Recap 4-02-13

Commentary:

None

Notable:

  • WSJ: the ratio of negative-to-positive earnings updates for the first quarter is 3.58x, one of the highest numbers on record. The article said investors continue to ignore this.
  • Feb Mfg PMI Prints:
  1. Italy: 44.5 vs 45.3 exp and 45.8 prev
  2. UK: 48.3 vs 48.7 exp and 47.9 prev
  3. Yesterday, US ISM dropped to 51.3 vs 54 exp and 54.2 prev
  4. Australia: 44.4 vs 45.6 prev

EU Unemployment increased to 12% as exp vs 11.9% prev The RBA left rates unchanged at 3%, inline with expectations. Japan’s Abe warned that they may not hit the 2% inflation target within two years. He added that the 2% figure should not be pursued at all costs Japan’s public pension fund, the world’s largest, has said it will sell off 4.6 trillion yen of its assets over the current fiscal year to meet payout obligations (DJ) Upcoming Data:

  • Tue: Australia Trade Balance, China Services PMI
  • Wed: US ISM Non-Mfg, Oil Inventories, Australia Retail Sales, BoJ
  • Thu: EU Services PMI, BoE, ECB, US Jobless Claims
  • Fri: US Employment, Canada Employment,
  • Mon: Japan Currency Acct, Japan Eco Watchers Survey, BoC Senior Loan Officer Survey, Business Outlook Survey
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