Succinct summation of week’s events:
Positives:
1) Personal Consumption within Q1 GDP rises 2.9%, better than expected and the best since Q4 ’10. Helped also by weather, residential construction jumps 19.1% in Q1.
2) Pending Home Sales in Mar up 4.1% vs est of 1.0%.
3) Mar New Home Sales 9k better than expected and Feb revised up by 40k.
4) Case/Shiller Feb home price index rises m/o/m after 9 straight mo’s of declines.
5) April UoM confidence rises to best since Feb ’11 and 1 yr inflation expectations fall to 3.2%, the lowest since Dec.
6) Richmond mfr’g survey the only region so far to see gain from Mar.
7) China HSBC flash PMI up slightly to 49.1 from 48.3 but still below 50 for 6 straight mo’s.
8) European markets stabilize after successful bond auctions from Spain and Italy. Portugal’s 10 yr yield falls to lowest since Sept.
9) French consumer confidence at highest since Dec ’10 as election narrows to two.
10) UK consumer confidence at best in 10 mo’s.
Negatives:
1) Q1 real GDP grows only 2.2% and nominal GDP only 3.7% as defense spending falls sharply, equipment and software cap ex slows, commercial construction drops and real final sales lackluster.
2) Durable Goods orders in March disappoint.
3) Initial Jobless Claims above 380k for 3rd straight week, 4 week avg now at highest since early Jan.
4) Conference Board Consumer Confidence falls slightly and buying intentions of all major items (home, car, major appliances) fall across the board.
5) May German consumer confidence falls to 5 mo low.
6) French consumer spending drops more than expected in Mar.
7) Euro zone economic confidence matches lowest since Nov ’09 and mfr’g and services composite index drops to 5 mo low.
8) UK economy officially in a double dip recession.
9) Italian business confidence weakest since Oct ’09.
10) Spanish unemployment in Q1 rises to 24.4%.
11) BoJ said will print another 10T yen but dilutes move by saying 1% inflation is close by.
12) Bernanke says he still has more magic monetary pixie dust to sprinkle if needed.
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