Succinct Summations week ending November 21st:
1. The Philly fed came in at 40.8, vs expectations of 20.7. This was the best reading since 1993!
2. The S&P 500 and Dow Jones both made new all-time highs, the third consecutive week both did so.
3. Headline CPI was flat m/o/m and is up 1.7% y/o/y. Core CPI rose 0.2% m/o/m and is up 1.8% y/o/y.
4. The BOJ called off next year’s tax hike after seeing lousy GDP numbers, stocks liked it.
5. Existing home sales came in at 5.26mm, better than expected and up from 5.18mm in September.
6. The purchase component of mortgage applications rose 11.7% w/o/w, the biggest rise since July.
7. China cut rates and Draghi spoke with an accommodative tone; it’s the same global story, stocks went higher.
8. The highest percentage of S&P 500 companies are beating EPS since 2010.
9. Energy prices fell 1.6% y/o/y/.
10. The NAHB home builder sentiment index rose to 58 versus 55 expected and up from 54 last month.
1. Japan officially enters a recession with GDP coming in at -1.6% vs expectations of 2.1%.
2. China’s HSBC manufacturing index fell to 50, a six-month low.
3. The Markit U.S. manufacturing PMI fell to a ten-month low at 54.7.
4. NY manufacturing index came in at 10.2, below the 12 expected.
5. U.S. industrial production fell 0.1% vs an expected rise of 0.2%.
6. Initial jobless claims came in at 291k, 7k more than expected.