Chinese consumer prices climbed 2.1 percent in March, missing expectations for a 2.5 percent rise.
This compares with a 3.2 percent rise in February, to a 10-month high.
Meanwhile, producer prices fell 1.9 percent in line with expectations.
PPI was down 1.6 percent the previous month.
Last month, food prices climbed 6 percent on the year. Food prices account for a larger part of the Chinese inflation basket and are therefore closely watched by investors, but the [...]
Today’s AM fix was USD 1,664.25, EUR 1,224.52, and GBP 1,057.47 per ounce.
Friday’s AM fix was USD 1,665.00, EUR 1,217.99, and GBP 1,052.46 per ounce.
Silver is trading at $31.57/oz, €23.37/oz and £20.17/oz. Platinum is trading at $1,701.00/oz, palladium at $754.00/oz and rhodium at $1,200/oz.
Cross Currency Table – (Bloomberg)
Gold rose $3.00 or 0.18% in New York Friday and closed at $1,667.80/oz. Silver surged to a high of $32.14 and finished [...]
While hardly a factor in the Fed’s thinking which is due to present its announcement in 4 hours, today’s Initial claims report came at 382K, the biggest miss to expectations (370K) in 2 months, and up from last week’s naturally upward revised claims of 367K. The 15K jump is the biggest weekly spike in 2 months and 4th largest this year. Just as relevantly, as we warned months ago, those on extended [...]
US oil stock release imminent, consultant says
London (Platts)–6Sep2012/346 pm EDT/1946 GMT
The US will release oil from strategic stockpiles in the coming days, UK-based consultancy Petroleum Policy Intelligence said Thursday, quoting sources which it did not name.
“Faced with persistently high oil prices that are believed to be undermining other policy measures aimed at re-invigorating economic recovery, the US will go ahead with a release of strategic oil stocks in the coming [...]
From Carpe Diem:
In their July 2012 policy brief “Investment Heroes: Who’s Betting on America’s Future?” Diana Carew and Michael Mandel of the Progressive Policy Institute (PPI) recognized 25 American companies as “Investment Heroes” of 2012 for their collective investment of $136 billion in U.S. capital expenditures. Ranked as America’s third largest “investment hero” was ExxonMobil, for its $11.7 billion of investment spending in the U.S. last year building oil and [...]
New Deal democrat, The Bonddad Blog
Monthly data reported last week was sparce. Consumer confidence continued to slide. The PPI unexpectedly rose slightly, while import and export prices both fell. Consumer credit increased.
As to the high frequency weekly indicators, let’s start with the jobs-related numbers.
Employment related indicators were mixed:
The Department of Labor reported that Initial jobless claims fell 24,000 from the prior week’s unrevised 374,000 to 350,000 last week. The four week average fell 8750 to [...]
As part of its purchase of Perceptive Pixel today, Microsoft will start selling giant tablets running Windows 8.
This is the same 82-inch tablet Microsoft CEO Steve Ballmer was said to have hanging in his office. Now Microsoft will start selling those tablets, powered by Windows 8 of course, to business and education customers to use for presentations.
During a demo at Microsoft’s keynote at its Worldwide Partners Conference in Toronto this morning, we saw a demo of the massive tablet from [...]
Friggatriskaidekaphobia is the title to Nomura’s Americas Morning Comment this morning. That’s perfect.
The word, of course, means fear of Friday the 13th.
It’s perfect since today is Friday the 13th, and there’s all kinds of bad stuff going on.
China’s GDP report registered a big miss.
North Korea fired off a rocket last night.
European markets are getting smashed.
Italian industrial production fell 0.7%.
UK PPI increased more than expected.
US futures are down,
Spanish CDS are at new highs.
US fiscal and monetary policy summarized: Baffle them with B(L)S data. This is what happened most recently this morning, when as we noted the labor data is finally reverting to a far weaker trendline now that the weather effect first written about here in February, has been fully exposed. And if it was only that it would be case closed: more QE is coming, especially with headling PPI coming less [...]
Very Good Friday – Wrapping up a Great Week (for the Bears)
Courtesy of Phil of Phil’s Stock World
NOW things are getting interesting!
Who wants a market that goes up and up and up – where’s the sport? Even the Nasdaq finally blew its 15-week winning streak. That helped us decide to stay pretty bearish going into yesterday’s close. This morning we went over the news and the week’s data to position ourselves [...]
When it comes to markets, the following clip, as well as memories of recent market collapses, highlights that it is usually brightest just before it’s pitch black.
…”As the market floundered financial leaders were as optimistic as ever…more so”…
We are where…
http://www.shadowstats.com/commentaries No. 426: Economic Update: Mired in A Protracted Downturn March, 30th, 2012
• GNP Growth at 1.8% versus 3.0% GDP
• Real Durable Goods Orders 10% Below Levels Seen in 2000
• Shenanigans in Industrial [...]
by Charles Hugh Smith of OfTwoMinds,
Depending on debt to fuel nominal growth leads to an economic death spiral.
Sometimes one chart says it all. Here is a chart of the S&P 500 (a broadly based measure of the U.S. stock market) in a ratio with total consumer credit, courtesy of frequent contributor Chartist Friend from Pittsburgh.
Charted against consumer credit, the S&P 500 (SPX) collapsed after the 2000 dot-com bubble burst and has been tracing [...]
While these pages have been warning for about a month that a Greek default is precisely what Europe wants, a self-deluded market has been ignoring this reality. That is no longer the case as the default (pardon the pun) thought is now one of Greek default. As for the assumption that “it is all priced in”… that too is being scrapped as revisionist histories of Lehman come to mind. As [...]
Moeny printing mini-tsunami as IMF, ECB, PBOC and US Treasury all engage in loose money operations, bazooka re-loads and dovish talk. IMF wants $1 trillion. ECB bailing banks and sovereigns simultaneuosly with renewed vigor through LTRO and rumors of capping bond yields. PBOC just dumped liquidity into interbank system “pre-holiday”. US debt ceiling breached and next target is the sky. And a million mortgage principle write downs are about to [...]
With news of the PPI already showing huge inflation, we now have Europe setting up a 2 trillion euro bailout fund, so today King World News interviewed Michael Pento, of Pento Portfolio Strategies, to get his take on the situation. Pento stated,“Here is why I am so bullish longer-term on the precious metals. You are going to go through these periods where the natural market forces take over and [...]
With gold holding near the $1,650 area and silver turning positive, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. When asked where he sees things headed from here, Embry responded, “I think the comparison between silver and (shares of) Apple is excellent in the sense that silver volatility has been horrific. All but the true believers have been knocked out [...]
ECB Balance Sheet Grew Last Week To 2011 High
Europe’s Stalling Economy May Keep ECB Interest Rate on Hold
Long Beach police chief proposes cutting patrols to shore up budget
German Bunds Rise, Italian Spread Widens on Euro Bond Rebuttal
US streets full of formerly middle class (RT Video)
Pasadena leaders balk at pension fix
CalSTRS lobbies for gradual increase to underfunded pension
Pension Costs Soaring For New York Schools
Core wholesale inflation up most in [...]
Companies paid higher prices for tobacco, pickup trucks and pharmaceuticals in July, driving underlying wholesale inflation up by the most in six months.
This measure of inflation, which excludes volatile food and energy prices, is known as the core Producer Price Index. It rose 0.4 percent in July, the biggest increase since January.
The overall PPI, which measures price changes in goods before they reach the [...]
So much for the world’s largest economy no longer overheating. CPI came ahead of expectations yet most other key economic indicators confirmed a slow down in the economy, even as borrowing appears to be picking up once again. Could China be exhibiting the very first symptoms of our very own stagflationary squeeze?
CPI at 5.3%, Consensus at 5.2%, previous 5.40%
PPI at 6.8%, Consensus at 7.0%, previous [...]
Published: May 2, 2011
Supporters of Jamiat Ulema Islam – Nazaryati shout slogans against the killing of Osama bin Laden in Quetta. PHOTO: PPI
QUETTA: Hundreds took to the streets of Quetta on Monday to pay homage to Osama bin Laden, chanting death to America and setting fire to a US flag, witnesses and organisers said.
Angry participants belonging to a religious party in Quetta, the capital of southwestern province [...]
RTRS-CPI 5.3-5.4% (BBERG est is 5.2%)
RTRS-PPI 7.4% (BBERG est is 7.2%)
RTRS-IP 14.8% (BBERG est is 14%)
RTRS-RETAIL SALES +17.4% (BBERG est is 16.5%)
RTRS-FIXED ASSET +25% (BBERG est is 24.8%)
And here is the final:
RETAIL SALES +17.4%
And GDP comes in at a blistering 9.7%
The communists even leak data better than America. They also have a big [...]
by Doug Short
The two charts below offer a way to evaluate the risk of profit margin squeeze in the current economy. One is the ratio of crude to finished goods in the Producer Price Index (data through February). The other is an indicator constructed from two data series in the Philadelphia Fed’s Business Outlook Survey. It is the spread between the Philly [...]
Q1 2011 Earnings Preview
“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces” – Sigmund Freud
An interesting thing happened last week, garnering no coverage in the face of a global meltdown, literally and figuratively. [...]
Stagflation, bitchez. PPI in February doubled to 1.6% on expectations of 0.7%, compared to 0.8% previously, and 5.6% Y/Y! This is the largest increase in finished goods prices since a 1.9-percent advance in June 2009. At the earlier stages of processing, prices received by manufacturers of intermediate goods moved up 2.0 percent, and the crude goods index climbed 3.4 percent. On an unadjusted basis, prices [...]
Earlier, we got the January PPI number telling us that things are still somewhat under control on the inflationary front. Perhaps. Perhaps not. Cotton begs to differ. In a month and a half, cotton has risen 44%: since there have been about 44 days in 2011, that means about a 1% a day.
Annualized, the YTD move in cotton is 1,512%. We are confident clothing makers [...]
The PPI including food and energy came at 0.8%, in line with expectations, and a decline from the previous 1.1%. Ex food and energy, Producer Prices jumped from 0.2% to 0.5%, and over 100% higher than expectations of 0.2%. Somehow, food PPI increased by just 0.3%, the lowest since August, and once again making one wonder which Department of Truth is more unbelievable: ours [...]
According to a central bank leak reported by Phoenix TV, CPI will come at 4.6%, while PPI will take the slack, coming just above consensus at 5.9%. Attached is detail of said leak, as well as the now traditional beatdown of Chinese economic data by Andy Xie.
China’s inflation hit 4.6% in December, pushing the full-year 2010 consumer price index up 3.3%, while [...]
The U.S. economy is on the brink of turning from a deflationary environment to an inflationary one, and tomorrow’s PPI number may be an early signal of that fact, according to Deutsche Bank.
Today, we saw import prices rise 1.1%, as expected, including a 13.7% year-over-year rise in oil import prices. The producer price index, released tomorrow at 8:30 AM ET, will likely show similar results, [...]