Succinct Summation of Week’s Events

Positives:

1) US equity markets power higher still
2) NFIB small business index rises to best since Dec ’07
3) Initial Claims fall below 400k but normalizing for bad weather as 4 week avg back in line with prior good trend
4) US exports rise to within $3b of record high
5) UoM confidence rises a touch to the highest since June
6) China hikes rates again to tame inflation pressures

Negatives:

1) Stock market volume pathetic
2) Egypt still a power keg? (markets certainly don’t think so)
3) Inflation figures in Germany, UK, Brazil, and South Korea all at multi yr highs (we get ours next week)
4) US short rates move higher, catching up to recent move in long end
5) Mortgage rates back above 5%
6) Portuguese 10 yr yield back above 7%
7) Emerging stock market correction continues
8) South Korea dragging its feet on raising rates

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