Posts filed under “Markets”
Succinct Summations week ending August 1st
1. GDP grew on a 4% annualized basis in Q2, up from -2.9% in Q1 and above expectations of 3.1%.
2. Consumer sentiment came in at 81.8, up from 81.3 and better than the 81.5 expected.
3. ISM manufacturing index came in at 57.1, up from 55.3 and better than the 56 expected.
4. Jobless claims came in a 302k, the 4-week moving average falls to the lowest level since 2006.
5. PMI services flash index slowed modestly in July, after hitting 5-year highs in June.
6. Q1 GDP was revised up to -2.1%, from -2.9%.
7. The FOMC meeting announced the Taper is on schedule to end in October.
8. PMI Manufacturing came in at 55.8 vs expectations of 56. Still a very good reading.
9. June NFP revised up from 288k to 298k.
10. 200,000 jobs were added for the sixth straight month for the first time since 1997.
1. The S&P 500 had its worst weekly drop in 2 years.
2. Home prices rose at their slowest pace since February 2013.
3. Nonfarm payrolls came in at 209k vs 233k expected, and down from 288k prior.
4. Small caps were down 7% in July, their worst month since May 2012
5. Pending home sales fell 1.1% m/o/m, vs expectations of a 1% decline.
6. Home prices fell by 0.3% m/o/m, vs expectations for a 0.3% gain. Y/O/Y was up 9.3%, also below expectations for a 9.9% gain.
7. MBA refinancing applications fell 4% w/o/w.
8. Chicago PMI fell to 52.6, down from 62.6 and well below the 63.2 expected.
9. Bloomberg consumer comfort index fell to a 2-month low.
One of the oldest rules on Wall Street is, don’t fight the Fed. When the Federal Reserve is cutting rates, you want to be long equities, and when it is tightening, get out of the way. This has been a cause for concern since the Fed began talking of tapering its program of quantitative easing…Read More
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….Read More
FT: When investors are complacent, stupid deals happen Source: FT Last week, I pointed out some statistical errors in a chart suggesting that Rupert Murdoch’s bid for Time Warner was a sign of the market’s top. The chart had enough omissions to render it useless. Today, I want to show you a (slightly)…Read More
China’s GDP rose by a better than expected +7.5% in Q2 Y/Y and was welcomed by markets. The improvement reflects the stimulus programme undertaken by the government and the sharp rise in lending, once again, as a result of government policy. The government’s actions suggests that they will continue with their stimulus programme/increased lending if…Read More