Market news Friday wasn’t as great as the upbeat performance would suggest.
China stocks fell the most with Shanghai Composite falling 1.7% for the week, the most in four months. The housing bubble in China is also popping as 69 of 70 major cities reported price declines. In Europe the Eurozone reported GDP may only reach 0.2% while the UK reported GDP growth of only 0.7%. An astounding 25 banks in Europe also failed their (open book) stress tests. And not to be forgotten, French unemployment made a new high with 3.43 million out of work.
In the U.S. headlines hailed better New Home Sales which was frankly amusing when even a cursory look at the numbers would make you scratch your head. The data