Ben Bernanke is putting me to sleep. ZZzzzzzzzzzz
See the stock market video for 2/1 at the bottom of this page.
Figures on government spending and debt
Thursday's Agenda:
Bond auctions:
• France to sell €6.5bn-€8bn of long-term debt
• Spain to sell €3.5bn-€4.5bn of various bonds
----------------------------------------------
Spanish & French Auctions
Spain:
Spain just sold €4.5bn of debt at much lower costs than previously.
Investors bought three-year bonds at a yield of 2.8% (down from 3.38% paid just three weeks ago), while a five-year bond sold at a yield of 3.5% (from 5.5% in early January).
Today's Spanish €4.5bn bond auction wasn't quite as succesful as previous auctions.
While Spain's borrowing costs fell, it didn't repeat its recent achievement of selling much more debt than planned.
France:
Losing its AAA rating with S&P doesn't seem to have casued France many problems yet. In fact, its 10-year bonds have strengthened to their highest value since December, pushing the yield on the securities below the 3%.
--------------------------------------------
Ireland's Growth Forecast Slashed to .5 %
Back with the eurozone, there are some discouraging comments on the outlook for the Republic of Ireland from its central bank, which said the country would remain in recession this year.
In its latest survey of the Irish economy, the bank downgraded the
country's growth projections for 2012. The Central Bank has cut its forecast for economic growth in Ireland this year from 1.8 per cent to 0.5 per cent citing slowing demand for Irish exports.
Slowing exports sees Central Bank slash growth forecast for 2012
-------------------------------------------------
Wall Street opens up after jobless claims data
Bernanke urges caution in sharp deficit cutting
Books I Highly Recommend
FAT FINGERS
Wednesday, February 1, 2012
2/1 Stock Market Video
The stock market video is posted under the news and headlines. I posted early for you tonight, at 6 p.m. PST.
Everything you need to know this week at a glance!
Thursday Agenda:
US Intial Claims
Spanish and French bond auctions and the Greek government is preparing various meetings ahead of talks with the Troika, amid the continuing saga of the country's debt negotiations.
-------------------------------------
Friday's Agenda:
The Jobs Report
The Jobs Report will Reflect the Net Birth/Death Adjustments
The Net Birth/Death (NBD) statistic adjustment – an adjustment the BLS uses to account for job creation or loss with respect to births and deaths of businesses – is always the weakest during January. Over the last five years the NBD for January has averaged -335k. [January 2011: -339k, January 2010: -427k, January2009: -356k, January 2008: -378k, January 2007: -175k.]
Also a loss of 40 K temporary seasonal jobs (holiday help) are expected to be reflected in the report.
---------------------------------------------------
ISM Index
US manufacturing sector posted its strongest growth since last June.
The US ISM manufaturing data came in at 54.1 [where 50 separates expansion from contraction]. That's up from 53.1 in December. Falling short of the number Wall Street analysts had forecasted. While positive, this is still a very weak number.
----------------------------------------------------
ADP Employment Change
Private employers added 170,000 jobs in January falling short of consensus at 200,000. This figures was sharply lower from the prior months reading of 292,000. Last months figure was revised down from 325,000. So overall, this report was completely uninspiring.
-----------------------------------------------------
European Credit Crunch
Credit crunch fears reared up this morning, after the European Central Bank warned that Europe's financial institutions tightened credit standards in the fourth quarter.
The ECB's quarterly Bank Lending Survey also found that banks expect to make it harder for businesses and individuals to obtain loans in the first three months of this year. There was also a drop in demand for mortgages and other home loans.
--------------------------------------------------------
Portugal's Short-Term Debt Auction Still Showing Some Distress
There was relief for Portugal as a sale of €1.5bn of short-term bonds went without a hitch. The yields on three-month bonds fell to 4.06%, down from 4.34% in mid-January, while six-month bills were bought at a yield of 4.49%, down from 4.74%.
These lower yields are still a sign of some distress, long term yields are substantially higher.
Portuguese Bond Yields Fall in Solid Auction
---------------------------------------------------
US Manufacturing, Construction Pick Up in January
Auto Sales Rise in January, Though GM Sees Decline
John Crudele: The economy did horribly in the last three months of 2011
Tip:
You can increase the clarity of the video by clicking on the left on the lower right panel. Increae the setting to 480p and the video will be much clearer.
Same video, smaller size.
Everything you need to know this week at a glance!
Thursday Agenda:
US Intial Claims
Spanish and French bond auctions and the Greek government is preparing various meetings ahead of talks with the Troika, amid the continuing saga of the country's debt negotiations.
-------------------------------------
Friday's Agenda:
The Jobs Report
The Jobs Report will Reflect the Net Birth/Death Adjustments
The Net Birth/Death (NBD) statistic adjustment – an adjustment the BLS uses to account for job creation or loss with respect to births and deaths of businesses – is always the weakest during January. Over the last five years the NBD for January has averaged -335k. [January 2011: -339k, January 2010: -427k, January2009: -356k, January 2008: -378k, January 2007: -175k.]
Also a loss of 40 K temporary seasonal jobs (holiday help) are expected to be reflected in the report.
---------------------------------------------------
ISM Index
US manufacturing sector posted its strongest growth since last June.
The US ISM manufaturing data came in at 54.1 [where 50 separates expansion from contraction]. That's up from 53.1 in December. Falling short of the number Wall Street analysts had forecasted. While positive, this is still a very weak number.
----------------------------------------------------
ADP Employment Change
Private employers added 170,000 jobs in January falling short of consensus at 200,000. This figures was sharply lower from the prior months reading of 292,000. Last months figure was revised down from 325,000. So overall, this report was completely uninspiring.
-----------------------------------------------------
European Credit Crunch
Credit crunch fears reared up this morning, after the European Central Bank warned that Europe's financial institutions tightened credit standards in the fourth quarter.
The ECB's quarterly Bank Lending Survey also found that banks expect to make it harder for businesses and individuals to obtain loans in the first three months of this year. There was also a drop in demand for mortgages and other home loans.
--------------------------------------------------------
Portugal's Short-Term Debt Auction Still Showing Some Distress
There was relief for Portugal as a sale of €1.5bn of short-term bonds went without a hitch. The yields on three-month bonds fell to 4.06%, down from 4.34% in mid-January, while six-month bills were bought at a yield of 4.49%, down from 4.74%.
These lower yields are still a sign of some distress, long term yields are substantially higher.
Portuguese Bond Yields Fall in Solid Auction
---------------------------------------------------
US Manufacturing, Construction Pick Up in January
Auto Sales Rise in January, Though GM Sees Decline
John Crudele: The economy did horribly in the last three months of 2011
Tip:
You can increase the clarity of the video by clicking on the left on the lower right panel. Increae the setting to 480p and the video will be much clearer.
Same video, smaller size.
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