Succinct Summation of Week’s Events:

Succinct Summation of Week’s Events:

July 21st, 2011 | by Maddison Paltridge |

Succinct summation of weeks events:

Positives:

1) EU steps up with more help for Greece, Portugal and Ireland as EFSF becomes super TARP and Greek bond holders finally take a hit, but will it be enough?

2) July Philly mfrg bounces back into positive land but still weak at 3.2 (was 43 in March)

3) MBA said refis bounce 23.1% off 10 week low, finally responding to low rates

4) Single and multi family housing starts bounce, multi we need more of, single we dont right now

5) NAHB home builder index bounces 2 pts to 15 but off very depressed level

6) Corporate earnings so far, so good but guidance mixed

Negatives:

1) Preliminary HSBC mfrg index in China falls below 50 for 1st time in a yr

2) Euro zone mfrg and services composite index falls to lowest since Aug

3) German IFO business confidence drops to lowest since Oct

4) French business confidence down to 7 month low

5) US initial jobless claims rise more than expected, now above 400k for 15th straight week

6) Existing home sales fall to lowest since Nov and months supply rose to 9.5, most since Nov

7) Still no US debt/deficit deal

After falling from $3.98 to $3.56 per gallon of gasoline May thru early July, its back to $3.70.

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Tags: Events, Succinct Summation