Succinct Summations week ending May 17, 2013.
1. The S&P 500 and Dow continue to hit new all-time highs.
2. Nikkei rises above 15,000 for the first time since Jan 2009.
3. U.S. retail sales grow 0.1% v expectations of -0.4%; Excluding autos and gas climbs by 0.6% v expectations of +0.3%.
4. Japan Q1 GDP increases by 3.5% v expectations of 2.7% (Abenomics is working)
5. The Dow has been up for 18 consecutive Tuesdays, something that has never happened before.
6. NFIB small business optimism rises to 92.1 (expectations of 90.5).
7. U.S Import price index for April fell by 0.5%, in line with expectations.
8. PPI M/M -0.7%, EXP -0.6%, PREV -0.6%, ex food and energy +0.1% in line
9. April CPI comes in at -0.4% v expectations of -0.3%. Ex-food and energy 0.1%
1. U.S. jobless claims increased by 32k to 360k v expectations of 330k.
2. Housing starts fall to 853k v expectations of 970k. This 16.5% drop is the largest one month decline since 2011 (1994 before that).
3. Multi-family housing starts fell 39%.
4. Empire Fed Manufacturing survey slides to -1.43 v expectations of +4, 3.05 in April
5. Empire manufacturing new orders -12 vs 2.2 and em ployment 5.7 v 6.8
6. April Industrial Production fell by 0.5% v expectations of -0.2%.
7. Philly Fed Manufacturing tumbles to -5.2 v expectations of -2.
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