Chillin' out till it needs to be funded
The Treasury budget deficit is still going to cross the $1T mark and no one is likely to give President Obama extra marks for managing the economy in a crisis but he seems to have an edge over Mitt Romney in the final weeks bbefore the mandatory spending cuts kick in. June and July in fact have been exceptionally disciplined fior the US Economy as for some in Asia including India but subdued trade and the coming week’s data on the increasing Stock Sales ratio and declining retail sales is unlikely to take the edge off, with Gasoline sales falling yet refineries having started production at almost full capacity
Obama’s taxation plans seem to have carried him through esp as his own Super PACs indulge in some seasoned negative hits to score the home run against an incentivised Romney Super PAC team. Paul Ryan has been one of the men with the axe out for Medicare and other Welfare spending so his appointment may not bring the required change in the surveys even as Romney enters the ring confidently and with Congress already voted Republican in 2009 James Cameron may have better luck with 3D TV in China than Mitt Romney ith the Republican manifesto from here.
The week is buoyant for equities again though housing Starts and Jobless claims data may not add much pluses to the DJIA nor the Empire State and Philly Fed surveys as the markets look to a rich Christmas holiday and markets jump the gun for the rallies even as the Euro walks through some more weeks bankrupt and without choice. Asia is poised for a rally in India, Malaysia, Indonesia and Singapore with Independence Day celebrations mid week but China is looking at extending the new bottom in Equities as Investment Banking, Trading and Deal making finally turn sunnier in the second half of the year