U.K. PICKS THE WORST OPTION

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * The U.K. has no idea what it wants to do with BREXIT, and that’s bad for business. * U.S. Job Openings jump back above 7 million, while Consumer Credit surges. * Japan Q3 GDP is revised lower. * China trade surplus improves...

A CHRISTMAS TRUCE

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * We think there is no substance to the “truce”, aside from an attempt to buoy markets. * U.S. ISM Index turned higher in November, while Construction Spending fell in October. * China PMI’s still bouncing around the ‘50’ level....

EVERYONE WANTS A DEAL

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Italy softens its budget tone, while U.K. gathers support for BREXIT deal. * Meanwhile, Russia/Ukraine is heating up. * Mario Draghi says Europe has slowed (temporarily) and German Ifo Index heads lower. * Chicago Fed Index...

HOMEBUILDER CONFIDENCE SLIPS

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Suddenly, Homebuilder Confidence slips to lowest level since 2016. * Foreign Ownership of U.S. Treasuries fell slightly in September. * Japan’s trade balance worsened. NAHB/WELLS FARGO U.S. HOUSING MARKET INDEX AT LOWEST LEVEL...

THUNDERSTRUCK! MACRO FORCES TURN ON AUSTRALIA

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * Australia is a China proxy that also happens to have its own debt problem. * We have concerns about Australian exposure to China in trade and housing investment. * New China “blue sky” environmental laws will hurt Aussie...

TAX RECEIPTS AND ISM SHOW U.S. STRENGTH

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: * U.S. Tax Receipts up +4.7% Y/Y in October thanks to higher wages and willingness to spend. * U.S. ISM Services slowed slightly but remains above 60 in October. * Caixin China Services PMI (50.8) confirms slower growth in...
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