Succinct Summation of Week’s Events 7.22.16

Succinct Summations for the week ending July 22nd 2016

Positives:

1. U.S. stocks hit all-time highs this week, with the Dow rising 9 days in a row.
2. Markit Economics’ flash purchasing manager’s index came in at 52.9 in July, the highest since November 2015
3. Existing home sales rose 1.1% to a 5.570 million annualized rate for June — best number since February 2007. Median prices rose 3.7 percent ($247,700) for year-over-year gain 4.7%
4. Housing index came in at 59, down from 61 previously and below the 60 expected. 59 is still a solid reading.
5. Initial jobless claims came in at 253k, well below the 265k expected. The 4-week moving average is down to 257.75k.
6. GM posts record profits as earnings beat estimates; GE Q2 Earnings & Revenues Beat Estimates, keeps 2016 View Firm;
7. Housing starts rose 4.8% in June to a 1.189 million annualized rate with permits up 1.5 percent to a 1.153 rate; Single-family housing starts rose 4.4% with permits up 1.0%. Multi-family homes starts were up 5.4 percent and permits jumped 2.5%.

Negatives:

1. The MBA mortgage composite index fell 1.3%, after a 7% gain last week. The composite is up 16% y/o/y.
2. Philly fed business outlook survey fell to -2.9, down from 4.7 previously.
3. Bloomberg consumer comfort index fell to 42.9, down from 44.7 previously.
4. Philly index went negative to -2.9, below estimates of +4.5 and down from +4.7 in June.

Thanks Mike!