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A Macro View - The EU: One continent, many member states, several political voices…
Chart of the Week
- The Purchasing Managers Index for US manufacturing activity declined to 50.1 in June, the lowest level in nearly a decade, according to a survey conducted by data firm IHS Markit®. A reading above 50 indicates growth, but the figure was down from 50.5 in May and followed other data showing US manufacturing output has declined since the end of last year.
- In a high-stakes meeting, Presidents Donald Trump and Xi Jinping are expected to meet at the G20 Summit this week in Japan. Although analysts are not expecting the two sides to come to a meaningful agreement, any signs of de-escalation could boost investor sentiment.
- Consumer Confidence Index (a consumer sentiment gauge) fell to 121.5 in June, down from 131.3 in May. The June reading marked the lowest level since September 2017.
- Among domestic equities, large cap underperformed small caps; growth underperformed valueoriented securities; international equities outpaced US equities; and emerging markets outperformed developed.
- The yield on the 10-Year U.S. Treasury Note rose modestly to 2.05% from 2.02% at the end of the week.
- Commodities were mostly higher during the week, buoyed by oil. West Texas Intermediate traded at $59.29 versus $57.678 for the prior week.
- The US Dollar Index was higher, and the dollar rose, supported by stronger-thanexpected US jobs data
*News for the holiday week: The PMC Week in Review will not be delivered on Monday, July 8th due to the Fourth of July holiday week. The next Week In Review is going out on July 15th.
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