This is ES overnight...
The bad news overnight started in Asia and kept rolling, bad PMI manufacturing data in China sent the Shanghai composite down 2% which is near 4 year lows. Then Europe followed with a PMI miss. Rolling in to the American morning, Initial Claims miss again for the 5th of 6 misses.
First China...
The HSBC Flash PMI for China came in at 47.8 which is slightly better than last months at 47.6, but still in contraction under 50 for 11 months now. This is part of the news that sent the Shanghai close to 4 year lows. Other bad news from China was based on accelerating bad home loans; since the end of 2011, China's 10 largest banks have reported that delinquent home loans rose from 112.9 bn Yuan to $489 bn Yuan, that's 333% rise in delinquent loans and only since the end of 2011!
Europe...
Europe's Composite PMI came in at 45.9 down from 46.3 missing consensus of an improvement to 46.6! Manufacturing was up at 46 (still in contraction) from 45.1, Services was down to 46 from 47.2.
French Manufacturing too huge hit to print at 4 year lows at 42.6 from previous of 46 and expectations of 46.4!
In the US...
Initial Claims...
Released On 9/20/2012 8:30:00 AM For wk9/15, 2012
| Prior | Consensus | Consensus Range | Actual | |
| New Claims - Level | 382 K | 373 K | 365 K to 390 K | 382 K |
| 4-week Moving Average - Level | 375.00 K | 377.75 K | ||
| New Claims - Change | 15 K | -3 K |
382k misses consensus of 373k, this week was lower than last weeks 382k as it was revised up to 385k for the 86th week in a row of upward revisions, making the headline print that IC dropped!
Meanwhile the F_E_D's Fisher says inflation expectations are rising!
So we'll see what we can soak up from today's data...
No comments:
Post a Comment