G3 Recap 2-1-11

Main Items:

  • US ISM manufacturing jumped to 60.8 in January vs 58.0 expected and 57.0 previously. This is the highest print since May 2004. The underlying components were all strong – however, the Prices Paid component increased to 81.5, the highest print since mid 2008. Here’s the prices paid component, in green, lined up against US CPI (white), EU CPI (yellow), and Chinese CPI (Orange). Remember that in early 2008, headline ISM was averaging below 50:

Overseas Data:

  • Chinese PMI Manufacturing declined to 52.9 in Jan vs 53.5 expected and 53.9 previously. The input price component was 69.3, up from to 66.7 in December. The HSBC headline measure was basically unchanged at 54.4 vs 54.5 previously.
  • RBA kept rates unchanged as expected.
  • Australian PMI improved to 46.7 vs 46.3 expected.
  • South Korean CPI rose to 4.1% YoY in Jan vs 3.8% expected and 3.5% previously
  • Italian PMI Manufacturing improved to 56.6 in Jan vs 54.8 expected and 54.7 previously.
  • UK PMI Manufacturing improved to 62.0 in Jan vs 58.0 expected an 58.3 previously


  • I got nothin