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Monday, July 27, 2009
Quick Overview
- MoM U.S. New-home sales rose 11% in June, the third increase in a row and more than expected. September lumber is steady to higher.
- German consumer confidence rose to 3.5 points, up from 3 points -- a 14-month high.
- The USDA said on July 1st there were 101.8 million head of cattle in the U.S. down 1.45% YoY and the lowest in 36 years.
- There were 9.752 million head of cattle on feed, down 5.3% YoY
- (WSJ) After the driest June in 83 years, four of India's 28 provinces have declared drought. More than half of Uttar Pradesh state, India's most populous state and a key rice- and sugar cane-growing region.
- IT’s reading of Dow Theory is now bullish.
- The % of ETF's on our list of 718 funds that are up in the last 20 days is at 86%
- New high for the NY Volume Advance Decline Line
- (Reuters) - The Australian dollar jumped against the dollar and the yen on Tuesday after Reserve Bank of Australia Governor Glenn Stevens said the Australian economy had fared well enough that upside risks to the outlook now balanced out those on the downside
Thursday, July 23, 2009
Quick Overview
- U.S. jobless claims rose 30,000 last week to 554,000.
- U.S. existing home sales rose 3.6% in June.
- There is currently a 9.4 month supply of homes for sale in the U.S.
- YoY Japan's exports fell 36% in June
- Sweden’s June Unemployment Rate rose 0.8% to 9.8% in May
- Euro Zone May Current Account out at -1.2B vs. -6.1B in Apr.
- UK June Retail Sales rose 1.2% MoM vs. -0.9% in May
- Canada’s consumer confidence rose from 82.1 to 82.9 in July
- The USDA said that there were 579 million pounds of frozen pork in storage, up 9% YoY
- Frozen bellies totaled 76.4 million pounds, up 3% YoY
Wednesday, July 22, 2009
Quick Overview
- US Weekly Consumer Confidence out at -50 as expected
- US exports are forecast to fall 13.6% this year, but expected to rise 1.7% next year according to a Manufacturers Alliance/MAPI report.
- Australia’s Q2 Consumer Prices rose 0.5% QoQ.
- YoY Japan’s June Supermarket Sales fell -4.4%
- MoM Euro Zone May Industrial New Orders fell -0.2%
- UK July CBI Total Orders Index fell to -59 versus -51 in June.
- Canada’s retail sales rose1.2% in May
- The U.S. Department of Energy said:
Supplies of crude oil fell 1.8 million barrels last week to 342.7 million barrels.
Supplies of gasoline rose 800,000 barrels
Supplies of heating oil rose 800,000 barrels.
Refinery use fell from 87.9% to 85.8%.
YoY Gasoline demand rose 0.7%
YoY Distillate demand fell 11.0%.
Tuesday, July 21, 2009
Quick Overview
- Bernanke shed light on the Fed's exit strategy, but made clear to lawmakers that the economy remains too weak to start tightening monetary policy.
- Bank of Canada leaves rate unchanged at 0.25% as expected
- The U.K.'s June budget deficit of $21.4 billion is the biggest since records began in 1993.
- YoY New Zealand June Credit Card Spending fell -2.1%
- YoY Japan June Department Store Sales fell -8.8%
Monday, July 20, 2009
Quick Overview
- U.S. leading indicators rose 0.7% in June, better than expected.
- Canada’s May Wholesale Sales dropped -0.3%
- UK July House Prices rose +0.6% MoM and -3.1% YoY
- Australia’s Q2 Producer Price Index fell -0.8% QoQ
- Human Genome Sciences (HGSI) more than tripled after the company and GlaxoSmithKline said their experimental lupus drug reduced patients’ symptoms in a yearlong study.
- Germany’s June Producer Prices fell -0.1% MoM
- Cocoa futures rose above a 5-month high on fund buying and better than expected North American Q2 grind data.
- (MarketWatch) -- A package of government bailout packages could cost $23.7 trillion, according to testimony prepared by a special inspector general expected to appear on Capitol Hill this week.
Saturday, July 18, 2009
Mobius Says China Market Value to Overtake U.S. in Three Years
China’s market is valued at $3.2 trillion, compared with $11.2 trillion in the U.S., according to data compiled by Bloomberg. The Standard & Poor’s 500 Index, a benchmark for U.S. equities, has gained 4.1 percent in 2009, while China’s 4 trillion-yuan ($586 billion) stimulus package lifted the Shanghai Composite Index 75 percent this year.
Fiscal ruin of the Western world beckons
No doubt Ireland has been the victim of a savagely tight monetary policy e_SEmD given its specific needs. But the deeper truth is that Britain, Spain, France, Germany, Italy, the US, and Japan are in varying states of fiscal ruin, and those tipping into demographic decline (unlike young Ireland) have an underlying cancer that is even more deadly. The West cannot support its gold-plated state structures from an aging workforce and depleted tax base.
Friday, July 17, 2009
Quick Overview
- MoM U.S. Home construction unexpectedly rose 3.6% in June but fell 52% YoY
- Australia Q2 Import Price Index fell -6.4% QoQ
- China's June Wholesale Prices fell -8.0% YoY
- Norway's Q2 Existing Home Prices rose 5.3% YoY
- Euro Zone May Construction Output fell -2.0% MoM.
- Canada's June CPI rose +0.3% MoM and fell 0.3% YoY
- Canada's June Leading Indicators fell -0.1%
- YoY the USDA expects pork production to fall 3% in Q3 and down 2% Q4
- The USDA expects beef production to fall 8% in 2009 and rise 9% in 2010.
- The North American cocoa grind totaled 105,123 tons in Q2, down 6.75% YoY
- More than 650,000 Americans will have used up all of their unemployment benefits by September.
- GE announced Q2 2009 earnings of $2.9 billion, or $.26 per share, down 47% from Q2 of 2008.
- Blogs claim Microsoft is close to sealing a deal to buy Yahoo's search business
Thursday, July 16, 2009
Quick Overview
- U.S. jobless claims fell 47,000 last week to 522,000.
- The Philadelphia Federal Reserve's regional index of manufacturing fell from -2.2 to -7.5 in July.
- YoY China's GDP rose 7.9% in Q2 after a 6.1% gain in the previous three months
- China June Producer Price Index fell -7.8% versus -7.2% in May
- China June Consumer Price Index fell -1.7% versus -1.4% in May
- China June Retail Sales rose 15.0% China Jun. Industrial Production rose 10.7% YoY
- China’s exports fell 21.4% in June -- that was an improvement over May's record 26.4% drop.
- Japan’s tertiary index of services fell 0.1% in May.
- The International Coffee Organization raised its estimate of 2008-2009 world coffee production from 126.1 to 128.8 million bags
- (FT) CIT said overnight there was no “appreciable likelihood” of a government bailout, leaving the company facing a bankruptcy filing unless another last-minute restructuring deal can be struck.
- J.P. Morgan Chase reported a 36% jump in profit.
- Imports at the leading container ports increased 5% MoM compared with April, but were down 20% YoY.
- (Economic Times) Jim Rogers "I do actually have a silver coin in my pocket. I also have a gold coin, but the silver one is probably my better play. If I were a bright young man, I would be buying sugar now and silver, given the state of the world. That's not a recommendation, but I am just saying I do own some silver. Silver is cheaper than many things on a historic basis and I do own some silver," Rogers said.
Wednesday, July 15, 2009
Quick Overview
- U.S. consumer prices rose 0.7% in June and fell 1.4% YoY.
- U.S. industrial production fell 0.4% in June.
- US June Capacity Utilization fell to 68.0% vs. 67.9% expected and 68.2% in May
- The N.Y. Feds regional index of manufacturing rose from -9.4 to -.6 in July
- Japan left target rate unchanged at 0.10% as expected
- Switzerland May Retail Sales fell -1.4% YoY
- Euro Zone June CPI rose 0.2% MoM. Core CPI rose 1.4% YoY
- Bloomberg's Global Confidence Indicator fell to 39.13 in July from 43.57 in June
- Canada May Manufacturing Shipments fell -6.0% vs. -2.5% expected
- The U.S. Department of Energy said:
Supplies of crude oil fell 2.8 million barrels to 344.5 million barrels
Supplies of gasoline rose 1.5 million barrels
Supplies of heating oil rose 500,000 barrels.
Refinery use rose from 86.8% to 87.9% of capacity
Gasoline demand rose 0.6% YoY
Distillate demand fell 11.7% YoY.
- China bought another 4.2 million bushels of old-crop soybeans this AM
- Brazil is expected to produce a record 52 million 60-kg bags of coffee in the 2010/11 crop year, a Reuters poll showed on Wednesday.
- YoY Russian 2009/10 sugar output is set to fall below 2.9 million tonnes from 3.5.
Tuesday, July 14, 2009
Microsoft Research and Bill Gates Bring Historic Physics Lectures to Web
Richard Feynman lectures delivered at Cornell University in 1964
The Great American Bubble Machine
What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain —
Quick Overview
- U.S. retail sales rose 0.6% in June. Excluding autos, sales rose 0.3%
- U.S. producer prices rose 1.8% in June, but fell 4.6% YoY
- Industrial production in the EU rose 0.1% in May, but fell 15.9% YoY
- U.K.'s consumer prices rose 1.8%
- UK June Retail Sales rose 3.2% YoY
- UK May DCLG House Prices fell -12.5% YoY
- Business confidence in Australia rose from -2 to +4 in June
- China's foreign-exchange reserves rose a record $178 billion in Q2 to $2.132 Trillion
- Intel said sales will reach $8.9 billion in the current quarter, surpassing the $7.86 billion estimated by analysts.
Monday, July 13, 2009
Spain seeks sunken treasure
Gold bullion and silver treasure worth an estimated £85billion - the size of the nation's current budget shortfall - lies on the sea bed off the coast of southern Spain.
Quick Overview
- New Zealand May Retail Sales rose 0.8% MoM
- Japan June Consumer Confidence rose to 38.1 from 36.3 in May
- Switzerland June Producer and Import Prices were unchanged at 0.0% MoM
- Singapore's economy grew for the first time in a year, rising 20% in Q2
Sunday, July 12, 2009
Europe digs its economic grave while the ECB answers to no one
Nobody knows where the tipping point lies on public debt, though anything above 100pc of GDP in a currency union is courting fate. Some are already there. The European Commission says Italian debt will jump to 116pc in 2010. Greece is vaulting back to 109pc, Belgium to 101pc, France to 86pc.
Friday, July 10, 2009
Quick Overview
- The U.S. trade deficit narrowed to $25.96 billion in May, its lowest level since November 1999
- The University of Michigan's index of consumer sentiment fell from 70.8 to 64.6 in July
- Canada’s unemployment rate rose from 8.4% to 8.6% in June
- Germany June Wholesale Price Index rose 0.9% MoM but was still down 8.8% YoY
- Norway June CPI rose 0.6% MoM
Norway June Producer Prices rose 8.7% MoM and 0.8 YoY
- UK June PPI rose 1.5
- US June Import Price Index rose 3.2% MoM
- The USDA's 2009-2010 U.S. ending stocks estimate for:
Corn was raised from 1.09 to 1.55 billion bushels.
Soybeans were raised from 210 to 250 million bushels.
Wheat was raised from 647 to 706 million bushels.
Sugar was lowered from 459,000 to 359,000 tons.
Cotton unchanged at 5.60 million bales.
- The USDA's 2009-2010 world ending stocks estimate for:
Corn was raised from 125 to 139 million tons.
Soybeans were raised from 51 to 52 million tons.
Wheat was lowered from 183 to 181 million tons.
Cotton was raised from 57 to 58 million tons.
- The USDA raised the 2008-2009 Florida orange crop from 160 to 162 million boxes.
Thursday, July 09, 2009
Shipping Rates Will Decline After Record Rally, Survey Shows
The cost of transporting coal, iron ore and grain by sea will decline this quarter, ending a record rally, a survey showed. The Baltic Dry Index will average 2,950 points in the third quarter, according to the median estimate of seven analysts, traders and fund managers surveyed July 3 to 7. That’s 5 percent less than yesterday’s 3,107 points.
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