The focus on macro trading is looking for a slowdown in the slowdown, a change in the momentum. We are not getting much on that front but we did get a game changer with the Treasury toxic asset plan. While there are no surprises in the plan and it will not get started for weeks or months, there is the few that the US government is moving in the right direction albeit well after the initial announcement in February.
The market reaction has been a huge rally for stocks with the financial sector of the S&P 500 up over 17% in a day.
The market reaction has been a huge rally for stocks with the financial sector of the S&P 500 up over 17% in a day.
Japan -
Japan announced MOF quarterly business conditions survey information. There is nothing good to report although there was slight improvement since the last quarter. The only bright spot were the forward looking projection which show significant improvement at the end of the year. However, the numbers are still negative. This has been the consistent theme in global markets, wait for the fourth quarter for recovery.
Supermarket sales also were negative and much worse than last month by a factor of 2 at down -5.4%. Convenience store sales were actually up 2% but down from 7% last month. This is consistent with the decline in industrial production.
Canada -
Leading indicators are pointing down and have been negative since the and of the summer. The only component that is positive is money supply which has exploded with the BOC moving to quantitative easing.
EU -
Trade balance down significantly. Exports are falling off a cliff like the rest of the world. WTO reports that trade will decline by 9% the most sine WWII.
Japan announced MOF quarterly business conditions survey information. There is nothing good to report although there was slight improvement since the last quarter. The only bright spot were the forward looking projection which show significant improvement at the end of the year. However, the numbers are still negative. This has been the consistent theme in global markets, wait for the fourth quarter for recovery.
Supermarket sales also were negative and much worse than last month by a factor of 2 at down -5.4%. Convenience store sales were actually up 2% but down from 7% last month. This is consistent with the decline in industrial production.
Canada -
Leading indicators are pointing down and have been negative since the and of the summer. The only component that is positive is money supply which has exploded with the BOC moving to quantitative easing.
EU -
Trade balance down significantly. Exports are falling off a cliff like the rest of the world. WTO reports that trade will decline by 9% the most sine WWII.
US -
Existing home sales surge by 5% as affordability increases and the median home price is still in decline. Prices fall, mortgages become cheap, and markets clear. Some of the talked about home programs have not started, so the solution is simple. With greater affordability, buyers will go out and make purchases.
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