Succinct Summations for the week ending July 3rd
1) The Dow crossed 17,000 for the first time ever.
2) NFP came in at 288k v 215k expected; this is the strongest 6-month period since 2006.
3) June SAAR auto sales came in at 16.92mm SAAR above the estimate of 16.38mm,
4) ADP delivered a huge beat and the strongest reading since 2012. 281k v 210k expected.
5) The S&P broke 1,000 days without a 10% correction, the 5th longest streak in history.
6) Pending home sales rose 6.1% m/o/m and hit a 4-year high.
7) China’s HSBC private sector services index rose to 53.1 the highest reading since early ’13.
8) Euro zone unemployment rate came in at 11.6%, the lowest since September ’12.
1) Initial Jobless Claims rose to 315k, 2k more than expected and last week was revised up
2) MBA applications fell by .7% to a 4 week low and fell for the 3rd straight week.
3) June US ISM manufacturing index was 55.3, down from 55.4 in May and below expectations of 55.9.
4) June US ISM services index moderates a touch to 56 from 56.3 and slightly below the estimate of unchanged.
5) London home prices rose 26% y/o/y, the biggest increase since 1987.
6) Germany unemployment rose in June for a 2nd straight month