Succinct Summation of Week’s Events:
1. U.S. stocks rose for the fourth straight week.
2. Initial jobless claims came in at 259k, the 4-week average is down to 263k. This is the lowest since 1973.
3. Existing home sales came in at 5.5 million — 2nd best print since early ’07 — above the 5.4 expected, up from 5.3mm in August.
4. Mortgage applications rose 16% w/o/w.
5. European stocks had a strong week, with the Dax gaining nearly 7%.
6. U.S. Housing starts came in at an annualized rate of 1.2 million, above the 1.1 expected.; NAHB home builder sentiment increased from 62 to 64.
7. U.S. manufacturing PMI came in at 54, vs the 52.7 expected.
8. Eurozone manufacturing and services composite index rose to 54 from 53.6 in September and vs 54.3 in August.
9. China GDP grew 6.9% y/o/y in Q3 vs 7% in Q2 and vs the estimate of 6.8%.
1. China GDP grew 6.9% in Q3, down from 7% previously.
2. FHFA home price index grew 5.5% y/o/y vs the expected 5.8% gain.
3. Eurozone consumer confidence fell .6 pts to the lowest level since January.
4. China cut rates for the sixth time since November, as Industrial production in China slowed to 5.7% growth vs 6.1%
Thanks, Mike !