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Daily Market MoversThe following news stories, economic reports, and statistical tables are selected and compiled by founder John F. Gallwas, who has been an active participant in the financial service industry since January of 1958.
FridayBB:Stock investors have little doubt who would come out worse from a trade war between the U.S. and China. Shanghai shares have been hammered by signs of worsening ties, and are now the cheapest ever relative to those in the U.S. The reaction to Donald Trump’s latest tariff threat this week was a $406 billion wipe-out, the largest single-day loss of value in the nation’s stock market in more than two years, while the benchmark gauge is poised to enter a bear market after falling about 20% from its recent high.
ThursdayBB: Filings for U.S. unemployment benefits declined to a six-week low of 218K, indicating the job market remains tight and the four-week average of initial claims, a less-volatile measure than the weekly figure, dropped to 221,000 from 225,000
WednesdayWA: Existing-home sales fell back for the second straight month in May by -0.4% to 5.43M, as only the Northeast region saw an uptick in activity, .
WS: Federal Reserve Chairman Jerome Powell said sturdy U.S. economic growth has built a strong case for continuing to gradually lift interest rates, and he warned against policy complacency now that the central bank has nearly achieved its employment and price stability goals.
WS: President Donald Trump’s escalation of trade threats against China reflects his belief that Washington increasingly has the upper hand in the dispute, administration officials said, adding he is prepared to withstand pressure from U.S. businesses that might suffer from the conflict.
TuesdayWS: .Housing starts rose 5.0% in May from the prior month to a seasonally adjusted annual rate of 1.350 million, the Commerce Department said Tuesday. This is the highest level for such construction since July 2007. However, residential building permits, which can signal how much construction is in the pipeline, declined 4.6% to an annual pace of 1.301 million last month.
WS: Global stocks dropped Tuesday as trade tensions between the U.S. and China continued to spiral, sparking particularly heavy selling in Asia. The Shanghai Composite Index slumped 3.8% to its lowest in almost two years, and the Shenzhen A Share index plunged 5.8%.
MondayGallup: Americans' satisfaction with the way things are going in the country has reached a 12-year high of 38%, one point above last month's satisfaction rate.
BB: Japanese May exports were higher than expected at +8.1% and imports much higher than forecast at +14%, offering more reassurance that Japan’s economy is rebounding in the current quarter, despite rising trade tensions he trade balance was a 578.3B yen deficit ($5.2 billion) a forecast deficit of 205.2 B yen.
SundayR: U.S. President Donald Trump’s new trade tariffs will lop at most a couple of tenths of a percentage point off U.S. growth and add a similar amount to inflation, small fry for a $19 trillion economy that is experiencing its second longest economic expansion on record.
WS: U.S. household confidence rose in the beginning of June as Americans felt better about their current economic situation, but their expectations for the future dropped, possibly due to concerns about tariffs and rising gas prices. The University of Michigan Friday said its consumer sentiment index was 99.3 in June, up from a 98.0 final reading for May.
Economic Reports for the Week ending Friday June 22, 2018
Last Week's Scorecard
* Local currencies
We do not guarantee accuracy of any of the data on this page. If you have any comments or suggestions, please contact William Gallwas or call 800-669-8838
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