Succinct Summations week ending August 22nd
Positives:
1. S&P 500 made a new all-time high.
2. Existing homes sales increased to 2.4%, the biggest increase in almost a year.
3. Housing starts exploded 15.7% m/o/m, the fastest pace in 8 months.
4. Jobless claims fell to 298k vs the 303k expected and down from 311k last week.
5. Philly Fed index jumped to 28 from 23.9, the highest reading since March 2011.
6. CPI rose 0.1% m/o/m and 2% y/o/y.
7. Housing permits for new construction climbed 8.1%; Permits for single-family homes climbed 0.9%, the highest level since December.
8. NAHB confidence rose 2 points to 55 (analysts expected no change).
9. Markit flash PMI rose to 58, the highest reading since April 2010.
10. Japanese exports rose 3.9%, slightly better than expected and the first rise in three months
Negatives:
1. Mortgage applications fell 0.4% w/o/w to a new 6-month low.
2. China flash PMI came in at 50.3 versus the 51.5 expected and down from 51.7.
3. The EU manufacturing and services composite fell to 52.8, from 53.8 and the lowest level since December.
4. Core inflation rose 0.1% m/o/m versus the 0.2% rise expected.
What's been said:
Discussions found on the web: