Succinct Summations week ending January 31, 2014
1. Fed tapers another $10B, signaling confidence that the economy can stand on its own.
2. Ford had one of its best years ever (does this mean American Manufacturing is back?). Will bonus an average $8,800 to its 47,000 union workers, a record.
3. Q4 GDP came in at 3.2%, in line with expectations.
4. Japan inflation rose at its fastest pace in 5 years & the job market improved, score one for Abe.
5. Personal consumption growth came in at an annualized rate of 3.3% in Q4, up from 2% in Q3.
6. Euro-area economic confidence increased for the ninth straight month.
7. Consumer confidence rose to 80.7, well ahead of expectations.
8. U.S. flash PMI rose to 56.6 in January, up from 55.7 in December (highest # since September).
9. U.S. home prices rose 13.7% in November from a year earlier.
1. Pending home sales cratered 8.7% m/o/m, biggest miss in over 3 years and worst numbers since May 2010.
2. The major indices had their first red month since August. If the January barometer is as accurate as most other indicators….
3. Durable goods dropped by 4.3% vs an expected 1.8% rise, ugly miss.
4. Core capex fell 1.3% vs an expected 0.3% rise.
5. New home sales tumbled 7.1% m/o/m in December, way worse than the expected 1.9% fall.
6. The Nikkei had a rough week, sinking to lowest levels since November.
7. HSBC China PMI fell to a 6-month low.
8. Weekly jobless claims rose more to the highest level in a month.
9. There was an awful lot of weather blaming, as winter came out of nowhere.
10. University of Michigan consumer confidence fell to 81.2, down from 82.5 in December.
11. European stocks had their worst January since 2010.
12. Personal income unchanged, again.
13. U.S. home prices fell in November, the first decline in a year.
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.