Tom Hanna's Lifestream

Commentary and Overnight TradingTuesday the stock market shrugged off a megadose of bad news that would have easily made for a 500 point drop in the Dow in September or October with a relatively small 1% drop. Both major housing sales indicators fell significantly in November. Part of the reason may be just how far the market has already fallen and that's reflected in another number that came out Tuesday: The State Street Investor Confidence Index. The Index, which measures the ratio of institutional investments in equity versus (theoretically less risky) debt securities fell by 1/3, indicating a huge shift out of stocks over the last month.Markets trading overnight seem little thrilled or scared by the days news either, with US stock market futures up two-tenths of a percent, oil down 0.15% and Asian stock markets mixed with the biggest move a 2.37% drop in the Nikkei. The dollar is down against the yen, euro, pound and Canadian dollar. [3:14 AM EAstern] Tuesday's Economic NewsState Street Investor Confidence Index - December 2008 Global Index: 48.0 Monthly Change: Down 6.5 Year-to-year Change: Down 17.9 North America Index: 30.1 Monthly Change: Down 15.2 Existing Home Sales - November 2008 Total Existing Home Sales Annual Rate: 4.49 million Monthly Change: Down 8.6% Year-to-year Change: Down 10.6%New Home Sales - November 2008 Annual Sales Rate (Seasonally Adjusted): 407,000 Monthly Change: Down 2.9% Annual Change: Down 35.3% German Leading Index Down 2.6% Leading Index: Up 0.1% Coincident Index: Up 0.3%What I'm ReadingRecession Compounds Housing WoesA deepening recession and tight credit conditions arecompounding problems in the housing market, suggesting that declines inhome prices may continue well into 2009.Japan Manufacturers' Confidence Slumps as Recession Deepens, Survey Shows Confidence among Japanesemanufacturers fell the most on record as exports collapsed,signaling the recession will extend into 2009. Thailand to Lift Spending as Government Predicts First Recession in Decade Thailand’s new government plans toincrease spending and tax breaks to stimulate domestic demand asit forecast the economy will slip into its first recession inalmost a decade. Philippine Imports Fall for First Time in 17 Months on Electronics Orders Philippine imports fell for thefirst time in 17 months as demand waned for raw materials usedby electronics exporters amid a global recession. U.S. Housing Prices Collapse at Near-Depression Pace After Purchases Slide Sales of single-family houses in theU.S. dropped in November by the most in two decades and resaleprices collapsed at a pace reminiscent of the Great Depression,dashing speculation the market was close to a bottom. U.S. Economy Contracted 0.5% in Third Quarter as Recession Began to Deepen The U.S. economy shrank in the thirdquarter at a 0.5 percent annual pace as the now year-oldrecession intensified. U.K. Economy Shrank Most Since 1990 in Third Quarter, Exceeding Estimates The U.K. economy shrank the mostsince 1990 in the third quarter and mortgage lending dropped tothe lowest in 14 years as tightening credit exacerbated theslide into recession. China Stocks Lure BlackRock With `Mother' of Stimulus Plans as Mobius Buys The biggest investors in emergingmarkets say China is the best choice for 2009, betting plans tostimulate growth will lead a stock market recovery in the fastestgrowing major economy. Australian Funding Costs Decline for a Fourth Day on Central Bank Actions Australian funding costs fell for afourth day on speculation central banks worldwide will add tocuts in borrowing costs that led to near-zero interest rates inthe U.S. and Japan. Philippine Peso, Stocks Drop in Year on Signs Global Slump Hurting Exports The Philippine peso headed for itsworst year since 2000 and stocks had their biggest annual lossin at least two decades on signs the global slowdown is hurtingsales of the nation’s exports. US, UK housing slump deepens; Japan boosts spendingThanks for reading. This content is originally from EconoIndicators or The Economic Indicators Blogger blog. Click through for more.