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.

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