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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.
MondayBB: U.S. purchases of new homes advanced +6.7% in May to a six-month high of 689K annual rate, as sales in the South increased to the fastest pace since 2007. Median sales price decreased 3.3% y/y to $313,000. as thr supply of homes at current sales rate fell to 5.2 months from 5.5
BB: Xi Jinping vowed to match Donald Trump blow for blow in any trade war. Now as one gets closer, some in Beijing are starting to openly wonder whether China is ready for the fight -- an unusually direct challenge to the leadership of the world’s second-largest economy. In recent weeks, prominent academics have begun to question if China’s slowing, trade-dependent economy can withstand a sustained attack from Trump, which is already started to weigh on stock prices. : .
BB: The June German business confidence index at 101.8, as trade risks intensified and economic data remained mixed. The index is now at its lowest in a year, while an expectations component is at the weakest in more than two years.
SundayB: Is this what winning looks like? Sure, the Dow Jones Industrial Average dropped 509.59 points, or 2%, to 24,580.89 last week as concerns about an escalation in trade tensions helped sink the market. But consider how much worse it could have been as China’s Shanghai Composite Index, for one, fell 4.4%, to 2889.76 last week, and is now down 13% in 2018. The S&P 500, by contrast, is up 3.3% this year.
Economic Reports for the Week ending Friday June 29, 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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