What happened this past week?

Positives:

  • Thailands October Car exports hits another record high 98,284 units, up 79.71% on the same month last year, and an increase of 0.02% over September
  • China’s HSBC Nov preliminary mfr’g PMI rises to 50.4 v 49.5, above 50 for 1st time since Oct ’111
  • Euro zone mfr’g/services index holds steady at 45.8 vs 45.7 in Oct but still just off the lowest since June ’09.
  • German IFO business confidence unexpectedly rises to 101.4 from 100 in Oct but back to the Sept level. Expectation was 99.5.
  • No official Greek deal (won’t be the last deal) yet but market expects one as Greek stocks rally 7% on the week as does the Greek 10 yr bond (that could benefit from buyback).
  • French business confidence up 3 pts in Nov to 88 from weakest since Aug ’09.
  • Cease fire between Israel and Hamas.
  • US Oct Housing Starts total 894k, 54k better than expected and the most since July ’08 led by multi family. Still long way to go as still 60% below high and near trough levels of the ’81 and ’91 recessions. Overall permits stay relatively elevated.

Negatives:

  • The Thai Industries Sentiment Index (TISI) for October was down from 94.1 in September to stand at 93.0, the lowest for 11 months
  • Moody’s takes away France’s triple A rating 10 months after S&P did. French 10 yr yield up 9 bps on the week but CDS cheaper by 5 bps, and CAC up everyday this week.
  • China’s FDI falls 0.2% YoY in Oct vs est of up 1%. It’s down for 11th month in past 12.
  • Japanese exports down 6.5% in Sept YoY, lower by 20.1% to China and by 11.6% to EU.
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.

Leave a Reply

Your email address will not be published. Required fields are marked *