Recap 8-08-13

Commentary:

Interesting bit from Asymco on how Android penetration as a percentage of US smartphones seems to have peaked. On a net basis, the small remaining market share has been slowly going toward Apple, although aggregate smartphone use continues to increase:

Notable:

  • US Jobless Claims increased to 333k last week vs 335k exp and 328k prev
  • China Trade Balance declined to 17.8bn vs 26.9 exp. Both Exports and Imports increased more than expected, but the imports growth jumped to 10.9% YoY vs 1.0% exp and -0.7% prev.
  • Australia Employment dropped -10.2K vs +5k exp and +10.3k prev. The Unemployment rate was unchanged at 5.7% vs 5.8% exp as a result of a surprising drop in the participation rate to 65.1% vs 65.3% exp and prev.
  • Japan Eco Watchers Outlook Survey was stable at 53.6 vs 54.1 exp
  • “What might be surprising is that even after cutting the amount of mortgage securities it purchases, the Fed could still find itself buying a greater proportion of those that come on the market each month”. “The Fed may in fact still be adding extra stimulus even as it looks and sounds as if it is doing the opposite”. MBS issuance could fall by $35-50B per month meaning the Fed’s MBS purchases will fall “less quickly than the market is shrinking”. FT

Upcoming Data:

  • Thu: JapanMoney Supply, China CPI
  • Fri: China IP, Retail Sales, Canada Employment
  • Mon: Japan 2Q GDP, US WASDE reports, US RICS House Price Balance, Japan Machine Orders, Australia NAB Business Confidence
  • Tue: UK Inflation, German Zew, US Retail Sales, Australia Consumer Confidence
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