Its the economy, stupid.

Not at the moment it isn’t.

Financial markets are being moved (almost exclusively, but not quite … Libya no-fly zone news has just had a big impact on the markets) by Japan news. As the Japan situation calms (especially the nuclear fears) focus will once again turn to other things, like the US and global economies, MENA, oil etc..

This week there have been PPI and CPI figs out of the US, showing slight upticks.

Also, and while not passing unnoticed, certainly not getting the focus it would otherwise have received, FedEx is seeing better volumes, and improved earnings estimates:
FedEx Volumes Support Bernanke’s View U.S. Economy Is on ‘Firmer Footing’
http://www.bloomberg.com/news/2011-03-17/fedex-volumes-support-bernanke-s-view-u-s-economy-is-on-firmer-footing-.html
and
FedEx Fourth-Quarter Profit Forecast Beats Estimates on Economic Recovery
http://www.bloomberg.com/news/2011-03-17/fedex-fourth-quarter-profit-forecast-beats-estimates-on-economic-recovery.html
The second headline there found via the excellent BETWEEN THE HEDGES blog
http://hedgefundmgr.blogspot.com/2011/03/todays-headlines_17.html

FedEx is often described as ‘bellwether’ stock for the US economy. Hence the relevance of paying particular attention to its announcements and the market’s perception.

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