Wealth Wednessday

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

• Greater China equity markets rebounded significantly Tuesday, recovering from multi-month lows reached on Monday. The Hang Seng gained 4.1% and the Shenzen Index up 2.5%. Traders focused on politburo officials’ pledge to ramp up policy support by boosting consumer demand, giving greater help for property sector.

• South Korea GDP slightly ahead of expectations, but details soft. GDP expanded 0.6% QoQ in Q2, compared to consensus 0.5% and follows 0.3% in the previous quarter. However, private consumption and gross fixed capital formation were both negative.

• Sri Lanka rupee sinks as interest rate cuts, loosening of import controls weigh

• Cereal shortages may fuel inflation in India as rice, corn and wheat prices rise substantially

Europe, Middle East, Africa

• The German Ifo business climate survey for July sees further deterioration to 87.3 versus consensus 88.0 and prior 88.5.

• Most recent ECB bank lending survey showed record drop in company loan demand to all-time low since start of survey in 2003. Credit conditions tightened more than expected in Q2.

• The BoE quarterly update on its Asset Purchase Facility (APF) projected a net loss of ~£100B by 2033 based on prevailing market rate path.

• UK pledges crackdown on harmful ads on Google and other web platforms

The Americas

• Growing US labor supply helping to limit wage growth, making it easier for Fed to achieve soft landing

• JPMorgan’s Kolanovic sticks with bearish call on US stocks, citing weak breadth and lagged effect of policy tightening

• General Motors reports Q2 EPS beat $1.91 ex-items vs FactSet $1.86; Revenue beat $44.75B vs FactSet $42.13B; Raises Net Income forecast by close to $1B.

• Verizon Communications reports Q2 EPS beat $1.21 ex-items vs FactSet $1.17; Revenue miss $32.6B vs FactSet $33.30B

The Week Ahead:

• Monday:

• Tuesday:

  • US Consumer confidence came in at 117; est: 112 (2 year high).

  • House Price Index

• Wednesday:

  • MBA Purchase Index

  • New Home Sales

  • Building Permits Final

• Thursday:

  • Initial Jobless Claims

• Friday:

  • Core PCE Price Index YoY

Investment Tip of The Day

Meme of the Day

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.