Chillin' out till it needs to be funded
Midweek, in a confused moronic abyss in the market. I wonder if you realise Dow future s strted their Day on Aussie Home Loans reading, went thru markets in Asia and opened to Germany “bracing itself” for another bund auction, followed by another in italy even as Spain was live on the networks, its Parliament debating the new EUR 10 bln added to the budget of cuts in 2012 even as Rajoy puts claim to a new fiscal target wrangled out of the EU fiscal compact
The market does want a break and though the quake in Indonesia was the highest ever on the Richter scale in the region at 8.7 as of now there are no unseemly after effects of either.
The morning AM MBA purchase report was not so bad, the index composite only retracing half the gains of last week and the Refi share is the lowest down since July 2011 to 70% with the Purchase index actually up after a 0.5% break following last week’s 7.2%the 4 week average up 2.2%.
Later in the day international trade prices recover hints to the inflation trend after TIPs continue to trade negatively while the Treasury budget is likely to show a big positive jump from February for March when the FY 10 number was closer to $50 bln.February budget deficit came closest to a record $250 bln