The weekend wrapup 1.21.12
Americas:
• US markets clocked in another week in the green (its third in a row) as the S&P rose another 2%, the DOW another 2.4%, while the NASDAQ climbed 2.8%. Awesome. A few surveys however are pointing out that retail investors as well as financial advisers are largely bullish, meaning that the public is now in on this. Ugh.
• It wasn’t just the US that scored though; Canada’s TSX index also gained 1.32%, rate cuts in Brazil sent its index 9% higher for the month, 16.4% for Argentina’s Merval, while Mejico’s IPC was up 2% for the week.
• Manufacturing numbers surprise to the upside while jobless claims fall and home sales rise. Confidence is also on the up and inflation seems to have settled. Earnings however have been a pretty meh, with only 47% beating analyst’s estimates (lowest since the credit crisis).
Europe:
• Europe also did pretty well with the FTSE gaining 1.6%, 4.3% for the DAX, and 2.7% for GREECE.
• Speaking of Greece, committee members have conceded that negotiations are unlikely to wrap up in time for the March 20th bond repayment.
• It’s not all that bad though; Euribor-OIS spreads are at a low, same with money market funding (lowest in 5 months), and yields on Spanish and Italian 2 years have dropped enough for their curves to normalize. A little. Is a recovery really on the way?
Asia:
• Asian markets also soared; the Nikkei 225 closed at an 11-week high while the Hang Seng gained 8.2% for the month, its best since ’89. Australia fared pretty well as well, up 1% higher for the week.
• The PBOC stepped in and injected $29 billion of cash to their banks, cutting down short-term borrowing costs as well as boosting balance sheets in light of a holiday liquidity squeeze. Meanwhile, GDP growth figures fell to its lowest in almost 3 years, but still beat estimates. Inflation and the overall suckiness of their RE market however, remains pretty high.
That’s it for the meantime, here’s my clip of the week:
Ok, so apparently I couldn't embed it and I'm too lazy to try and make it work so here's the link:
http://www.charlierose.com/view/content/12097
It's Goldman's Jim O'Neill on Charlie Rose discussing emerging economies, Europe, China, and a host of other things like Occupy Wall Street. Pretty good stuff.
Have a good one monkeys.
nice link..btw which sources do you refer for "The weekend wrapup"?
Thanks man. It depends but most of the time they're just Zero Hedge, FT, or Bloomberg articles that caught my eye over the week. I'll add links next time. I use FINVIZ and Alpha Throttle to check whats going on and they rarely miss anything. Well, news-wise.
Nice stuff, do you follow "Term Sheet" by Dan Primack? I read it in addition to wall street breakfast and a few others...I find it pretty solid for a quick look
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