- Oil rose to hit a six-month high above $63 a barrel on Wednesday after OPEC kingpin Saudi Arabia said the global economy had strengthened enough to cope with oil at $75-$80 a barrel. (Reuters)
Key Reports (WSJ):
7:00 a.m. May 22 Mortgage Application Refinance Index: Previous: +4.5%.
7:45 a.m. ICSC Chain Store Sales Index For May 23: Previous: -1.2%.
8:55 p.m. Redbook Retail Sales Index For May 23: Previous: -0.2%.
10:00 a.m. Apr Existing Home Sales: Expected: +1.8%. Previous: -3.0%.
4:30 p.m. May 22 API Oil Industry Report
Beauty in things exists in the mind which contemplates them.
FX Trading Beauty in markets usually depends on your book
Global healing a lat the credit market its a beautiful thing
Source: Northern Trust
Global healing al la the stock market its a beautiful thing
Global healing al la a new 2009 high in oil prices its a beautiful thing
its just that pesky news over the past couple of days about the continued deterioration in global fundamentals that nags at us, and makes us wonder if beauty isnt just skin deep
- German exports and company spending plunged in the first quarter, dragging Europes largest economy into its deepest slump on record.
- South Africas gross domestic product contracted in the first quarter, pushing Africas biggest economy into recession for the first time in 17 years as manufacturers and miners scaled back output and fired workers.
- Thailands economy shrank more than expected in the first quarter, contracting the most in a decade as the nation slid into a recession.
- Japans export slump moderated in April, helping the country post an unexpected trade surplus and adding to signs the worst recession since World War II is easing. Shipments abroad fell 39.1 percent from a year earlier, after dropping 45.5 percent in March and a record 49.4 percent in February, the Finance Ministry said today in Tokyo.
- The world economy hasnt bottomed out yet, adding to great uncertainties about where commodity prices are heading, Chinas central bank said. The external economy has yet to bottom out or establish a trend towards a recovery, the Peoples Bank of China said in regional reports posted on its Web site today. The global financial crisis is still spreading and the impact on China is deepening.
Hmmm .the impact on China is deepening. Thats a very interesting revelation flowing from China indeed. And more interesting given the fact that recent beauty in markets burst directly from optimism that Chinas stimulus is working so well that China alone will have the ability to lift all from this global morass. Wishing it were true doesnt make it so. But then again, that is the stuff that makes markets.