Succinct summation of week’s events:
Positives:
1) ISM services bounce a touch off lowest level since Aug
2) China services indices hang in better than mfr’g
3) Greece gets another bailout, short term end to current fire, Greek 2 yr yield falls to lowest since Apr
Negatives:
1) Job growth anemic, average duration of unemployment hits unfortunate record high
2) Initial Claims above 400k for 8th straight week
3) ISM mfr’g falls to lowest since Aug ’09
4) Multi month lows in PMI mfr’g indices in Euro zone, UK, China, Taiwan, India and South Korea partly as Japanese supply disruptions alter outlooks
5) US Consumer confidence falls to lowest since Nov
6) S&P/CS home price index falls to an 8 yr low
7) Even with mortgage rates at 6 month lows, refi’s fall 5.7% and purchases were unchanged
8) May Vehicle sales total lowest since Sept
9) Almost 60% of retailers reporting May comps miss expectations
10) Greece gets another bailout, nothing like piling more debt on too much debt, this bad movie will play next sequel in 6 mo’s.
What's been said:
Discussions found on the web: