Succinct Summation of Week’s Events

Positives:

1) German IFO hits record high dating back to ’91, ZEW hits 6 month high
2) French business confidence near 3 yr high
3) Bonds of Portugal, Greece, Ireland, Spain, etc… rally on possibility of EFSF supported debt buybacks
4) China Q4 GDP, IP, and retail sales above expectations
5) US initial claims head down again (seasonality caveat but trend still lower)
6) Philly and NY mfr’g surveys about in line at good levels
7) Existing Home Sales above forecasts
8) Brazil proactive in cooling inflation with rate hike

Negatives:

1) Asian markets all lower on inflation and rate hike fears
2) Inflation apparent in NY and Philly mfr’g surveys, German PPI, UK CPI, Hong Kong CPI and Chinese CPI and PPI
3) US, German, UK and French long term bond yields also head higher
4) Brazil raises rates
5) The greatest CEO of our time takes another medical leave and we hope he’s back soon.

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