With unemployment hovering at 9.4% consumers continued to show reluctance in July as incomes stagnated. Furthermore, with the jobless rate expected to exceed 10% later this year, consumer confidence fell in August, keeping hopes of a sustained economic recovery at bay.

U.S. stocks gave up most of their gains on Friday after initially spiking to 10-month highs as weak consumer sentiment data offset an upbeat forecast from chipmaker Intel and better-than-expected profit from computer maker Dell.

Oil prices slipped below $72 on Friday as losses on Wall Street and gains in the U.S. dollar dragged on commodities markets.

U.S. stocks advanced on Wednesday after data showed July new home sales rose at their fastest pace in almost a year, while durable goods orders increased, but less than forecast excluding transportation.

Markets were cheered Wednesday when the International Monetary Fund (IMF) projected global growth of 2.5% for 2010, a slight increase from its earlier forecast of 1.9% growth. That’s good news for investors – but consumers in the United States and investors focused on it may not see much benefit.

Euro leads currencies higher…  Commodities rally back on FOMC thoughts…  FOMC meeting today…  NZ Consumer Confidence on the rise… And Now… Today’s Pfennig!

Are consumers’ happy days here again, or are the recent signs that growth in sales, confidence and an overall improvement in the economy just a mirage?

Stocks surged yesterday. Gold sold off. And more “green shoots” appeared in the form of better than expected consumer confidence figures.  Crisis Strategy Alert editor James Dale Davidson reckons the “green shoots” of recovery proposition are overbought. He also reckons gold is still the asset of choice to hold as the great deleveraging continues.

Currencies consolidate…  Brazil posts a surplus!  Dr. Marc Faber speaks…  High yielders rule! And Now… Today’s Pfennig!

China Ramps Up Oil Refining; Lowe’s Tops Forecasts; Toshiba Raising $3 Billion in Stock Sale; AIG Fast-Tracking Asian Subsidiary IPO; Obama Sets First Pollution Limits on Cars; Homebuilder Confidence Highest in 8 Months; State Street Sells $1.5 Billion in Stock to Repay TARP Funds; Oil Spikes on Africa Violence, U.S. Refinery Fire