The market is increasingly becoming more driven by earnings than multiples.
Source: BofA, Mike Zaccardi
Trump Media shares $DJT surge 50% in premarket trading after assassination attempt
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As we get into the heat of EPS season...
DB notes that more companies have been beating and by a larger amount in recent quarters. If this continues, it is tough to bet against this market... Source: Deutsche Bank, RBC
US 2s/30s yield spread briefly turns positive for 1st time since January
Source: HolgerZ, Bloomberg
Inflows to US large cap funds on pace for 2nd largest on record.
Source: Flow Show, TME
Probably the best aerial pic of Saturday's drama via @nypost
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The current equity bull market explained in 4 charts...
Source: TME, BofA
China Q2 GDP growth slowed more than expected (+4.7% yoy vs. +5.1% yoy expected), but the big surprise is just how weak retail sales were - growing only 2% in June.
-> China’s National Bureau of Statistics on Monday said the country’s second-quarter GDP rose by 4.7% year on year, missing expectations of a 5.1% growth, according to a Reuters poll. -> June retail sales also missed estimates, rising 2% compared with the 3.3% growth forecast. -> Industrial production, however, beat expectations up by 5.3% in June from a year ago, higher than Reuters estimate of 5% growth. -> Urban fixed asset investment for the first six months of the year rose by 3.9%, meeting expectations. Investment in infrastructure and manufacturing slowed their pace of growth on a year-to-date basis in June versus May, while real estate investment declined at the same 10.1% rate. The National Bureau of Statistics did not hold a press conference for the data release. China’s high-level policy meeting, the Third Plenum, kicks off Monday and is set to wrap up Thursday. Source: Bloomberg, CNBC
