Tuesday, November 20, 2012

Wednesday: Unemployment claims, Consumer sentiment

by Bill McBride on 11/20/2012 09:04:00 PM

There is an EU summit meeting on Thursday, so there might be some news over the holiday.

From Reuters: Euro zone mulls Greek debt buy-back up to 40 billion euros

Euro zone finance ministers are considering allowing Athens to buy back up to 40 billion euros of its own bonds at a discount as one of a number of measures to cut Greek debt to 120 percent of GDP within the next eight years.
Under a proposal discussed by ministers, Greece would offer private-sector bondholders around 30 cents for every euro of Greek debt they hold ... The ministers, who failed to reach agreement last week, have also discussed granting Greece a 10-year moratorium on paying interest on about 130 billion euros of loans from the euro zone's emergency fund ...There is also the possibility of reducing the interest rate on loans made by euro zone countries directly to Greece in 2010, from 1.5 percent to just 0.25 percent ...
• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the mortgage purchase applications index.

• At 8:30 AM, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 415 thousand from 439 thousand. Note: Claims increased sharply last week due to Hurricane Sandy.

• At 9:00 AM, The Markit US PMI Manufacturing Index Flash will be released. This is a new release and might provide hints about the ISM PMI for November. The consensus is for a decline to 51.0 in November, from 51.5 in October.

• At 9:55 AM, the finale Reuters/University of Michigan's Consumer sentiment index for November will be released). The consensus is for a decline to 84.0 from the preliminary reading of 84.9. Goldman Sachs is forecasting a decline in confidence to 81.0, and Merrill Lynch is forecasting a decline to 83.

• At 10:00 AM, the Conference Board Leading Indicators for October. The consensus is for a 0.2% decrease in this index.

• During the day: The AIA's Architecture Billings Index for October will be released (a leading indicator for commercial real estate).

Earlier on Housing Starts:
Housing Starts increased to 894 thousand SAAR in October
Starts and Completions: Multi-family and Single Family
Quarterly Housing Starts by Intent compared to New Home Sales
All Housing Investment and Construction Graphs