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One Minute Macro Update

Tyler Durden's picture





 

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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Wed, 12/22/2010 - 09:05 | Link to Comment Oh regional Indian
Oh regional Indian's picture

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

Wed, 12/22/2010 - 09:12 | Link to Comment ViewfromUnderth...
ViewfromUndertheBridge's picture

Oil...very good observation.

Wed, 12/22/2010 - 09:06 | Link to Comment nudedude
nudedude's picture

Yawn

Wed, 12/22/2010 - 09:12 | Link to Comment Rusty Shorts
Wed, 12/22/2010 - 09:15 | Link to Comment Oh regional Indian
Oh regional Indian's picture

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

Wed, 12/22/2010 - 09:38 | Link to Comment Rusty Shorts
Rusty Shorts's picture

 - 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.

Wed, 12/22/2010 - 10:19 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Interesting. I hear it's a beautiful country.

ORI

Wed, 12/22/2010 - 09:35 | Link to Comment Die Weiße Rose
Die Weiße Rose's picture

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/

Wed, 12/22/2010 - 09:50 | Link to Comment BRAVO 7
BRAVO 7's picture

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.....

Wed, 12/22/2010 - 09:45 | Link to Comment papaswamp
papaswamp's picture

1.6% of GDP was from inventories....yuk.

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