Succinct Summations week ending August 9, 2013.
1. U.S. jobless claims four-week average falls to lowest level since November 2007.
2. 55% of S&P 500 companies have beaten Q2 Earnings estimates, (historical average of 53%).
3. All 13 manufacturing categories increased in June — this is has not happened since 1992.
4. China’s July exports grew by 5.1% crushing expectations of 2.0%. Imports surged 10.9% v expectations of 1% (many have doubts about their validity).
5. ISM non-manufacturing index increased to 56
6. Q2 S&P 500 Earnings Expectations are 1.3% higher than at start of earnings season.
7. PMI in Eurozone hits an 18 month high of 49.8.
8. The trade deficit narrow to $34.2B in June, narrowest it has been since 2009. Exports were up 2.2% m/o/m while imports were down 2.5%.
9. U.K. PMI came in at 60.2 — its highest reading since 2006!
10. German June manufacturing orders rose 3.8%
1. S&P 500, Dow and the Nasdaq all finished the week in the red for the first time in 8 weeks.
2. Companies that miss EPS are being punished especially hard this season, with underperformance averaging 3.9%, v a long term average of 2.5%.
3. U.S. initial jobless claims rose 5k last week to 333k v expectations of 335k.
4. U.S. consumer credit grew by $13.8B v expectations of $15B.
5. U.S. postal service reported a $740M loss in Q3.
6. Germany exports and imports came in weaker than expected for the month of June.
7. Sorry bears, not much world ending news this week.
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.