US real average hourly earnings turn positive again
US wages outpaced inflation on a YoY basis in May by 0.2%, ending the ignominious streak of 25 consecutive months of negative real wage growth. Source: Charlie Bilello
Nasdaq China Tech Index suffered heavy selling today, dropping almost 5%
The catalyst appears to be disappointment that China’s stimulus measures aren’t aggressive enough and the LPR cuts this week have been underwhelming. Source: HolgerZ, Bloomberg
UK inflation stays stuck at 8.7% while economists had expected a decline to 8.4%.
Source: HolgerZ, Bloomberg
Goldman joins Wall St banks in cutting China’s growth outlook as post-Covid bounce fades.
Goldman Sachs cut its 2023 GDP forecast from 6% to 5.4%, citing a slew of macroeconomic issues. Latest Goldman revision follows likes of UBS, BofA, JPMorgan, & Nomura. Source: HolgerZ, Bloomberg
Bitcoin’s whales have accumulated 131.6 BTC in the past 11 weeks
Bitcoin's whales have been busy while the crowd watched prices dwindle these past two months. Wallets holding 1K to 10K $BTC have accumulated a combined $3.5B since the first week of April. Source: Santiment
Yen pressure mounts with Trade-Weighted gauge at two-decade low
Source: Bloomberg
The US Housing Market Index rose for the 6th consecutive month, moving above 50 for the first time since last July.
Homebuilder confidence increasing due to extremely low levels of existing inventory (new homes representing a larger share of overall supply). Source: Charlie Bilello
China's central bank cuts the banks' 1-Y and 5-Y Loan Prime Rate #LPR by 10 bps for the first time since August
The People’s Bank of China cut two more key lending rates on Tuesday for the first time in 10 months to prop up growth in the world’s second largest economy. The Chinese central bank cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55%, and trimmed the five-year loan prime rate by 10 basis points from 4.3% to 4.2% — for the first time since August. Source: CNBC
