Succinct summation of week’s events:
Positives
1)Solid start for Q3 earnings vs expectations 2)Philly Fed 6 mo outlook rises to highest since Apr 3)Home builder sentiment up to 4 mo high 4)Housing starts rise, good for GDP, permits drop, good as we don’t need new homes 5)German IFO at highest since May ’07 and Euro Zone mfr’g index up even with rise in Euro 6)Solid Q3 Chinese GDP growth, PBOC hikes rates, goldilocks 7)Brazil unemployment rate falls to 6.2%, lowest in a long time vs 9% in Mar ’09 and 13.1% in ’03
Negatives
1)Philly mfr’g lackluster 2)Jobless Claims remain too high 3)MBA says purchases fall to 2 mo low and refi’s fall after last week’s 21% jump 4)Housing permits fall to lowest since Apr ’09, slows GDP, Starts rise, we don’t need new homes 5)IP falls for 1st time since June ’09 6)China inflation needs to be tamed 7)II and AAII showing rising bullishness 8)Euro Zone services index falls
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