Succinct Summations of Week’s Events for 3.11.16

March 11, 2016 4:30pm by

Succinct Summations for the week ending March 11th 2016

Positives:

  1. S&P 500 gained 1% for the fourth consecutive week for the first time since May 2013.
  2. ECB brings out the bazooka: Purchases ramp to 80 billion euros ($88b) a month, a 33% increase; buys corporate bonds; lowers deposit rate by 0.10 percentage points to minus 0.40 per cent;
  3. Jobless claims fell to 259k and the 4-week moving average is down to 267.5k.
  4. Bloomberg consumer comfort remains strong at 43.8.
  5. MBA mortgage applications grew 0.2% w/o/w. The purchase index is up 30% y/o/y.
  6. Japanese economy was “less bad” in Q4 as GDP gets revised to -1.1% annualized from -1.5% initially

Negatives:

  1. Small business optimism came in at 92.9, below the 94.2 expected and down from 93.9 previously.
  2. Import and export prices remain under pressure, falling 0.3% and 0.4% respectively.
  3. Refi applications fell for 3rd straight week, down 2.3%
  4. Revolving credit outstanding fell m/o/m for the first time since February ’15. Non-revolving credit,driven by student loans and auto debt, outstanding continues to rise, now up to $2.6T.
  5. Chinese export data for February fell a stunning 25.4% y/o/y (in dollars), far above estimates of -14.5%.

 

 

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