4:07 PM · 26 November 2019

Instant view: Wall St. near record highs after US data

A batch of second tier economic releases from the US have failed to give a clear indication on the whole with some good and some bad news leaving an overall mixed to negative picture. 

 

The data itself was as follows:

  • Conference Board Consumer Confidence: 125.5 vs 127.0 exp. 126.1 prior (125.9 originally)

  • Richmond Manufacturing Index: -1 vs +6 exp. +8 prior 

  • New Home Sales: 733k. 709k exp. 701k prior. 

 

The clear standout positive was the rise in new home sales which rose more than expected, but on balance this was probably outweighed by the other two releases. Consumer confidence according to the CB measure was worse than expected, even though a positive revision to the prior takes the edge off the miss. Perhaps the worst news was the manufacturing figure from Richmond with an unexpected decline the 3rd in 5 months and suggesting that the pick-up in this sector for the US may not be as strong as some had hoped for.

The US30 made a new all-time high overnight at 28150 but has since pulled back. The market has shown little clear reaction to the US data but just over half an hour into the cash session trades just 75 points from the record peak. Source: xStation

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