New Home Sales

Global Stocks Drop, Futures Flat; French Yields Slide As Political Jitters Subside

In a quiet night for markets, in which the top highlight was the Oscar's historic peddling of best picture "fake news" and where "millions" of Academy members seemingly voted illegally, European stocks were little changed after a selloff that pushed them to a two-week low, while the MSCI Asia index fells as Japan’s Topix dropped for third day. S&P futures were unchanged.

New Home Sales Disappoint As Median Home Price Rises 7.4%

"Soft", survey and optimism-based, data may (still) be euphoric, but when it comes to "hard", actual economic data, moments ago the Census reported the latest disappointment when it comes to New Home Sales, which rose to 555K in January, missing expectations, and up 3.7% from a downward revised 535K in December.

The Week's Key Economic And Financial Events

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK.

Goldman: Investors Will Soon Realize They Were Too Optimistic

"We are approaching the point of maximum optimism and S&P 500 will give back recent gains as investors embrace the reality that tax reform is likely to provide a smaller, later tailwind to corporate earnings than originally expected."

New Home Sales Collapse In December As Trump Rate Surge Hits

With soaring mortgage rates and plunging mortgage applications, it should be no surprise that new home sales crashed in December. Analysts expected a modest 0.7% decline but sales crashed 10.4% - the most since March 2015 - and at 536k SAAR, this is the lowest since Feb 2016.

Key Events In The Coming Week: All Eyes On Trump's First Actions

The key economic releases this week are durable goods and GDP on Friday. On the political front, the focus will be is on the first actions of the Trump administration including moves on TPP and NAFTA. There are no scheduled Fed speeches this week.

Futures, Dollar Slide; European Stocks At 3-Week Lows As "Trump Reality Sets In"

While US stocks closed near session, and all time highs on Friday, the first green close on inauguration day in over 50 years, Monday has seen a modest case of buyer's remorse, with European stocks sliding, Asian shares mixed and U.S. futures lower as the dollar weakened for the 3rd consecutive day to a six-week low, dropping as much as 1% against the Yen, as anxious investors awaited more details of Donald Trump’s policies.

New Home Sales Jump Ahead Of Mortgage Rate Spike Led My Midwest Surge

Soaring homebuilder confidence, crashing mortgage applications, spiking mortgage rates, weak pending home sales, strong existing home sales, and now new home sales for November surged 5.2% MoM (smashing expectation of a 2.1% rise). Take your pick of the US housing 'recovery' narrative.

Futures Unchanged In Thin Pre-Holiday Tape; Italian Bank Bailout Lifts European Shares

European stocks halted two days of declines, with the Stoxx 600 fractionally in the green and Italy’s bonds climbing after Monte Paschi requested a bailout and Italy pledged to provide support for its other ailing lenders. S&P futures were little changed among extremely thin volumes while Chinese stocks dropped amid concerns on higher borrowing costs.