Recap 3-06-13




  • US ADP Employment improved to 198k vs 170k exp and 192k prev, (which was revised to 215k)
  • BoC was slightly more dovish, while keeping its hawkish bias. It said that “the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required”. This was downgraded from “some modest withdrawal of monetary policy stimulus will likely be required over time.” in January.
  • Reid said he was cautiously optimistic in Congress being able to pass legislation to keep the government funded through the end of the current fiscal year (through Sept). The House is set to pass its bill Wed w/the Senate taking action next week. Reuters
  • The Journal said the copper industry is preparing for a surge of new supply in 2013, possibly the largest increase in mining output in 13 years.
  • Berkshire’s Burlington Northern railroad will explore using natural gas to power some of its trains, marking an important shift. BNI is one of the largest consumers of diesel fuel in the country – WSJ

Upcoming Data:

  • Thu: BoJ, French Employment, BoE, ECB, US Unit Labor Costs, Jobless Claims, Fed publishes stress test results for US banks
  • Fri: Japan Eco Watchers Survey, China Trade Balance, Canada Housing Starts, Employment, US Employment, Banxico
  • Weekend: China Data
  • Mon: German Trade Balance, RICS House Price Balance, Australia Business Confidence
  • Tue: US Retail Sales, Oil Inventories, Australia Employment