Gratitude Thursday and the Day After

November 29, 2013

There have been a number of data releases during the U.S. Thanksgiving holiday.  Without U.S. market leadership, the dollar has not moved very much.  Equities are higher than on Wednesday.  The 10-year Treasury bond yield is a few basis points higher at 7.75%.

In the euro area,

  • Money and credit growth slowed.  M3 climbed just 1.4% between October 2012 and October 2013, and lending to the private sector fell b 2.1% including a 3.7% drop to firms.
  • German unemployment rose 10K in November, versus expectations of no change.
  • German consumer price inflation bounced up to 1.3% from 1.2%.
  • Ezone economic sentiment improved to a reading of 98.5 in November from 97.7 in October.
  • Euroland’s retail purchasing managers index rose 0.3 points to 48.0, but Italy’s index sank 1.1 points to a 4-month low of 39.2.
  • German import prices  recorded declines in October of 0.7% on month and 0.3% on year.
  • Euroland’s unemployment rate finally declined, albeit only to 12.1% in October from 12.2% in September.
  • Headline and core Ezone CPI inflation rose to 0.9% and 1.0% in November.
  • Greek producer prices and retail sales posted on-year drops of 1.6% in October and 5.4% in September.
  • Italian consumer confidence stayed unchanged in November.
  • Austria’s PMI-manufacturing index increased 1.6 points to 54.3 in November.

From Japan, investors learned that

  • The jobless rate stayed at 4.0% in October despite a higher 0.98 job offers to seekers ratio.
  • Household spending increased 0.9% on year in October.
  • Stock and bond transactions generated a JPY 397 billion net capital outflow last week.
  • Headline, core and core core CPI inflation were all positive in October at 1.1%, 0.9%, and 0.3%.  Core excludes fresh food, while core core also excludes energy.
  • The manufacturing PMI index advanced 0.9 points to 55.1 in November.
  • Corporate service prices were unchanged on month and 0.8% higher on year in October.
  • Industrial production only rose 0.5% last month, a quarter of what analysts were anticipating.
  • Retail sales fell 1.0% on month but rose 2.3% on year in October.
  • Housing starts (7.1%) and construction orders (61.1%) recorded smaller on-year advances in October than in September.

Canadian GDP  grew 0.3% in September and 2.7% at an annualized rate between 2Q and3Q versus a gain of 1.6% in the second quarter.  The current account deficit of C$ 17.2 billion last quarter was larger than that of C$ 14.6 billion in 2Q.  Canadian producer prices slid 0.3% in October and were just 0.8% higher than a year before.

The British Nationwide house price index increased 0.6% and a stronger 6.5% from a year before.  U.K. consumer confidence dipped a point to -12 this month.  GDP grew 0.8% on quarter and 1.5% on year in 3Q.

The Swiss index of leading economic indicators improved 0.14 points to 1.85 this month.  Danish and Swedish GDP were 2.1% and 0.3% greater than a year earlier in 3Q.

Corporate profits in China were 13.7% higher than a year earlier in the first ten months of 2013.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.


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