Succinct Summations week ending February 21, 2014
Positives:
1. The S&P had its first 3 week win streak in 3 months.
2. Facebook paid 19B for Whatsapp, just amazing
3. New local-currency lending in China was 1.3T Yuan, the highest since 2010.
4. PPI rose 0.2% in January and 1.2% y/o/y. A little inflation is a lot better than deflation.
5. Empire state manufacturing showed business conditions improved marginally.
6. The BOJ announced it would enhance incentives designed to spur bank lending, the Nikkei had its best day since September.
7. Greece had a current account surplus for the first time ever.
Negatives:
1. Existing home sales fell 5.1% in January to their lowest levels since July 2012
2. Japan’s exports rose 9.5% y/o/y, below expectations of a 12.5% rise
3. Housing starts fell 16% m/o/m, to a SAAR of 880k v expectations of 950k.
4. Philly fed collapsed to -6.3 v expectations of 8, the biggest miss since June 2012.
5. Mortgage applications dropped 4.1% from last week, the purchase index is at its lowest level since September, 2011.
6. Homebuilder confidence fell to 46 v expectations of 56, the lowest reading since May 2013.
7. Japan Q4 GDP grew at just 0.3% q/o/q v 0.7% expected.
8. China HSBC PMI came in at 48.3, a 7-month low.
Thnak, Batman!
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