Succinct Summations week ending May 31, 2013.
1. 10-Year treasuries saw the 4th largest % increase in 50 years, signaling healing in the economy and a demand for capital.
2. 20-city S&P Case-Shiller house price index for March rose 10.87% v expectations of a 10.2% rise. This is the fastest increase since April 2006.
3. Consumer confidence in May rose to 76.2 v expectations of 71, the highest level in over 5 years.
4. Chicago PMI increased to 58.7 in May, surging ~20% m/o/m, the highest reading in over a year and the biggest increase in 30 years.
5. Utilities gave up 8% in May while Financials gained 7.5% and Tech and Energy each added ~4%, as .
6. The Dow Jones gained 3.2% for the month of May, a year ago it lose 6.2% in the same month.
1. 10-Year treasuries saw the 4th largest % increase in 50 years, a sign that major bond holders are sellers and that the Fed may be tapering
2. The S&P 500 had consecutive lower weeks for the first time since November.
3. Japan’s Nikkei snaps 9 month winning streak in May.
4. Pending home sales increased 0.3% m/o/m in April v expectations of +1.5%.
5. U.S. consumer spending fell 0.2% in April v expectations of a -0.1% decline.
6. Personal income comes in flat m/o/m v expectations of a 0.1% increase.
7. Initial jobless claims rise to 354k v expectations of 340k
8. U.S. Q1 GDP rose at an annualized rate of 2.4% v expectations of 2.5%.
9. May Richmond Fed manufacturing comes in at -2 v -4 expected, better than awful.