Euro Drama Tempers Good U.S. Reports - Analyst Blog
16 11월 2011 - 5:50PM
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Europe remains in focus again, diverting attention from a host
of U.S. economic releases. Yields on Italian government bonds
remain in dangerous territory despite intervention by the European
Central Bank. In fact, bond yields have been trending up in all
of the European markets outside of Germany, heightening
concerns about the crisis and distracting attention from the
favorable economic readings on the U.S. front.
Among this morning's key U.S. economic reports, the October CPI
number came in better than expected on the 'headline' basis, though
the 'core' reading was inline with expectations. We have Industrial
Production and Housing Starts data coming out a little later
today.
On the back of Tuesday's favorable PPI report, today's CPI
reading provides further evidence that the inflationary uptrend of
the last few months may have started to reverse. Contributing to
this trend is the falling commodity prices and the easing
of supply-chain disruptions due to Japan's disaster. This
confirms Ben Bernanke's assessment that the earlier heightened
inflation readings were of a transitory nature. Easing inflationary
readings improve the Fed's flexibility in the conduct of monetary
policy by countering the hawks' arguments.
On the earnings front, Target (TGT) came out
with a positive earnings surprise this morning, though it modestly
missed revenue expectations. We had an earnings beat and
revenue miss from Dell (DELL) after the close
on Tuesday. Autodesk (ADSK) came out with better
than expected results as well.
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