Dec 3. Small business confidence waning

–PMI data in Asia generally better ex-Japan. Europe mixed but mostly better readings. New recent high in euro as Greek bond yields fall. Late Friday downgrade of ESM and ESFS by Moody’s was ignored. SP’s remain near Friday’s high despite lack of fiscal cliff progress, and despite strikes at Long Beach and LA ports creating bottlenecks in the US supply pipeline.
–Interesting post on Business Insider: “U.S. small-business owners are pessimistic post-election, with the Wells Fargo/Gallup Small Business Index plunging to -11 in November from 17 in July. This is the most pessimistic that owners have been about their operating environment since July 2010, when the index stood at -28.” The NFIB confidence index (just prior to election) had a small uptick, BUT uncertainty about the future hit a record high: “The survey, conducted before the presidential election, found that the percent of owners uncertain about whether business conditions will be better or worse in six months, was at a record high of 23%. This eclipsed the pre-recession record of 15% reached during the Carter Administration.” Not good when you are compared with Carter years…
–Worst of fiscal cliff outcomes will supposedly drain $40b month from the economy. Ironically, this is just about the same number being thrown around for the next installment of unsterilized QE, likely announced at next week’s FOMC.
–In yet another sign of the apocalypse: Bazooka gum dismissing Bazooka Joe comics. No wonder they’re striking everywhere.
–It was over 60 degrees in Chicago this weekend. But winter overnight parking restrictions started Dec 1. Not that the city is hungry for revenue, but they towed 301 cars on Saturday night ($150 tow cost plus ticket).
“If you ignored the winter overnight parking restrictions on some Chicago streets last night, you may be one of the 301 owners whose vehicles were towed for violating the ban… The ban hours, from 3 a.m. to 7 a.m., started early today and were enforced along 107 miles of the major streets. Last year, 188 vehicles were towed on the first day of the ban, officials said.”

Posted on December 4, 2012 at 5:31 am by alexmanzara · Permalink
In: Eurodollar Options

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