Back To Full Strength
Macro and Cheese | May 02, 2012 06:41AM ET
- Asia strong: Japan +.31%, China +1.75%, Taiwan +2.33%, Aust +.14%
- HSBC China manufacturing PMI 49.3 vs 48.3 previous
- HSBC Taiwan manufacturing PMI 51.2 vs 54.1 previous
- China home prices fall 0.3% to 14-month low, according to SouFun
- European stocks mixed: Eurostoxx +.57%, Dax +.79%, FTSE -.24%
- Europe mfg PMIs weak: Spain 43.5, Italy 43.8, France 46.9, Germany 46.2
- Italy unemployment 9.8% vs 9.4% expected, 9.3% prev revised up to 9.6%
- Eurozone unemployment 10.9% as expected, up from 10.8%
The night's session marked a return to full strength as China and Japan returned from holidays. China advanced nicely though their PMI was lackluster; Japan was up just slightly, hampered by a strong yen. The yen has now retraced half of its move from 76 to 84 and now stands at 80.33. Apart from the stream of data there is no news out of Asia to speak of. Clinton and Geithner are scheduled for talks in China tomorrow.
Note that all European PMIs are below the 50-line, marking contraction, including France and Germany. Below is a look at the quarterly GDPs of the European countries officially in recession, courtesy of yesterday's WSJ. Click for a larger view. Greece isn't even reporting:
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