The Good, Bad, & The Lovely Week Ending 9.27.13
The Lovely: The circus in D.C. drags on…
Good:
- Market is pulling back on light volume
- Eurzone business activity grew faster than expected in September Read here
- 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
- 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
- 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.
- New home sales matched estimates and rose 7.9% in August to an annual rate of 421k units. Read here
- Weekly mortgage applications rose for a second week which bodes well for the housing market. Read here
- Durable goods orders edged up 0.1% in August, topping estimates.
- Weekly jobless claims slid by 5k to 305k which was much lower than the 330k forecast.
Bad:
- The consumer confidence index slid in September to 79.7 which just missed the Street’s estimate for 79.9 Read here
- The Richmond Fed manufacturing index was 0 in September and missed the Street’s forecast for 10.
- The US economy grew at a 2.5% annual rate in the second quarter which was a bit shy of the 2.7% estimate.
- Pending home sales slid -1.6% in August to 107.7 which was the lowest level since April.
- Consumer sentiment slid to 77.5 in September which missed estimates for 78 and was the lowest level in five months. Read here
