Succinct Summations week ending December 20, 2013.
1. The Taper begins, with thunderous applause from investors as the S&P 500 and Dow Jones both make new all-time closing highs.
2. Q3 GDP was revised (pending revision) to 4.1%, increased consumer spending moved the needle.
3. Home-builder confidence jumped to its highest reading in 4 months and matched an 8-year high hit in August.
4. Housing starts rose ~23% m/o/m and are at their highest level since 2008!
5. Industrial production climbed 1.1% m/o/m
7. CPI in November was flat m/o/m but up .2% ex food and energy vs expectations of up .1% for both
8. US Industrial Production surprised to the upside with a 1.1% m/o/m gain;
9. EU services and manufacturing composite index rose .4 pts to 52.1, a 3 month high
10. UK unemployment rate falls to 7.4%, the lowest since April ’09
1. Pricing, higher interest rates this week across most of the yield curve will raise the cost of capital on top of an economy
2. Gold hit a new 52-week low and is down A LOT YTD. (I suspect a lot of retail investors are still clinging to these losses).
3. Initial jobless claims rose 10k to 379k, v expectations of 336k.
4. Building permits dropped 3.1% m/o/m but remain very strong.
5. Existing home sales fell to the lowest level of the year, totaling 4.90mm — 100k less than expected; refi applications fell 4.3% to just shy of the lowest level since June ’09.
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.
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