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Wednesday, August 15, 2012
Morning Journal-Goldman lowers odds of QEIII
Economics
This Week’s Data
The International Council of Shopping Centers reported weekly sales of major retailers down 0.3% versus last week but up 3.6% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales down 0.3% versus the similar timeframe in July but up 1.8% on a year over year basis.
June business inventories rose 0.1% versus expectations of an increase of 0.2%; business sales were unchanged.
Weekly mortgage applications fell 4.5% while purchase applications declined 2.0%.
The July consumer price index was unchanged versus estimates of a 0.2% increase; ex food and energy, it was up 0.1% versus forecasts of up 0.2%.
http://www.calculatedriskblog.com/2012/08/ny-fed-manufacturing-survey-indicates.html
The August New York Fed manufacturing index came in at -5.85 versus expectations of +7.0 and July’s reading of +7.39.
Other
Update on the Citigroup Economic Surprise Index (short):
http://pragcap.com/update-the-citigroup-economic-surprise-index
Goldman lowers expectations for QEIII (medium):
http://www.zerohedge.com/news/goldman-pulls-plug-more-qe-2012
Politics
Domestic
Standard Chartered settles for pennies on the dollar and no one goes to jail (medium):
http://www.zerohedge.com/news/ny-state-regulators-settle-standard-chartered-014-transaction-fee
News on Stocks in Our Portfolios
More quarterly earnings per share reports:
Reported Expected
Staples $.18 $.22
Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.
Labels:
economic data,
QEIII,
standard chartered
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