This week will come with new readings on retail sales, inflation, manufacturing, housing, and consumer sentiment. Some of the numbers may be economists' expectations and some will miss. But if you step back from the monthly numbers and take a big picture look at the state of the US economy, you'll see that things are actually pretty good. "I think people are not considering the fact that the US economy is in very good shape," BlackRock's Rick Rieder said on Thursday, adding that, "this economy today is about as good as it can get. Being a bond market strategist, Rieder tied his view of the economy with his expectation that the Federal Reserve will begin to tighten monetary policy this year through interest rate hikes. "I think the Fed has an epic, historic window to move," he said. Rieder's baseline expectation is for the Fed to begin hiking rates in September. But for now, the focus shifts to corporate America as it release its Q1 earnings announcements. Here's your Monday Scouting Report: Top Stories About that earnings recession... When all of the companies are done announcing their Q1 financial results in the coming weeks, analysts expect to learn that corporate earnings fell year-over year. From FactSet's John Butters: "For Q115, year-over-year earnings for the S&P 500 are projected to decline by 4.8%. If the index reports a year-over-year decline for the quarter, it will be the first time since Q3 2012."But don't declare the end of the bull market just yet.BMO's Brian Belski thinks we should freak out about this "malaise." Here's Belski: "Many are worried that an earnings recession (e.g., two or more consecutive quarters of negative year-over-year growth) automatically translates into an economic recession and by association a stock bear market. Unfortunately, like many other things in life, the reality is more complicated. Most important, none of the ordinary recession indicators signal trouble (i.e., yield curve, confidence, jobless claims, etc.). In fact, most continue to exhibit favorable trends. In addition, we have found that weakness in quarterly growth needs to be “confirmed” by weakness in LTM growth in order for a recession to follow. Stated differently, a recession has not happened until LTM EPS growth similarly plummets (Exhibit 1). Case in point – during 2012 there two consecutive quarters of negative quarterly growth but LTM growth stayed positive and obviously stocks and the economy did just fine." Economic Calendar Monthly Budget Statement (Mon): Economists estimate the US ran a deficit of $43.4 billion in March. Retail Sales (Tues): Economists estimate sales grew 1.0% in March. Excluding autos and gas, core sales is estimated to have increased by 0.6%. From Credit Suisse: "We expect a strong rebound in retail sales following weak readings in January and February. March unit vehicle sales rose sharply (17.1mn from 16.2mn). Negative effects from severe February weather should reverse. And the price-related impact from falling gasoline prices should be diminished. The recent rise in the personal savings rate also suggests there is a degree of pent-up demand." Producer Price Index (Tues): Economists estimate PPI climbed by 0.2% month-over-month, while falling 0.9% year-over-year. Excluding food and energy, core prices are estimated to have increased by 0.1% month-over-month and 0.9% year-over-year. From BNP Paribas: "Energy prices (flat last month) likely made their first positive contribution to PPI inflation in nine months in March, and food and core goods likely rebounded in the month. We expect services prices to have rebounded as well, after the largest monthly percent decline in the history of the final demand services PPI." Empire Manufacturing (Wed): Economists estimate this regional manufacturing index climbed to 7.17 in April from 6.90 in March. Nomura economists are expecting a decline: "The Empire State Index declined for the second consecutive month in March, as factors such as the inclement weather, lower energy prices, the stronger USD and the West Coast port disruptions all seemed to weigh on factory activity in Q1. Declines in the new orders and unfilled orders measures in this report in March provide less support for activity in the NY region in April." Industrial Production (Wed): Economists estimate production fell 0.3% in March with capacity utilization declining to 78.6%. From BNP Paribas: "Industrial production is expected to have declined in March, largely reflecting a massive decline in electric utility output. Manufacturing hours worked declined in the month, suggesting manufacturing ex-autos likely did the same. Motor vehicle assemblies likely offset this with a solid increase. We expect mining production to have rebounded slightly in March." NAHB Housing Market Index (Wed): Economists estimate this homebuilder sentiment index climbed to 55 in April from 53 in March. From Bank of America Merrill Lynch: "The strong gain in new home sales in February suggests that demand has been rising, which should support homebuilder sentiment. Moreover, mortgage rates have remained low and consumer confidence has improved. This will be an important survey in determining homebuilder sentiment heading into the spring selling season." The Beige Book (Wed): The Federal Reserve's will publish its collection of economic anecdotes at 2:00 p.m. ET. From Nomura: "We expect the Fed Beige Book prepared for the 28-29 April FOMC meeting to show that factors such as inclement weather, lower energy prices, the West Coast port dispute and the stronger USD weighed on economic activity in March. However, we expect the Beige Book to show some rebound in economic activity recently, due to the waning effects of some of these transitory factors. We will look for insight for anecdotal evidence on exactly how these factors affected businesses and consumer activity, and the expected duration of their impact. Another key thing to look for is any evidence of increasing wage pressures in the labor market, and clues as to whether the weak employment report in March was just an anomaly." Initial Jobless Claims (Thurs): Economists estimate initial claims slipped to 280,000 from 281,000 a week ago. From UBS's Sam Coffin: "Jobless claims have been falling, on balance, since late February. The latest four-week average of 282k compares with 303k a month earlier. The message is ongoing labor market improvement." Housing Starts (Thurs): Economists estimate the pace of starts jumped 15.9% in March to an annualized rate of 1.040 million units, reversing a sharp plunge in February. The pace of permits is estimated to have declined 1.5% to 1.085 million units. From BofAML: "The decline in February was concentrated in the Northeast which witnessed a 57% decline in the month. This seems extreme and likely a function of poor weather conditions, which should support a recovery with the start of spring. Moreover, building permits are running at 1.102 million in February, suggesting starts should rebound to be more in line with the pace of permits. Much of the gain in permits has been in multifamily, which will likely show through in the starts figures in March. However, we also expect an improvement in single family starts, consistent with the strong gain in new home sales in February and low inventory levels." Philadelphia Fed Business Outlook (Thurs): Economists estimate this regional activity index climbed to 6.3 in April from 5.0 in March. From BofAML: "At the turn of the year we saw significant slowing, consistent with weakness in the broader economic data. However, temporary factors like weather and disrupted supply chains from port strikes on the west coast have had a negative impact. That said, there is a significant oil presence in Pennsylvania, and the sustained drop in oil prices will thus remain a headwind for the index." Consumer Price Index (Thurs): Economists estimate CPI climbed by 0.3% month-over-month, while going nowhere year-over-year. Excluding food and energy, core prices are estimated to have increased by 0.2% month-over-month and 1.7% year-over-year. From Credit Suisse: "Gasoline prices rose in March versus February, but the seasonal factor expects an increase. Therefore, we expect energy to be a generally neutral factor for inflation this month. The core CPI could be limited by sluggish goods prices, which are being held back by the stronger dollar and lower oil." U. of Mich Sentiment (Fri): Economists estimate this index of sentiment climbed to 94.0 in April from 93.0 in March. From Barclays: "Retail gasoline prices, which are highly correlated with survey measure of consumer sentiment, have dipped lower in early April. In addition, weekly survey measures of confidence suggest a stronger reading in April. Taken together, these suggest a mid-month rebound in the Michigan index." Market Commentary On Sunday, Morgan Stanley published its Spring Global Strategy Outlook, a 38-page report laying out with the firm expects for the markets in the near term. "We head into the second quarter with a sustained view that US equities will do well despite volatile and near zero S&P 500 appreciation in the first quarter," US equity strategist Adam Parker said. "Our 12-month forward target for end Q1 2016 is 2275, offering about 10% upside from today’s price, based on 4% earnings growth in 2015, 6% growth in 2016, and modest further multiple expansion to just over 17x forward earnings." "Besides the signposts for late-cycle behaviour (economic, corporate, and credit), the biggest risk to our view would be a dramatic shift in the growth rate for the US economy. A run of bad data on jobs or ISMs would leave us staring at less liquidity (post tapering) and less growth, likely instilling some incremental fear of an earnings plateau or decline," Parker said. Other risks Parker identified included the pace of the Fed's rate hikes, continued deterioration in Greece, further strengthening in the dollar, and the ongoing slowdown in China. For more insight about the middle market, visit mid-marketpulse.com.Join the conversation about this story » NOW WATCH: How to invest like Warren Buffett
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Sunday, April 12, 2015
Eurozone Methods Called to Account
Europe File: Greece is hardly the only European country with weak public accounting systems, says Simon Nixon.
Greece accused of taking eurozone for a ride
The Greek government has been accused of acting like an Athens taxi driver by trying to take its creditors for a ride as talks to keep Greece inside the ...
GREECE RECEIVES 24.3 MILLION TOURISTS IN 2014, UP 20.7%
Greece received 24.27 million tourists in 2014, representing an increase of 20.7% compared to 20.1 million visitors in the previous year, according to ...
Why Europe Needs to Save Greece
STOCKHOLM – The fundamental problem underlying Greece's economic crisis is a Greek problem: the country's deep-rooted unwillingness to ...
Two Greek youth die in firework accident during Easter celebrations
ATHENS, April 12 (Xinhua) -- Two Greek young men died and another two were injured in two firework accidents as Greece was celebrating Easter on ...
Greek Orthodox Easter Sunday in Athens
Greeks and tourists celebrate the Orthodox Easter Sunday and the end of Lent with the eating of grilled lambs and Kokoretsi (A Greek dish consisting ...
Greek Orthodox families celebrate Easter Sunday in Springfield
SPRINGFIELD, Mass (WWLP) – Greek Orthodox families here in Western Massachusetts and throughout the world celebrated their Easter Sunday.
Fire Guts Greek Orthodox Church in Knoxville, Tennessee; Same Parish is Recovering from ...
A Sunday morning fire has gutted the inside of St. George Greek Orthodox Church in Knoxville, TN. Parishioners arrived for Easter Sunday services ...
Two Easters Are Better Than One
I parked my car in front of my house on April 5 – Palm Sunday, in our Greek Orthodox Church – and as I exited was greeted by joyous shouts of “Happy Easter!” from my neighbors’ kids. Their parents followed – they were on their way to their grandparents’ house a couple of blocks away. “Happy Easter,” said […] The post Two Easters Are Better Than One appeared first on The National Herald.
Greek Govt Preparing New List of Reforms
Greek government officials and Greek Prime Minister Alexis Tsipras’ close associates remained in Athens during the Easter holiday to prepare for the critical April 24 Eurogroup. The Greek government is determined not to backtrack from the “red lines ...
Reforms Aren’t Going to Save Greece
Your editorial on Greece assumes that Greece can be saved by “reforms” (“The Case for Letting Greece Go,” April 9). A look at history would show that this isn’t true; Greece has never been a self-sustaining country. Since modern Greece was ...
Pope Francis Recognizes Armenian, Assyrian, Greek Genocide
Pope Francis leads a mass for Armenian Catholics marking 100 years since the mass killings of Armenians under the Ottoman Empire (photo: ...
TIME Magazine Features Greek Photographer's Images Of Crisis-Stricken Greece
TIME magazine's online edition hosts powerful images of austerity-hit Greece captured by Greek photographer Angelos Tzortzinis in an effort to depict ...
Greece defends bailout tactics as latest deadline looms
Athens has rejected German reports that Greece acted ‘like a taxi driver’ and just kept asking for money at recent talksGreece has denied being intransigent in its dealings with eurozone officials, ahead of another crucial week for the cash-strapped country.Greece’s finance ministry dismissed on Sunday a report by a German newspaper which reported that eurozone officials were “disappointed” by Greece’s failure to come up with plans for economic reforms at last week’s talks in Brussels. Continue reading...
World Press View: Lose The Bad Attitude, Greece
Greece's new coalition government has antagonized would-be friends with a confrontational, combative style, world media reports find. The post World Press View: Lose The Bad Attitude, Greece appeared first on The National Herald.
Greece Wants German WWII Reparations
The post Greece Wants German WWII Reparations appeared first on The National Herald.
Some Rutgers students frustrated over Greek life party ban
According to the ban, chapters are not permitted to sponsor or co-sponsor a party unless it takes place at the location of a licensed third-party vendor, ...
'Civil war' brewing over a controversial goldmine in Greece
THESSALONIKI, Greece -- Scrawled on the homes of the village of Megali Panagia in northern Greece are slogans emblematic of the deep rift caused ...
Russia's Gazprom Counting On...Greece?
Greece's prime minister Alexis Tsipras has stepped up to help Turkey be the new Ukraine. Tsipras and his Energy Minister Panagiotis Lafazanis ...
EU is about politics and peace, not economics
Another thing that deters people from open conversations about tax reform and the economy is Greece. As soon as you start a rational economic ...
Greek island celebrates Easter with annual 'rocket war'
In the Greek village of Vrondados, on the island of Chios, the locals have an unusual way of celebrating Easter - letting off hundreds of rockets into the ...
KKL, B'nai B'rith to honor memory of Greek fighting Rabbi
In 1943 Rabbi Moshe Shimon Pessach, who served as a Rabbi for more than six decades in the Greek city of Volos, managed to save nearly three ...
Things that Make You Uniquely Greek
True Greeks have several characteristics and nuances that make them unique. Greeks indeed stand apart from other nationalities in many aspects of everyday life. To a foreigner, some of those may seem inconceivable, absurd even, but a Greek wouldn’t feel Greek unless he abides by certain “rules.” So here are a few things that make someone a real Greek or happen in Greece only! 1. Never eat dinner before 10:00 pm. 2. In your neighborhood, there is at least one street called “Eleftherios Venizelos street.” Even the Athens airport is called that. 3. You run several red lights to get to a coffee shop and then stare lazily at your frappe for three hours. 4. You travel abroad to escape from Greek attitudes for a while and during your trip you look for other Greeks to hang out with. 5. You applaud the pilot when landing. 6. You are not surprised when your 43-year-old buddy tells you he lives with his mom. 7. You consider it normal that someone gets a four-year university degree in 12 years. 8. You never have enough cash for necessities, but you always manage to find money for luxuries. 9. You hate public employees and call them lazy, but you dream of becoming one. 10. You go to church and pray to Jesus and the Virgin Mary on Sundays, but later you curse at them during the football game. 11. You light a cigarette before you enter the gym. And one as soon as you get out. 12. You wonder what the white lines are in pedestrian crossings. 13. You jog five kilometers but you take the elevator to the first floor. 14. You get in a traffic jam at 6:00 am on a Sunday. 15. You brag about what a womanizer your son is, but you claim your daughter is a virgin. 16. You wonder why people in the rest of the world don’t drink frappe. You call them stupid for that, or “malaka.” 17. You always honk to show the world you own a car. 18. When other drivers honk at you, you swear at them. 19. You paid 50,000 euros for your over-priced car, but you think the valet is a thief when he asks for 5 euros to park it. 20. You insist that the “evil eye” has been scientifically proven. 21. You believe that the rest of the world envies you for being Greek. 22. You are certain there is an international conspiracy to destroy your language. Especially when you don’t have a good handle of it. 23. You root for politicians even though you call them thieves in the next sentence. 24. You wonder how other countries survive when they don’t have kiosks selling cigarettes in every corner. 25. You feel a burst of national pride when you hear the word “malakas” in a Hollywood movie.
Taste of its own medicine? Austerity overshadows Finland vote
KOTKA, Finland (Reuters) - When Finland's opposition leader and likely new prime minister Juha Sipila warned Finland could be the next Greece, it was an election campaign quip with a serious side - signaling the risks for a country facing a perfect storm of economic woes.
After Moscow, Where Next for Tsipras?
Second, Tsipras and the European Union have no choice but to work together to end Greece's crippling financial and economic crisis. Failing that, it ...
Turkey detains 134 people for illegal entry
Some 134 people have been detained by security forces in Turkey for illegally entering the country and trying to cross into neighboring Bulgaria, Greece and Syria, officials have stated.
Greek churches unleash firework battle to usher in Easter
Easter is one of the holiest days in the Orthodox calendar, but it's not a time for quiet contemplation for the residents of Vrondados on the Greek island ...
Greece ranks 29th among 50 countries in innovation
Greece ranks 29th among 50 countries included in Bloomberg’s 2015 world innovation index, the data showed on Friday. The country finds only Portugal behind it among Western European countries, while it leads over Eastern European countries. The ranking ...
'Six reasons to head to Greece in winter'
A recent story of CNN entitled “Not just for summer: 6 reasons to head to Greece in winter” describes how beautiful Greece is in the winter. “Falling temperatures sprinkle new magic on stone-built villages lost in deep forests ...
Greek finance ministry hits back at German newspaper report
Greece's finance ministry dismissed on Sunday a report by a German newspaper which said that euro zone officials were shocked at Greece's failure to outline plans for structural reforms at last week's talks in Brussels. The mood between Greece's newly-elected leftist government and its euro zone partners has been tense during negotiations that will determine whether the cash-strapped country ...
Ultimatum to Greece to Present a Plan for Reforms
12 de abril de 2015, 10:06Brussels, April 12 (Prensa Latina) Greece has until the 20th of this month to submit a definitive list of acceptable reforms for ...
Why is Greek Orthodox Easter today? Tom Hanks' wife explains
Eggs are dyed scarlet and are then hand-polished with cooking oil to give them shine and seal the color at Annunciation Greek Orthodox Church in ...
Greek believers fire off rockets to celebrate Orthodox Easter while Vladimir Putin meets Patriarch of ...
While Easter in the UK is celebrated with chocolate eggs and a roast lamb, in Greece they mark the day slightly different - and a week later.
Why is Greek Orthodox Easter today? Tom Hanks' wife explains
Eggs are dyed scarlet and are then hand-polished with cooking oil to give them shine and seal the color at Annunciation Greek Orthodox Church in ...
Knoxville Greek Orthodox Church catches fire
Officials say the call came in around 7:00 a.m. to the St. George Greek Orthodox Church on Kingston Pike. Officials say parts of Kingston Pike are shut ...
Lemnos: Home to Greece’s Unique Desert
People who have not visited the beautiful Greek island of Lemnos may think that it is a place of exile, a place resembling the moonscape, but that is only because they had not had a chance to explore the majestic island. Lemnos is a magical place. A small island in the northern Aegean, the place where the three continents of Europe, Asia and Africa meet. Another reason why Lemnos is so special is that according to several people the island is the home of the only European desert. On the north side of Lemnos, in an area called Gomati, visitors have the chance to witness a unique and unexpected sight, a small desert. The 7 hectare area is located away from the sea full and it’s full of sand and dunes constantly changing shape, just like in the Sahara desert, depending on the direction of the wind. The sand dunes, also known as “Pachies Ammoudies,” are by far the most attractive element of the island Limnos. The sand dunes, were created by natural erosion caused by the prevailing winds blowing across the sea. The ever-changing terrain and landscape of the sand dunes accompanied by the deep-blue colors of the Aegean Sea make for an unforgettable sight. Furthermore, the area’s flora mostly consists of beautiful white lilies also known as pancratium maritimum, while sand-friendly vegetation such as osier, thyme, oleander and wild olive trees encircle the sand dunes. It is worth noting that the landscape’s uniqueness has led many film and commercial directors to shoot scenes in the small Greek desert.
Eudoxus of Cnidus: The Man Who Changed Geometry
Eudoxus, born in Cnidus, Asia Minor, was one of the most important scholars of ancient Greece. He was a great mathematician who helped in the development of geometry and the first scholar to ever connect it with other sciences such as astronomy. Nowadays, the mathematical work of Eudoxus is not particularly well-known to the general public. Unlike most famous ancient Greek mathematicians, Eudoxus did not leave something behind that could ensure posthumous fame. He left no significant theorem like Pythagoras, nor a mathematical theory like Euclid. Eudoxus main contribution to science was the theory of proportions and helped in the evolution of Pythagorean geometry, which did not contain asymmetric quantities. Eudoxus observed that in many cases, the ratio of two quantities was equal to any known fraction, which led to the discovery of irrational numbers. Without Eudoxus’ contribution to mathematics, Euclidean Geometry and other fields such as the number theory would not have been developed. Ancient Greek mathematicians had a huge appreciation for Eudoxus’ work, however over the years his fame started fading. Now, more than 2,000 years after his death, his significance was finally recognized. A website was created since 2010, named Eudoxus, providing for the distribution of university textbooks in Greek universities. Just as his work was helpful and extremely important for the development of mathematics, in the same way the website was created in order to provide as many sources of knowledge to Greek students, helping them excel in their respective fields.
Fire at Saint George Greek Orthodox church
Knoxville Fire Department firefighters battle a blaze at St. George Greek Orthodox Church on Sunday, April 12, 2015, at 4070 Kingston Pike. (J. MILES ...
National Bank Of Greece (ADR) (NBG): Greek Banks Breathing Their Last
The European Central Bank has been extending a lifeline to the troubled Greek financial sector via its Emergency Liquidity Assistance program.
Greek Reform Resistance Ires Troika
Eurozone officials say Greece is doing nothing to implement reforms to unlock critical aid and that an envoy sent to Brussels acted like a "taxi driver." The post Greek Reform Resistance Ires Troika appeared first on The National Herald.
Happening now: Greek Orthodox Church on fire
The Knoxville Fire Department is on the scene of a fire at the St. George Greek Orthodox Church. Kingston Pike is shut down to make way for ...
Church Offers Greece Debt Relief
Drowning in 355 billion euros ($375 billion) in debt, Greece is being offered help from the Church, which has offered to sell some of its property to help. The post Church Offers Greece Debt Relief appeared first on The National Herald.
Aristotle University Cooperates With MIT to Find Bacteria That Fight Cancer and Autoimmune Disorders
The identification of bacteria and bacterial products that will help balance the immune system of humans and protect them against cancer and autoimmune diseases is the future goal of collaboration between the Laboratory of Pathology at the Veterinary Department of the Aristotle University of Thessaloniki, Greece, (AUTH) and the Department of Comparative Medicine at the Massachusetts Institute of Technology (MIT), Theophilos Poutahidis, associate professor at AUTH told ANA-MPA. Experiments on mice, carried out since 2002, have found bacteria in the intestinal flora, which are related to the process of carcinogenesis. In the context of cooperation between the two educational institutions, scientists found that helicobacter hepaticus (a Helicobacter that exists only in the gastrointestinal system of mice) accelerates breast and prostate cancer, whereas the Lactobacillus reuteri (a gram-positive probiotic bacterium) not only helps reduce the risk of breast cancer, but also has a positive effect on the skin and the regeneration of hair follicles, while protecting the testicles and thymus against alterations caused by aging. Moreover, Lactobacillus reuteri protected the mice from obesity, despite the consumption of food that caused it. According to Poutahidis, one of the key contributors in cooperation between AUTH and MIT, the systemic effects of subclinical inflammation, which are associated with the exposure to the risk of cancer, play a dominant role in the immune system. “The future objectives of the scientific team include a further analysis of the mechanisms of systemic effects of bowel flora on the body, the identification of the most beneficial active molecules of bacteria and clinical trials on humans. Cancer, autoimmune diseases and obesity are nowadays growing into an epidemic. Our goal is to find bacteria and bacterial products that can be consumed by humans since the first years of their life so that they can have a balanced immune system and reduce the risk of cancer and autoimmune diseases, related to the deregulation of the immune system,” he added. (source: ana-mpa)
On Greek island of Chios, thousands of rockets fire in traditional Orthodox Easter ceremony
It's pure rocket science, and residents of this Greek island village love it.
Culture Club @ Greek Theatre 7/24
One of the most notable new wave groups from the 80s, Culture Club, will make its way to the Greek Theatre on July 24. The group is famous for ...
Greece Swimming With Dangerous Sharks
Being dragged from crisis to crisis is like swimming with the sharks. At some point, one of them is going to bite, and Greece will feel the pain. The post Greece Swimming With Dangerous Sharks appeared first on The National Herald.
Jaharis Foundation, IOCC Send Greece Medical Supplies
The Jaharis Family Foundation, working with the Church of Greece and IOCC, has sent $900,000 worth of medical supplies to Thrace. The post Jaharis Foundation, IOCC Send Greece Medical Supplies appeared first on The National Herald.
Athens is being driven closer to a Grexit
Greece has not got the money to pay its debts and Europe’s big beasts are unwilling to offer more subsidiesA trap door is slowly opening under Athens. The Finns appeared to give it a little nudge last week with a leaked report offering a glimpse of its battle plans should the Greeks exit the euro. In Berlin, the finance minister’s obsession with paying down debts (bizarre when German infrastructure is falling apart) was on display again and gave a further clue that he will not tolerate Greece reneging on its own borrowing.While words like denouement have been used before in reference to the crisis, it looks as if we are on the last chapter of a very long book. With only days left to present a plan and not more than two weeks to come up with some serious cash to repay outstanding loans, Athens is at crunch point. Continue reading...