Key data releases this week include: NFIB Small Business Optimism (Tue), BOE meeting (Thu) and Retail Sales (Fri).
Haver
May 6, 2016
The April labor market report contained mixed signals. Growth in nonfarm payrolls eased to 160,000 (1.9% y/y) following downwardly revised gains of 208,000 and 233,000 during the prior two months. A 208,000 increase had been expected in the Action Economics Forecast Survey. Weakened readings for construction and government hiring explain much of the disappointment.
Business Insider
May 4, 2016
Bloomberg
Wednesday, May 4, 2016
The eurozone’s purchasing managers index, which gauges economic growth, was at 53 in April, indicating 1.5% growth in the eurozone at the start of the second quarter, Markit Economics reported Wednesday. "The sustained eurozone growth contrasts with slowdowns in the US and UK, suggesting the ECB's more aggressive stimulus is helping," said Chris Williamson, Markit's chief economist.
Channel NewsAsia/Agence France-Presse
May 4, 2016
MNI
Wednesday, May 4, 2016
The People's Bank of China reduced the value of the yuan by almost 0.6% against the US dollar Wednesday, the sharpest cut since the central bank devalued the currency in August. The cut comes after the central bank raised the currency's exchange rate by 0.56% on Friday, which was the biggest jump in nearly 11 years.
Barron’s
May 9, 2016
With first-quarter results in from 87% of the companies in the S&P 500, the earnings decline is expected to be 7.1%, according to FactSet Research. Many companies are topping EPS expectations, but the percentage of those beating revenue estimates is 53%, below the five-year quarterly average.
Barron’s
May 9, 2016
Weakening local currencies were a big factor in last week’s EM declines, as the U.S. dollar strengthened on warnings of interest-rate hikes. Investors are nervous because emerging markets have enjoyed 13 weeks of net inflows of funds, making them a bit pricier and vulnerable to bad news.
Reuters
May 4, 2016
FuelFix.com
Wednesday, May 4, 2016
Creditor-protection filings by Midstates Petroleum and Ultra Petroleum bring the number of bankrupt US oil and gas producers to 59, approaching the 68 bankruptcies in the telecom bust in 2002 and 2003. The oil industry isn't even halfway through a wave of bankruptcies driven by low prices, says Charles Gibbs, a restructuring partner at Akin Gump. "I think we'll see more filings in the second quarter than in the first quarter," he said.
Barron’s
May 9, 2016
Fiscal spending and tax cuts could lift U.S. GDP by 0.6% in 2016, according to Strategas Research. That’s not enough to knock the economy out of its funk. But it’s enough to boost stocks of companies that are on the receiving end of the government’s largess (such as defense and engineering companies).
Haver
May 6, 2016
Consumer credit outstanding jumped $29.7 billion during March (6.6% y/y) following a $14.1 billion February rise, revised from $17.2 billion. It was the fastest gain since November 2001. A $15.7 billion increase had been expected in the Action Economics Forecast Survey.
Reuters
May 2, 2016
CoinDesk (U.K.)
Monday, May 2, 2016
A major takeaway from a bitcoin conference Monday in New York is that Wall Street firms, investors and technology companies seem less excited about bitcoin than they are about the blockchain ledger technology that underlies the digital currency. "If there is a 100% opportunity in the blockchain, bitcoin, or the currency, is only 1% of it," said IBM's Jerry Cuomo. "So there is a whole 99% that has broad applications across the broad industries."

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