- 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. .
- 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
- Treasuries sold off at the end of the day based on widely disseminated reports that FOMC voter Kocherlakota said that Fed Funds could be at 75bps by year end, base on recent increases in core inflation. The markets conveniently forgot that just 6 days ago, he said that the Fed position is “appropriately accommodative.”