Despite a rather hectic week of economic releases; earnings news will likely steal the show this week. Big names on the earnings calendar this week include Goldman Sachs, JPMorgan, Bank of America, Citigroup, GE, Intel, Google, IBM, and Johnson & Johnson. However, a recent mixture of good and bad economic news, including decreasing consumer sentiment, […]
Archive:
July 2009
Chinese exports continued struggling in June falling 21.4% y/y compared to analysts’ estimates of 21.0%, and a 26.4% y/y drop in May. Continued declines in exports are being offset by increased domestic demand, which is heavily bolstered by the country’s stimulus package. According to Bloomberg, China’s Premier Wen Jiabao believes the foundation for China’s economic […]
Initial Claims finished came in this morning at 565K versus the previous week’s reading of 614K and a consensus forecast of 610K. I believe the improvement may have been exaggerated by inaccurate seasonal adjustment factors stemming from the timing of automotive and other manufacturing lay-offs, which could be repeated next week. Although, I do believe […]
Kicking of the 2Q09 earnings season Alcoa (AA) reported a loss yesterday of US$0.26/share compared to analysts’ average estimate of US$0.38/share. The company accredited the better than expected result to workforce reductions and production cuts. CEO Klaus Kleinfeld said in a statement, “Alcoa has the staying power and reduced cost base to withstand the most […]
The MBA The Market Composite Index rose 10.9% the week ending July 3rd 2009. The purchase index rose 6.7%, while the refinancing component climbed 15.2%, on the back of relatively favorable interest rates. Remember this index could be skewed by lenders filling out multiple applications, and I would like to see a continued trend in […]
ICSC-Goldman Store Sales demonstrated a week over week increase of 0.1% and a year over year increase of 0.5% during the holiday week. This likely won’t have much effect on today’s trading. But, the Redbook, which was released at 8:55AM showed a 4.2% y/y decline in same store sales, which continues to indicate the retail […]
The Non-Manufacturing ISM came in at 47 compared to the consensus forecast of 46.7. This signifies the sector is still contracting, but at a slower pace than in May, which had a reading of 44.0. This was the index’s best showing in 9 months. The new orders index, which tends to be forward looking rose […]
This week’s economic calendar is relatively quiet, especially compared to the hustle and bustle of last week. Monday’s non-manufacturing ISM report starts the week off, followed by Wednesday’s consumer credit report, Thursday’s jobless claims data, and Friday’s US trade statistics and consumer sentiment. The impact of this week’s non-manufacturing ISM report could be somewhat subdued […]
June’s ADP release came in at -473,000, implying there could be some downward pressure placed on forecasts for tomorrow’s payroll data. Currently, the market is forecasting a -350,000 change in payrolls; I believe we could see this number actually come in around -440,000, which is still much better than the six month average, but below […]
In some upbeat news from China, the Chinese Federation of Logistics and Purchasing (CFLP) index and the CLSA manufacturing index both demonstrated marginal gains in June. The CFLP increased to 53.2 from 53.1 the previous month, while the CLSA index edged up to 51.8 from 51.2. This performance has been driven by China’s extensive stimulus […]