Daily
Market Color
07/29/2013
Economic
Reports & Headlines
Over the weekend, Japan released
retail sales numbers for June which was slightly lower than expected, 1.6% Vs
1.7%.
Today we will start the report
off in Italy with their latest reading on the manufacturing & mining
sectors of the wine-rich country via the Isat survey. July’s report came in higher
than the previous reading, 91.7 Vs 90.5.
Over on the domestic front, the
National Association of Realtors released their pending home sales report for
the US in June. The sales came in better than expected on a month over month
basis; however, sales still declined, (-40bps) Vs (-140bps).
The Dallas Fed Manufacturing
Survey for July came in below consensus on the business activity front, 4.4 Vs
6.4. the production index portion of the report disappointed as well relative
to last month’s reading, 11.4 Vs 17.1.
Japan released an abundance of
reports during the evening. First, we will start off with June’s household
spending report, which was an upset for market participants and a show of
defiance to Abenomics. On a year over year basis household spending declined
40bps versus expectations of a 1.3% increase.
The unemployment rate in Japan
for June came in better than expected, 3.9% Vs 4.0%.
Industrial production in Japan
for June contracted more than expected on both a monthly basis and yearly
basis. Monthly: -3.3% Vs 1.5%, Yearly: 3.6% Vs 3.2%.
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