WEDNESDAY 5/13/15; China Economic Data; M; RL; Retail Sales; Business Inventories; 10-Year Note Auction; CSCO; JCP; SHAK

Asia indexes begin trading flat to marginally lower discouraged by the lackluster session in the US and waiting on the Chinese economic data. Higher oil prices support Aussie energy stocks. S&P futures are up +5. Dow +43. Nasdaq +12.

The NIKK reverses the early negativity and ends the session +0.7% higher. Japan posts the largest current account surplus in seven years. Japan paper manufacturers trade lower. Two key economic bellwethers, rubber and paper, are showing weakness this week. The SPASX200 gains +0.7%. Australia’s federal budget is well received creating market lift. The KOSPI gains +0.8%. TM and Nissan recall another six million vehicles due to faulty airbags.

China Retail Sales are 






















[Text is Redacted: Purchase May 2015-05 to Read the Complete Chronology]

Christie’s conducts another major art auction in New York with works from Andy Warhol, Martin Kippenberger and Lucien Freud for sale. The painting “Benefits Supervisor Resting” by Freud sells for $56.1 million. Warhol’s “Colored Mona Lisa” sells for over $56 million and Kippenberger’s self portrait sells for over $20 million. Jean-Michel Basquiat’s “The Field Next to the Other Road” sells for $37.1 million. The art bubble continues to grow larger just like all other asset bubbles created by the Federal Reserve’s and other central banker easy money policies including stocks, bonds, high-end real estate, vineyards, collectables and vintage cars.