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Merkel Speaks in Germany

Merkel Speaks in Germany

Says:

  • ‘We want a financial transaction tax in Europe’
  • Euro area must be built on trust
  • EU to aid Greece, Portugal, Ireland ‘is right’
  • Euro-Area aid countries must do ‘their homework’
  • Greece needs ‘state that functions properly’

Canada Retail Sales Fall as Wholesale Sales Rise

Canada Retail Sales:  Survey: -0.1%  Actual: -0.2%   Prior:  0.3%   Revised: 0.4%

Canada Retail Sales Less Autos:  Survey: 0.1%  Actual: 0.0%   Prior:  0.3%  Revised:  0.4%

Wholesale Sales:   Survey: 0.6%   Actual: 0.9%  Prior: -0.4%   Revised: -0.3%

US Empire Manufacturing Improves

Empire Manufacturing:    Survey: 15.00   Actual: 19.53    Prior: 13.48B  

Employment: 11.8 vs 12.1
New Orders: 9.7 vs 13.7
Prices Paid: 25.9 vs 26.4
Shipments: 22.8 vs 21.7
Future Index: 50.4 vs 54.9
Factory Index: 19.5 vs 13.5

Feds Plosser on the Wires

Says:

  • ‘Uncertainty’ on impact of expanding fed assets
  • Public may expect more from Fed than it can deliver
  • U.S. has ‘very serious economic imbalances’
  • Monetary policy shouldn’t be used as ‘A crutch’
  • Fed is doing ‘everything we can’
  • ‘Pressure is enormous’ on fed to think short term
  • Fed begins treasuries under maturity extension program

 

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