Economic Data

Key points: German Flash Composite Index at 2-month high; Flash Services Index at 3-month high; French Flash Composite Index at 29-month low; Flash Services Index at 27-month low

Euro zone summit ends with no line drawn in the sand; European PMI surprises to the downside. Markets look for euro zone to present comprehensive three-pong approach to finalize crisis this week. US Q3 GDP expected at 2.5%’; Private sector…

The Turkish central bank took a turn back to orthodox policy today despite leaving the benchmark 1-week repo rate unchanged at 5.75%. It dropped the language from several previous meetings about potential easing. The bank did hike the…

European session marked by choppy macro price action; France and Germany split over EFSF leverage. North American session likely dominated by Greek vote, US reports and headlines surrounding EFSF. UK retail sales beat expectations but…

Euro zone stresses are back in the spotlight with a report on France that was issued by Moody’s late in the North American afternoon. It was not a rating action but rather an annual update on the state of the country. The agency noted that…

Risk sentiment remains under pressure overnight; global equities lower, dollar mostly higher. European economic data continue to deteriorate; UK September inflation surges to new highs. RBA minutes point to some capacity to lower policy…

In a February 2010 Casey Report article titled Is China’s Recovery a Fraud?, my thesis was the $2.1 trillion stimulus package rolled out by Chinese authorities after the 2008/2009 financial crash was leading to enormous malinvestment. As…

I see this as a macro call. High yield is attractive if you think that the economy will rebound. if not, the extremely low high yield default rate will rise considerably, as will yields.

A chart which breaks down the job losses and gains by industry