A very busy day, and a very positive one too: 20 surprises and only 2 shocks. As far as shocks & surprises indexes are concerned it's all looking very V.
I highlight three releases today: the 8.8% mom jump in US wholesalers sales in June - a jump which pushed their inventory/sales ratios back to 'normal' levels, even as retailers are pressing them to restock their own shelves.
Second, I look at China's unexpected disclosure of their 1H current account surplus estimates, which imply a private sector savings surplus running at an astonishing 13.8% of GDP. That's firepower deferred.
Third, I look at Japan's June monthly labour earnings - down 1.7% yoy but with a big upward deflection against trend, and importantly so becuase June is Japan's number two bonus month. A bullet dodged, this.
