Recap 7-13-12

Main Items:

  • UMichigan Confidence declined to 72 in June vs 73.5 exp and 73.2 prev
  • US Core PPI declined to 2.6% YoY as exp vs 2.7% prev
  • JPM reported a $4.4bn trading loss in the CIO unit, slightly below the whisper figure of $5bn. The CFO said the total London Whale losses were $5.8bn this year.
  • Moody’s cut Italy by 2 notches overnight


  • China June Data:
  1. Real GDP rose 7.6% YoY in 2Q vs 7.7% exp and 8.1% prev.
  2. China IP slowed to 9.5% YoY vs 9.8% exp and 9.6% prev
  3. Retail Sales declined to 13.7% YoY vs 13.4% exp and 13.8% prev

Upcoming Data:

  • Mon: EU CPI, US Empire Mfg, Retail Sales,
  • Tues: UK CPI, German Zew, USCPI, US NAHB, BoC
  • Wed: BoE minutes, UK Unemployment, US Housing Starts
  • Thurs: US Jobless Claims, Philly Fed, Existing Home Sales

Commentary & Links: