Chillin' out till it needs to be funded
RBS posted gross profits of GBP 1.3 bln from its insurance on GBP 4 bln in Gross premium even as 2011 revenue fell an expected 13% to GBP 28 bln, NII billing top class GBP 12.7 bln while the Op Profits of GBP 1.9 bln and the Net losses of GBP 2 bln were along expected lines with a high Cost income ratio of 62%, giving shares quite a good start in the afternoon ahead of the Jobless claims report. unfortunately it will be rid of modst of its profit making advisory operations if it finds the right price this year. Other European majors doing well report next week (HSBC / StanC) while Lloyds reports tomorrow.
Jobless claims ticked down 11 times in 12 weeks keeping the averages busy nose down, making it look a nice recovery. This week’s numbers look rosy at 351k announced right now, same as last week’s 351,000 and the 4 week moving average down from last week’s 365k to 359k.
The day is busy as the FHFA House Price Index reports in barely an hour, the bloomberg Consumer Indices getting ready to go into positive and more news of drawdowns in Oil and Nat Gas accounts n the EIA reports as prices are steady and go before the spring break jump to $5
Midday Update: Arizona and Michigan, a study in contrasts go to the primaries Tuesday and that home Michigan is the likeliest to jilt Romney, Newt back in a debate where more people, like in Michigan all month, have been trying to take a peep at Rick Santorum. Super Tuesday counts for only 22% of the number you need to become the candidate, everyone waiting to see the Super PACs negative campaigns against the new challenger to Romneycare.
Retailers reported sad numbers but Sears picked up on its final nod for restructuring starting with a piddly 11 to be sold down from its stores nationally. the Californian ( West Coast based) Safeway lost a pot of gold this season and retail sales have defined a new good number at 0.3% M/M and 3% Y/Y
House Prices were much better than expected with the FHFA House Price Index ( Hopi index , anyone) up 0.7% in December, while Y/Y comparisons just leave it down 0.3% now.