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CB Consumer Confidence At Lowest Level In 6 Months

Discussion in 'Market Predictions and Reports' started by MTnews, May 31, 2011.

  1. MTnews

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    Nov 23, 2007
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    Daily Market Commentary for May 31, 2011

    Consumer Confidence as released by the Conference Board showed the index fell to 60.8 in May from a revised 66 in April.
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    Consumer Confidence as released by the Conference Board showed the index fell to 60.8 in May from a revised 66 in April. Consumers are showing increased signs of pessimism regarding future job growth, job availability and improved conditions for businesses. CB consumer confidence hit its lowest level seen in nearly 6 months and is tied into the health of the U.S. labor market.

    The index of manufacturing activity in the Chicago region dropped sharply to 56.6% in May from 67.6% in April. Early on in the trading session the U.S. dollar declined against other major currencies. Crude oil on the other hand was on the rise, testing $103 a barrel in early morning trading.

    Per Case-Shiller home price index, home prices dropped to a new cyclical low during the month of March. Home prices are down 34% from peak in 2006 and have fallen 5% over the last year. Home prices have declined every month since the expiration of the Federal government’s tax break for home buyers. Lenders need to face up to the fact that due to the housing crisis, it is highly unlikely that many homeowners will ever be able to repay their current mortgages. Mortgage modifications appear to be the key stake lenders need to address to improve and stabilize the gloomy housing market. It will be years before home prices will even come close to their values stated, years ago. As long as the housing market stays in the condition it is currently in, the longer it will take for the market to bottom out and start to rebound.

    Dex One (NYSE: DEXO) shares slipped 7.3% after reporting on Thursday that its chief financial officer would leave at the end of July.

    LDK Solar (NYSE: LDK) shares rallied 9% on the day after Germany said it would close its nuclear reactors by 2022.
    Central Vermont Public Service (NYSE: CV) shares surged 41% after Canadian utility Fortis Inc. made an offer to acquire the electricity distributor for about $470 million.

    Nokia (NYSE: NOK) shares fell 16% after the Finnish wireless-phone maker warned that Q2 sales in its Devices & Services business would be substantially below its previously expected range.

    Yongye International (NasdaqGS: YONG) shares rose 46% after the Chinese reverse-merger company announced a $50 million investment from Asian private-equity unit of Morgan Stanley.

    Economic data released today:

    Dallas Fed May Manufacturing Production Index: 12.7 vs. April 8.1; May Business Activity -7.4 vs. April 10.5.

    Chicago Fed: April Midwest Manufacturing Index: -0.9% on month; April Midwest Manufacturing Index +8.6% on year; April Regional Auto Output -5.0% month over month; April Regional Auto Output +8.6% year over year; April Steel Output -0.3% month over month; April Steel Output +17.5% year over year; April Machinery Output +1.0% month over month; April Machinery Output +14.3% year over year; April Resources Output +0.4% month over month; April Resources Output +2.7% year over year.

    S&P/Case-Shiller Home Price Indices Composite: - 20: S&P CS 1Q U.S. National Home Price Index -4.2% quarter over quarter; S&P CS 1Q U.S. National Home Price Index -5.1% year over year; S&P CS March 20-City Home Price Index -0.8% month over month; S&P CS March 10-City Home Price Index -0.6% month over month; S&P CS March 20-City Home Price Index -3.6% year over year; S&P CS March 10-City Home Price Index -2.9% year over year.

    Chicago Purchasing Managers Index: U.S. Chicago PMI May New Orders Index 53.5 vs. April 66.3; U.S. Chicago PMI May Employment Index 60.8 vs. April 63.7; U.S. Chicago PMI May Supplier Deliveries 63.8 vs. April 68.4; U.S. Chicago PMI May Prices Paid Index 78.6 vs. April 81.8; U.S. Chicago PMI Adjusted May Index 56.6 vs. April 67.6.

    Conference Board Consumer Confidence: U.S. CB May Expectations Index 75.2 vs. April 83.2; U.S. CB May Present Situation Index 39.3 vs. April 40.2; U.S. CB May Consumer Confidence 60.8 vs. April 66.0.

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