Succinct Summation of Week’s Events (9/21/12)

Succinct summation of week’s events:


1) Sept NAHB builder sentiment rises to 40 from 37, the best since June ’06.
2) Existing home sales in Aug totals 4.82mm annualized, well above est of 4.56mm and the most since Nov ’09 with months supply falling to 6.1 from 6.4.
3) Single family housing starts at most since Apr ’10 tax credit boost.
4) Philly mfr’g remains negative but less so at -1.9 from -7.1 and est of -4.5. 6 mo outlook rises to 41.2 from 12.5 but with caveat that production in Q4 will see “continued deceleration.”
5) Spain sells 4.8b euros of 3’s and 10’s, above 4.5b euro target with 82% being cheaper 3’s.
6) German ZEW 6 month economic outlook still negative but improves to -18.5 from -25.5 helped out by ECB talk.
7) For asset prices only, BoJ joins printing party.


1) Initial Jobless Claims total 382k, 7k more than expected and 4 week avg at most since late June.
2) NY mfr’g in Sept falls to -10.4 from -5.9, the weakest since Nov ’10.
3) Multi family starts fall by 11k and permits drop by 9k.
4) Notwithstanding Fed’s MBS QE, avg 30 yr mortgage rate falls just 1 bp on the week to 3.51%, refi apps rise only .8% and purchase apps drop 3.8%.
5) Euro zone mfr’g and services index falls to lowest since June ’09.
6) German ZEW current conditions drops to weakest since June ’10.
7) HSBC China mfr’g PMI remains below 50 for 11th straight month at 47.8 vs 47.6 in Aug, Shanghai index at lowest since Mar ’09.
8) China FDI falls for 9th month in past 10, although not as much as expected in Aug.
9) BoJ should know better than most that printing way to prosperity doesn’t work.

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