Succinct Summation of Week’s Events 5.20.16

Succinct Summations for the week ending May 20th 2016

Positives:

1. U.S. stocks end their 3-week losing streak;
2. Existing home sales rose 1.7% m/o/m and 6% y/o/y to a 5.450 SAAR
3. CPI rose 0.4% m/o/m, with the core rising 0.2%;
4. Housing starts are 1.172M SAAR, ahead of expectations;
5. Industrial production rose 0.7% after falling 0.6% last month;
6. Housing market index came in at 58 — a solid reading, in line with expectations;

Negatives:

1. Empire state manufacturing survey came in at -9.02,well below expectations, and down from 9.56 previously;
2. MBA mortgage composite index fell 1.6% w/o/w. Purchases fell 6%;
3. Jobless claims are ticking up, albeit very modestly. The 4 week average is up from 268.25k to 275.75k;
4. Philly Fed index fell to -1.8, down from -1.6 previously.

Thanks, Mike!

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