Morning Reading – December 28, 2010
The Big Picture: Retail Sales Increase Most in 5 years
Leading into the holiday period, the data — and by data, I refer to actual sales numbers, and not surveys, gut feelings or instincts — was strongly suggesting that the 2010 orgy of consumerism known as the holiday shopping season was likely to be stronger than expected.
The Big Picture: Chinese stocks lower again
Responding for a 2nd day to its Christmas day interest rate hike, the Shanghai index fell for the 9th day in the past 10, lower by 1.7% and is now near a 3 month low.
Calculated Risk: Dallas Fed: Manufacturing Activity Continues to Grow
The production index, a key measure of state manufacturing conditions, was positive for the fourth consecutive month.
Calculated Risk: Freddie Mac: 90+ Day Delinquency Rate increases in November
Freddie Mac reported that the serious delinquency rate increased to 3.85% in November from 3.82% in October.