Asian stocks rise after Wall St breaks string of declines

Crude oil prices are up nearly 60% this year . . .

More helpful to see the range: At 115.820, crude is up 4.82% for the week, 11.79% for the month, and 72.73% YoY. At 119.95, Brent crude futures are up 5.63% for the week, 11.37% for the month, and 72.84% YoY.

Wheat prices are up about 50% and corn prices are up 30%.

Again, more useful to know the range. Wheat at 1157.50 (USd/Bu) is down for the week -0.96%, up for the month at 6.61%, and up YoY 74.45%.

Corn at 776.0000 (USd/BU) is down for the week -1.30%, down for the month -3.42%, and up YoY 17.75%.

Want some crazy commodity prices?

Palm Oil at 6224.00 (MYR/T) is down weekly -0.59%, down monthly -7.82%, but is up YoY 58.82%.

Coffee at 229.45 (USd/Lbs) is up weekly 6.30%, monthly 5.30%, and YoY 41.33%.

Oat at 703.0000 (USd/Bu) is up weekly 11.63%, monthly 7.49%, and YoY 82.72%.

Salmon contracts for difference is at 103.99 (NOK/KG), and is up weekly 31.68%, monthly 29.73%, and YoY 89.59%. All time high of 103.99 in May of 2022.

Some significant numbers out a few hours ago.

Japan's unemployment rate for April remained largely unchanged at 2.5%, below the forcast of 2.6%.

Japanese industrial production declined by 1.3% month-over-month in April 2022, compared with market estimates of a 0.2% gain, with a 0.3% gain last month. YoY, industrial output fell 4.8%in April, after a 1.7% decline in March.

Japan had company.

Industrial production in South Korea decreased 3.3% MoM on a seasonally-adjusted basis in April 2022, shrinking for the first time in 7 months and marking the biggest decline since May 2020. YoY, industrial output grew 3.3%, slowing from a 3.7% rise in the previous month and registering at its lowest in seven months.

Back to Japan. Retail sales in Japan rose by 2.9% YoY in April 2022, exceeding market consensus of a 2.6% and following a downwardly revised 1.7% gain a month earlier. MoM, retail sales grew by 0.8% in April, the second straight month of increase, and up from the forcasted 0.5%.

One other note. According to preliminary numbers, Germany's consumer price inflation rate YoY is expected to climb to 7.9% in May, 2022 up from 7.4% in April, above market expectations of 7.6%, and the highest since the winter of 1973/1974. MoM, consumer prices are expected to rise 0.9%. Most of the YoY increases were in the price of energy products (38.3% vs. 35.3% last month), and also food inflation to 11.1% (vs 8.6% last month).

Hopefully the slightly positive PCE data that came out last week in the US will calm the markets for a little while. Still a long way to go before inflation gets to levels everyone will feel comfortable with but maybe we get a little bounce here over the next few weeks before the next nasty leg down, similar to how 2008 played out.