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Written by David Rosenberg - Gluskin Sheff
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Saturday, 15 May 2010 08:39 |
• The ability of Greece to meet its rescue terms
• China raised reserve ratio requirements for the third time this year.
• Australia just unveiled a massive new mining tax.
• Financials (stocks) are being re-rated by the rising specter of financial re-regulation.
• The ECRI leading economic index just slipped to a 38-week low. Prospects of a second half slowdown loom large.
• The attempted terrorist attack in Times Square is a reminder that geopolitical risks have not gone away.
• Treasury yields have collapsed nearly 35 basis points and are not consistent with the recent move by equities.
• The U.S. implicit GDP price deflator receded to its slowest rate in 60 years in the first quarter.
• The latest Case-Shiller house price index confirmed that we are into a renewed leg down in home prices.
• Initial jobless claims are not consistent with sustained employment growth.
Governments see it differently, of course.
"The global recovery is better than anticipated largely because of unprecedented efforts of the G-20 countries (to stimulate their economies)," Canadian Finance Minister Jim Flaherty told reporters at a recent G-20 meeting.
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