Succinct summation of week’s events:

Positives
1)Refi’s rise 17% to highest since May ’09 on lower mortgage rates
2)July IP better than expected but auto seasonal distortion a caveat
3)Bundesbank raises German ’10 GDP est to 3% from 1.9%
4)German ZEW current conditions well above expected
5)UK retail sales higher than forecasted
6)US bank lending standards ease a touch
7)Ireland eases concerns with its finances after good bond auctions.
8)M&A activity

Negatives
1)Greek debt concerns flaring again
2)Japanese Q2 GDP up only .4%, Nikkei just shy of lowest since Nov ’09 also on strong yen
3)ZEW 6 mo outlook lowest since Apr ’09
4)Philly Fed mfr’g unexpectedly contracts
5)NY Fed mfr’g new orders negative for 1st time since June ’09
6)Initial Claims poor
7)Home builder sentiment lowest since Mar ’09
8)Purchase apps near lowest since ’97
9)Housing starts and permits weak.