Succinct Summations week ending September 19th
1. S&P 500 and the Dow made new all-time highs.
2. Initial jobless claims fell 36k last week to 280k, the lowest number in 7 years.
3. NAHB housing market index came in at 59, up from 55 in August and the highest reading since 2005.
4. Empire State Manufacturing grew to 27.5 in September, the highest level since October 2009.
5. PPI was flat in August, in line with expectations. Y/O/Y prices were up 1.8%, also in line.
6. U.S. core CPI didn’t increase for the first time since 2010; CPI came in down 0.2%, vs flat estimates
7. Energy prices fell 2.6% m/o/m and gasoline prices fell 4.1% m/o/m.
1. Housing starts come in at 956k v 1,037k expected, down 14% m/o/m
2. U.S. industrial production fell 0.1% m/o/m vs a 0.3% expected gain.
3. The Philly Fed Index came in at 22.5, down from 28 and slightly lower than the 23 expected.
4. Motor vehicle production dropped 7.6% m/o/m.
5. Germany sold 3.3B euros of 2 year debt a negative yield, indicative of uncertainty across the pond.
Source: FT Europe is experiencing a reversal. The Financial Times writes: The withdrawals brought to an end 12 months of almost continuous inflows, powered by confidence that the eurozone debt crisis had retreated and that the region’s economies were returning to growth. In the 12 months to July, assets under management at EPFR-tracked European…Read More
Last week, I came across the following headline: “As music sales fall, sax player Kenny G turns to stockpicking.” My immediate reaction: Uh oh. The last thing any bull market needs is for celebrities to be featured in the financial press. As soon as that starts, it means the bull market must be near a…Read More
Is it Friday already — how did that happen so quickly? Before we send you off to work, some morning train reads to round out your week: • Dirty Secret of $1 Trillion Loans Is When You Get Your Money Back (Bloomberg) • A History of Misses for RadioShack (DealBook) • The Darwin Economy: Why…Read More
Category: Financial Press
Source: Societe Generale Albert Edwards, the insightful but not especially upbeat analyst at Societe Generale SA, writes to warn: The sequence of events which might flow from a Yes vote may be as unpredictable and as uncontrollable as those of the late 1980s in Eastern Europe, which led to the ultimate demise of the…Read More
My afternoon train reads: • Falling Stock: As renewables get cheaper and climate risks grow, Wall St sours on the coal industry (Sierra Club) • Crash Ahead!!! (Above the Market) • 401(k) fail: Expert sees ‘totally unexpected’ drop in accounts (Fortune) see also 7 fatal flaws in America’s 401(k) plans (MarketWatch) • The 314-Member Club —…Read More
Category: Financial Press
The U.S. Bureau of Economic Analysis (BEA) recently released a trove of data on the individual state economies. You can zoom in on quarterly state-level gross domestic product (GDP) series begins from 2005 through the 2013 at Macroblog of the FRBA. But I thought it might be instructive to see what the map looks like…Read More