Recap 10-24-13

Commentary:

None

Notable:

  • PMI:
  1. EU Mfg PMI rose to 51.3 vs 51.4 exp and 51.1 prev. France was weak and Germany was inline
  2. EU Svc PMI dropped to 50.9 vs 52.2 exp and prev. Weakness was broad based.
  3. US Markit PMI declined to 51.1 vs 52.5 exp and 52.8 prev
  4. China HSBC Flash PMI rose to 50.9 vs 50.4 exp and 50.2 prev

Italy Consumer Confidence declined to 97.3 vs 100.6 exp and 101 prev

UK Inflation Expectations rose to 3.2% in Oct vs 2.5% in Sept

US Jobless Claims rose to 350k on the back of the government shutdown and issues in California

Bank of America was found liable in Countrywide related mortgage fraud. At least nine more banks are under investigation by the DOJ for their sale of mortgage securities. Most of the probes are looking for civil violations for allegedly misleading buyers of RMBS.

The PBOC refrained from injecting liquidity for the third strait day. One month Shibor increased 14 basis points to 4.84%.

Upcoming Data:

  • Thu: Japan CPI
  • Fri: GermanyIFO, UK 3Q GDP, US Durable Goods Orders, UMichigan Confidence
  • Mon: Italy Business Confidence, US Capacity Utilization, Pending Home Sales, Japan Retail Trade, Overall Household Spending
  • Tue: Germany GfK Consumer Confidence, French Consumer Confidence, US Retail Sales, Consumer Confidence
  • Wed: US ADP Employment, CPI, FOMC, JapanPMI, UK GfK Consumer Confidence, Australia New Home Sales, Building Approvals
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