US is closed for Independence Day (my next post on this), but Australia, Europe, and Canada have produced slightly better to in-line to very weak econo numbers. Lets look at details:
Australia: Retail Sales weaker than expected. Building Approvals had a 7% miss on expectations. Australia's housing boom might be hitting a snag...
Europe: Swiss retail sales cratered. 8% miss due to lower food turnover. What, nobody eats Swiss cheese any more?
UK construction PMI in-line.
EU: Sentix Index way better - investors are optimistic. PPI -0.2%, not going to stop vigilant Trichet. Spanish jobless down 1.62%, not bad, they need more jobs fast.
Canada: RBC June Mfg PMI slowed from May. Both RMPI and IPPI lower than expected (they needed inflation to cool off). Did a little bird whisper some early numbers into Mr. Carney's ear a week and a half ago? His dovish comments make sense now...
Quick thought: with more than half of S&P earnings growth coming from overseas, we need to watch these numbers very closely.
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