Succinct summation of week’s events:
Positives
1)Shanghai index closes up on the week and near highest since May on goldilocks theme 2)JoC index of 18 industrial materials also at highest level since May 3)Good #’s from European banks, RBS, Lloyds, BCS, BNP and HSBC 4)Greece gets high 5 from IMF and EU 5)ISM mfr’g and services indices better than expected 6)Savings Rate at 6.4% rises to one yr high 7)Fed may continue to purchase assets,
Negatives
1)Fed may continue to purchase assets, enough already, the strategy isn’t working and Fed policy over the past 10 yrs is a disaster 2)July Payrolls disappoint 3)ISM mfr’g and services indices below the 6 month avg 4)ABC confidence matches lowest since Oct ’09 5)June Pending Home Sales unexpectedly drop even after sharp decline in May 6)June income and spending below forecasts 7)Rising commodity prices and potential inflation impact 8)Weaker Chinese mfr’g data
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