Succinct summation of week’s events
Positives
1)Initial Jobless Claims 17k less than expected at 473k and down from 504k last week
2)ABC confidence at 6 week high, UoM confidence slightly weaker than expected but up a touch from July
3)Q2 GDP better than feared but still weak
4)Bernanke elaborates, doesn’t lower ’11 GDP forecast and stops for now at QE1.5
5)Refi’s rise to most since May ’09
6)Ireland has good bill auctions, albeit very short term maturities
7)German IFO highest since June ’07, consumer confidence highest since Oct ’09
8)UK retail index strong
9)Housing stocks and INTC shrug off bad news and AAII has bulls at lowest since Mar ’09.
Negatives
1)CDS and yields in PIIGS moving higher again
2)Italian consumer confidence lowest since Mar ’09
3)Existing and New home sales awful
4)Durable Goods weak with non defense cap goods ex aircraft down 8%
5)PC sales slowing.
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