Data-Rich Morning

Lots of data out this morning beginning a little earlier with the release of the FHFA House Price Index notching a 0.9% upward move in June that beat expectations of just a 0.3% rise. Following that was the CoreLogic Case-Shiller report for June showing that in its 20-City Index, prices were unchanged for the month with the year-over-year price gain coming to 3.46% in a decline from the prior month’s 3.61% twelve-month rate. For all of the U.S., the year-over-year price rise was 4.29% in June and that was down a bit from May’s downwardly revised 4.32% gain. New Home Sales smashed through estimates with a 13.9% boost in July even after June’s tally was slightly revised upward. Readers may recall that Existing Home Sales reported last week also wildly beat estimates.

Not beating estimates, however, was the Conference Board’s new measure of Consumer Confidence. That index was expected to move in August to 93 from July’s 91.7, but instead plummeted to 84.8. The Present Situation sub-index likewise dove to 84.2 from 95.9 with the Expectations sub-index falling to 85.2 from 88.9. But, we got a little bit better news from the Richmond Fed whose Manufacturing Index rose to 18 from July’s value of 10. Pre-release surveys suggested no change.

The news has had little effect so far on markets as early gains in equities had already evaporated. Treasury prices remain on the soft side as the Ten-Year’s yield flirts with 70 basis points.