Haver
December 22, 2015
Economic growth was revised to 2.0% (AR) during Q3'15 from 2.1% reported last month. Expectations had been for a 1.8% increase in the Action Economics Forecast Survey. The figures still show improvement from the advance reading of a 1.5% increase. They are reduced, however, from 3.9% growth during Q2. A slower rate of inventory decumulation reduced growth last quarter by 0.7 percentage points, revised from 0.6 points. Final demand growth was unrevised at 2.7%.
Haver
December 22, 2015
The National Association of Realtors reported that existing home sales slumped 10.5% in November to a seasonally adjusted annual sales pace of 4.76 million homes. This was the lowest level of sales since April 2014. All four major regions experienced a decline in sales in November. The October reading was revised down slightly to 5.32 million from the initially reported 5.36 million. Action Economics' Forecast Survey had indicated a 5.35 million sales pace for November.
Haver
December 23, 2015
Sales of new single-family homes increased 4.3% during November to 490,000 from 470,000 in October, revised from 495,000. The gain left sales up 9.1% y/y but down 10.1% since the February high. Sales of 505,000 had been expected in the Action Economics Forecast Survey.
Xinhuanet.com (China)
December 22, 2015
China will work to accelerate convertibility of the yuan and to give market forces a decisive role, according to the State Administration of Foreign Exchange. The nation aims to prevent harm from regional and systemic risk by setting up a mechanism for managing cross-border capital flow, SAFE says.
Market News International
December 21, 2015
Real economic expansion in Japan will accelerate to 1.7% in fiscal 2016, which begins April 1, according to a government projection. Consumer inflation is expected to edge past 1%, up from almost nothing in fiscal 2015 but still short of the Bank of Japan's 2% target. The government predicts that the US economy will lead global growth next year.
CNBC
December 22, 2015
Reuters
Tuesday, December 22, 2015
The National Stock Exchange, based in Jersey City, N.J., has reopened, after shutting down in May 2014 because it didn't attract sufficient trading volume. The company says it could save investors billions of dollars if its low-cost business model forces changes in US market practices. Critics of the status quo say rebates offered by other exchanges create conflicts of interest for brokers.
Bloomberg
December 28, 2015
US shale oil producers' survival, even as oil prices fell 50%, surprised many analysts. But as prices continue to fall, producers face new pressures. They are "not set up to survive oil in the $30s," said R.T. Dukes, an analyst for Wood Mackenzie.
Barron’s
December 28, 2015
“Concerns about the outlook for emerging markets look increasingly overdone,” says Neil Shearing, chief emerging markets economist at Capital Economics. “Pockets of vulnerability exist, but…emerging-market growth is more likely to recover over the next three to six months than it is to suffer a fresh downturn.”
Barron’s
December 28, 2015
Interest rates are likely to rise across all maturities, but the yield curve will continue to flatten. Most strategists predict the 10-year Treasury, now lodged at 2.2%, will end 2016 around 2.5%, just a bit higher than it is today.
Oxford Economics
December 10, 2015
We expect just two rate hikes in 2016, bringing the fed funds target rate to 0.88% by year-end. Dollar appreciation limits the prospective number of Fed rate moves since the strong dollar has done some of the tightening for the Fed. Using our Global Economic Model we calculate that the dollar appreciation to-date has the equivalent impact on economic growth as about four Fed rate hikes.

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