Chillin' out till it needs to be funded
After last week’s negative surprise to 399k, the jobless claims number fell back to a 352 k number, a ‘high point’ since the crisis began in 2008, as the low was last seen in April 2008 even as Bank results season disappointed along expected lines, Bank of America survived with a $25 bln topline and Morgan Stanley scored half its EPS for 2010 at $1.26 for 2011 coming up with a $4.2 bln in Investment Banking though behind GS and Bank Am in the lists that matter, BankAm revenues of $5.2 bln from investment banking showing considerably more in underwriting and advisory income ( both BAC and MS only $400 MM from Advisory in Q4)
Housing starts jumped 9.1% in November and the less than half retracement to 657000 starts in December ( down only 4.1%) did not hurt, Housing permits also keeping all of their 5.6% advance in November. For all that matters, CPI was also non existent in this morning’s report the ex food and energy number rising 0.1% after October’s 0.2%
Within the core, upward pressure was seen in medical care, recreation, and rent. Declines were seen in used cars & trucks, new vehicles, and apparel.(econoday @ anasdaq.econoday.com)
The Philly Fed would be well up in the bullish region after the NY fed survey yesterday and a quarterly profit from America’s Bank though only to wipe out the year’s slate completely The jobless number will likely rebound again next week/month is about my biggest fear now.
READ TODAY’s BANK RESULTS SEASON REPORTS BEFORE YOU LEAP ON TO THAT BREAKFAST!
The bank has published results with new reserves of $15.6 bln on representation and warranties, $6.3 bln in litigation and another $7.3 bln in Legacy Assets servicing bringing Net Revenues down by $29.2 bln, more than Goldman Sachs produced for…