The Boock Report

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Succinct Summation of the Week’s Events – 4/17

Positives 1)Gilead's initial, albeit early, success with remdesivir in a small sample size. 2)Austria and Germany draw out and begin specific reopening steps. Plans are coalescing in individual US states. The rate of spread is slowing. The PGA will play a golf tournament on June 11-14th. 3)Painful to see but not as bad as feared. Initial claims totaled …

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Succinct Summation of the Week’s Events 1/17

Positives 1)A US/China Phase One deal is officially signed. 2)Housing starts in December totaled 1.608mm, well better than the estimate of 1.38mm, up from 1.375mm in November and it's the best since December 2006. Both single family and multi family saw good gains. Part of the jump in starts was favorable weather but also due to lower mortgage rates and more supply …

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Succinct Summation of the Week’s Events – 5/25

Positives 1) Core durable goods orders rose 1% m/o/m in April, above the estimate but was offset by a downward revision to March. Shipments were better than expected which should modestly lift Q2 GDP forecasts. 2) Thanks to the service sector, the US Markit service and manufacturing composite index rose to 55.7 in May from 54.9. The service component was up 1.1 …

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Draghi, ECB, Germans Happy / U.S. Data and more…

The ECB The ECB is saying that they will cut in half their QE purchases in 2018 to 30b euros per month thru September. He couched it in dovishness by saying they can always increase it if needed and that NIRP will remain in place “well past” the end of QE. They will also reinvest maturing securities just as the Fed did with their balance sheet and this will be “for …

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What’s Priced In? Chiming in with numbers / Other relevant stuff

With the daily debate on what’s been priced in to stocks, now spurred on by Steve Mnuchin’s comments Tuesday on the stock market and what the impact of no tax reform would have, I’ll just give some stats and a chart as a form of chiming in. I’m going to strictly use the Russell 2000 here with the assumption of course being that its components will benefit the most …

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Manufacturing, services, and housing

United States The Markit US manufacturing and services composite index for May rose to 53.9 from 53.2 but the components were mixed. Manufacturing fell .3 pts to 52.5, an 8 month low but was more than offset by a .9 pt increase on the service side to 54, a 4 month high. For perspective, the 53.9 print compares with the pre election level of 54.9 in October and 52.3 …

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