Succinct Summations week ending April 19, 2013.

Positives:

1. No inflation visible, as CPI month-over-month drops 0.2%
2. Bloomberg consumer comfort index jumps to five year high.
3. Energy prices fell 2.6% in March, gasoline down 4.4% (cheapest since Feb 2) helping consumers & retailers.
4. Housing starts rose 7% month-over-month. 47% year-over-year is the largest increase since 1992.
4. With 70 S&P 500 firms reporting earnings, 67.3% beating EPS estimates
6. Q1 Earnings are at a y/o/y growth of 1.6% vs .5% entering the season.
7. Weekly mortgage applications increase 4.8%.
8. Gold slide suggests the end of world trade is over
9. Beige book comments point to a moderately expanding economy.
10. Industrial production rises 0.4%, doubles expectations.
11. Germany 10-year bond hits record low of 1.28%.

Negatives:

1. Two idiots launched terrorist attack at Boston marathon, injuring more than 170 with 3 casualties.
2. Stocks had their worst single day in 9 months.
3. Apple breaks under $400 for the first time since 2011.
4. Revenue data for S&P500 companies are on the light side — only 36% beating and 39% missing; Rev growth just 2.1% y/o/y and 3.1% ex financials.
5. Since only the second time since November, there were more 52 week lows than highs.
6. The Vix had a one day surge of 43.2%, 5th largest single day since 1990.
7. IBM reports first EPS miss since 2005
8. U.S. initial jobless claims rose 4,000 last week to 352,000, last 348,000.
9. NAHB home-builder sentiment declines third consecutive month to 42 in April
10. Philly fed index drops to 1.3 in April v expectations of 4.0, last 2.0.
11. China’s economy slows to 7.7% growth in Q1 vs the est of 8%.
12. Fitch strips UK of its AAA rating, downgrading to AA+ (stable outlook)
13. Q2 guidance moving lower.
14. U.S. building permits for March fall 3.9%, missing expectations of a 0.3% rise.
15. IMF slashes growth forecasts all around the world.
16. Empire manufacturing index comes in at 3.05 v expectations of 7.
17. The Dax hit a 4-month low.

 

Our Weekly Succinct Summations would not be possible without the help of our caped crusader, the Batman

Category: Markets

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.

4 Responses to “Succinct Summations of Week's Events (April 19, 2013)”

  1. Smokefoot says:

    That should be “more than 170 casualties and 3 fatalities”. Casualties means killed or injured.

  2. neddyj says:

    Barry – you single out gold’s drop and say it’s a sign the end of the world trade is going away, i e good sign. Isn’t the drop in commodities as a group a potential warning sign? Also, if the Fed is trying to cause inflation – isn’t dropping commodity prices a pretty clear sign that their plan isn’t working? If all this QE is causing money to flow into stocks and bonds and increasing those asset prices – how is that helping the economy? if your answer is (Ben’s answer) that the wealth effect will cause consumers to spend more – wouldn’t we see better retail sales numbers?