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Good Claims Data, Weak June Home Sales, Major Earnings Drive Choppy US Trading   
Thu, 24 Jul 11:22 AM EST/04:22 PM GMT
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Economic Data
- (IE) Ireland Jun Property Prices M/M: 2.9% v 2.3% prior; Y/Y: 12.5% v 10.6% prior
- (RU) Russia Gold and Forex Reserve w/e Jul 18th: $472.5B v $476.7B prior
- (US) Initial Jobless Claims: 284K v 307Ke (lowest since Feb 2006); Continuing Claims: 2.50M v 2.51Me (lowest since June 2007)
- (MX) Mexico May Economic Activity Index Y/Y: 1.4% v 2.0%e
- (CL) Chile Jun PPI M/M: -0.7% v +1.7% prior
- (US) July Preliminary Markit Manufacturing PMI: 56.3 v 57.5e
- (US) Jun New Home Sales: 406K v 475Ke
- (US) Weekly EIA Natural Gas Inventories +90 bcf v +94-98 bcf expected

- US equity trading has been choppy this morning as major earnings and some surprising US data keep participants on their toes. As of writing, the DJIA is up 0.10%, the S&P500 is up 0.17% and the Nasdaq is up 0.13%.

- Weekly jobless claims took an unexpectedly big dip, with initial claims falling to their lowest level since the beginning of 2006. The four-week average dropped to a seven-year low. Analysts warned of seasonal distortions for the big slide, although hawkish analysts took it as just another piece of evidence that Fed tightening would be needed sooner rather than later.

- The June new home sales results were weak, with sales dropping 8% q/q. The weak June number followed very good results seen in April and May, although the May figure was revised downward by 12%, ...
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