Mindblown: a blog about philosophy.
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END OF DAY REPORT JUNT 5th
A quiet session as we gear up to see what the Fed will do with rates next week and with no significant numbers out this week it could be a quiet summer week.
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US ISM N-Mfg Price Paid Idx (May) 56.2 (Prev. 59.6)
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US Factory Orders MM * (Apr) 0.4% vs. Exp. 0.8% (Prev. 0.9%, Rev. 0.4%)
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ECB’s Nagel says several more rate hikes are needed; not certain that rate hikes will peak this summer Peak rater must be held until there is no doubt that inflation is returning to 2% in the near-future. Underlying price pressures are too high and show no signs of abating. Cautiously optimistic over German growth prospects this year. s
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ECB’s Lagarde says rate hikes are being transmitted forcefully to financing conditions for firms and households The full effects of our monetary policy measures are starting to materialise. Effects of monetary policy tightening on real activity and inflation can be expected to strengthen in the coming years. Price pressures remain strong. No clear evidence that underlying inflation has peaked.
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END OF DAY REPORT JUNE 2nd
STOCKS SKYROCKETED AFTER YET ANOTHER STRONG JOBS NUMBER, BUT LOOKING AT THE DETAILS HAD THE MARKET ON THE FENCE WHETHER THE FED WILL RAISE RATES IN THE JUNE MEETING
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Citi (C) CEO Fraser says economic outlook is more negative in Europe than in the US; worried about competitiveness in Europe There’s a lot of growth and potential in India. China economy is more sluggish than expected. Felt benefit of being in strong position during turmoil. Handful of banks in idiosyncratic situation and the rest are sound. FDIC replenishment is manageable. Hopes regulatory response is thoughtful and targeted
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US Average Earnings YY* (May) 4.3% vs Exp. 4.4% (Prev. 4.4%)
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US Unemployment Rate* (May) 3.7% vs Exp. 3.5% (Prev. 3.4%)
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US Non-Farm Payrolls* (May) 339k (Prev. 253.0k, Rev. 294k)
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