Recap 7-31-13

Commentary:

None

Notable:

  • US ADP Employment rose 200k in July vs 180k exp. Last month print was revised higher by 10k.
  • Chicago PMI improved to 52.3 vs 54 exp and 51.6 prev
  • US 2Q GDP rose 1.7% in Q2 vs 1.0% exp. However, Q1 GDP was revised lower to 1.1% vs 1.8% prev
  • Canada GDP rose 0.2T MoM vs 0.3% exp and 0.1% prev
  • EU Unemployment declined to 12.1% vs 12.2% exp, although last month’s figure was revised lower to 12.1%.
  • Germany Unemployment declined by 7k versus 0 exp. And -12k prev. The unemployment rate was unchanged at 6.8%, as expected.
  • Japan Markit Mfg PMI declined to 50.7 vs 52.3 prev
  • Average total cash earnings in Japan edged up just 0.1% year-on-year in June – the first rise in five months following a decrease of 0.1% previously. Whilst special payments rose by 0.4%, however, overtime pay, seen as a barometer of strength in corporate activity, turned flat after rising for two months in a row.

Upcoming Data:

  • Wed: China PMI
  • Thu: EU PMI, BoE, ECB, US Jobless Claims, ISM
  • Fri: US Employment,
  • Mon: Australia Retail Sales, China Markit Services PMI, EU Services PMI, EU Retail Sales, US Non-Mfg ISM, Australia Trade Balance
  • Tue: RBA, Australia Home Loans
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