Key data releases this week include: durable goods (Mon), consumer confidence (Tue), pending home sales (Wed), Q1 GDP revision (Thu), personal income and spending (Fri), and consumer sentiment (Fri).
Haver
June 21, 2017
Sales of existing single-family homes increased 1.1% during May to 5.620 million (AR, 2.7% y/y) from 5.560 million in April, revised from 5.770 million. Expectations had been for 5.540 million purchases in the Action Economics Forecast. The median price of all previously owned homes increased 3.2% (5.8% y/y) to a record $252,800.
Haver
June 23, 2017
Sales of new single-family homes increased 2.9% during May (8.9% y/y) to 610,000 from 593,000 in April, revised from 569,000. Despite the increase, sales were 5.3% below the March peak. Expectations had been for 595,000 sales in the Action Economics Forecast Survey.
ECB
June 19, 2017
Financial Times
Monday, June 19, 2017
June 19, 2017
Politico Pro
The European Central Bank is taking steps to ensure eurozone banks are ready to handle possible fallout from a "hard Brexit," Daniele Nouy, supervisory board chief, told the European Parliament. The ECB has instructed banks under its supervision to adopt adequate contingency plans in case of a hard Brexit, she said.
Bloomberg
June 26, 2017
Italy will commit as much as 17 billion euros ($19 billion) to clean up two failed banks in one of its wealthiest regions, the nation’s biggest rescue on record. The European Commission said it approved the plan.
Reuters
June 21, 2017
The People's Bank of China isn't under pressure to shrink its balance sheet, unlike the Federal Reserve, Sheng Songcheng, an adviser to the central bank, wrote in the Shanghai Securities News. Rather than having its central bank acquire large amounts of assets after the global financial crisis, China stimulated its economy through loans from state-run banks and spending on infrastructure projects, Sheng wrote.
Barron’s
June 26, 2017
Chinese regulators last week ordered domestic banks and other lenders to monitor the “systemic risk” of some large enterprises that are little-known but have gone on a global buying spree, acquiring more than $50 billion in properties abroad. It’s viewed as an attempt to rein in a heady credit boom fueled by wealth management products.
Market News International
June 20, 2017
Several board members have reservations about the Bank of Japan's ability to push inflation up to 2% around fiscal 2018, according to minutes from its April policy meeting. Data presented at the meeting showed that the consumer price index, excluding energy and fresh food, dropped 0.1% in March, its first fall since July 2013.
Barron’s
June 26, 2017
S&P 500 growth stocks are up 13.8% this year, while their value peers have gained just 3.1%. With the market at record highs, and analysts forecasting robust profit growth, “we’d argue that this is precisely the type of environment that should benefit value investing,” says BMO Capital Market’s Brian Belski.
Reuters
June 22, 2017
The WSJ
Thursday, June 22, 2017
June 22, 2017
Financial Times
All 34 banks that underwent the Federal Reserve's annual stress test cleared the first round. "This year's results show that, even during a severe recession, our large banks would remain well-capitalized," Fed Governor Jerome Powell said.

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