MBA Mortgage Applications Rose 7.6%
MBA mortgage applications rose 2.9% for week ending July 16, the prior reading was a decrease of 2.9%. Refinance index rose 8.6%; Purchase index rose 3.4%. Chart 1. MBA Mortgage Applications
Moody’s/Real National Commercial Property Index Rose 3.6% In May
Moody’s/Real National Commercial Property Index rose 3.6% in May and it is now running at -6.3% YoY. Chart 1. Moody’s/Real National Commercial Property Index
Baltic Dry Index At 1761, Up 1.7%
Floating at (a temporary) bottom… Chart 1. Baltic Dry Index
U.S. Housing Starts Fell 5.0% In June
U.S. housing starts were reported at 549.000 vs. revised 578.00 May reading. The consensus was at 577.000. Building permits in the same period rose 2.1% to 586.000. Chart 1. U.S. Housing Starts Chart 2. U.S. Building Permits
Goldman 2Q EPS 78C vs. $1.99 Estimates
Ouch…. It looks bad on first sight, but when we exclude non-recurring items (SEC settlement, U.K. bank payroll tax) the figure is $2.75. Press release. The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $8.84 billion and net earnings of $613 million for its second quarter ended June 30, 2010. Diluted earnings per common share were $0.78 […]
Niall Ferguson On Expansionary Policy
FT.com Opinion Piece: Today’s Keynesians have learnt nothing. Great piece by the world most famous historian. Expansionary policy leads only to increase in debt, inflation and subsequent losses by the creditors. It was said of the Bourbons that they forgot nothing and learned nothing. The same could easily be said of some of today’s latter-day Keynesians. […]
NAHB/Wells Fargo Housing Market Index Falls To 14
HMI for July came out at 14 vs. downward revised 16 in June. All components were down, most notably traffic of perspective buyers hit 10 vs. 13 in June. Chart 1. NAHB / Wells Fargo Housing Market Index
Baltic Dry Index At 1732, Up 0.7%
Not looking particularly strong… Chart 1. Baltic Dry Index
Rig Count Weekly July 19, 2010
Number of oil drilling rigs fell for 12 for the week ending July 16, 2010; Number of natural gas drilling rigs rose for 15 rigs in the same time frame. On world scale number of drilling rigs rose for 27 rigs in June. Chart 1. Baker Hughes U.S. Rig Count Change Chart 2. Baker Hughes Weekly U.S. […]
New Week Intro July 19, 2010
Important U.S. earnings this week: Monday: Texas Instruments (TXN), Ford Motor (F), International Business Machines (IBM) Tuesday: The Goldman Sachs Group (GS), Gilead Sciences (GILD), Apple (AAPL), Unitedhealth Group (UNH), Johnson & Johnson (JNJ), The Bank of New York Mellon Corporation (BK), Pepsico (PEP) Wednesday: U.S. Bancorp (USB), Morgan Stanley (MS), Altria Group (MO), United […]
Dry Bulk Weekly – July 18, 2010
Baltic dry index fell 9.6% last week; The hardest hit were Capesizes with 20.3% loss; Supramaxes and Handysizes and lost 8.1% and 5.9%; Panamaxes gained 7.6%. Spot cargo demand fell last week, looks like everybody’s playing wait and see game. Nothing that could reverse the losses on the horizon. Chart 1. Baltic Dry Indexes Relative Performance Chart 2. […]
Tanker Weekly – July 17, 2010
Baltic Dirty Tanker Index rose 4.5%; Baltic Clean Tanker Index rose 3.0%. Demand supply balance improved a bit (the number of available vessels fell), but nothing major here. Chart 1. Baltic Tanker Indexes Relative Performance Chart 2. Baltic Tanker Indexes
ECRI Weekly Leading Index Down 9.8%
We are just 0.2% shy of -10.0% critical level which has historically predicted recession with 100% accuracy. Chart 1. ECRI Weekly Leading Index
U.S. Consumer Price Index Fell 0.1 Percent In June
U.S. consumer price index fell 0.1% in June, right at the consensus. May reading was at -0.2%. Consumer price index fell less food & energy came out at 0.2%. The consensus was at 0.2%, May reading was at 0.1%. Again, no inflation in sight. Chart 1. Consumer Price Index
UOM/Reuters Consumer Sentiment For July At 66.5
Consumer sentiment for July came out at 66.5 vs. 75.0 consensus and 76.0 June reading. Another leading indicator rolling over. Chart 1. University of Michigan/Reuters Consumer Sentiment