Succinct Summation of Week’s Events (July 26, 2013)

Succinct Summations week ending July 26, 2013.


1. Dow is Positive for 5th consecutive week; S&P climbs to ~flat
2. U.S. new home sales rise to a 5-year high at 8.3%
3. June durable goods orders at 4.2% way above expectations of 1.4%
4. French manufacturing index rose to a 17-month high.
5. U Mich consumer sentiment 85.1 in July is highest level in six years
6. Apple, a heavily owned stock, beat analyst expectations (+~3.5%)
7. Durable goods orders were buoyed by a 31.4% rise in aircraft orders.
8. Euro-area manufacturing expanded in July for the first time in two years!
9. U.S. July flash factory PMI rose to a four-month high of 53.2
10. AAA said gasoline prices off 2.5 cents, after two prior weeks of gains
11. Japanese give Abe full government control, all eyes on structural reform


1. HSBC China flash PMI fell to 47.7 in July, an 11-month low (below 50 signals contraction).
2. Gas prices rose to a national average of $3.67, highest levels since 2008.
3. Existing home sales drop 1.2% to an annualized rate of 5.08M units, v expectations of 5.28M.
4. S&P 500 short interest at highest level since December (bullish if you’re contrarian)
5. Mediocre demand picture for newly issued US debt from Treasury, 2s, 5s and 7s. 10 yr yield up 8 bps on the week to two week high but also in sympathy with global rate rise.
6. Even with 10 bp drop in mortgage rates on the week, refi apps fall another .7%, down for 10th week in past 11 to two year low. Purchase apps down as well by 2.1% to four month low.
7. Richmond Fed manufacturing index declines to -11 v expectations of +9, ouch.
8. Durable goods orders ex-transportation was flat v expectations of a 0.5% gain.
9. Initial jobless claims rose to 343k v expectations of 340k, 334k previously.
10. Japanese June exports rise a less than expected 7.4% y/o/y vs est of up 10%.
11. Hong Kong exports in June fall .2% y/o/y vs expected gain of 2.4% as exports to all major regions fall.

Thanks Mike!

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