Private & Public Revenues

(1) Global oil demand at record high, but growing very slowly. (2) Oil demand up in emerging economies, down in advanced ones. (3) S&P 500 revenues growing slowly too, at 3.4% y/y. (4) US business sales up 4.9% y/y at new high. (5) Oil demand edging up in Germany and France. (6) Europe’s recession may be over, but recovery likely to be weak. (7) Could it be that austerity works? (8) Fiscal discipline in US narrowing the federal budget deficit significantly. (9) Federal government redistributing $2.1 trillion of income. (10) The US housing recovery is fragile. (11) Focus on underweight-rated S&P 500 Energy.