Sales of new homes were expected to slide from 619K reported for April to 560K now. The miss on May’s number, 551K, is not terrible and the fall in percentage points is 6% against 8.7% expected. However, this means that the figure suffered a hefty downwards revision: that 619K that seemed off the charts was indeed so. In today’s report, the figure was corrected to only 586K.
While markets are obsessed with the UK EU Referendum, the world keeps on spinning and data is released. A reaction cannot be seen now, but it can certainly be seen later on.
Earlier, data looked better. Jobless claims surprised by sliding to 259K, better than 270K expected and providing some good labor news after the weak NFP report. In addition, Markit’s Flash Manufacturing PMI beat expectations by scoring 51.4 points instead of 50.7 expected.
In the Bremain / Brexit front, we are awaiting the close of voting, but polls released during election day show a last minute surge for remain, and this certainly helps risk.
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