The US has got the softest inflation surprises on Earth...
Could this influence the FOMC tomorrow??? Source: Andreas Steno Larsen @AndreasSteno, Macrobond
June JOLTS job openings rate (white) down to 4.4% vs. 4.6% prior ... quits rate (blue) unchanged at 2%
Source: Bloomberg, Kevin Gordon
The IMF has upgraded its global growth forecast amid signs that Donald Trump’s trade war will do less damage to the world economy than initially feared, helped by a weaker US dollar
Source: FT
"Never bet against America" said Warren Buffet. Innovation, free market and truly entrepreneurial spirit always win in the long run.
Source: Michel A.Arouet
In Germany, the latest Ifo Business Climate Index suggests the economy is holding up surprisingly well despite rising tariffs.
The index edged up from 88.4 in June to 88.6 in July – slightly below expectations (89.0). This marks the 7th consecutive monthly improvement, this month driven mainly by better assessments of current business conditions. However, underlying growth remains weak. According to Capital Economics, the survey results remain consistent w/a GDP contraction based on long-term historical patterns. That said, the Ifo has not been a reliable predictor of GDP in recent years. Source: Bloomberg, HolgerZ
German business activity continued to grow marginally in July, though at a slightly slower pace than in June.
The German flash composite PMI fell to 50.3 points in July, down from 50.4 in June and below the 50.7 forecast in a Reuters poll. Source: Bloomberg, HolgerZ
German benchmark index Dax jumps in AH trading after headlines the EU and the US are progressing toward an agreement that would set a 15% tariff for most products.
Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors including cars. Steel and aluminium imports above a certain quota would face the 50% duty. Source: Bloomberg, HolgerZ
Anthony Pompliano:
"Technologists make prices go down, while the government makes prices go up".
