Greetings,
United States: The NY Fed’s regional manufacturing index showed an impressive improvement in factory activity. It’s worth noting that New York and New Jersey were late to reopen, and some of the rebound is due to pent-up demand.
The expectations index is off the highs but remains elevated.
United Kingdom: This year’s gilt sales will dwarf what we saw during the Financial Crisis. Of course, the market doesn’t care (see chart).
China: The economy rebounded sharply in the second quarter, with the GDP report surprising to the upside.
Equities: The tech mega-caps’ earnings are expected to leave the rest of the S&P 500 in the dust.
Credit: US oil companies show massive asset impairments.
Food For Thought: The distribution of US COVID-19 diagnosis costs:
Edited by Daniel Moskovits
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