Succinct summation of week’s events:
Positives:
1) Gasoline prices continue to fall, down .07 on the week and UoM confidence climbs 4.5 pts from April in response
2) Apr New Home Sales bounce (off a very low bottom)
3) German IFO business confidence unch but better than estimated
4) Great 5 and 7 yr note auctions reflects lack of any concern with debt ceiling issue
Negatives:
1) Pending home sales even more awful than thought
2) Inflation eating into both spending and income
3) Initial Claims disappoint again, above 400k for 7th straight week
4) Durable goods soft (but March revised up)
5) Richmond mfr’g contracts, follows weak NY and Philly #’s
6) Q1 GDP weaker than expected
7) Great 5 and 7 yr note auctions but what does that say about the growth outlook?
8) Shanghai index now down 7 straight days to 4 month low
9) WTH (heck) with Greece at this point? Hopefully we’ll know next week, Irish yields rise to new high
10) Euro zone economic confidence # and mfr’g and services composite index both fall to 7 month lows.
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