Intraday Market Thoughts

Archived IMT (2010.08.13)

by Ashraf Laidi
Aug 13, 2010 12:38

REMEMBER TO EXCLUDE AUTOS & GASOLINE in today's US July retail sales report. === July retail sales are expected +0.5% from -0.5%, with ex-autos seen +0.3% from -0.1%. But when removing autos and gasoline, we could get a flat reading, following +0.1% in June and -1.0% in May. The need to remove gasoline prices stems from lofty energy prices in July, which are expected to have boosted sticker prices at gasoline stations. If we do get a reading of no more than 0.1%, then markets will resume their sell-mode as they are already doing so at the moment after briefly cheering those Ezone GDP figures.


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