transport, orders rose 1.5% -- stronger than expected.
  
  

• U.S. New home sales were at an annual rate of 526,000 in March, down 8.5% from February's pace and down 36.6% YoY. New homes for sale rose from 10.2 to an 11-month supply.
  

• The U.S. Labor Department said that jobless claims fell 33,000 to 342,000, fewer than expected.
  

• German business sentiment fell from 104.8 to 102.4.
  

• U.K. Retail sales fell 0.4%.
  

• Statistics Canada said, on April 1st, there were 13.0 million hogs on farms, down 11.7% YoY.
  

• Merrill Lynch said it has enough capital to keep its dividend.
  
  
  

Quick Overview

• Industrial new orders for the Euro zone rose 0.6% in February.
  Euro zone index of services rose from 51.6 to 51.8 in March.
  

• Australia's consumer price index rose 4.2%.
  

• Canada’s retail sales fell 0.7% MoM.
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 2.4 million barrels to 316.1 million barrels.
  Supplies of gasoline fell 3.2 million barrels
  Supplies of heating oil rose 700,000 barrels.
  Refinery use rose from 81.4% to 85.6% of capacity.
  Gasoline demand rose 0.9% YoY
  

• (Bloomberg) -- Wal-Mart Stores Inc.'s Sam's Club warehouse unit is restricting purchases of some types of rice to four bags a visit as prices reached a record in Chicago futures trading.
  

• Port of Shanghai's March container throughput rose 17.9% to a new monthly record of 2.39 million TEU, Logistics Week reported.

From Artificial Boom to Real Bust
But we are using this time in the jet stream to profit from a vacuum in the news stream. That is, cut off from our usual sources of misinformation, we have nourished our thinking with thought. And what we are thinking about is: what if we are wrong? (Since we are often wrong, time spent considering the alternatives is rarely wasted. Often, it ends as prophecy.)

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.
  

Quick Overview

• The USDA said: 4% of the corn crop was planted, down from a five-year average of 17%.
  

• The USDA said there were 657 million pounds of frozen pork in storage on March 31st, up 33% YoY
  

• The USDA said that frozen bellies totaled 99 million pounds, up 79% YoY.
  

• The USDA said, as of March 31st, there were 1.05 billion pounds of frozen orange juice in storage, up 28% YoY.
  

• Canada's farmers intend to plant 25.109 million acres of wheat, up 16% YoY. YoY corn planting intentions are down 13%. Soybean acres are expected up 2% YoY.
  

Quick Overview

• (Reuters) "I think the most important thing for the Fed to do is not just use moral suasion, but a baseball bat with respect to the banking system," Paul McCulley, managing director at bond fund manager PIMCO, told a conference in response to a question from Fed Vice Chairman Donald Kohn.
  
  

• Japan's consumer sentiment index improved from 36.1 to 36.7 in March.
  
  

• The USDA said as of April 1st, there were 11.684 million head of cattle on feed, up 0.3% YoY.
  
  

• The Chocolate Manufacturers Association said the U.S. cocoa grind totaled 91,876 tons in the first quarter, down 5.6% YoY.
  

Quick Overview

• The Conference Board said that its index of leading indicators rose 0.1%.
  

• The Philadelphia Federal Reserve's index of manufacturing fell from -17.4 to -24.9.
  

• Canada’s consumer prices rose 1.4%
  

• Google reports a 30% rise in quarterly profits.
  

Quick Overview

• U.S. consumer prices rose 0.3% in March and 4.0% YoY. Without food and energy, prices rose 0.2% in March and 2.4% YoY.
  

• U.S. housing starts fell 11.9% MoM and 36.5% YoY
  

• Consumer prices in the Euro area rose 3.6%YoY
  

• China's GDP rose 10.6% YoY

• The U.S. Department of Energy said:
  Supplies of crude oil fell 2.3 million barrels to 313.7 million barrels.
  Supplies of gasoline fell 5.5 million barrels
  Supplies of and heating oil fell 200,000 barrels.
  Refinery use fell from 83.0% to 81.4% of capacity.
  Gasoline demand rose 0.8% YoY
  Distillate demand fell 0.9%.

Quick Overview

• U.S. producer prices rose 1.1% in March. Excluding food and energy costs, prices rose 0.2%
  

• The New York region of the Federal Reserve announced that manufacturing activity beat trade expectations in April.
  

• Consumer price s in the U.K. rose 2.5% YoY.
  

• Consumer prices in France rose 3.5% YoY.
  

• Cargill is building a million ton a year sugar refinery in Louisiana. The refinery is expected to start up in 2010.
  

• (AP) -- Lehman Brothers Holdings Inc. Chief Executive Richard Fuld joined a growing chorus of investment bank executives in saying on Tuesday that the worst of the credit crisis is behind Wall Street.

Monsanto’s Harvest of Fear
For centuries—millennia—farmers have saved seeds from season to season: they planted in the spring, harvested in the fall, then reclaimed and cleaned the seeds over the winter for re-planting the next spring. Monsanto has turned this ancient practice on its head.

Quick Overview

• U.S. retail sales rose 0.2% in March, better than expected.
  

• U.K. producer prices rose 6.2%
  

• Industrial production in the Euro area rose 0.3% MoM, and up 3.1% YoY.

• The USDA reports that just 2% of the nation’s corn crop is planted as of Sunday, down from the seasonal average of 7%.

Chile Thirsts for Rain as Goats Drop, Mines Face Power Cuts
Chile is in the grip of the most damaging drought in a century. The water shortage is reducing output at hydroelectric dams, pushing up energy prices and forcing the government to consider restricting power supplies to mines and factories. Subsistence farmers' crops and livestock are dying.

Quick Overview

• The University of Michigan's consumer sentiment index fell from 69.5 to 63.2, the lowest since 1982.
  

• Results from industrial bellwether General Electric missed estimates, re-igniting concerns that corporate profits would not escape financial market turmoil.
  

• YoY Japan’s producer prices rose 3.9%.
  

• Greenspan says the U.S. economy is in recession, adding it would be appropriate to use public funds to reverse the effects of the nation's credit crisis.
  

• (WSJ) Bush and his wife paid $221,635 in federal taxes on income of $923,807 for 2007, a year that included an advance for a children's book. The Cheneys' taxes were $602,651 on $3.04 million in income.
  

• Lehman repackaged some of its unsold buyout loans into a new security that it used as collateral to obtain cash loans from the Fed. Other Wall Street investment banks, known for their “ingenuity”, are expected to follow suit.
  

• Europe's cocoa grind rose 4.7% YoY.
  
  

• Statistics says South Africa’s gold production fell 28% YoY
  
  
  
  

Fannie Mae, Freddie Mac looking to help those who owe more than home's worth

The program by the largest U.S. financier and guarantor of home mortgages addresses homeowners with "upside-down" loans who owe more than their homes are worth. There are now an estimated 9 million U.S. homeowners in that predicament, according to Moody's Economy.com.

Quick Overview

• The U.S. The trade gap expanded unexpectedly to $62.32 billion in February
  

• The U.S. Labor Department said jobless claims fell 53,000 to 357,000, less than expected.
  

• The U.S. government posted a budget deficit of $311.4 billion for the first half of the 2007-2008 fiscal year -- largest ever.
  

• The unemployment rate in Australia rose from 4.0% to 4.1%.
  

• Japan's machinery orders fell 12.7% in February.
  

• Britain reduced its interest rate from 5.25% to 5.00%, as expected.
  

• The European Central Bank kept its interest rate at 4.0%.
  

Ed Seykota and The Whipsaw Song

Commodities Rise Most in 7 Weeks; Oil, Fuel, Corn Hit Records
(Bloomberg) -- Commodities jumped the most in two weeks as crude oil, gasoline and corn surged to records following U.S. government reports signaling demand for energy and grain still outpacing supplies.

Quick Overview

• (FT) The world's leading banks have accepted much of the blame for the credit crisis in an attempt to stave off calls for more regulation, even as the International Monetary Fund slashed global growth estimates and warned that the US would suffer a recession.
  
  

• GDP in the Euro area rose 2.6% in 2007.
  
  

• The U.S. Department of Energy said:
  Supplies of crude oil fell 3.2 million barrels to 316.0 million barrels.
  Supplies of gasoline fell 3.4 million barrels
  Supplies of heating oil fell 2.7 million barrels.
  Refinery use rose from 82.4% to 83.0% of capacity.
  Gasoline demand rose o.3% YoY
  Distillate demand was unchanged YoY.
  (Oil hits record above $112 after US inventories)
  
  

• The USDA's estimate for 2007-2008 U.S. ending stocks of:
  Corn was reduced from 1.438 to 1.283 billion bushels.
  Soybeans were raised from 140 to 160 million bushels.
  Wheat is unchanged at 242 million bushels.
  Sugar was reduced from 1.978 to 1.950 million tons.
  Cotton was raised from 9.40 to 9.70 million bales.
  

• The USDA's estimate for 2007-2008 world ending stocks of:
  Corn was reduced from 104 to 103 million tons.
  Soybeans were increased from 47.4 to 49.3 million tons.
  Wheat was increased from 110.4 to 112.5 million tons.
  Cotton was increased from 59.2 to 59.6 million bales.
  

• The USDA increased its estimate of 2008 beef production from 26.4 to 26.6 billion pounds, up 0.6% YoY.
  

• The USDA increased its estimate of 2008 pork production from 23.1 to 23.5 billion pounds, up 7.3% YoY.
  
  

• The USDA increased its estimate of Florida's 2007-2008 orange crop from 167 to 169 million boxes.
  
  
  

• Brazil estimated the upcoming coffee harvest at 44.2 million bags.

• Gold Fields Mineral said that 2008 gold production will remain stable, suggesting to some, that this will result in a tightening of supply.
  

Quick Overview

• The National Association of Realtors said the index of pending home sales fell from 86.2 to 84.6 in February.
  

• Home prices in the U.K. fell 2.5% in February.
  

• The USDA said that 45% of the winter wheat crop was rated good to excellent, down from 64% last year.

Quick Overview

• Japan's index of leading indicators increased from 36.4% to 50% in February.

Iceland contagion may spread far and wide
Fitch said countries that run current account deficits above 10pc of GDP for any length time almost always come to grief. East Asia's debt crisis in 1997 erupted before any state reached double digits. Iceland's deficit is now 16pc of GDP. Latvia is at 25pc, Bulgaria 19pc, Georgia 18pc, Estonia 16pc, Lithuania 14pc, Romania 14pc and Serbia 13pc. The region will need $337bn in foreign loans this year.

Borrowing in foreign currencies was all the rage in the heady days of the credit bubble. Most mortgages in Hungary over the last two years have been in Swiss francs, with the Balkans and Poland not far behind. This is now turning into slow torture. The franc has risen 5pc against the euro since October. The real level of the debt is ratcheting up.

Quick Overview

• U.S. unemployment rate rose from 4.8% to 5.1% in March

• Canada’s unemployment rate increased from 5.8% to 6.0% in March
  Canada’s consumer confidence fell from 96.5 to 94.5
  

• Australia's retail sales fell 0.1% in February.

• The Philippine government proposed a law that makes the hoarding of rice a crime punishable by life imprisonment.
  

Quick Overview

• The Institute of Supply Managements' index of U.S. services rose from 49.3 to 49.6 in March.

• Retail sales volume in the Euro area fell 0.5%.
  

• Service index in the Euro area dropped from 52.3 to 51.6.
  

• Corn rose above $6 a bushel for the first time ever in Chicago, as cool wet weather in the Midwest threatens to delay planting.
  

False ideology at the heart of the financial crisis
By George Soros
Instead of reshuffling regulatory agencies, the authorities ought to prepare for the next shoes to drop. I shall mention only two. There is an esoteric financial instrument called credit default swaps. The notional amount of CDS contracts outstanding is roughly $45,000bn. To put it into perspective, that is about equal to half the total US household wealth and about five times the national debt. The market is totally unregulated and those who hold the contracts do not know whether their counterparties have adequately protected themselves. If and when defaults occur, some of the counterparties are likely to prove unable to fulfil their obligations. This prospect hangs over the financial markets like a sword of Damocles that is bound to fall, but only after some defaults have occurred

Daily caffeine 'protects brain'
Coffee may cut the risk of dementia by blocking the damage cholesterol can inflict on the body, research suggests

Quick Overview

• U.S. factory orders fell 1.3% in February, weaker than expected
  

• Weak dollar boosts Long Beach (CA) exports 36%, but cuts imports 7.6% in February.
  
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 7.4 million barrels to 319.2 million barrels.
  Supplies of gasoline fell 4.5 million barrels.
  Supplies of heating oil supplies fell 1.3 million barrels.
  Refinery use increased from 82.2% to 82.4% of capacity.
  Gasoline demand was unchanged.
  Distillate demand fell 3.1%.
  
  

Quick Overview

• The Institute of Supply Management said t its index of U.S. manufacturing increased from 48.3 to 48.6 in March,
  

• U.S. Construction spending fell 0.3% MoM and 3.5% YoY.
  

• The unemployment rate in the Euro area unchanged at 7.1%.
  
  

Charts of the Day

Quick Overview

• The Chicago Purchasing Managers' index rose from 44.5 to 48.2 in March.
  
• Canada’s GDP rose 0.6% MoM, and 2.2% YoY
  

• Japan's industrial production fell 1.2% in February.
  

• U.K.'s index of services rose 0.6% in January.
  
  

• In 2008 the USDA expects farmers to plant:
  86.0 million acres of corn, down 8% YoY.
  74.8 million acres of soybeans, up 18% YoY
  63.8 million acres of wheat, up 6% YoY.
  9.4 million acres of cotton, down 13% YoY.
  

• The USDA said, as of March 1st, U.S. stocks of:
  Corn totaled 6.86 billion bushels, up 13% YoY.
  Soybeans totaled 1.43 billion bushels, down 20% YoY.
  Wheat totaled 710 million bushels, down 17% YoY.

Quick Overview

• U.S. Personal incomes rose 0.5% in February, better than expected. Consumer spending rose 0.1%.
  
  

• The University of Michigan's consumer sentiment index fell from 70.8 to 69.5
  

• U.K.'s GDP rose 0.6% QoQ and 2.8% YoY.
  

• Japan’s T unemployment rate rose from 3.8% to 3.9% in February.
  Japan's consumer prices fell 0.2% MoM, but rose 1.0% YoY.
  
  

• The U.S. produced 6.48 billion gallons of ethanol in 2007, up 34% YoY. The U.S. capacity is now 13.4 billion gallons with another 5.2 billion gallons on the way in 08.
  

• The USDA said that, on March 1st, there were 65.909 million head of hogs and pigs in the U.S. -- up 6.5% YoY.
  

• (FT) Rice prices jumped 30% to an all-time high, raising fears of fresh outbreaks of social unrest across Asia where the grain is a staple food for more than 2.5bn people
  

Quick Overview

• U.S. GDP was unrevised at 0.6% growth for the fourth quarter of 2007, the slowest pace since late 2002.
  

• The U.S. economy seems to be slipping into recession and the Federal Reserve must cushion the pain and make it as brief as possible, a Fed policy maker said.
  

• Ahead of the United States Department of Agriculture's planting intentions estimates out Monday, March 31, Allendale Inc. sees a 7.2 million acre decrease in corn acreage, a 10.6 million acre increase for soybeans, and a slightly higher total wheat planting figure

Senate panel chief questions Dimon's Fed seat
"I have great respect for Jamie Dimon, who's head of JPMorgan," Dodd, a Connecticut Democrat, said in the interview with National Public Radio.

"He also sits on the board of directors at the Federal Reserve in New York. Having decisions being made over the weekend with an institution where its leader is also a member of that board raises some serious issues," Dodd said. "It aught to be addressed."

Quick Overview

• U.S. new home sales fell 1.8% MoM and 29.8% YoY
  

• U.S. durable goods orders fell 1.7% in February. Excluding transportation, orders fell 2.6%.
  

• German business confidence increased from 104.1 to 104.8
  

• Industrial new orders for the Euro area 15 rose 2.0% MoM and 7.3% YoY.
  
  

• The U.S. Department of Energy said:
  Supplies of crude oil were unchanged at 311.8 million barrels.
  Supplies of gasoline fell 3.3 million barrels
  Supplies of heating oil fell 1.3 million barrels.
  Refinery use fell from 83.8% to 82.2% of capacity last week.
  Gasoline demand fell 0.3% YoY
  Distillate demand fell 4.0% YoY.
  
  
  
  
  

Quick Overview

• Standard & Poor's/Case-Shiller index of U.S. home prices fell by 11.4% in January, the biggest monthly drop since the index began in 1987.
  

• The Conference Board's consumer confidence index fell from 76.4 to 64.5 in March, weaker than expected -- it’s the lowest in 34 years.
  
  

• Canada’s retail sales rose 1.5% in January.
  

• Iceland's central bank raised its key interest rate by 1.25 percentage points to 15%, citing higher-than-expected inflation.
  

• The American Coalition for Ethanol says gasoline prices would be 6 to 9 cents per gallon higher were it not for ethanol.

Quick Overview

• The National Association of Realtors said existing home sales were at an annual rate of 5.03 million units in February, up 2.9% MoM and better than expected. Inventories of unsold homes fell 3% to 4.03 million units.
  

• Japan's sentiment index fell from +0.5 to -9.3 in the first quarter.
  

• (WSJ) Many Chinese towns, lacking irrigation systems, rely on ad-hoc well digging, a practice that is in effect reducing their ground water levels year by year.
  
  

• J.P. Morgan quintupled the price it will pay for Bear Stearns to $10 a share.
  

• India reiterates claim they will not need wheat imports in the coming year - a quite optimistic claim if production estimates could be believed.
  

• The Russian government said it would extend its 40% export tax on grain until July 1 from a previous ending date of April 30th.
  

• The USDA reports that commercial red meat production during February 2008 totaled 3.968 billion pounds, down 10% from January's 4.416 billion but up 10% from February 2007's 3.615 billion.
  
  

Sooner Fed bail-outs than the 1930s revisited
We should be thankful that the man now heading the US Federal Reserve - Ben Bernanke - spent his early career immersed in the details of that catastrophe. He has written books showing how a credit crunch can set off a vicious downward spiral, and do so with lightning speed. You do not mess around in such circumstances.

Quick Overview

• U.S. jobless claims rode 22,000 last week to 378,000.
  

• U.S. leading indicators fell 0.3% in February.
  

• The Philadelphia Federal Reserve's index of manufacturing improved from -24.0 to -17.4.
  

• The U.K.'s retail sales volume rose 1.0% in February,
  

• Canada leading indicators fell 0.3%.
  

• The USDA said there were 11.853 million head of cattle on feed, up 2.2% YoY
  

• The USDA said frozen pork inventory as of February 29, 2007, was 603 million pounds, up 25% YoY.
  

• The USDA said that there were 942 million pounds of frozen orange juice concentrate in storage, up 25% YoY.

Quick Overview

• U.S. government is lowering the capital requirements for Fannie Mae and Freddie Mac from 30% to 20% in an attempt to provide more liquidity to the mortgage market.
  

• Gold fell after the Fed reduced the Fed Fund Rate less than expected and signaled more cuts won't be as aggressive.
  

• Canada's wholesale sales rose 2.6%.
  

• Construction output in the Euro area rose 1.6% MoM and 1.6% YoY.
  

• The U.S. Department of Energy said:
  Supplies of crude oil supplies rose 200,000 barrels to 311.8 million barrels
  Supplies of gasoline fell 3.5 million barrels
  Supplies of heating oil fell 3.2 million barrels.
  Refinery use fell from 85.0% to 83.8%.
  Gasoline demand fell 0.1% YoY
  Distillate demand fell 5.4% YoY
  

Updates resume Mar. 19

Quick Overview

• (Bloomberg) -- Hong Kong shut all primary schools and kindergartens yesterday following the unexplained deaths of four young children with flu-like symptoms.
  
  

• Bear Stearns tapped the Fed, via JP Morgan, for emergency funding to keep from going under.
  

• U.S. consumer prices were unchanged in February and up 4.0% YoY.
  The University of Michigan's consumer sentiment index fell from 70.8 to 70.5
  

• Consumer prices in the Euro area rose 3.3%.
  

• The U.S. is in a recession that could be "substantially more severe" than recent ones, National Bureau of Economic Research President Martin Feldstein said.

Quick Overview

• U.S. retail sales fell 0.6% in February.
  
  

• Australia unemployment rate improved from 4.1% to 4.0%
  

• South African gold production fell 5% MoM, and 16.5% YoY.
  

• One in every 557 U.S. homes is in some stage of default RealtyTrac said.
  

• Carlyle Capital Corp fund (Amsterdam: CCC) said that it was unable to arrange a bailout and that it expects its lenders to seize its assets "promptly."
  

Quick Overview

• Concerns surfaced the Feds plan to boost financial market liquidity might prove inadequate to ease the stress in the credit markets.
  
  

• U.S. Federal spending rose 17% YoY, and revenues fell 12% YoY.
  
  

• Japan's GDP rose 0.9%.
  

• Australia's consumer confidence fell to 88.6 in March — lowest in 15 years.
  

• Industrial production in the Euro Area rose 0.9% in January and 3.8% YoY.
  

• Industrial production in India rose 5.3% YoY.
  
  

• The U.S. Department of Energy said that:
  Supplies of crude oil rose 6.2 million barrels to 311.6 million barrels.
  Supplies of gasoline rose 1.7 million barrels
  Supplies of heating oil fell 1.7 million barrels.
  Refinery use fell from 85.9% to 85.0% of capacity last week.
  Gasoline demand rose 0.4% YoY
  Distillate demand fell 4.2% YoY
  ...
  

Updates are delayed due to data problems.

US Fed pins economic hopes on $200bn liquidity boost
Mortgage debt is now greater than home equity for first time since records began.

Updates resume Mar. 8