Daily
Market Color
06/10/2013
Economic
Reports & Headlines
The weekend was filled with
reports to interpret. All the reports came out of China and Japan. I usually
call this the “China Pack.” Once a month China would release four reports
within one sessions which all merit extra attention. These reports normally
amplify a move or reverse it. Let us start off in China with their latest
reading on consumer prices for May.
Chinese Prices actually decline
on a monthly basis by 60bps. On a yearly basis, prices rose 210bps, less than
Econoday’s aggregate forecast.
Producer prices in China
regressed on both a monthly and yearly basis. Monthly: -60bps, Yearly: -2.9%
Industrial production in China
for May was in line with consensus by rising 9.2% on a year over year basis.
Retail sales for May in China
came in marginally higher than consensus, growing 12.9% Vs 12.8% on a year over
year basis.
First quarter GDP in Japan spiked
and surpassed Econoday’s consensus on a year over year basis, 4.1% Vs 3.5%
On the domestic front, the US
economic calendar was deserted. Markets were practically at the mercy of
China’s figures.
No comments:
Post a Comment