Finance Friday

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• China - Official manufacturing PMI was 49.0 in June, matching expectations, following 48.8 in the previous month, extending contractions to a third straight month. Slight improvement in manufacturing PMI, while still in contractionary territory. Services PMI slid mildly to 52.8.

• Japan Finance Minister Suzuki said authorities are closely watching FX moves with an "extremely high" sense of urgency after the yen weakened to the psychologically important 145 line against the dollar.

• Tokyo core CPI rose 3.2% y/y in June, below consensus 3.4% and follows revised 3.1% in the previous month. Ex-fresh food & energy inflation edged lower to 3.8% from 3.9% -- easing from the highest reading since January 1982.

• Japan’s Industrial production fell 1.6% m/m in May, weaker than expected 1.0% decline, following 0.7% rise in the previous month.

• Mixed views on whether RBA will hike or hold at Tuesday's meeting - July 4.

• South Korea May factory production unexpectedly rose, led by increased output of automobiles and semiconductors.

Europe, Middle East, Africa

• Eurostat reported that EZ flash CPI estimate for June came in at 5.5% y/y vs 5.6% expected and 6.1% prior, while the core came in 5.4% vs 5.5% expected and 5.3% prior. This was the first acceleration for the core measure in three months.

• UK avoids a recession in Q1, but outlook still weak. The ONS published the final UK Q1 GDP data, which confirmed the economy expanded 0.1%.

• UK business confidence rose to a 13-month high in June

The Americas

• Initial jobless claims for week to 24-Jun down 25K w/w to 239K, beating consensus for 264K. Was lowest print since May and biggest w/w decline since Oct-21.

• Atlanta Fed President Bostic reiterates view rates are now at a level to return inflation to target

• Several US states that enjoyed recent budget surpluses now seeing revenue drops

• After the Fed’s stress test results, JPMorgan Chase and Goldman Sachs were the biggest winners in the Dow Jones Industrial Average.

• May Pending Home Sales declined 2.7% month-over-month following a downwardly revised 0.4% decline (from 0.0%) in April.

The Week Ahead:

• Tuesday

  • US June Consumer conference board comes in at 109.7; est: 104

  • US May new home sales come in at 763k; est: 675k

  • US May durable goods orders come in at +1.7%; est: -1.0%.

• Wednesday

  • 8:30 am Advanced U.S. trade balance in goods

  • 9:30 am Fed Chair Powell speaks

• Thursday

  • US pending home sales fell 2.7% last month and came in at the lowest all year.

  • US initial weekly jobless claims come in at 239k; est: 266k.

• Friday

  • 8:30 am PCE index

  • 8:30 am Core PCE index

  • 8:30 am PCE (year-over-year)

  • 8:30 am Core PCE (year-over-year)

  • 9:45 am Chicago Business Barometer

  • 10:00 am Consumer sentiment (final)

Investment Tip of The Day

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Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.