Succinct Summations of Week’s Events 10.10.14

Succinct Summations week ending October 10th

Positives:

1. Despite the recent bout of volatility, the S&P 500 is just under 5% off its all-time highs.
2. The national price of gasoline fell to $3.24, the lowest since December 2013.
3. Initial jobless claims came down to 287k while the 4 week average is at the lowest levels since ’06.
4. MBA refi applications rose 5% w/o/w as mortgage rates hit a 4-week low.
5. Japanese machine orders rose 4.7% m/o/m, above the 0.5% expected advance.

Negatives:

1. It was a bad week for the global stock market. The MSCI ACWI has a three week losing streak for the first time in 14 months.
2. Rough data out of Germany sent the Dax and other indices tumbling as they missed expectations on exports, industrial production and factory orders.
3. Japan consumer confidence fell to a 4-month low.
4. Eurozone retail PMI fell to 44.8, glued below the neutral levels.
5. Volatility is back, the S&P 500 was up/down 1% in six of the last eleven sessions.
6. The Russell 2000 is down for the sixth straight week, just one away from a record.

 

 

 

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