Recap 10-1-12

Commentary:

The S&P is now farther above its 200 day moving average now than at any time since 2001. (Red line is the logarithm of the index / 200dma)

Notable:

  • Sept Mfg PMIs:
  1. US: 51.5 vs 49.7 exp and 49.6 prev
  2. Italy: 45.7 vs 44 exp and 43.6 prev
  3. UK: 48.4 vs 49 exp and 49.5 prev
  4. Switzerland: 43.6 vs 47.5 exp and 46.7 prev
  5. China HSBC: 47.9 vs 47.6 prev
  6. Australia: 44.1 vs 45.3 prev

EU Unemployment ticked higher to 11.4% in Aug vs 11.3% prev Greece will receive the next tranche of troika aid as Europe is determined to have the country stay in the euro – according to reports in two German magazines this weekend, the troika will wind up releasing the next tranche of aid money to Greece despite Athens falling short of budget and reform goals. The Greek parliament will vote on a series of reform measures sometime in the next couple weeks and once that occurs the money will be released. Upcoming Data:

  • Tues: RBA, China Non-Mfg PMI
  • Wed: Italy Services PMI, UK Services PMI
  • Thu: BoE, ECB
  • Fri: US Employment, CA Employment
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