Economic Reports
#1) MBA Purchase Applications
_________________________Prev________Act
| Purchase Index - W/W Change | __5.1 %__ | __-6.1 %__ |
| Refinance Index - W/W Change | __17.8 %__ | __-6.5 % |
| Composite Index - W/W Change | __13.2 %__ | __-6.5 %__ |
The housing market remains depressed. These declines in mortgage financing occurred in a week where mortgage rates fell 16 basis points. The average 30 yr fixed rate is 4.84%
#2) Challenger Job-Cut Report
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The bulk of the layoffs were from the government/non profit sector. |
#3) ADP Employment Report
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#4) EIA Petroleum Inventory Report View Report Here
Crude: -364k 1st decline in 7 weeks
Gasoline: -3.59m. Largest drop since Oct. 10 Demand was up 0.7% despite higher prices at the punp.
#5) FED Beige Book View Beige Book Here
“overall economic activity continues to expand at a moderate pace.” Manufacturing continues to lead the recovery. Retail sales was the next strongest sector. Loan demand was mixed. The labor picture is slowly improving.
Market Activity
Soft commodity sector was the best performing group (+1.32%) The front month contracts in cotton & sugar were the largest percentage gainers. CTH11 +4.4% SBH11 +3.14%
Energies rose 0.75%, on continued uncertainty about the situations in the MidEast and a bullish inventory report. Front month WTI crude gained 2.75%
Equity indexes posted a 0.92% gain. The improving jobs picture outweighed higher oil prices. The VIH11 (VIX) contract remains below its 50d moving average
The metals complex was up 0.2%, with GCJ11 posting a new record high.
Interest rate contracts posted the largest declines, with the financial sector falling 0.32% today.
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