Recap 4-24-13: Who Cares About Economic Data?

Commentary:

Does the data matter? You decide. Eurostoxx in white, Europe economic surprise index in orange:

Frankly, the data can’t come in that much worse. (e.g. Europe composite PMI is at 46.5 vs a post Lehman low of 45.7) Which means…

Notable:

  • US Durable Goods dropped -5.7% MoM in March vs -3.0% exp and +5.7% prev. However, Core Capital Goods Orders rose 0.2% MoM vs 0.3% exp and -2.7% prev
  • ECB Bank Lending survey showed a continued modest tightening of lending standards, and decline in loan demand.

  • German IFO declined to 104.4 in Apr vs 106.2 exp and 106.7 prev
  • Australia CPI declined to 2.5% YoY in 1Q vs 2.8% exp and 2.2% prev
  • Cushing Inventories rose 947k last week vs +2mm exp. There was a very sharp draw on Gasoline, -3928k vs -600k exp.

Upcoming Data:

  • Wed: German IFO, US Durable Goods Orders, Oil Inventories
  • Thu: UKGDP, US Jobless Claims, Japan Markit PMI, CPI
  • Fri: BoJ, Swiss KOF LEI, EU Money Supply, US GDP, U Michigan Confidence
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