Succinct Summations week ending April 17th
1. The Hang Seng Index crossed 28,000 for the first time since 2007
2. Initial jobless claims rose to 294k vs the 280k expected (bellows 300k for 6 straight weeks).
3. Core CPI rose 1.8% vs expectations of a 1.7% rise.
4. The NAHB index rose to 56, better than the 55 expected and up from 52.
1. Retail sales rose 0.9% vs expectations of +1.1%, the fourth consecutive miss.
2. China’s exports fell 15% versus expectations for a 12% rise.
3. Core retail sales rose 0.5% vs expectations of a 0.6% rise.
4. New York Fed fell to -1.19 vs expectations of 7, the third straight monthly decline.
5. March housing starts rose 2% to 926k, vs expectations 15.9% and 1040k.
6. CPI fell 0.1% y/o/y vs expectations of no change.
7. Building permits fell 5.7%
8. Stocks had a rough session Friday, posting their biggest loss in a month.
Been a very long time since a 2:1 negative ratio registered on the week’s events.
Should we look at these +/-‘s primarily through the lens of expectations? While I understand the tyranny of expectations when it comes to short-term market swings, it seems that, this week in particular, a number of them are on the razor’s edge of falling to one side or the other. And, then we have the accuracy of the expectations… I’d much prefer comparison to trends.