The Morning Call
6/30/23
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/rate-hike-odds-spike-after-strong-gdp-bonds-big-tech-battered
Fundamental
Headlines
The
Economy
US
May pending home sales
were down 2.7% versus estimates of -0.5%.
May
personal income rose 0.4% versus expectations of +0.3%; May personal spending was
up 0.1% versus +0.2%.
The
May PCE price index was 0.1% versus consensus of +0.2%; the core PCE price
index was +0.3%, in line.
International
Final Q1 UK GDP
growth was +0.1%, in line.
The
May Japanese unemployment rate was 2.6%, in line; May preliminary industrial production
fell 1.6% versus -1.0%; May YoY housing start were up 3.5% versus -2.2%; May
YoY construction orders were up 4.2% versus +7.0%; June CPI was 3.1% versus
3.2% core CPI was 3.2% versus 3.3%.
May
German retail sales were up 0.4% versus projections of 0.0%; the June
unemployment rate was 5.7% versus 5.6%.
The
May EU unemployment rate was 6.5%, in line; the May flash CPI was +0.3%, also
in line.
The
June Chinese manufacturing PMI was 49.0, in line; the nonmanufacturing PMI was 53.2
versus 53.0; the composite PMI was 52.3 versus 52.0.
Other
The
Fed
Powell leaves open the possibility of rate
hikes at consecutive meetings.
M2 update---no reason to worry.
http://scottgrannis.blogspot.com/2023/06/m2-update-no-reason-to-worry.html
The Bank of England forced into overtightening.
https://www.advisorperspectives.com/commentaries/2023/06/29/bank-of-england-markets-inflation-bond
News on Stocks in Our Portfolios
Paychex press release (NASDAQ:PAYX): Q4 Non-GAAP EPS of $0.97 in-line.
Revenue
of $1.23B (+7.9% Y/Y) beats by $10M.
What
I am reading today
The
fall of Meghan and Harry.
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
