Chart of the Day

US GDP growth rose to 6.4% annualized in Q1, with consumer spending rising particularly strongly. After rising in April, the composite PMI implies growth could be nearer 10% in Q2.

Macro

US initial jobless claims fell to 553,000 last week, but continuing claims increased the week before.

The eurozone ESI rose in April and looks consistent with GDP growth of near 4% YoY.

The eurozone released in money supply data for March, showing growth slowed to 10.1% YoY.

The 12-month credit impulse is now negative, because last March dropped out of the calculation.

The global credit impulse fell in Q1.

In Turkey, the Economic Confidence Index fell sharply in April.

Markets

After a strong day yesterday, WTI is up by 5.6% in the past month, and gasoline prices are up by 5.2%.

The Russell 2000 has outperformed the Nasdaq over the past week, normally a good sign for the macro outlook.

There seems to be less excessive speculation going on - the 5-day average of US equity calls outstanding has fallen by 10.4% in the past week, while the 5-day average of puts outstanding has fallen by 3.8%.

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