Just some data today:
- Existing home sales 5.39m b.e. Jul. +6.5% YOY. A relatively strong number, albeit not as high as those reached in the peaks before the expiry of new-homebuyer tax credits. The NAR said that the initial rise in mortgage rates probably provided a strong incentive for closing deals. That suggests that the number will be lower next month. Distressed sales were 15% of total sales, compared to 24% a year before.
- Housing inventory 5.1 months, compared to 6.3 months a year ago. That bodes well for prices.
- HSBC China Flash PMI rose from 47.7 to 50.1, which is quite a bounce. New orders increased and turned positive, but new export orders fell at a faster rate.
- Eurozone flash manufacturing PMI 51.3 b.e. and rose. Last month saw the first reading above 50 since 2011 (it was just on the cusp at 50.3 revised). Services 51.0, the first positive number since January 2012 and the highest since mid-2011.