Succinct Summations of Week’s Events (June 7, 2013)

Succinct Summations for the week ending June 7, 2013.

 

Positives:

1. U.S. Non-farm payrolls gained 175k v expectations of 165k.
2. U.S. home prices increased 12.1% in April y/o/y, the biggest gain since February 2006.
3. Initial jobless claims fell 11,000 to 346k v expectations of 357k previously.
4. U.S. PMI came in at 52.3 v expectations of 52, 51.9 previously.
5. There was a slew of strong European Manufacturing PMI in May, maybe they’re turning the corner.
6. Global PMI climbed to 50.6 in May, previously 50.4
7. Despite the volatility, the S&P, Dow and Nasdaq all ended higher for the week.
8. Auto sales impress, Chrysler sees best May sales since 2007. Ford gained +14% and Nissan saw a 22% increase. GM was the weakest of the bunch, +3.1% v expectations of 5.5%.
9. U.S. ISM services index rises to 53.7 v expectations of 53.5.
10. UK manufacturing expanded at the fastest rate since March 2012
11. It has been 110 days since the Dow closed below its 50-day moving average.

Negatives:

1. U.S ISM manufacturing falls to 49 v expectations of 51.
2. China HSBC May PMI comes in at 49.2 v expectations of 50.4 (signaling contraction). This is the worst print since October 2012.
3. Unemployment climbs to 7.6% v expectations of 7.5%.
4. April construction spending came in at +0.4% m/o/m v expectations of +0.9%.
5. The U.S. dollar had its worst week v the Yen since October 2008.
6. The April trade balance widened to -$40.3B from $37.1B prior (expectations of -$41.1B)
7. Mortgage applications fell 11.5% last week as rates rose.
8. Volatility is back, Wednesday saw the worst performance in the Dow since April 15 (week still ended in the green).
9. Bullish sentiment saw largest 2-week decline since January 2009 (contrarian buy, we know, h/t bespoke)
10. Australia saw the 23rd consecutive month of manufacturing contraction.

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