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Housing Prices and GDP Revisions
With stocks falling across Asia ― the Nikkei closed down 1%, the Hang Seng lost 1.5%, and China’s CSI shed 3.2% ― one should be pretty optimistic that equities in the US are looking flat.rnrnAfter climbing 1.29% and 1.36% yesterday, the Dow looks to open at 10,451 this morning while the S&P 500 should open at a steady 1,106.rnrnMeanwhile, the US$ index slightly stronger this morning, oil is unchanged at $77.50, and spot gold is trading $4 higher at $1,17
Existing Home Sales Surprise to Upside. Discussing Broader Implications
Existing-home sales surged 10.1 percent to an annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, less than the revised for the worse 8.0-month supply which was reported in September. The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from
Housing Data to Drive the Market
The US dollar is weaker, equities are higher, and gold is soaring. That’s how the Thanksgiving-shortened week is beginning after markets slid back late last week.rnrnLed by global markets, US equities are looking to open 1% higher on Monday. Conversely, Treasuries are weaker with the benchmark 10-year yield up 2 basis points at 3.38%
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