Succinct summation of week’s events:
Positives:
1) EU steps up with more help for Greece, Portugal and Ireland as EFSF becomes super TARP and Greek bond holders finally take a hit, but will it be enough?
2) July Philly mfr’g bounces back into positive land but still weak at 3.2 (was 43 in March)
3) MBA said refi’s bounce 23.1% off 10 week low, finally responding to low rates
4) Single and multi family housing starts bounce, multi we need more of, single we don’t right now
5) NAHB home builder index bounces 2 pts to 15 but off very depressed level
6) Corporate earnings so far, so good but guidance mixed
Negatives:
1) Preliminary HSBC mfr’g index in China falls below 50 for 1st time in a yr
2) Euro zone mfr’g and services composite index falls to lowest since Aug
3) German IFO business confidence drops to lowest since Oct
4) French business confidence down to 7 month low
5) US initial jobless claims rise more than expected, now above 400k for 15th straight week
6) Existing home sales fall to lowest since Nov and months supply rose to 9.5, most since Nov
7) Still no US debt/deficit deal
8) After falling from $3.98 to $3.56 per gallon of gasoline May thru early July, its back to $3.70.
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