July 16, 2024
United States:
Stocks Advance After Surprise in US Retail Sales: Markets Wrap
Stocks hit all-time highs after solid retail sales suggested the economy’s main driver is still holding up as inflation recedes and the Federal Reserve nears a start to rate cuts.
All major equity benchmarks rose, with the S&P 500 heading toward its 38th record this year. Traders also waded through financial earnings. Bank of America Corp. rose after saying net interest income would climb by the end of the year. Morgan Stanley fell as results from its key wealth business fell short of estimates. Treasury 10-year yields pared declines after the economic report.
Europe:
German Investor Confidence Sours for First Time in a Year
Investor confidence in Germany’s economy worsened for the first time in a year as industry fails to match a gradual recovery in other sectors.
A barometer of expectations compiled by the ZEW institute fell to 41.8 in July from 47.5 in June, data released Tuesday showed. That was slightly higher than the 41 forecast in a Bloomberg survey. A measure of current conditions unexpectedly improved.
Asia:
Xi Jinping’s Great Economic Rewiring Is Cushioning China’s Slowdown
China’s twin-track economy is generating doom-and-gloom headlines about domestic woes one moment and growing fears around the world about the dominance of its manufacturers the next.
Those conflicting signals on Monday showed ongoing strength in industrial production more than offset by tepid consumption as the property slump continues, leading to the slowest quarterly growth pace in five quarters. But through the fog a silver lining is becoming clear: Xi Jinping’s long quest for technology-driven “high-quality growth” is actually starting to pay off.
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