Succinct Summation of Week Events (May 10, 2013)

Succinct Summations week ending May 10, 2013.


1. S&P 500 and the Dow continue their ascent, both hitting new all-time highs.
2. U.S. weekly jobless claims come in at their lowest reading since January 2008. 323K v expectations of 335k.
3. Yen weakens to 100 v the dollar for the first time in 4 years.
4. Nikkei tops 14,000, highest level in nearly 5 years (gained 6.7% for the week).
5. Dow Jones Industrial Average has not had a losing streak of 3 days this year — longest such streak since 1958.
6. The German Dax hits highest levels ever as German factory orders for March grow 2.2% v expectations of a decline of 0.5%.
7. Bank of Korea joins the party, cuts key interest rate to 2.5% from 2.75%.
8. This was the strongest week for equity-fund inflows in 8 weeks
9. Housing remains a tailwind as MBA mortgage applications climbed 7% week-over-week, rising for the 5th consecutive weak.
10. Over the last 6 trading days, the 10-year yield has had its biggest positive move since March 2012 (via bespoke).


1. April retail sales gain 2.8% v expectations of +3.5%.
2. Ira Sohn conference consensus is for a melt-up means long side may be getting crowded
3. Wholesale sales came in weak, falling 1.6% month-over-month v expectations of 0.1% growth.
4. Job openings fell in March to 3.84M from 3.90M in February. This did however beat expectations for 3.77M job openings.
5. The hiring rate declined to 3.2% from 3.3%, pretty benign.


Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Posted Under