Succinct Summation Of Week’s Events (08/26/11)

Succinct summation of week’s events:

Positives:

1) Bernanke showed his version of self restraint
2) July Durable Goods orders both headline and ex transports exceed forecasts but we know the world changed in Aug
3) July New Homes remain depressed, falling to lowest since Feb, better chance to eat into excessive existing home inventory
4) China preliminary HSBC mfr’g index rises to 49.8 from 49.3, below 50 still but better than feared
5) July Euro region mfr’g and services composite index unchanged vs expected decline
6) Better than expected earnings from Credit Agricole help to lift most European bank stocks on the week

Negatives:

1) July non defense capital goods ex aircraft, a core cap ex reading, falls 1.5% even before Aug turbulence
2) While Initial Claims boosted by VZ strike (yes, they get paid to strike) they remain stubbornly above 400k
3) Richmond Fed mfr’g survey falls 9 pts and follows weakness seen in Philly and NY regions
4) UoM confidence final reading has it at lowest since Nov ’08 but bounces from initial report of a 31 yr low
5) Greek bailout in disarray but should get resolved, Greek banks hanging on by a thread
6) Germany IFO business confidence falls to lowest since June ’10, ZEW investor confidence plunges
7) July New Homes sales remain depressed, no end in sight
8) MBA said purchase apps fall to lowest since 1996

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