Recap 4-11-13

Commentary:

None

Notable:

  • US Jobless Claims declined to 346k last week vs 360k exp and 385k prev. The Labor Department noted that seasonal adjustment process continues to be volatile
  • Australia Employment dropped -36.1k in March vs -7.5k exp and 71.5k prev. This took the Unemployment rate up to 5.6% vs 5.4% exp and prev
  • JPM: MoF’s weekly portfolio flow data last week did not show significant outflows. 1.1trn in foreign bonds were sold last week, the lowest print since a year ago.

  • The BOJ announced it will conduct three purchase operations tomorrow. Two for JGBs and one for T-bills. The three operations are: 1) second JGB purchase for April, which will include ¥1.0trn in the 5-10yr and ¥0.3trn above 10yr part of the curve, 2) third JGB purchase for April, which will include ¥0.11trn in 0-1yr and ¥1.1trn in 1-5yr part of the curve, 3) t-bill purchases.
  • The Bank of Korea left rates unchanged versus market expectations of a 25bps cut. The central bank cut growth forecasts to 2.60% from 2.80%.
  • IDC: PC Shipments Post the Steepest Decline Ever in a Single Quarter. Worldwide PC shipments totaled 76.3 million units in the first quarter of 2013 (1Q13), down -13.9% compared to the same quarter in 2012

Upcoming Data:

  • Fri: US Retail Sales, UMichigan Confidence
  • Sun: Kuroda Speaks, Australia Home Loans, China IP, Retail Sales, GDP
  • Mon: EU Trade Balance, Empire Mfg, NAHB Housing Market Index
  • Tue: UK CPI, German Zew, US Housing Starts
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