Succinct summation of week’s events:
Positives:
1) Greece passes another hurdle to get more funds from 1st bailout and Germany and France coalesce around ‘we have no choice debt rollover’ as part of bailout 2
2) ISM mfr’g much better than feared but looks inventory related as new orders barely rise and export orders fall to slowest since July ’09
3) May Pending home sales surprise to upside by 8.2%
4) May Japanese IP jumps 5.7%, V bottom in progress?
5) QE2 RIP, the market manipulation stops for now
Negatives:
1) Mfr’g indices in China, India, Taiwan, South Korea, UK and euro zone all moderate in June
2) German May retail sales unexpectedly falls, jobs data good but not as much as expected
3) Initial Claims disappoint again, above 400k for 12th straight week
4) US Treasury goes 0 for 3 with disappointing auctions without cushion of Fed and yields spike across yield curve
5) Conference Board consumer confidence falls to 7 month low, job answers weaken
6) Apr S&P/CS home price index falls to lowest since June ’03 SA
7) MBA said purchase apps fall to 4 month low even with 7 1/2 month low mortgage rates
8) Canada’s CPI rises to most since Mar ’03, rate hike likely soon
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