Monday, November 26, 2012

Tuesday: Case-Shiller House Prices, Durable Goods Orders

by Calculated Risk on 11/26/2012 09:01:00 PM

First, on Greece, here is the Eurogroup statement on Greece.  Excerpt:

The Eurogroup was informed that Greece is considering certain debt reduction measures in the near future, which may involve public debt tender purchases of the various categories of sovereign obligations. If this is the route chosen, any tender or exchange prices are expected to be no higher than those at the close on Friday, 23 November 2012.
This buy-back lacks details such as the source of money for the buy-backs and how much debt will be bought. The IMF will wait to disburse funds until the results of the buy-backs are known (that was my understanding from the press conference).

From the WSJ: Greece's Creditors Reach Deal on New Aid

From the NY Times: European Finance Ministers Agree on Greek Bailout Terms

• At 8:30 AM ET, Durable Goods Orders for October from the Census Bureau. The consensus is for a 0.8% decrease in durable goods orders.

• At 9:00 AM, the S&P/Case-Shiller House Price Index for September will be released. Although this is the September report, it is really a 3 month average of July, August and September. The consensus is for a 2.9% year-over-year increase in the Composite 20 index (NSA) for September. This release also includes the Q3 Case-Shiller National index.

• At 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for November will be released. The consensus is for a decrease to -8 for this survey from -7 in October (below zero is contraction).

• Also at 10:00 AM, the FHFA House Price Index for September 2012 will be released. This is based on GSE repeat sales and is no longer as closely followed as Case-Shiller (or CoreLogic). The consensus is for a 0.5% increase in house prices.

• Also at 10:00 AM, Conference Board's consumer confidence index for November. The consensus is for an increase to 72.8 from 72.2 last month.

• At 3:00 PM: the New York Fed will release the Q3 Report on Household Debt and Credit.

Another question for the November economic prediction contest (Note: You can now use Facebook, Twitter, or OpenID to log in).