Succinctly summarizing the positive and negative news, data, and market events of the week...
Positives
- Nikkei continues to whipsaw [3], the more confusion the better in the new normal
- Happy days are here again: Rent backed securities have arrived [4]
- Great news! We’re all richer, promise [5]
- Chicago PMI ticks up from June, for all the wrong reasons [6]
- Confused? Good. FOMC says they are prepared to increase or decrease purchases [7].
- Weekly initial claims best in three months [8]
- Bonds cheapest to stocks in two years [9]
- July Manufacturing ISM hammers expectations [10]
- SPX hits 17 hundo [11]…
Negatives
- Consumer confidence drops for first time in 5 months [12]
- JPM has racked up $7bn in fines [13] in the last two years
- Home ownership rate is at an 18 year low [14]
- If Europe is fine, why is Deutsche Bank deleveraging [15]?
- Mortgage applications continue to fall [16]
- Domestic car sales drop most in 9 months [17]
- What would rising rates mean to the “credit = growth” crowd if this correlation holds [18]?
- Factory orders miss again [19]
- July non-farm payrolls come in at 162k vs 185k expected [20] (and people not in labor force ticks back up)
Additional
- Bank of England helped Reichsbank sell Nazi gold [21]
- Full
manipulatedrevised GDP by component [22] - Dylan Grice is back with a piece on the intrinsic value of gold [23]
- YTD returns [24] by financial asset
- Paul “Elliott Management” Singer clarifies a few things [25]
(h/t @ZH_Crown)