Saudi Arabia hires freelance executioners

Saudi Arabia hires freelance executioners


Indexes ended in the green globally yesterday and this morning, save the Nikkei (down a quarter percent) and the Hang Seng (down 0.7%). Overnight, Chinese PMIs surprised with a fractional drop to 54.3 – non-manufacturing – and 50.1 – manufacturing (50.2, according to Markit’s Caixin measure), this despite the latest support measures, which were being reflected in some positive momentum. Meanwhile, New Zealand’s activity outlook rose from 6.3% in March to 7.1% in April, and, following a reversal in copper and aluminium prices, the Australian dollar lost 50 pips this morning, ending a short-lived, 5-day rally, with private sector credit down from 4.2% to 3.9% YoY for March.


This morning’s data is seeing import prices marginally up in Germany for March and France’s GDP level at 0.3% growth. France this morning also disappointed drastically with CPIs plunging from 0.9% to 0.3 in April MoM and producer prices at a flat 0, after last month’s 0.3% increase. Consumer confidence in Britain remained level, disappointing those who expected an increase from -13 to -12. All 3 sentiment indicators for the Eurozone yesterday missed expectations, sinking drastically – the worst performer being industrial confidence, which fell from -1.6 points to -4.1 in April. The region’s money supply, however, climbed 4.5% YoY in March, bringing it to a 14-month record.


With US negotiator Mnuchin expressing cautious optimism for today’s resumption of talks with China, consumption data yesterday was a mixed bag, and the Dallas Fed manufacturing business index drastically dropped from 6.9 in March to 2 points in April. Ahead of tomorrow’s FOMC statement, the dollar is trending fractionally north, as strong data but weak inflation indicate a hold on policy.


Ahead of today’s API report, oil continues to shuffle in the 63.40 region. With the US pressuring OPEC to up production to counter sanctions and unrest against Iran, Venezuela and Libya, today’s ZeroHedge informs us that Saudi Arabia is hiring freelance slayers to keep up with its 37 executions-a-day quota. Gold bounced off the historical 1280 support level, regaining half of the weekend’s losses.


Google yesterday missed expectations on revenue but beat on profits. Today’s reports include Apple, GE, GM & Pfizzer and McDonalds. GE is expected to be down 4.7% on revenues and 44% on EPS, Apple down 6 and 13% respectively, and McDonalds down on EPS but up on revenues. And MarketWatch reports a sharp rise in Airbus profits thanks to news that additional security alerts in Boeing’s beleaguered 737MAX were inoperable, despite FAA certification over 2 years ago.


07:55 AM GMT – GermanyUnemployment (Apr) and Consumer Price Index (Apr) at 12:00
08:00 AM GMT – ItalyUnemployment (Mar), Consumer Price Index (Apr) at 09:00, and Gross Domestic Product at 10:00
08:00 AM GMT – SpainRetail Sales (Mar) and Current Account Balance (Feb)
12:30 PM GMT – CanadaIndustrial Product Price, Raw Material Price Index (Mar) and Gross Domestic Product (Feb)
12:55 PM GMT – USRedbook Index (Apr 26), Case-Shiller Home Price Indices (Feb) at 13:00, Chicago PMI (Apr) at 13:45, Consumer Confidence and Pending Home (Mar) at 14:00
20:30 PM GMT – OILAPI Weekly Crude Oil Stock (Apr 26)
22:30 PM GMT – AustraliaAiG Performance of Manufacturing Index (Apr)
22:45 PM GMT – NZUnemployment, Participation Rate and Labour Cost Index (Q1)

For more, visit our Economic Calendar