Monday, March 24, 2008

Quick Overview

  • The National Association of Realtors said existing home sales were at an annual rate of 5.03 million units in February, up 2.9% MoM and better than expected. Inventories of unsold homes fell 3% to 4.03 million units.

  • Japan's sentiment index fell from +0.5 to -9.3 in the first quarter.

  • (WSJ) Many Chinese towns, lacking irrigation systems, rely on ad-hoc well digging, a practice that is in effect reducing their ground water levels year by year.

  • J.P. Morgan quintupled the price it will pay for Bear Stearns to $10 a share.

  • India reiterates claim they will not need wheat imports in the coming year - a quite optimistic claim if production estimates could be believed.

  • The Russian government said it would extend its 40% export tax on grain until July 1 from a previous ending date of April 30th.

  • The USDA reports that commercial red meat production during February 2008 totaled 3.968 billion pounds, down 10% from January's 4.416 billion but up 10% from February 2007's 3.615 billion.

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