Succinct Summations week ending October 24th
1. S&P 500 rose ~ 4% for the week — amazingly is now down less than 1% for the month.
2. Initial jobless claims came in slightly higher than expected but the 4-week moving average fell to the lowest levels since 2000.
3. Mortgage refinance applications rose 23.3% w/o/w as 30-year mortgage rates fell to their lowest levels since May 2013.
4. Consumer prices, bot headline and core rose 0.1% vs flat estimates.
5. Existing home sales came in at 5.17mm, the highest since September 2013.
6. New home sales rose to 467k, the most since ’08.
7. Japanese manufacturing PMI rose to 52.8, a 7-month high.
1. Despite the lowest 30-year loan rates in over a year, mortgage applications fell 4.8% w/o/w.
2. New home sales in August were revised down by 38k.
3. Consumer confidence in Italy fell to an 8-month low.
4. Markit’s US manufacturing “new orders” fell to a 9-month low.
5. Chinese GDP came in at 7.3%, down from 7.5% in Q2.
Under normal circumstances, approving my mortgage application should be a no-brainer: High income, no debt, high credit score. The missus also makes a good income, has an almost-perfect credit score and has been working for the same business for 28 years. But these are not normal circumstances. Let me jump to the end: Yes, we…Read More
Is this insane week nearly over already? Get set for your weekend, with our expertly curated morning train reads: • Revenge of the mom and pop investors (Fortune) see also You’re Not Listening To Robert Shiller If His CAPE Ratio Has You Scared Of Stocks (Business Insider) • Helicopter money (Mainly Macro) • Nobody Knows…Read More
Category: Financial Press
Hey, look, my new Birthday present is here (and in the right color, too!): XXXX Source: MarketWatch
Source: The Sun Today From The Sun Today: The sunspot measures a whopping 2700 microhemispheres (MH or millionths of a visible solar hemisphere). Now it has surpassed AR10486 (2610 MH) of the famous 2003 Halloween storms. It is the largest sunspot since AR6368, which measured 3080 MH on November 18, 1990. AR12192 is the largest…Read More
My afternoon train reads: • Panic Defused in Stocks With Sharpest VIX Drop Since 2009 (Bloomberg) see also Clouds Darken for America’s Blue-Chip Stocks (WSJ) • Are 401(k) Plans Setting Up Millennials for Pain? (Fiscal Times) • Why would the ECB buy corporate bonds? (FT Alphaville) • Why Rising Rents Haven’t Pumped Up Inflation (Real Time…Read More
Category: Financial Press
click for larger graphic Source: McKinsey h/t Know More About 1.5 billion people, or 22 percent of the world’s population, lives in 600 cities. They account for an outsized portion of global wealth. According to a new report by McKinsey & Co.: Half of global GDP in 2007 came from 380 cities in…Read More