Succinct Summation of Week’s Events (12/17/10)

Positives:

1) US Retail Sales show solid gains

2) Philly Fed best since Apr ’05 and NY survey also above expectations

3) Initial Claims downward trend continues

4) ABC confidence rises to 3 month high

5) NFIB small biz confidence rises to best since Dec ’07

6) Germany’s IFO rises to record high and French business confidence hits best since June ’08

7) CPI rate of change still benign

8) China doesn’t raise rates

Negatives:

1) Global interest rates continue higher, yes better growth an influence but also inflation expectations and debt and deficit concerns rise

2) Mortgage rates above 5%

3) CPI absolute headline index just shy of record high, core index at record high

4) Philly Fed price pressures grow

5) PPI above expectations

6) Chinese CPI rises 5.1% y/o/y and they drag their feet on raising rates

7) Hang Seng index closes near 10 week low

8) Spanish yields continue higher

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