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’Rosenberg (finally) sees green shoots
Gluskin Sheff’s chief economist and David Rosenberg appeared to be delighted by the rise in the Case-Schiller index of US house prices on Tuesday:
CASE-SHILLER HOME PRICE INDEX RISES – NOW THIS IS A GREEN SHOOT!
One by one,
IMF says world is pulling out of recession
The world economy is starting to pull out of recession, the International Monetary Fund said on Wednesday, marking up its growth forecasts for next year and hinting that it might reduce its estimates for bank losses,
US earnings season brings ‘green shoots’ hunt
Investors will be looking for US companies to start providing evidence that “green shoots” of recovery have begun sprouting on their bottom lines when they start reporting second-quarter results on Wednesday,
US consumers see green shoots, but housing woes persist
House price slump be damned – US consumers are at their happiest in eight months, according to data from the Conference Board released on Tuesday.
The Board’s index of consumer attitudes hit 54.9 in May from a revised 40.8 in April – the biggest one-month jump since April 2003.
Merrill: Oil prices could pose risk to economic recovery
The recent rally in crude has been separately characterised as both an instance of irrational exuberance and as a legitimate ‘green shoot’ of economic recovery.
Merrill Lynch, however,
Green shoots panned
Another day, another notable green-shoot whacker emerges. Thursday’s turn is that of former Federal Reserve Chairman Alan Greenspan.
As Bloomberg reports (our emphasis):
May 21 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan signaled that the financial crisis has yet to end even as borrowing costs tumble,
UK bashing, dwindling asset edition
The following chart comes courtesy of Sean Corrigan, chief investment strategist, at Diapason Securities:
Not a lot to fall back on at the moment, then.
As for those green shoots, Corrigan’s opinion appears to be of the Roubini school:
Wikishoots
Presented without comment. Click to enlarge.
Related links:
Green shoots – Wikipedia
Irish student hoaxes world’s media – AP
Green shoots: artificial flowers
Zilcho sign of recovery in the ABCP market, as spotted by Alea.
The below graph, which we’re dubbing the ABCP Matterhorn, from the Fed:
Why is this important? ABCP conduits are were, certainly in Europe,
Insiders selling this rally
The Pragmatic Capitalist points us to a recent development: In the midst of the current rally, insider buying has slowed to a trickle.
Here’s his chart of insider buying (in dollar amounts), which, if accurate,
Market sentiment: Faber et al take on ‘green shoot ennui’
After end-of-the-world swine flu hysteria momentarily transfixed investors, sentiment appears to be shifting. The pundits are back out in droves – many predicting a robust comeback for stocks or, at the very least,
Down yields! Down!
US Treasury yields are creeping up once again — despite the Fed’s best attempts to flatten them via quantitative easing.
And, as this chart from Deutsche Bank shows, they’re not just creeping up, they’re re-coupling with stocks — something not seen since December,