Wednesday, 23 January 2013

US existing home sales fall, German investor confidence jumps

US economic data on Tuesday came in slightly weak.

Existing home sales fell 1.0 percent last month to a seasonally adjusted annual rate of 4.94 million units. However, that was still the second highest rate of sales since November 2009. Inventories fell to just 4.4 months of sales, the lowest since May 2005.

Another report on Tuesday showed that the Richmond Federal Reserve bank's manufacturing index fell to -12 from 5 in December.

At the national level, the Chicago Federal Reserve's national activity index fell to 0.02 in December from 0.27 in November. However, the three-month average rose to -0.11 from -0.13.

Europe produced some positive data on Tuesday. The ZEW index of German investor and analyst expectations jumped to 31.5 in January, the highest since May 2010, from 6.9 in December. The gauge of the current situation rose to 7.1 from 5.7.

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