China Archive

existing home sales, Greece and China comments

So after cheering the big jump last month to 112.4, it gets revised down to only 111.6, so the lower than expected print of 112.6 vs 113 expected is now hailed as a larger than expected increase from last month, as the shameless cheer leading continues: United States : Pending Home Sales ...Read More

China cuts rates, Atlanta Fed, car sale comment, Greek PM comments

As the carpenter said about his piece of wood, ‘no matter how much I cut off it’s still too short': China’s central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support ...Read More

mtg purchase apps, China comment

Mortgage purchase apps were up 10% for the week, leaving them about 15% higher than last year, which is where they’ve been for a while. However, cash sales are down sharply, so it seems that buyers have shifted from all cash to borrowing, leaving the total purchases about the same: Weekly mortgage ...Read More

IMF re France, truck tonnage, China PMI, Japan PMI

More of same pro cyclical pressure: France slammed by IMF for record-high spending By Holly Ellyatt May 20 (CNBC) — The International Monetary Fund (IMF) has warned France that it must reduce government spending and debt levels, as well as tackling its sticky unemployment rate. The IMF said in its latest economic ...Read More

China, Bunds, and Fed’s labor market index

As if rate cuts will help: China cuts interest rates for third time since Nov as economy sputters May 10 (Reuters) — China’s central bank cut its benchmark lending rate by 25 basis points to 5.1 percent on Sunday, its third reduction since November, as economic growth cools to levels not seen ...Read More

china pmi, ADP, productivity

Still slipping in Q2 China : PMI Composite Highlights HSBC China Composite PMI, which covers both manufacturing and services, indicated an expansion of Chinese business activity in April but at a weaker pace. Activity growth slowed to a three month low with a reading of 51.3, down from 51.8 in March. The ...Read More

Atlanta Fed, Japan and China, rail car traffic, Saudi output

Currently a .9 forecast for Q2, well below other estimates again: More global deceleration: Japan : Household Spending Highlights Household spending declined for a twelfth straight month in March. On the year, spending was down 10.6 percent after sliding 2.9 percent in January. Consumption has been weak since last April when Japan ...Read More

PMI’s, Housing sales data, Yellon on oil

A few more PMI’s showing weakness: Japan : PMI Manufacturing Index Flash Highlights Manufacturing weakened for a third consecutive month. The flash April manufacturing PMI reading was 49.7, down from 50.3 in March. A reading below 50 indicates contraction. The output index also slipped below 50 to a reading of 49.7, down ...Read More

labor market index, consumer credit, China trade, BIS on oil and debt

This is the Fed’s new indicator: Labor Market Conditions Index Definition The U.S. labor market is large and multifaceted. Often-cited indicators such as the unemployment rate or payroll employment, measure a particular dimension of labor market activity. It is not uncommon for different indicators to send conflicting signals about labor market conditions. ...Read More

Housing starts, Japan discussion, China, US pmi, store sales

Looks bad to me. Remember, for GDP to grow at last year’s rate, all the pieces on average have to contribute that much. And, as previously discussed, hard to see how starts and sales can grow with cash buyers and mtg purchase apps declining year over year. The charts look like we ...Read More