Monday, 26 October 2009

New Zealand Jul

  • New Zealand Jul. Trade Balance - the high-flying kiwi is the country's worst enemy with its reliance on commodity exports, especially with still relatively depressed commodity prices
  • Germany Aug. CPI - no signs of inflation just yet...ECB also more cautious than in cycles past on the prospects for recovery
  • US Q2 GDP - 2nd revision. The US Q2 GDP looked much better - but a lot of that improvement was driven by anemic consumption that brought down import levels. Is reduced trade due to reduced consumption a sustainable path to GDP growth, we ask rhetorically...
  • US Weekly Initial Jobless Claims - last week a disappointment. Another disappointing reading is certainly cause for concern for the bulls, but as we have said - wait till late September to get more significance form these weekly figures.

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