Links 22 June: Global sloth

Global Macro:

  • Moody’s said to be poised to announce bank downgrades today (Bloomberg)

United States:

  • Existing Home Sales in May: 4.55m, 6.6 months of supply ( Calculated Risk)
  • Unemployment Claims little changed, 4-week avg hits high (Calculated Risk)
  • Philly Fed Reports Weaker Mid-Atlantic Business Conditions (Wall Street Journal)
  • Citigroup Faces $5 Billion Hit on Dollar’s Rise (Bloomberg)
  • Euro business activity shrinks and U.S., China output slows (Reuters)
  • Goldman Goes Short The S&P 500: 1285 Target (Zero Hedge)
  • Philly Fed factory activity contracts again in June (Reuters)
  • Existing home sales fall 1.5 percent in May (Reuters)
  • U.S. manufacturing grows at slowest pace in 11 months: Markit (Reuters)
  • US jobless claims edge down to 387,000 (Financial Times)
  • Philly Fed survey overview charts (Charts)


  • German growth deal enables ESM, fiscal pact approval (Reuters)
  • Greece Faces Downgrade to Emerging-Market Status by MSCI (Bloomberg)
  • Greece on review for move to emerging markets (Reuters)
  • Spain sells 5-year bonds at record yield  (Financial Times)
  • Cyprus To Ask for EFSF Aid Next Week (eFXnews)
  • Koo on German bubbles (FT Alphaville)
  • Europe’s Economic Implosion In One Chart (Zero Hedge)
  • Property market rebounds in May (BBC News)
  • EU leaders to vow July 9 start for ESM permanent bailout fund (Reuters)
  • German deal on EU fiscal treaty (BBC News)
  • UK Banks Downgrade By Moody’s Imminent (Zero Hedge)


  • China makes it easier to buy equities | beyondbrics (Financial Times)
  • PMI is fresh sign of weakness in Chinese economy (Financial Times)
  • Are the boom times over for Hong Kong? (Chart)
  • Asia’s Downside Risk And The Three Big Hopes (Zero Hedge)
  • China’s slowing deepens gloom (The Australian)
  • NZ growth spurt can’t go on (AFR)
  • Signs China braked too hard (AFR)


  • Rising rents push families to fringe (AFR)
  • Productivity critical (AFR)
  • Survey shows non-miners struggling (AFR)
  • Household conservatism may hurt growth (AFR)
  • Census shows how mining boom is reshaping Australia (AFR)
  • Pay increases fail to match rents, mortgages (Fairfax)
  • What housing policy (Fairfax)
  • ABC’s Kohler embroiled in conflict of interest claims (Fairfax)
  • Home owners stay put as affordability worsens (Fairfax)
Unconventional Economist
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    • Yeah that floored me too.

      As much as I respect PJK – probably our best PM in my lifetime – he comes up with some crazy ideas from time to time.

      Although in fairness, if you are looking at “solution” to funding costs, it makes perfect sense. If you are looking for the “final solution” for a robust economy, it also makes perfect sense.

  1. “Property market rebounds in May”

    They’ve got the same problem as AFG do with using raw data. April had Easter, so May was always going to get a bounce. Mortgage sales were up 24% in the UK, lower than our 29% jump, which after seasonal adjustments was pretty much flat.

  2. TP, when GS goes long S&P is that a sign to go long?
    Their calls to go long gold and apple in the past 10 months were followed by decent falls. Muppets are learning though, even if slowly.