Recap 9-14-11

Main Items:

  • US Advance Retail Sales was flat MoM in Aug vs 0.2% exp and 0.5% prev. Ex Autos and Gas, it rose 0.1% MoM vs 0.3% exp and prev.
  • US Core PPI was unchanged at 2.5% YoY in Aug vs 2.6% exp
  • The ECB lent 575mm dollars at a seven day repo operation at 1.1%. Two banks submitted bids with one of them being for $500mm.
  • Moody’s downgraded Societe Generale to AAa3 from Aa2 and Credit Agricole to Aa2 from Aa1. The downgrade was expected and not as severe as some thought. BNP was spared and SocGen avoided a two notch downgrade.

Overseas:

  • UK ILO UE rate was unchanged at 7.9% in July as exp.

Commentary:

In case you missed it:
Scientists discover why laughing is so beneficial. The answer lies more in the physical act of laughing (and “not the intellectual pleasure of cerebral humor”). NYT http://nyti.ms/nC22sF

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