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  • Editor’s Picks / 1 hour ago

    Best approach? Ignore the Fed

    BloombergView
    There is only one phrase that matters to markets as far as the US Federal Reserve and its intentions towards the inevitable interest-rate hike are concerned and that's "data-dependent". The rest is all noise and you would do well to take the regular Fed briefings with a pinch of salt, says Barry Ritholtz. The Fed has only two concerns - keeping employment and inflation in check and with both of those under control, "the data remain far stronger than anyone in the midst of the financial crisis would have imagined," he says, and that means normalisation of interest rates before Christmas.
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  • Calendar event / 5 hours ago

    US Advance estimate GDP

    forecast
    actual
    High Annual Rate, Q/Q%
    +2.7%
    +2.3%
    High PCE Price Idx, Q/Q%
    +2.2%
    High Core PCE Price Idx, Q/Q%
    +1.8%
    High Personal Consumption, Q/Q%
    +2.9%
    Med Chain-Weighted Price Idx, Q/Q%
    +1.5%
    +2%
    Med Purchase Price Idx, Q/Q%
    +1.4%
    Med Real Final Sales 1st Est, Q/Q%
    +2.4%
  • Editor’s Picks / 6 hours ago

    Irish economic recovery continues with 6.5% growth

    The Irish Times
    Ireland’s economy grew by more than 6% in the first three months of the year compared with the same period in 2014, new figures reveal. Data released this morning in Dublin by the Central Statistics Office shows that gross domestic product (GDP) in the first quarter of 2015 accelerated by 6.5% year-on-year while gross national product (GNP) advanced by 7.3%, the Irish Times reports. GDP grew 1.4% in the first quarter of 2015 compared with the final quarter of 2014. But GNP, which strips out the impact of multinational profit flows, declined 0.8% quarter-on-quarter.
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  • Calendar event / 8 hours ago

    IE GDP

    forecast
    actual
    Med GDP, Q/Q%
    +1.4%
    Med GDP, Y/Y%
    +6.5%
  • Squawk / 9 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Economic confidence climbs to 4-year high in the euro area:

    Confidence in the euro area economy rose to 104 this month vs. 103.2 expected and 103.5. This is the highest level since July 2011 when the index also stood at 104.

    The increase in overall economic confidence comes about despite a drop in consumer confidence in July to -7.1 from -5.6. But while consumers were a bit less confidence all four business segments saw improvement led by services, which rose by 1 point to 8.9 from 7.9. Manufacturing gained half a point to -2.9, and retail and construction also gained.

    Turning to the country breakdown, Spain remains the strongest of the 'big 4' with a reading of 108.7 (108.4 prior) while Germany gained 1 point to 106. Italy was practically unchanged at 106.4 while France improved to 99.3, but remains well below the other three major countries in the euro area.

    EURUSD is up some 10-15 pips on the news and now largely unchanged for the day.
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