Succinct Summations for the week ending August 21st, 2020
1. Markets continue to add to gains as global economic recovery slowly continues. 2. New Covid-19 infections seem to be slowing; 3. Existing home sales rose from 4.700M to 5.860M m/o/m, above expectations; 4. E-Commerce sales rose 31.8% q/o/q, 5. PMI Composite Flash is at 54.7 for August, above expectations 6. Housing market index stands at 78 for August, above expectations.
1. We are only halfway through the political convention period, and 75 days out until the election; 2. American’s bungled pandemic response continues: 175,000 deaths, >5 million infections; 3. Index of leading economic indicators rose 1.4% m/o/m 4. Jobless claims rose from 971k to 1.106M w/o/w, above expectations. 5. Home refinance mortgage apps fell 5.1% w/o/w 6. Index of leading economic indicators rose 1.4% m/o/m