Succinct Summations of Week’s Events (5.23.14)

May 23, 2014 4:00pm by Barry Ritholtz

Succinct Summations week ending May 23rd

Positives:

1. The S&P 500 made a new all-time closing high.
2. Markit flash PMI came in at 56.2, up from 55.4 in April.
3. FOMC minutes were released, market jumped higher, business as usual.
4. New home sales came in at 433k v 425k expected.
5. HSBC China flash PMI jumped to a five-month high of 49.7 in May
6. March new home sales were revised up by 23k.
7. Refinance applications were up 3.8% this week.
8. Japanese machinery orders jumped 19.1% m/o/m. way ahead of the 5.8% expected.
9. The Nikkei rallied almost 3% this week.

Negatives:

1. U.S. initial jobless claims rose 28k from last week and were 16k higher than anticipated.
2. Germany reported a weaker than expected business confidence number.
3. Existing home sales grew 1.3% m/o/m to an annualized pace of 4.65m, below the 4.69m estimated.
4. Japan PMI came in at 49.9, under 50 for the second straight month.
5. Purchase applications fell 2.8% w/o/w.

Thanks Batman.

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