US Corporate tax receipts rose 39% in June

US Corporate tax receipts rose 39% in June

Good quarterly earnings reports are expected now.
World Markets:
Got in two days so far this week.
We expect generally a good week for the world equities markets. The reports do not indicate a declining economy but rather a slower growth rate.

Economic Calendar
Last week
The US markets bounced about 6% and world markets rose about 4.5%. It was a good week and did you notice that Jim Cramer was on vacation. Let's hope he takes off this week too.

Wholesale Inventories May up 0.1%… virtually unchanged… good

This week
Trade Balance MayExports rose 2.4 per cent to 152.3-billion (U.S.). Imports rose even more, pushing the trade deficit to $42.3-billion – the largest gap in nearly two years. The U.S. hasn’t run a trade surplus on an annual basis since the 1970s, partly due to a dependence on foreign oil imports. The China surplus indicates China can let the dollar depreciate further because China is strong and Better world wide trade would help world recovery and future Chinese growth.
Treasury Budget Jun: The U.S. government ran a budget deficit of $68 billion in June, the Treasury Department reported Tuesday, and said that the deficit was a little more than $1 trillion for the first nine months of fiscal year 2010.
Income was $251 billion in June, the Treasury said, about $36 billion higher than receipts in June 2009, due largely to a 39% increase in corporate tax receipts. Spending was $319 billion in June, versus $309 billion a year ago.
The monthly deficit is the 21st consecutive budget shortfall but is well below the year-ago figure of $94 billion.
As many as 2.5 million workers will have been cut off by the end of this week as a result of inaction by Congress, according to the National Employment Law Project.


Jul 14 8:30 AM Retail Sales
Jul 14 8:30 AM Retail Sales ex-auto Jun
Jul 14 8:30 AM Export Prices ex-ag. Jun
Jul 14 8:30 AM Import Prices ex-oil Jun
Jul 14 10:00 AM Business Inventories May
Jul 14 10:30 AM Crude Inventories 07/10
Jul 14 2:00 PM Minutes of FOMC Meeting

Jul 15 8:30 AM Initial Claims 07/10
Jul 15 8:30 AM Continuing Claims 07/03
Jul 15 8:30 AM PPI Jun -
Jul 15 8:30 AM Core PPI Jun
Jul 15 8:30 AM NY Fed - Empire Manufacturing Index July-
Jul 15 9:15 AM Industrial Production Jun
Jul 15 9:15 AM Capacity Utilization Jun - -
Jul 15 10:00 AM Philadelphia Fed Jul

Jul 16 8:30 AM Core CPI Jun
Jul 16 8:30 AM CPI Jun -
Jul 16 9:00 AM Net Long-Term TIC Flows Apr -
Jul 16 9:55 AM Mich Sentiment Jul

Market Outlook July 14, 2010
The advance continued on Tuesday. We expect markets to continue strengthening this week.
Sorry, I just discovered that the Chinese have been reading this blog for some time. Now I have to figure out how to translate what they have said in their comments.

Be back Friday