Succinct summation of week’s events:
1) Draghi follows up last week’s call to arms with more color on what he’ll do next if needed and we await Spain and Italy’s SOS.
2) German July unemployment data in line with estimates.
3) Euro zone PMI services index revised up to 4 month high but remains below 50 at 47.9.
4) July Payrolls rise 163k vs est of 100k, most since Feb.
5) ISM services index ticks up to 52.6 from 52.1 but components mixed with Employment falling below 50 for 1st time this yr.
6) July retail comps rise more than expected helped by pre BTS discounting.
7) Initial Jobless Claims total 365k vs est of 370k.
8) Consumer confidence up more than 3 pts with those that plan on buying an auto within 6 mo’s rising to the most on record dating back to ’67.
9) CS May home price index rises more than expected m/o/m, although still down y/o/y.
10) US savings rate rises to 4%, highest since Aug ’11.
11) Bernanke says no to peer pressure and stands pat although I have no doubt he’ll act in Sept.
1) Manufacturing PMI’s in China, India, South Korea and Taiwan all drop.
2) US ISM remains below 50 for 2nd straight month.
3) UK PMI falls 3 pts to 45.4.
4) Final euro zone PMI falls to lowest since June ’09.
5) US unemployment rate rises to 8.3% in July from 8.2% as the household survey falls 195k.
6) REAL US consumer spending in June fell .1% coincident with rise in the savings rate.
7) June EU unemployment rate at 11.2%, matching high.