Japan Archive

Euro area PMI, Japan pmi, Misc. global headlines

Tariff man, aka Agent Orange, doing a number on global economies… Just went negative: Services moved up some but the trend still looks down: Japan appearing to be collapsing as well: And these recent headlines: Argentina Leading Economic Index The economy of Argentina shrank 0.1 percent month-over-month in January 2019, following a ...Read More

Japan exports, California home sales, Arizona home sales

Japan exports hit by biggest fall in 2 years on weak China demand (Reuters) Japan’s exports fell 8.4 percent in the year to January. It was the sharpest annual decline since October 2016, and followed a revised 3.9 percent year-on-year drop last December. Japanese exports to China, Japan’s biggest trading partner, fell ...Read More

News headlines- weakness continues, Mtg apps, Pending home sales, Confidence, ADP employment, MMT articles

Apple says China sales fell 27% last quarter (Nikkei) Apple’s net sales in greater China, including the mainland, Hong Kong and Taiwan, fell 27% on the year to $13.17 billion for the three months ended Dec. 29 in results announced Tuesday. This marked the first downturn there in six quarters. Combined sales ...Read More

Existing home sales, Trade, BOJ

Bad: Highlights Mortgage rates began to move down in December but it wasn’t soon enough to help the month’s resales. Existing home sales fell a sharper-than-expected 6.4 percent to a 4.990 million annualized rate that is the lowest in more than three years and barely makes Econoday’s consensus range. Weakness across the ...Read More

Profits, Bank lending, Factory activity, Mtg apps, Auto sales

Corporate Profit Crunch Looms as Stocks Slide (WSJ) In December, analysts cut their earnings forecasts for 2019 on more than half the companies in the S&P 500, according to FactSet, the first time that had happened in two years. They expect earnings for S&P 500 companies to grow 7.8% in 2019, down ...Read More

China, Corporate debt and profits, Bank credit, Japan, Leveraged loans

China exports falling with tariffs: China’s November export, import growth shrinks, showing weak demand US exports turning south as well? The deceleration that started with the collapse of oil capex in Dec 2014 took a brief zig up late in 2017, and subsequently continued lower: Likewise the ability to generate gross profits ...Read More

Trade, Factory orders, Vehicle sales, UK service sector, German PMI

Deficit growing despite tariffs. Could be J curve effect: Highlights A slight 0.1 percent decline in exports and a slight 0.2 percent gain in imports made for a sizable 1.7 percent deepening in the nation’s trade deficit in October to $55.5 billion which is just outside Econoday’s consensus range. The deficit with ...Read More

Employment, Bank loans, Output gap chart, Foreign $ bonds

Looks like it’s turned up a bit with the tax cuts? Looks like this source of private sector deficit spending has gone flat again: Looks to me a lot more like a deficiency of demand than a demographic shift: This is a source of $US deficit spending that ‘offsets’ unspent incomes: China ...Read More

Lots of evidence of slowing; Highlights A marginal headline gain of 0.1 percent in construction spending masks significant declines in residential spending during August. Residential spending fell 0.7 percent in the month to more than offset a 0.2 percent rise in July. Looking at sub-components, single-family spending was also down 0.7 percent ...Read More

Construction spending, Trade

Highlights A solid rise in residential spending offset a mixed showing for non-housing components and made for a 0.1 percent July rise in overall construction spending to barely come within Econoday’s consensus range. Residential spending rose 0.6 percent but July’s gain was entirely centered in home improvements which jumped 2.1 percent to ...Read More