Global Macro Perspectives
New home sales rose 23.6% in June to 330.000, the consensus was at 300.000, prior reading (revised downward 33.000) was at 267.000 (!!! worst reading on record). Wondering if they switched 33.000 from May revision to June? Chart 1. New Home Sales
Chicago Fed National Activity Index For June was reported at -0.63 vs. May reading of +0.28. Chicago Fed National Activity Index 3-month moving average was at -0.05. When the CFNAI three month moving average value moves below–0.70 following a period of economic expansion, there is an increasing likelihoodthat a recession has begun. Report. Led by deterioration in […]
Today’s Financial Times front-page: Germany accused of reneging on bank tests. The tests – designed to restore nervous markets’ faith in European banks, shaken by the near-default of Greece this year – were supposed to be accompanied by full disclosure of each bank’s sovereign debt holdings. But six of the 14 German banks tested – Deutsche Bank, Postbank, […]
Important U.S. earnings this week: Monday: Lockheed Martin (LMT), AFLAC (AFL), EI DuPont de Nemours & Co. (DD), Norfolk Southern (NSC), ACE (ACE), Thermo Fisher Scientific (TMO), Occidental Petroleum (OXY) Tuesday: Corning (GLW), Express Scripts (ESRX), Wednesday: WellPoint (WLP), Praxair (PX), Comcast (CMCSA), General Dynamics (GD), Boeing (BA), Visa (V), ConocoPhillips (COP), Dominion Resources (D), […]