The Good, Bad, & The Lovely Week Ending 9.27.13

Good, Bad and Lovely
The Lovely: The circus in D.C. drags on…
Good:
  1. Market is pulling back on light volume
  2. Eurzone business activity grew faster than expected in September Read here
  3. In China, the HSBC flash manufacturing PMI of small and medium size businesses hit a six month high of 51.2 in September Read here
  4.  The S&P Case/Shiller index showed that home prices rose 0.6% in July and were up 12.4% vs the same period in 2012. That matched estimates and was the strongest annual increase since February 2006. Read here
  5. The FHFA House Price Index topped estimates and rose 1% from last month and 8.8% from the same period in 2012. The Street expected a gain of 0.6% and 7.8%, respectively.
  6. New home sales matched estimates and rose 7.9% in August to an annual rate of 421k units. Read here
  7. Weekly mortgage applications rose for a second week which bodes well for the housing market. Read here
  8.  Durable goods orders edged up 0.1% in August, topping estimates.
  9. Weekly jobless claims slid by 5k to 305k which was much lower than the 330k forecast.
Bad:
  1. The consumer confidence index slid in September to 79.7 which just missed the Street’s estimate for 79.9 Read here
  2. The Richmond Fed manufacturing index was 0 in September and missed the Street’s forecast for 10.
  3. The US economy grew at a 2.5% annual rate in the second quarter which was a bit shy of the 2.7% estimate.
  4. Pending home sales slid -1.6% in August to 107.7 which was the lowest level since April.
  5. Consumer sentiment slid to 77.5 in September which missed estimates for 78 and was the lowest level in five months. Read here

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