Positives: Jobless claims totaled 254k, 6k less than expected after last week’s 251k print. This brings the 4 week average to 256k which matches the lowest level since 1973 from 258k last week. Continuing claims, delayed by a week, fell another 46k to the lowest amount since July 2000. The Chicago manufacturing PMI rose to 54.2 in September from 51.5 in August …
[Read more...] about 9/30 – Succinct Summation of Week’s Events
The intra-day swings we've seen the past few days in equities is largely a result of Deutsche Bank headlines. Today the stock is higher by 14% on news it is close to a $5.4b settlement with the US Justice Department off the initial $14b request. That number is fully covered by what Deutsche Bank has already reserved for. Elsewhere, The Chicago manufacturing PMI, …
[Read more...] about Deutsche Bank (DB), Chicago PMI, UoM and more…
Jobless claims totaled 254k, 6k less than expected after last week’s 251k print. This brings the 4 week average to 256k which matches the lowest level since 1973 from 258k last week. Continuing claims, delayed by a week, fell another 46k to the lowest amount since July 2000. The bottom line is the same bottom line it’s been for months, the level of firing’s remains …
[Read more...] about Jobless Claims, Oil vs Stocks, Pending Home Sales and more…
Durable goods orders at the core level in August, defined as non defense, ex aircraft, rose .6% m/o/m, better than the estimate of down .1% BUT it comes off a lower than expected July which was revised down by 7 tenths. Thus, let’s call it a push. Orders were higher for vehicles and parts but fell for computers/electronics and machinery. Orders for metals were mixed. …
[Read more...] about Durable Goods, Mortgage Applications, Treasury Yields, Euro Banks and more…
The Markit US services PMI for September rose to 51.9 from 51.0 which was the lowest since February. This brings the six month average to 51.6 which is well below the 2015 average of 55.9. Markit said “growth of new orders eased to a four-month low and companies reacted to modest inflows of new work by reducing their rate of hiring. There was no sign of inflationary …
[Read more...] about Services PMI, Consumer Confidence, “Clinton Rally” and more…
New home sales in August totaled 609k annualized, slightly above the forecast of 600k and July was revised up by 5k to 659k, the best in this recovery. The biggest volatility was seen down South. After an almost 60k home spike in the South in July, they fell back by almost 50k. Overall months’ supply was 4.6, up from 4.2 in July but vs 5.0 in June. The median home …
Positives: Initial jobless claims fell 8k to 252k which was 9k less than expected. The 4 week average fell to 259k from 261k and that is an eight week low. Continuing claims, delayed by a week, fell by 36k to the lowest since May. Builder confidence jumped 6 pts in September to 65 which matches the best level since October 2005 (although of course the level of …
[Read more...] about 9/23 – Succinct Summation of the Week’s Events
With the continued belief that the tone of the global sovereign bond market changed over the past few months when Japan implicitly (and now explicitly) acknowledged that destroying the profitability of one’s banking system in an attempt to achieve 2% inflation is a bad trade off, I want to add a few more thoughts to what the BOJ announced yesterday. By pegging the …
There of course was no rate hike but the drum roll begins for one "coming soon" (if the data confirms, blah, blah, blah) because not only did Esther George and Eric Rosengren dissent (for the 1st time and follows his recent comments), Loretta Mester casted a vote for a hike as well. In the commentary on the economy, the wording was pretty similar to the July …
As hinted at over the past few months, the BoJ tweaked its monetary program to include “yield curve control.” They will do this by essentially setting the level of interest rates they want to target with the goal on the 10 yr yield in particular at around zero percent. They didn’t tell us however where they want the rest of the curve at. They chose not to go further …
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.
