Chillin' out till it needs to be funded
Markets look set to a happy denoument before Easter with a 209,000 jump in Private Payrolls making it bright for the BLS report on Friday
The MBA report showed a 7.2% increase on the quarter of homes being new sales and 4.0% on the other three quarters that are refinanced homes after a run of more than three weeks of negative correction. Refi rates are back to 3.89% Also foreclosure sales are likely to dominate at lower prices as many homes will additionally get hammered on the price front for being neglected by the bank during ongoing litigation all of 2011 while home prices at $153,000a re not low enough for buyers anyway and would continuing losing value on average sale tag/tab esp for single Family homes.
The Challenger job cut supplement has been moved to tomorrow as BLS reports on Good Friday.
The ISM Services Index follows after the Market open even as Europe catches up in data from the Services indices reported today. UK home prices are finally up 2.2% on month after hectic property market activity ahead of stamp duty holiday being withdrawn in key markets. March rebound nullifies most of the negativity in prices in Q1
The German PMI for Services improved to 52.1 taking the EU report to nearly 49.2 UK Servces PMI jumped ahead of even India to 55.3 almost up 1.5 points from February with employment and new orders ‘expanding modestly’
Retail Sales in France and Spain helped the EU Retail sales survive the German reduction of 1.1% but is still down 2.1% for the year to March 2012
Manufacturer’s orders in Germany were revised lower for January to -6% and are down 6.1% for February keeping the EU occupied with the recession esp as Spain makes it clear it is unlikely candidate for the fiscal compact. The key problem in the South vis a vis the Irish budgetary control would seem to be public unrest at being out of a job where they were seemingly ‘not needed’ a symptom of overweight pubnlic sector economies busy with welfare doles such as social security for almost half the population.