Succinct summation of week’s events (2/17/12)

Succinct summation of week’s events:

Positives:

1) Greek bailout and PSI deal looking more likely AGAIN, at least that’s what markets think as Greek stocks rally 3.4% on week, European credit CDS narrower, European banks bounce and US stocks continue their march
2) German ZEW investor confidence figure rises to best since April
3)Initial Jobless Claims fall to lowest since Mar ’08 at 348k, well below estimates of 365k
4) Philly and NY mfr’g surveys gain but components mixed as headline #’s are not sum of parts
5) Multi family housing starts continue to grow
6) NAHB home builder index up 4 pts, 3 pts better than expected and highest since May ’07
7) India’s wholesale inflation rises at slowest pace since Nov ’09, leaves open room to cut rates
8) Japanese exporters see some breathing room with weaker yen to lowest since July after BoJ embarks on even more QE

Negatives:

1) Greek drama never ending, ECB wants special treatment
2) Euro zone GDP in Q4 contracts .3% q/o/q, although touch better than estimates of .4%
3) Portugal’s unemployment rate rises to 14% in Q4 from 12.4%, the highest since at least ’98
4) Singapore confirms Jan estimate of Q4 GDP contraction
5) Japanese economy shrinks more than expected in Q4, BoJ can’t help itself with more QE
6) Chinese FDI in Jan falls .3%, 3rd month in a row of declines
7) US Jan Retail Sales ex auto’s weaker than expected (but Dec revised up)
8) MBA said purchase apps fell 8.4% on the week to the slowest of the yr
9) While CPI rate of change a touch below estimate m/o/m, core rate rises to highest since Sept ’08 y/o/y. Overall index at another record high.

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