Succinct Summations week ending July 25th 2014

Positives:

1. S&P 500 made a new all-time highs.
2. US Initial jobless claims came in at 284k well below the 307k expected and the lowest reading since February ‘06.
3. Existing home sales came in at 5.04M annualized, better than expected. May numbers were also revised higher.
4. European July manufacturing rose to 54, a 3-month high and above expectations.
5. AAII showed the fewest bulls since early May, healthy to shake out the weak hands.
6. June CPI rose .3% core rose .1%, in line with expectations.
7. German consumer confidence rose to the highest levels since ’06; Spain unemployment fell to a 2-year low, still a ridiculously high 24.5%;
8. China HSBC manufacturing came in at 52, an eighteen month high.

Negatives:

1. June New Home Sales came in at 406k, well below the 475k expected. May #s were revised down to just 442k vs the initial read of 504k.
2. Markit ISM manufacturing index fell to 56.3, a three month low.
3. French business confidence came in at the lowest levels since summer ’13.
4. Japan July manufacturing PMI fell to 50.8, from 51.5 previously.
5. Japanese exports fell 2% y/o/y vs an expected 1% gain.
6. Geopolitical tumult continues unabated

 

Category: Markets

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4 Responses to “Succinct Summations of Week Events 7.25.14”

  1. spudvol says:

    Florida Congressman confuses…well, you just have to see it.

    http://www.msnbc.com/rachel-maddow-show/intensely-awkward-congressional-hearing

  2. Molesworth says:

    Florida! Tea Party! Snarky smug self-satisfied grin! Gotta love ‘em
    VIDEO: Tea Party Congressman from Florida Assumed Senior U.S. Officials Were Indian
    https://www.techdirt.com/articles/20140725/14491428009/congressman-mistakes-two-senior-us-govt-officials-foreign-indian-govt-officials.shtml

    It’s extremely uncommon for foreign officials to testify before Congress under oath. Even so, it’s unclear if at any point Clawson realized his mistake, despite the existence of a witness list distributed to the various members detailing Biswal and Kumar’s positions.
    During the hearing, he repeatedly touted his deep knowledge of the Indian subcontinent and his favorite Bollywood movies.
    None of his fellow colleagues publicly called him out on the oversight — perhaps going easy on him because he’s the new guy.
    Following Clawson’s opening statement, Rep. Eliot Engel, the full panel’s ranking Democrat, appeared eager to point out that Biswal and Kumar work for the United States. “Thank you both for your service to our country, it’s very much appreciated,” New York’s Engel said.

    The two officials are Nisha Biswal, Assistant Secretary of State for South and Central Asia at the U.S. Department of State, and Arun Kumar, Director General of the U.S. and Foreign Commercial Service and Assistant Secretary for Global Markets at the U.S. Department of Commerce.
    Bishwal and Kumar appear to have handled the incident with remarkable grace and restraint.
    Bishwal was born in the United States and attended the University of Virginia.
    Kumar was born in India and has a bachelor’s degree in physics from the University of Kerala and a master’s in management from the Sloan School of Business at the Massachusetts Institute of Technology.
    Neither represents the government of India.
    Both are of Indian descent.

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