Chillin' out till it needs to be funded
The Redbook recorded a 3% year on year rate Y?Y change dipping further from 3.4% last month to the expected lower rate of 3% as retail fails to catch the flame from a tired 2011 holiday season. So much for data and statistics and a continuing upturn in Wednesday’s revolving credit report should now be a clearer sign of stressed income levels than due recovery and come back in spending and much more trouble for the newly realised 3% growth rate.
1.A new year and a new chinese budget nmeans fresh concerns for the year with Copper leading industrial metals into a downturn on the new Economic plans for the World’s largest Economy despite a higher Yuan tick. US Dollar reached new levels against the Yen and the Aussies with 80 back in play for USD – Yen and 1.06 for AUD – USD and Euro reaing its new burn at 1.31 as Spain gets higher than Italy on Bund Spreads, Spain Italy spreads and in votes of confidence that Italy is getting now instead of Cajas and Spain. Portugal’s situation is the first signal that a copybook approach to austerity comes back like a rubberband on demands for more borrowings and more haircuts to achieve the targets of the austerity plan on Debt GDP ratio.
The ICSC Goldman Sachs number was even lower at 1.7% for Y/Y and 1.3% W/W ( after a 1% drop last Week) and the Dow futures are railing a 100 points lower under the Oil threat with or without the Boone Pickens Oil Act in the Congress ( Natural Gas Act, Gas being $2 less than Diesel for long haul trucks per gallon). The iPad3 launches tomorrow.
Home prices in the UK dropped , though a little unexpectedly for the markets as Eurozone GDP confirmed to be 0.3% lower on last quarter and 0.7% lower on year. UK prices in the Nationwide index last week contrasted the Halifax report having shown a monthly and yearly rise just last week. with UK retail shutting down in most pockets, Central London sopping districts continue to make the most of the recovery with rising rents and growing shopper interest.
Back on this side of the Pond, Tesla seems to be getting read for a sporty, electric IPO.