With mortgage rates still historically low but that have stopped going lower, the weekly MBA data was mixed. Refi apps fell 3.2% after rising 13.1% in the week prior but remains 6.5% below the average level since the Fed started QE3. Purchase apps though rose by 2.7% after an 11% jump last week and the index level matches the highest since June. In Europe, the troika still hasn’t been able to seal the deal on Greece but it seems close as the IMF head said “We made some good work and we’re closing the gap.” Markets aren’t worried as the Greek 10 yr bond is up for an 8th straight day and Greek stocks are little changed as is the euro. In Asia, yen weakness continues as it falls for a 6th straight day to near an 8 month low vs the US$ and the relief is evident in the Nikkei which rallied again to within 10 pts of the highest level since May. Japanese exports fell 6.5% in Oct y/o/y, the 5th straight month of declines as exports to the EU fell 20.1% y/o/y and to China by 11.6% y/o/y. Japanese exports ytd are the weakest since ’09 and would get needed relief if the yen weakness continues. The Shanghai index bounced about 1% off near its lowest level since Mar ’09 on speculation of an imminent RRR cut.
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/