Recap 12-04-13

Commentary:

Intra-day price action across asset classes has gotten more and more inexplicable to me. Maybe it’s just the result of more and more algos pushing prices and looking for stops, or maybe it’s just the result of fewer human market makers or maybe I’m just falling behind.

Notable:

  • Services PMI:
  1. Italy declined to 47.2 vs 50.4 exp and 50.5 prev.
  2. France declined to 48 vs 48.8 exp and prev
  3. German improved to 55.7 vs 54.5 exp and prev
  4. UK dropped to 60 vs 62 exp and 62.5 prev
  5. US dropped to 53.9 vs 55 exp and 55.4 prev

US ADP Employment jumped to 215k in Nov vs 170k exp and 130k prev

BoC: On balance, the Bank sees no reason to adjust its expectation of a gradual return to full production capacity around the end of 2015.

US New Home Sales dropped to 354k vs 425k exp and 421k prev

BOJ’s Sato downplays the need for additional monetary accommodation; Sato thinks incremental easing steps would be counterproductive and not help in changing expectations for growth and inflation- WSJ

Japan’s Government Pension Investment Fund says Kuroda will fail to achieve 2% inflation target; Takahiro Mitani, president of the fund, thinks consumer-price gains will stay between 0.1% and 1% – Bloomberg

IDC: Global shipments of personal computers (PCs) are expected to see their "most severe yearly contraction on record" in 2013,

Upcoming Data:

  • Wed : AU Trade Balance
  • Thu : BoE, ECB, CanadaBuilding Permits, US Jobless Claims,
  • Fri : US Employment, Canada Employment, US PCE Deflator, UMichigan Consumer Confidence,
  • Weekend : China Trade Balance
  • Mon : Japan Current Account, Eco Watchers Survey, China CPI, Canada Housing Starts, UK RICS House Prices Bal, AU Home Loans, Business Confidence
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