Markets saw their largest down day in 3 weeks yesterday as the recent melt up took a day off. The S&P 500 has gone 39 trading days without a 1% daily change, the second longest streak in 15 years. (WSJ)
The international Monetary Fund published data yesterday showing home prices are well above their averages in many countries. Australia, Belgium, Canada, Norway and Sweden were singled out as countries of concern. For our neighbor to the north, Canada, house prices are 33% above average as compared to income and 87% above comparable rental rates.
For May US retail sales were up 0.3% and take out autos and gas the number is flat. That number is much weaker than expected. (Reuters)
A report by Cisco says traffic on the web will more than double in five years with most of it being used for online video. Currently 78% of all band width is used for video. That number will grow to 84% in five years. Currently 64% of all internet traffic is over Wi-Fi networks.
With low interest rates, Men’s Warehouse is borrowing $600 million to finance its takeover of Jos. A Banks. In their first bond offering since 2004 the company sold 7 and 8 year notes for just a little over 2%. (Bloomberg)