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One Minute Macro Update
The key events overnight shaping this morning's futures picture revolve around the re-revised Q3 US GDP number (consensus of 2.8%), rumors of China buying Portuguese bonds (again), European spreads which are once again widening (here we go again again), and a surge in Japanese imports resulting in a cut to Japan's GDP forecasts.
US: Futures mixed in the early going as the market awaits GDP numbers. Treasuries and the USD have sold off a bit on anticipation of an upward growth revision. November home sales round out the economic calendar for the day as the truncated light volume week winds down tomorrow.
Europe: Rumors of Chinese involvement in the Euro bond market are still being faded as official details of action continue to be scarce. Chinese central bankers have been reported as saying that they have no comment on plans to purchase bonds. Belgium’s Finance Minister reportedly saying that budget moves are necessary to avoid the countries financing from being targeted in 1Q11. Sov spreads generally moving wider by a small bit every day. Yesterday’s news on the EFSF/EFSM issuance was seemingly a non-event judging by the market reaction, but we do not believe the actuality of issuance will be viewed as benignly. See our comment yesterday for our complete thoughts.
Asia: Japan cutting GDP forecasts on stronger JPY leading to diminished export activity. Australia experiencing more signs of real estate depreciation according to the Real Estate Institute of Australia.
Via Brian Yelvington of Knight Capital
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Very interesting. Surge in Japanese imports. I wonder what, oil? Anyone have specifics?
I have my war glasses on and they shade everything a little darkly.
Clubbing Oz in Asia is interesting too. Oceania??? How 1984.
ORI
http://aadivaahan.wordpress.com
Oil...very good observation.
Yawn
Spin city
http://us.rd.yahoo.com/finance/news/topnews;_ylt=AqYZAOe3kiDRJD4NqmN3HEe...
The world's fastest growing economy
http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=199928
Cool link Rusty.
but this, from the article:
Ghana is oil-rich, has large gold and diamond deposits, and has a booming tourism industry.
Recepie for disaster/invitation for a little regime change action, eh?
ORI
http://aadivaahan.wordpress.com
- hmm, regime change, I seriously doubt it. President Mills is playing the game with the globalist. Ghana has aready sold its oil interest to big oil, but they will reap royalties, plus all the natural gas. (The oil is offshore deep water.)
Ghana has a very stable government, lots of American, European, Chinese and Australian investment there.
Interesting. I hear it's a beautiful country.
ORI
I am sure they're making up the GDP numbers to fit the bigger picture...
just whatever they want it to be...
a similar story to the CPI (food and energy excluded of course !)
I am sure the GDP will include everything and I mean everything like the whole QE 123
including the trillion dollar STIMULUS funded on DEBT
becomes Gross National Production, GDP 2.8% as if by magic !
(who cares about the Debt to GDP ratio of 94%)
http://www.usdebtclock.org/
ray charles, could see the godless commies have all the monopoly money and are quickly buying up all the properties on the board,utilities,water works and railroads.
flat line americans may soon wake up and start converting their monopoply $$$ into tangibles. which should lead to the sky rocketing of just about every commodity. anything written on paper is worth the paper it is written on.
zimbabwe? anyone?
gentlemen start your engines.....
1.6% of GDP was from inventories....yuk.