David Rosenberg
April 03, 2015
Chief Economist & Strategist, Gluskin Sheff + Associates Inc.

Breakfast with Dave - Free Report

I decided to join the Harvest fun! As my first post, I am pleased to share today's Breakfast with Dave with all of you, for Free! You can also sign up for a 2-week trial to my reports by clicking on the button below and using the promo code: Harvest

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While you were sleeping
  • Little change in European equity markets as we close a shortened week, but Asia ripped — Asia-Pac posted its largest advance in three weeks with today’s 1.2% run up
  • Bond markets are flat in Europe but yields a bit lower in Asia
Secular stagnation: a supply-side story
  • I think there has been a surfeit of analysis in the realm of how the supply-side of the economy has played a role in this era of disappointing post-crisis economic growth
ADP cools off
  • The ADP national employment report showed an 189,000 increase in private payrolls for March — the weakest since January 2014
Strange occurrences
  • Historians steeped in knowledge of the aftermath of financial crises and asset price collapses warned us to expect the unexpected this cycle
ISM ― expect a weak April, sub-50 coming, but rebound in store by June
  • The ISM index is 1.6 points away from dipping below that 50 cut-off and S&P Industrials are off 2.2% for the year to date
See full report attached.

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