Succinct Summations for the week ending December 21st, 2018
Positives:
1. Corporate profits increase 6.1% y/o/y, up from previous 5.9% rise.
2. Existing home sales rose 1.9% m/o/m, up from previous 1.4% rise.
3. Durable goods orders rose 0.8% m/o/m, up from prior -4.3%.
4. Housing starts rose to 1.256M in November, above exp 1.221M
5. Home mortgage apps fell (seas adj) 7.0%, from prior 3.0% rise.
6. Same store sales rose 7.1% w/o/w, greater than previous 6.6% rise.
Negatives:
1. Markets finish worst week in a decade following Federal Reserve Rate Hike + White House disarray;
2. In a stunning rebuke to President Trump over foreign policy, the U.S. Secretary of Defense General Mattis resigns;
3. Government shutdown likely to cause more all around headaches;
4. Housing market index falls 4 points in December.
5. Current account deficit deepened to -124.8B in Q3.
6. Jobless claims rose 8k w/o/w, from 206k to 214k.
7. Empire state mfg index came in at 10.9, lower than the expected 21.0.; Philly fed report fell 3.5 points in December, from 12.9 to 9.4.
Thanks, Matt!
