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20110208 - micro data, macro data


U.S. macro data are not exactly brilliant: the start of construction of new homes is lower than expected with a downward revision of previous data, while the consumer confidece (after closure) is negative and even less is expected that the previous data. Yet some retailers publish sales growth in the year and that is enough to the market, along with good profits posted in recent weeks to field a new positive performance.
DJI +0.59% +0.42% SPX, Nasdaq +0.61% VIX 15.81 (-2.89%)

Europe
China Remodeling interest rates: 6.06% for the debt, 3% for deposit. But in fact, no one cares especially for the good data from ArcelorMittal (+2.81%), Swedbank (+5.16%) and Swatch (+5.75%) not to mention UBS (+4.29%) missing estimates, but the same salt. On the other hand the difficulties linked securities crude, after the hype of last week, partially offset the smooth movement of the rest of the market.
CAC +0.43%, DAX +0.54%, SMI +0.42% +0.37% DJES50


Japan, the Nikkei is a bit 'more sensitive to rising rates of China, especially for companies like Komatsu (-1.93%) which has about 20% of sales in the Middle Kingdom. The markets seem to have already served the movement in interest rates and do not panic, also supported by ads on sales of U.S. companies.
Nikkei -0.17%

Asia
finally reopens after Shanghai and is tweaking the interest rates in China. If the maneuver was already obvious from many markets, now the doubts have begun to address what other surprises may hold the Chinese government. As for Japan, are the titles with increased exports to China who suffer most.
Hang Seng -0.64%, Straits Time -1.31%, Taiwan -1.15%, Shanghai -0.87%, Sensex +0.09%


FX USDCHF 0.9629 (0.9539)
USDJPY 82.41 (82.28)
EURUSD 1.3647 (1.3624)
EURCHF 1.3141 (1.2995)
EURGBP 0.8490 (0.8437)
GBPUSD 1.6075 (1.6146)
GBPCHF 1.5479 (1.5399)

USD Libor 3 months 0.31% (0.31%)
USA tbill 3 mesi 0.14% (0.14%)
USA tbond 5 anni 2.41% (2.29%)
Grecia 10 anni 11.20% (11.05%)

Oro 1363.28 (1351.05)
Greggio 87.39 (87.45)
SPGS Commodity 648.21 (645.86)
Baltic Dry Index 1064 (1045)

Considerazioni
Tanto tuonò, che piovve. Alla fine la Cina ha ritoccato i propri tassi di interesse. Interessante il fatto di poter definire i tassi di credito e di debito in modo differente, con un "piccolo" 3% di differenziale tra uno e l'altro. Mi domando quanto credito privato (erogato al di fuori dei canali ufficiali) ci sia, visto che è facile aggiungere mezzo punto da una parte e togliere mezzo punto dall'altra 3.5%/5.5% however, to make a lot of money (2% spread) with a cut-throat competition. Market "free"?