G3 Recap 3-31-11

Main Items:

  • US Initial Jobless Claims increased to 388k last week vs 380k expected and 382 previously.
  • Chicago PMI declined to 70.6 in March vs 69.9 expected and 71.2 previously.
  • Wal-Mart CEO Simon: Inflation is “going to be serious.” “We’re seeing cost increases starting to come through at a pretty rapid rate.”
  • A report by IDSPay.co.uk based on a survey of wage bargains covering almost 300,000 employees shows that around 40% of pay deals struck in the three months to February were for increases of 3% or more, with around 14% for 4% or more. The median pay settlement was for 2.5%
  • Irish regulators instructed 4 banks to raise 24bn euros in additional capital following stress tests, with Allied Irish Banks requiring 13.3bn of the 24. .

Overseas:

  • EU CPI Estimate rose to 2.6% YoY in March vs 2.4% expected and previously, driven by an Italian CPI Print of 2.6% YoY vs 2.2% expected.
  • German Unemployment declined -55k in March vs -25k expected and -52k previously.
  • South Korea IP growth declined to 9.1% YoY vs 9.6% expected and 13.7% previously.
  • UK GfK Consumer Confidence was unchanged at -28 in March vs -30 expected.
  • Australia Retail Sales rose 0.5% in Feb vs 0.4% expected and previously

Commentary:

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