Recap 8-30-13


Despite all the hubbub around Syria, check out this chart of WTI oil prices:

I’ve noted before that the crude convenience yield is already substantial, so it appears that more uncertainty is needed for that to increase further.


  • Asia:
  1. Japan Mfg PMI improved to 52.2 vs 50.7 prev
  2. Japan Jobless Rate declined to 3.8% vs 3.9% exp and prev
  3. Japan CPI improved to 0.7% vs 0.6% exp and 0.4% prev. The Core measure improved to -0.1% vs -0.2% exp and prev
  4. Japan Housing Starts growth declined to 12% vs 14.3% exp and 15.3% prev
  5. Australia Private Sector Credit rose 3.2% YoY vs 3.1% exp and prev
  • Europe:
  1. EU Unemployment was stable at 12.1% as exp. French and Spanish unemployment was unchanged, While Italy and Germany unemployment declined 0.1%,
  2. EU CPI declined to 1.3% vs 1.4% exp and 1.6% prev. The core measure was stable at 1.1% as exp
  3. UK GfK Consumer Confidence improved to -13 vs -14 exp and -16 prev. This is the highest print since October 2009.
  4. The UK Parliament rejected the government’s motion to use force “if necessary” in Syria with a vote of 285 to 272.
  5. Portuguese yields spiking on the constitutional court’s rejection of an austerity bill, which casts a doubt on the country’s ability to meet the Troika’s deficit reduction target.


  1. Chicago PMI improved to 53 as exp vs 52.3 prev
  2. US Personal Spending declined to 0.1% in July vs 0.3% exp and 0.5% prev
  3. US Core PCE Deflator rose to 1.4% as exp vs 1.3% prev
  4. Canada GDP declined to 1.7% in 2Q vs 1.6% exp and 2.5% prev

Upcoming Data:

  • Mon: US holiday, China Mfg PMI, AU Mfg PMI, AU Building Approvals, EU PMI, China Non-Mfg PMI, Australia Current Acct, Retail Sales
  • Tue: RBA, US ISM, AU GDP
  • Wed: EU Service PMI, BoC, Australia Trade Balance
  • Thu: BoJ, BoE, ECB, US ADP Employment, Jobless Claims, ISM Non-Manufacturing
  • Fri: US Employment, Canada Employment