Following API's 3.1mm reported build overnight, expectations were for a 3mm build and DOE reported a 2.08mm build. Cushing saw a 235k draw from API and was expected to drop 1mm barrels but DOE reported just 248k drop in inventories as Gasoline inventories drewdown just 110k barrels (drastically less than the 1mm exp) and Distillates saw a large 3.55mm draw - the most in 3 months.
Existing home sales rose more than expected in March, bouncing back from a dismal February (+5.1% in March from revised -7.3% Feb). Year-over-year, existing home sales rose just 1.5% to a SAAR of 5.33m (vs 5.28m expectations). However, sales dropped at the lowest-end (due to unaffordability and lack of supply) and sales at the highest-end (above $1mm) disppointed, rising at onbly 4.6% YoY due to buyersbeing "spooked by January's stock market correction."
Home Sales growth has stagnated...
As NAR explains,
With oil - until recently the key signal for the S&P - down substantially overnight, many were scratching their heads why US equity futures not only rebounded from overnight lows but proceeded to wipe out all overnight losses and are currently trading in the green. The reason: another overnight ramp in the USDJPY which is the default fallback signal for stocks whenever oil isn't going higher.
But what precipirated the bounce in USDJPY?
Authored by Peter Tchir via Brean Capital,
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Three weeks after angering the mainstream media with his apocryphal assessment that the US "Is Headed For A Massive Recession" and that "It's A Terrible Time To Invest In Stocks", Trump is likely set to make even more waves with an interview he gave to Fortune magazine, which will be released in its entirety later this week, in which Trump says that while he likes Janet Yellen’s low interest rates, he is not a big fan of Janet Yellen herself.