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One Minute Macro Update

Tyler Durden's picture


U.S.: Markets sluggish this morning. Kansas City Fed president Thomas Hoenig, an outspoken critic of the Fed, warned yesterday that the central bank’s easy money policy may lead to another financial crisis through increased speculation. The comments came on the same day as the release of President Obama’s optimistic economic report to Congress, which plans on a doubling exports by 2014. Treasury Secretary Timothy Geithner also complimented the current recovery in a separate statement. Mortgage applications rose 13.2% last week after slipping 9.5% the week prior, the lowest since November 2008. Existing home sales grew in January by 2.7% MoM v -1.1%E. The unexpected increase occurred with the lowest median price in almost nine years as the number of foreclosures and short sales reached a twelve month high. Similarly, consensus estimates expect new home sales to decline 7.3% MoM. Look for that release later this morning as an additional metric for the slow recovery in housing.

Europe: Markets worldwide continue to fall as violence in Libya persists and oil continues to climb. The SOVX WE continues to widen, pushing out to 189 while EURIBOR-OIS tightened to 24.3bp from 30.3bp last week. Euro zone consumer confidence was -10 in February, matching market estimates and increasing from -11.2 in January, while the business climate indicator missed targets of 1.61 with a release of 1.45. Nevertheless, Euro zone economic confidence grew to 107.8 in February v 106.5 last month. This point marks a three and a half year high. German GDP rose 0.4% QoQ in line with market expectations.

Asia: Australia’s leading index Hong Kong releases its trade balance today.  Market consensus expects a 14.4% increase in exports YoY and a 16.1% increase in imports, yielding a negative trade balance. Today will also put Japan’s economic downturn in the context of inflation with the release of Japanese CPI estimated at -0.1% YoY and Tokyo CPI estimated at -0.3% YoY.

From Brian Yelvington of Knight Capital


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Thu, 02/24/2011 - 09:14 | 992356 SilverDOG
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Double exports 2014.... WW3.

Thu, 02/24/2011 - 09:22 | 992377 Michael
Michael's picture

The wealthy elite oligarchs are really banging the Al Qaeda scare bomb drum on the MSM to drive that oil price higher.

They are reporting Al Qaeda is backing the revolution in Libya like crazy. Where are these Al Qaeda bases located they speak of anyway? The MSM propaganda machine is going into overdrive in support bringing out former CIA agents parading them on CNN with their bull shit.

The oligarchs are pulling out all the stops to get what they want. Look at the dollar taking a nose dive too.

Lindsy Williams discloses where there are 2+ trillion barrels of untapped oil on US soil; Braken, Sainsberry, Gull Island, ANWAR.

He is on right now on rebroadcast with Alex Jones. You must listen to this.

Thu, 02/24/2011 - 09:15 | 992365 HelluvaEngineer
HelluvaEngineer's picture

What?  No post about GM's wonderful earnings?

Thu, 02/24/2011 - 09:19 | 992371 nudedude
nudedude's picture

This is a much needed sell off before we head to 13,000 by June 1, bet on it.

Thu, 02/24/2011 - 09:23 | 992381 Josh Randall
Josh Randall's picture

Gold up, and We've got an all out DOG FIGHT in Silver at 33.50 -- Blythe's rope a dope, is wobbling but still standing 

Thu, 02/24/2011 - 09:26 | 992389 gwar5
gwar5's picture

Double exports by 2014? In nominal dollars maybe which is a lot of printing.

Thu, 02/24/2011 - 09:30 | 992391 firstdivision
firstdivision's picture

I have a feeling todays economic data points will be fudged to massive rosie levels. Damn someone is defending 1300 with all their might.

Thu, 02/24/2011 - 09:44 | 992451 Dixie Normous
Dixie Normous's picture

Can't make em too rosy though, that might put a bid under the dollar and really fuck things up.

Thu, 02/24/2011 - 09:40 | 992433 nudedude
nudedude's picture

more good news on jobs and durable goods, once this libya shit blows over like it always does, go all in.

Thu, 02/24/2011 - 09:54 | 992489 firstdivision
firstdivision's picture

Durable Goods was a good print?!?  WTF are you on?  It actually was bad since ex-auto's it was a negative print...but I guess you don't look past the headline.  Are you a headline reading algo?  Just curious.

Thu, 02/24/2011 - 09:44 | 992449 redarrow
redarrow's picture

Every country has no shortage of politicians putting forth plans to double exports.

How can every one double exports when no one has any plans to double imports?

Thu, 02/24/2011 - 09:50 | 992468 Urban Roman
Urban Roman's picture

2 x 0 = 0

Thu, 02/24/2011 - 09:59 | 992499 buzzsaw99
buzzsaw99's picture

i wish teh fed ded heds would stfu.

Thu, 02/24/2011 - 10:51 | 992695 99er
Thu, 02/24/2011 - 14:09 | 993843 HedgeFundLIVE
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don't be fooled by yesterday's bounce off lows. that bounce should have been greater:

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