Recap 5-09-13




  • US Jobless Claims declined to 323k last week vs 335k exp and 327k prev
  • BoE kept policy unchanged as exp
  • The ECB cut growth forecasts for the region to -0.4% from 0% in 2013 and to +1.0% from +1.1% for 2014.
  • Australian employment jumped to 50.1k vs 11k exp. The unemployment rate declined a tenth to 5.5% versus no expected change. This went lower with rising participation to 65.3% from 65.2%.
  • New Zealand Employment jumped 1.7% QoQ in 1Q vs 0.8% exp and -1.0% prev. This took the Unemployment rate down to 6.2% vs 6.8% exp and 6.9% prev
  • CPI in China was a tenth higher than expectations increasing to 2.4% y/y versus 2.3% expected. It accelerated from March’s 2.1% increase. The release weighed on stocks with thinking that it reduces the likelihood of further easing measures by the central bank. It’s worth noting that the central bank forecasts inflation between 3%-3.50% for the year and excluding food prices, the index is only up 1.6% y/y.

Upcoming Data:

  • Fri: China Money Supply, Japan Eco Watchers Survey, Canada Employment, USDA Ag report
  • Mon: Japan M2, Australia Home Loans, NAB Business Conditions, China CPI, Retail Sales, US Retail Sales
  • Tue: EU IP, German Zew,