Succinct summation of week’s events:
1) Avg gallon of gasoline falls .10 on the week to $3.58 per, lowest since Aug.
2) Final Oct UoM confidence a touch less than est but at 82.6, highest since Sept ’07.
3) Q3 GDP grows 2% vs est of 1.8%, helped out by .6% contribution from defense spending. Consumption up by 2%.
4) Sept New Home sales at 389k is most since tax credit month of Apr ’10, months supply falls to 4.5, lowest since Oct ’05.
5) FOMC does nothing as they should but as expected this time. Dec meeting likely a different story though
6) German consumer confidence rises to highest level since Oct ’07.
7) Q3 UK GDP grows 1% q/o/q, above est of up .6% and officially out of recession thanks to the Olympics.
8) Both exports and imports in Hong Kong rise more than est in Sept.
9) Philippines follows South Korea and Thailand in cutting rates in part due to weakening their currencies as they fight the Fed’s debasement of the US$.
1) Revenue season continues to disappoint.
2) Pending home sales in Sept up just .3% vs est of up 2.5%.
3) Refi and purchase apps give back entire Fed induced gain with refi’s down 12.9% and purchases lower by 8.3%.
4) Avg 30 yr mortgage rate up to 3.5%, highest since Sept 20, just 7 bps below the day before QEtres.
5) Richmond and KC mfr’g survey’s fall below zero again.
6) Q3 GDP weighed down by inflation as price deflator up 2.8%, 2nd most since ’08.
7) Spanish Q3 unemployment rate rises to 25% from 24.6%.
8) German IFO falls to lowest since Feb ’10.
9) Euro zone mfr’g and services composite index drops to weakest since June ’09.
10) French consumer confidence down 1 pt to 8 month low.
11) UK mfr’g index falls to -23 from -8, lowest June ’10.
12) Japanese exports in Sept fall 10.3% y/o/y. Exports to China down by 14.1%, to Europe down by 21.1%.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.