TAX RECEIPT DECLINE CAN’T ALL BE DUE TO SHUTDOWN

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * U.S. tax receipts start out 2019 in the red, and it can’t all be shutdown related. * Chicago and Dallas Fed indices improved. U.S. TAX RECEIPTS DOWN -10% Y/Y IN 1H JANUARY-THIS CAN’T ALL BE DUE TO THE SHUTDOWN: According to...

BUYERS’ STRIKE HIT HOUSING AND STOCKS IN DECEMBER

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Existing Home Sales put up a clunker in December (down -10% Y/Y). * German ZEW Confidence remains depressed, but improved in December. * Still no BREXIT fallout in the U.K. Job Market as unemployment improved. * Mexico risks...

CHINA TRADE SHOWS WEAK GROWTH, BUT NOT RECESSION

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * China trade surplus improved as exports declined less than imports. * China cumulative trade is still up +12.6% Y/Y.   * China’s oil imports surged in December, which suggest China’s economy is still growing. * In Yuan terms...

TRUMP MAY WANT TO KEEP THE TARIFFS

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * U.S. Tax Receipts fell -1.1% Y/Y in 2018, but would have been down -3.3% without tariffs. * U.S. ISM Services Index slowed, and backlogs are weak, but New Orders increased. * European Retail Sales turned higher in November,...

THE GREAT CALL OF CHINA

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Trump had a call with Xi.   And then tweeted 10 times about the Wall. * China Manufacturing PMI moves below “50”.   We have the under. * China Services PMI improved in December, according to China’s National Bureau of Stats. *...
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