Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- U.S. trade deficit comes in slightly better than expected [10], still hits $40.3bn
- May non-mfg ISM comes in at expectations [11] (as orders slow and inventory builds)
- June’s Beige Book is out [12], and it didn’t say growth is outright slowing, so that’s good
- Initial weekly jobless claims 346k, almost exactly in-line with expectations
- Thursday’s 3:30 ramp was epic [13], RC LLC has your back – just BTFD
- Non-Farm Payrolls beat expectations [14]
Negatives
- The problem with Japan’s “Plan B” [15]
- IG credit spreads widening [16]
- Abe’s attempts at defeating the “inflation monster” [17] underwhelm
- Hindenburg Omen beginning to confirm [18]
- The Tuesday streak [19] is over
- Is there a collateral shortage starting [20]? Overnight repo suggests the possibility
- Gasp! Dow drops below 15,000 [21]
- Big miss in May for ADP, 135k vs 165k consensus [22]
- As a reminder, equities are completely diverged [23] from credit & macro indicators
- Nikkei enters bear market, sees 20% correction [24] from its highs
- The USD/JPY has crashed [25]
- The Real Unemployment rate [26] is 11.3%
Additional
- Meet PRISM – the Government’s Internet Espionage Operation [27]
- Putting Fed ‘tapering’ into perspective [28]
- The debt of nations: a look at household debt [29]
- Gov’t trying desperately to squeeze the money market [30]
(h/t @ZH_Crown)