European debt concerns are centering on Italy today. The country’s borrowing costs have hit an 8-month high, 4.86% on its 2-year bond. That’s up 15bps from last month. Italy’s public debt clocks-in at 123% of GDP, second highest in the eurozone.
In the U.S. weekly jobless claims dropped to their lowest level in 4 years. First-time claims for benefits fell by 35,000 – to 353,000 – well below expectations. Recent numbers have been volatile because the auto industry is not following its usual summer shutdown practices. The 4-week rolling average shows claims are down by more than 8,700.
U.S. durable goods orders were up 1.6% in June, the same as in May, led by demand for aircraft and military equipment. With the volatile transportation category removed durable goods orders unexpectedly fell 1.1%. Corporate investment also continues to wane.
U.S. pending home sales dropped in June, teeing up a slow July. The National Association of Realtors index fell 1.4% to 99.3 as fewer resale homes came on the market.
No Canadian data today.
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