Succinct Summation of Week’s Events

February 18, 2011 3:00pm by

Succinct summation of week’s events:

Positives:

1) Equity markets power higher still, S&P 500 up 17 of past 20 trading days
2) Philly mfr’g very strong, NY in line
3) Multi family housing starts strong, still subdued new home building
4) China raises reserve requirements, Chile raises rates, prudent responses to higher inflation
5) UK retail sales good

Negatives:

1) China and Chile tighten, following other central banks, can soft landing be achieved?
2) US PPI, CPI, import prices, prices paid and received all move higher
3) UK CPI hits 4%, Germany PPI at 5.7%
4) Portuguese 10 yr yield hits new high
5) UK jobless claims unexpectedly higher
6) German ZEW below estimates
7) US retail sales light
8) Initial claims back above 400k
9) Refi’s lowest since July ’09 with 30 yr mortgage rate above 5%
10) Stock exchange volume pathetic

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