Chillin' out till it needs to be funded
With the GDP numbers coming in on Thursday for a Q2 which was anyway expected to get worse, car sales incl uding imports are not bringing in any white hope nor counting to the cyclical recession US is looking in the face with continuing weakness in Europe. The week starts with the midwest icon Chicago Fed National Activity index and New home sales. After Dallas and Richmond have stated just how much good news American markets can expect, Durable Goods Orders and Pending Home Sales could still continue to report optimistic numbers.
But then Jobless claims data are more or less rising and the Chicago PMI might well enjoy a breather after so much time bucking the trend of decline with Auto sales holding at March levels. the Personal income data is the key one pointing most towards a recession and that makes this Friday and the Half yearly bank holiday around the world an ugly one to sign off
German Production expectations came out to be at their worst, only to be expected but a host of global june data adds to the worry lines this week except for South Korea and Singapore that report this week and the Italian retail sales is our key hope. Other European retail sales may not be bright and rosy nor the Brazilian bank lending data but really they have all been mostly discounted. India looks at a key input to the inflation forecast in the M3 Money supply which is unlikely to be very high even though bank lending groth at 18% has already indicated faster growth up ahead ( just round the corner)
China will probably answer questions on whether it has been making up crucial Electricity demand and supply data and Japan, South Africa and Brazil also report important economic hints thru the latter half of the week
Obamacare decision from the supreme Court Chief Justice John roberts and Key Tony Kennedy could well follow other conservative appeals opinions earlier as private sector steps in to adopt some or all of its controversial tenets . 26 states sued the Obama turnaround Healthcare plan which comes close to “free health for all” and is frequently compared to Mass. law passed by gov romney earlier mandotorily charging health premiums above a basic income level