July 1. New lows China and Japan
July 1. ADP data (employee throws dart) was much weaker than expected 13k vs 60k. Chicago PMI came in about as expected
–There was a buyer throughout the day of about 15k EOZ 9862^ for 45.5 to 46.0.
–Today’s news includes ISM expected 59.0 from 59.7. Jobless Claims expected 455k.
–New lows in the curve as a stock sell off late in the day inspired buying in the long end. 2/10 at 233 bps, down 3.
–Manufacturing in China slower…not surprising given weakness in their export markets. China and Japan stocks make new lows.
–Interesting chart on Google domestic trends…. US real estate. From this picture, a series of lower highs and lower lows. Doesn’t look encouraging.
http://www.google.com/finance?q=GOOGLEINDEX_US:RLEST
