Recap 8-10-12

Main Items:

  • Canada Employment dropped -30.4k in July vs 6k exp as a result of a sharp drop in part time employment.
  • Canadian Unemployment increased to 7.3% vs 7.2% exp and prev, partially as a result of a declined in the participation rate to 66.5 vs 66.7 exp and prev
  • US Import Prices dropped -3.2% YoY in July vs -2.5% exp and -2.6% prev


  • China July Data:
  1. M1 growth declined to 4.6% vs 5.3% exp and 4.7% prev
  2. M2 growth improved to 13.9% vs 13.8% exp and 13.6% prev
  3. New Loans increased 540bn vs 700bn exp and 920bn prev

UK PPI Output Core declined to 1.3% YoY in July vs 1.6% exp and 2.0% prev

Upcoming Data:

  • Mon: RICS House Prices Balance, BoJ Minutes, Australia NAB Business Confidence
  • Tues: UK CPI, EU 2Q GDP, German Zew, US PPI, Retail Sales
  • Wed: MoE Minutes, UK Employment, US CPI, Empire Mfg, NAHB Index
  • Thurs: EU CPI, US Jobless Claims, Housing Starts
  • Fri: Canada CPI, U Michigan Confidence

Commentary & Links:

On a weekly basis, the S&P 500 has been going up in fairly linear fashion for ~2.5 months now, and is not far from the highs of the year. However, note that over the past two years, the index has tended to correct the first time it retests the highs: