Housing Market

Existing Home Sales Soar To 10-Year Highs

Following February's 3.9% drop, March existing home sales roared back (up 4.4% MoM - the fastest growth since Dec 2015) to the highest since Feb 2007 at 5.71 million SAAR. Inventories tumbled (for the 22nd month in a row) and prices rose (for the 61st month in a row) as affordability issues remain ignored (for now).

Frontrunning: April 21

  • Attack overshadows last campaign day in France (Reuters)
  • Paris Gunman Was Questioned by Police in February (WSJ)
  • French PM knocks Le Pen, Fillon stance on security after Paris shooting (Reuters)
  • Battle zone scenes at Paris Champs Elysees (Reuters)
  • In ‘Buy American’ Push, Trump Is Starting in a Hole (WSJ)

Frontrunning: April 20

  • White House to risk shutdown as Trump searches for “win” (Politico)
  • Saudi Minister Wants OPEC Oil-Production Deal Extended, Perhaps for Less Than 6 Months (WSJ)
  • Russia denies Reuters report think tank drew up plan to sway U.S. election (Reuters)
  • Fed's Kaplan: Three rate rises this year 'still a good baseline' (Reuters)
  • Ex-Arconic CEO Sent Vague Threat to Hedge-Fund Boss (WSJ)

Frontrunning: April 18

  • Britain's May seeks snap election to boost Brexit hand (Reuters)
  • Trump to seek changes in visa program to encourage hiring Americans (Reuters)
  • Trump appointee Gorsuch energetic in first U.S. high court arguments (Reuters)
  • Pence Reaffirms U.S.-Japan Alliance Amid North Korea Provocations (WSJ)
  • Blackwater Founder Erik Prince Said to Have Advised Trump Team (BBG)

Global Stocks Slide As Iron Ore Crashes; Pound Jumps After UK Calls Snap Elections

European stocks slide  s traders return from a 4-day Easter holidays, Asian equities likewise drop pressured by the ongoing rout in iron ore, while U.S. stock-index futures point to a lower open. British markets were roiled after U.K. Prime Minister Theresa May said she would seek an early election on June 8. The FTSE 100 droped 1.3%, on the news, hitting the lowest since Feb. 24

Meet The Robots That Will Build Your Next House

The U.S. residential construction industry employs 100's of thousands of people each year in various skilled trades that earn hourly pay rates ranging from minimum wage to $100 per hour, or more.  Of course, just like the auto industry, many of those jobs can be done at a fraction of the cost and with much greater precision by industrial robots.

Key Events In The Coming Week: French Election, Earnings, Manufacturing, Housing

This week will be dominated by the first round of the French presidential election on Sunday. On the data side, following China's strong economic report, attention will focus on US industrial production growth on Tuesday. In the euro area, flash PMIs for April due on Friday could point to moderation. This is also the first full corporate earnings week.

Why The Bank Of Canada Should "Cease And Desist"

“The BoC should cease and desist with talk of possible further rate cuts, which simply fuel the sense that rates are never going higher, and instead start warning that rates will someday rise.”

Jim Quinn Asks "Will Trump Accept Responsibility When This Shitshow Implodes?"

Donald J. Trump has taken credit for making America’s economy great again. He’s been crowing about all the jobs being created, the soaring consumer confidence and record highs in the stock market. It’s all because the Donald has inspired Americans about our glorious future.

But, a funny thing has been happening in the real world. The economy has gone into the shitter and GDP will be lucky to reach 1% in the first quarter of his presidency.