Recap 3-22-12

Main Items:

  • US Initial Jobless Claims declined to 348k last week vs 350k exp and 351k prev
  • US Student loan outstanding tops one trillion dollars. This appears far higher than earlier estimates and could weigh on consumer spending. The $1 trillion figure is 16% above prior forecasts. WSJ


  • EU Flash PMI’s for March:
  1. EU Mfg PMI declined to 47.7 vs 49.5 exp and 49 prev
  2. EU Services PMI declined to 48.7 vs 49.2 exp and 48.8 prev
  3. Weakness was broad based, although French Services held up better than others
  4. Barclay’s estimates that this is consistent with a -30bp QoQ GDP decline for 1Q.

EU Consumer Confidence increased to -19 vs -19.8 and -20.3 prev

China HSBC Mfg PMI declined to 48.1 in March vs 49.6 prev

Upcoming Data:

  • Fri: Canada CPI, SNB quarterly bulletin
  • Mon: German IFO, Chicago Fed, US Pending Home Sales
  • Tues: German GfK Cons Confidence