Recap 11-18-13

Commentary:

http://macro-man.blogspot.com/2013/11/is-that-really-reason-to-be-bearish.html

Separately, this chart from Asymco is pretty cool. It notes that “The adoption of smartphones in the US is on track for reaching 90% of the available audience by August 2016. This is a mere eight years after smartphones reached 10% penetration. As far as technologies go, that’s pretty fast. To get an idea of how rapid, I plotted a few other technologies and the time they took to grow within the US market.”

Notable:

  • NAHB Housing Market Index declined to 54 in Nov vs 55 exp and prev
  • The ACA rollout has severely strained ties between Obama and Democrats. 39 House Democrats defected Friday and backed a GOP-sponsored bill and if the program doesn’t achieve more stability soon more departures are anticipated. The botched ACA rollout threatens to undermine the rest of Obama’s second term. WSJ
  • The ECB’s Coere said low inflation forced the ECB to act, but the preemptive rate cut should allow them to avoid more cuts in the future.
  • New home prices in China increased 9.6% y/y versus 9.1% expected.

Upcoming Data:

  • Mon: RBA Minutes
  • Tue: German ZEW, Bernanke Speaks
  • Wed: BoE Minutes, US Retail Sales, Dudley Speaks, US Existing Home Sales, FOMC minutes, China Flash Mfg PMI, BoJ
  • Thu: EU PMI, RBA Governor Stevens speaks, US Jobless Claims, US Markit Preliminary PMI, US Philly Fed, EU Consumer Confidence
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