Succinct Summations week ending August 9, 2013.
1. U.S. jobless claims four-week average falls to lowest level since November 2007.
2. 55% of S&P 500 companies have beaten Q2 Earnings estimates, (historical average of 53%).
3. All 13 manufacturing categories increased in June — this is has not happened since 1992.
4. China’s July exports grew by 5.1% crushing expectations of 2.0%. Imports surged 10.9% v expectations of 1% (many have doubts about their validity).
5. ISM non-manufacturing index increased to 56
6. Q2 S&P 500 Earnings Expectations are 1.3% higher than at start of earnings season.
7. PMI in Eurozone hits an 18 month high of 49.8.
8. The trade deficit narrow to $34.2B in June, narrowest it has been since 2009. Exports were up 2.2% m/o/m while imports were down 2.5%.
9. U.K. PMI came in at 60.2 — its highest reading since 2006!
10. German June manufacturing orders rose 3.8%
1. S&P 500, Dow and the Nasdaq all finished the week in the red for the first time in 8 weeks.
2. Companies that miss EPS are being punished especially hard this season, with underperformance averaging 3.9%, v a long term average of 2.5%.
3. U.S. initial jobless claims rose 5k last week to 333k v expectations of 335k.
4. U.S. consumer credit grew by $13.8B v expectations of $15B.
5. U.S. postal service reported a $740M loss in Q3.
6. Germany exports and imports came in weaker than expected for the month of June.
7. Sorry bears, not much world ending news this week.