Succinct summation of week’s events:
Positives:
1) ECB lends 489b euros to 523 banks. Weak or healthy, what bank wouldn’t take 1% funding for 3 years?
2) German IFO business confidence unexpectedly rises a touch
3) Multi family construction in the US rises to the most since Sept ’08
4) NAHB index up at best since May ’10 at 21 (though still well below 50)
5) Months supply of new homes for sale falls to lowest since Mar ’06 as absolute # for sale falls to lowest since at least 1963
6) Initial Jobless Claims at 364k, 16k less than expected at lowest since Apr ’08
7) UoM confidence rises to best since June, led by the Outlook. One yr inflation expectations drop to lowest of yr at 3.1% likely due to lowest gasoline prices since Feb
8) Looking ahead, two 3 day weekends in a row for those of us working
Negatives:
1) Italian 10 yr back to 7% as doubts remain with Monti budget
2) Italian consumer confidence at lowest since at least 1996
3) Shanghai index ends the week down for a 6th straight week
4) US Q3 GDP revised down to a punk 1.8% growth, follows 1.3% in Q2 and .4% in Q1
5) Existing Home Sales revised sharply lower back to ’07 but months supply falls to 7.0
6) Non defense cap goods ex aircraft unexpectedly declines, where is the kick start from the 100% 1st yr depreciation expense tax credit expiring next week?
7) MBA said even with mortgage rates falling to 4.08% on avg, a multi decade low, purchase apps fall to 5 week low
8) Nov Spending and Income light, savings rate falls to 3.5%, matching lowest since Dec ’07
HAPPY EVERYTHING!
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