Succinct Summations week ending November 1, 2013.
Positives:
1. The S&P 500 and Dow Jones were up 4.3% and 2.7% respectively in October, in spite of the government shut down and all the noise.
2. ISM manufacturing comes in at 56.4 v 55 expected, the highest since April 2011.
3. GM vehicle sales soar 15.7% v 7.9% expected, Ford’s trucks sales were the highest since 2004.
4. HSBC China PMI came in line, at a 7 month high.
5. Japanese retail sales rose 3.1% v expectations of a 1.9% rise.
6. South Korean exports surged 7.3% y/o/y vs. expectations of a 2.3% increase.
7. Australia manufacturing PMI came in at 53.2, up from 51.7 in September.
8. Chicago PMI comes in at 65.9, well above expectations of 55.
9. Initial jobless claims fell 10k to 340k.
10. Case-Shiller comes grew at 12.8% y/o/y and 0.93% m/o/m vs. expectations of 0.65%.
Negatives:
1. The private sector added just 130k jobs last month v estimates of 150k. September private payroll was revised down by almost 20k jobs.
2. Consumer confidence dropped to 71.2 in October from 79.7 in September, ugly miss.
3. U.S. pending home sales fell 5.6% v flat expectations. This is the first Y/O/Y decline in 29 months.
4. September Retail sales come in at -0.1%, a little weaker than expected. Ex-auto comes in line at 0.4%.
5. The rate of U.S manufacturing growth hit a one-year-low. PMI beat expectations, but were the worst numbers since October 2012.
6. The S&P 500 and Dow both closed flat on the week for the first time in 5 weeks.
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