Succinct Summation of Week’s Events

Positives:

1) Unemployment rate falls to 9.4% (CAVEAT, helped by 260k drop in labor force)
2) ISM services best since May ’06
3) ISM mfr’g best since May ’10
4) Euro Zone PMI highest since Apr
5) Euro Zone Economic Confidence highest since Oct ’07
6) 16 yr high UK PMI

Negatives

1) Dec payrolls below expectations but upward revisions helped to offset (ADP an anomaly)
2) Dec Retail comps below expectations
3) New high Portugal yields, 10 yr high in Spanish yields, Italy and Belgium under pressure too all ahead of supply next week
4) CRB food subindex and Journal of Commerce industrial commodity index both at record highs
5) Inflation expectations in 10 yr TIPS touch 1 year high
6) Euro Zone CPI up 2.2%, most since Nov ’08
7) Brazil CPI hits 25 month high
8) Chinese mfr’g PMI #’s at 3 mo lows (but soft landing?)
9) UK services index lowest since Apr ’09

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