Succinct Summation of Week’s Events 5.27.16

Succinct Summations for the week ending May 27th 2016

Positives:

1.Fed Chair Janet Yellen makes it clear the FOMC will continue what was started in December, and begin to “normalize” rates.
2. S&P 500 had its best week since February.
3. Q1 GDP was revised up to 0.8%, up from 0.5% previously.
4. Headline durable goods rose 3.4% m/o/m. The core rose 0.8%.
5. Consumer sentiment remains strong at 94.7.
6. Jobless claims fell to 268k, down from 278k previously.
7. Pending home sales rose 5.1% m/o/m, well above the 1.4% previous increase.
8. New home sales came in at an SAAR of 69k, the highest reading since January 2008.
9. FHFA house pricing index rose 0.7%, above the 0.5% expected rise.

Negatives:

1. PMI services flash came in at 51.2, down from 52.1 previously.
2. April Durable Goods report non defense capital goods orders ex aircraft fell 0.8% on a monthly basis. Year over year, core capital spending is down by 6.7%.
3. Manufacturing and services composite index for Europe fell to 52.9 from 53 in April and that was a touch below the estimate of 53.2.