In The News:
Fuzzy math: China released data that have some claiming fuzzy math. For the three months through February China’s mainland customs reports $ 94.9 billion in exports to Hong Kong, however, Hong Kong reported only $58.7 Billion in exports. The discrepancy between the two reports was the greatest reported ever. The exact reasons for the discrepancy aren’t clear however, many economist believe it may be China’s system of controls which make it hard to move investment funds in and out of the country. It is common practice for companies or peeps in China to hike the value of their goods and sending them abroad allowing the money to come back into China in greater amounts.
Samsung Store: Best Buy has discovered a way to use empty space in its stores: Turn it over to Samsung. Beginning May 1 Best Buy’s big box stores will have mini Samsung boutiques located toward the front of the store. The boutiques will carry an array of Samsung’s mobile devices, camera, and accessories while be manned by recruits hand-picked and trained by Samsung.
No good news on the EZ home front: EZ PMI (Producers Manufacturing Index) dropped in March positing 46.5 vs. 47.9 in February. What does it all mean.. The slowdown has now hit the one source of bring light, Germany.
Phone Home: Facebook is set to unveil its new HTC-made phone Thursday. The phone will run on an Android operations system and incorporate Facebook functionality. Some of the perks include news feeds made for mobile and a new scroll that helps users find information based on their network.
Same ol’ Same ol’ - BOE (aka Bank of England) announced it will leave its monetary policy unchanged, its benchmark rate at 0.5%, and its QE program dormant. The decision came after the country’s service PMI (Producers Manufacturing Index) rose from 51.8 in February to 52.4 in March the highest in seven months.
Not so good Economic Data: First, came the ADP numbers (number of jobs the private sector alone added) reporting only 119K jobs vs. 192K expected. Second, ISM (Institute of Supply Manufacturing) Index down at 54.4 in March vs. February 56… The index showed weakest in the manufacturing sector in 7 months.
In The Markets:
Asia: Asian markets were mixed in their trading session as the Bank of Japan said it would double its asset purchase insuring it will hit its 2% inflation target in two years.
Europe: European markets slid as investor anxiously waiting news from BOJ and BOE about their monetary policy.
US: US markets slid on weak economic data and rising tension with North Korea. Dow: -111.66 14550.35 Nasdaq: -36.26 3218.60 S&P -16.56 1553.69
Dinner or Drink:
Today we pick a drink worthy of China’s fuzzy math.. A fuzzy navel.
1 part peach schnapps
1 part orange juice
1 part lemonade
Mix equal parts of each ingredient in a highball glass, top with ice, and serve.
More awesome drink receipes click here.