Chillin' out till it needs to be funded
Looking for a market open bang. This could be it..UK Chancellor proposes govt Debt series that will never expire: http://advantages.us/2012/03/14/london-london-osborne-bonds-uk-proposes-a-100-year-gilt/
The Export Import Price data showed a 0.4% increase in both indices and no one would make much of it though the expected was 0.3% and 0.6% on Export prices and Import prices respectively.
The Y/Y change on Import prices is down a healthy 200 points to 5.5% from over 7% last month (January) including Oil whose pass on effect is only 2% in the 18% uptick in Petroleum products. On the exports, Agricultural produce prices are down almost 6% for the year keeping Export price gains on the year till February in check at just 2%, down from 2.5% in January to 1.5%.
The MBA Purchase index is up 4% and esp the HARP underwater mortgages are doing well, with banks trying to get as many closures as possible. Both the Refi and Composite indices are down for the week by 4.4% and 2.4% even as America n markets wake up to a post stress world in which Ben Bernanke tries to shrug off the expectations of a QE3 in the markets. Citi in the meantime is ready to submit a second plan including the new Capital raising plan in a bid to save its “Return of Cash to Investors” plan for the 2012 comeback. Citi is among the few scrips opening negative in today’s markets.
The Current Account deficit in Q4 was a steep jump over the revised Q3 figure at $107.6 bln to $124 bln, but with investment surpluses helping in the other quarters, the overall Current Account deficit still at $473.6 bln over the first nine months $471 bln, apparently under the 3% mark while Q4 is 3.24%