Recap 2014-08-07

Commentary:

Some interesting stuff from the Fed’s report on economic well being:

Side note: Goldman notes that housing starts are below ‘Fundamental Demand.’ Perhaps the survey response above explains why, and why convergence may take some time. Having said that, real house price appreciation may well be a secular phenomenon.

College and Graduate students, take note. Note also the interesting results of the Vocational/technical major, as well as the Computer/information sciences majors:

Interesting article highlights the hard truth that web exposure is difficult to monetize:

http://petapixel.com/2014/07/25/things-learned-photo-hit-1-spot-reddit-probably-shouldnt-posted/

Notable:

  • BoE kept policy unchanged as exp
  • ECB kept policy unchanged as exp
  • Australia Employment was very weak, falling -0.3k vs +13.2k exp and +15.9k prev. This took the unemployment rate up to 6.4% vs 6.0% exp and prev. The participation rate ticked up to 64.8% vs 64.7% exp and prev
  • Canada Building Permits was rose 13.5% MoM vs -1.9% exp
  • US Jobless Claims declined to 289k vs 304k exp and 302k prev
  • China is quietly pushing back plans to loosen yuan controls according to Reuters. China worries easing controls could increase speculative flows that would damage the economy. – Reuters
  • FT: Issuance of European high-yield bonds marginally exceeded US high-yield for the first time in the year to June.
  • WSJ: Deals’ Demise Wrecks Funds’ Bets – Busted Buyouts and Warning by Obama Sting Big Investors; It’s ‘Arbageddon’

Upcoming:

  • Thu: Australia Home loans, Japan Eco Watchers
  • Fri: German Current Account, Canada Employment, US Unit Labor Costs, China CPI
  • Mon: Canada housing Starts, Australia NAB Business Confidence, House Price Index
  • Tue: German ZEW, US NFIB Survey, WASDE reports, Japan 2Q GDP
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