Succinct Summation of Week’s Events (12/10/10)

Positives:

1) Tax deal compromise in DC

2) Lower than expected Trade Deficit will lift Q4 GDP estimates

3) Initial Jobless Claims 4 week average falls to lowest since Aug ’08

4) UoM consumer confidence rises to best since June

5) China bank loans and import/export figures above forecasts and hikes RR to cool lending growth

6) Australian jobs # much better than expected

7) Stocks continue to move higher

Negatives:

1) Interest rates around the world continue higher, reach 6 and 7 month highs in major developed countries

2) Mortgage rates follow higher

3) Bernanke says $600b may not be enough and says with a straight face that he’s NOT printing money

4) Fitch downgrades credit of Ireland and Moody’s lowers Hungary but just playing catch up

5) China data above estimates, RR hike, will interest rates imminently follow?

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