Recap 4-19-12

Main Items:

· US Initial Jobless Claims increased to 386k last week vs 370k exp and 380k prev

· Philly Fed declined to 8.5 vs 12 exp and 12.5 prev

Overseas:

  • Brazil cut rates by 75bps overnight to 9% as exp. They see limited inflation risks and said the global economy is disinflationary, suggesting that more cuts are likely.
  • EU Consumer Confidence declined to -19.8 in April vs -19 exp and -19.1 prev

Upcoming Data:

  • Thurs: US Jobless Claims, Philly Fed, Existing Home Sales, EU Cons Conf
  • Fri: German IFO, PPI, Canada CPI
  • Mon: China HSBC Flash PMI, EU PMIs, Australia CPI,
  • Tues: Swiss Trade Balance, Canada Retail Sales, US Consumer Confidence, New Home Sales

Commentary:

A Citi survey shows that cash balances are down to early 2011 levels.

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