CHINA STIMULATES, BUT WHY?

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * China stimulates its debt-plagued SOE’s, but forbids banks from feeding the zombies.  * U.S. New Home Sales post upside surprise in May, as prices dropped. * Chicago Fed turned negative, while Dallas Fed improved. PBOC...

FOREIGNERS SOLD TREASURIES BEFORE TAX RECEIPTS FELL

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * The tax cut is showing up in tax receipts, and deficits will rise. * Just as tax receipts were set to fall, foreigner governments began to sell Treasuries. * NAHB Housing Index slipped in June, as traffic flows fall to 50. *...

CLOSING OUT BRAZIL

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Closing out Brazil as inflation is ready to return. * Japan M2 Money Supply up +3.2% Y/Y in May. * Japan Core Machinery Orders rebounded +10.1% M/M in April. * U.K. and Italian Industrial Production slowed in April. TWO OUT OF...

NOW THAT’S HOW YOU BEAT THE ALGOS!

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Now we know who’s been buying the Italian government debt … the Italian government! * ECB won’t have Italy’s back if Inflation remains elevated, but PPI today provides some relief. * Wall Street continues to raise earnings...
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