For the second consecutive week, U.S. securitized real estate stocks achieved the highest gains among major asset classes, as indicated by a selection of exchange-traded funds. However, yesterday’s trading activity now feels like a distant memory with today’s sudden wave of selling in international markets.
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New trade threats from Trump weigh on markets: WSJ
China says it’s still preparing for US trade talks: CNBC
US warships sail in disputed South China Sea: Reuters
US deploying carrier, bombers to Middle East to deter Iran: CNN
Trump’s re-election prospects strengthened by strong US economy: The Hill
Nearly all asset classes are posting gains so far in 2019: WSJ
ISM Non-Mfg Index: growth rate decelerated to 2-year low in April: MW
Growth in US services sector eased to slowest pace since March 2017: IHS Markit
US trade deficit widened slightly in March: MW
US job growth accelerated as jobless rate fell to 50-year low: Reuters
● Living Well at Others’ Expense: The Hidden Costs of Western Prosperity
By Stephan Lessenich
Review via The Irish Times
Imagine a fictional society named Dogland, inhabited solely by dogs kept as pets in U.S. homes. If the average maintenance cost of these pets is considered their income, the residents of Dogland would rank above 40% of the world’s population in terms of income.
In “Living Well at Others’ Expense,” Stephan Lessenich employs the concept of Dogland to highlight not only the glaring inequalities in our world but also the complicity of many in the affluent developed nations in sustaining these injustices.
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The Labor Department reports that U.S. companies significantly ramped up hiring in April. After a relatively lackluster performance in March, nonfarm payrolls surged by 236,000 last month, a notable increase from the earlier gain of 179,000. This rise in employment translates to a robust 2.0% growth rate for private payrolls, marking a three-month high.
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Technology stocks continue to dominate as the top-performing sector in this year’s widespread stock market rally, as highlighted by a selection of exchange-traded funds. After a dip in late March, the tech sector made a strong recovery in April, maintaining a solid lead over other sectors.
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Speaker Pelosi: Attorney General Barr ‘lied to Congress’: CNBC
OPEC collapse may be near, says Iran’s oil minister: Bloomberg
Moore withdraws from consideration to join Fed board: WSJ
Eurozone inflation edged up more than expected in April: Bloomberg
UK Services PMI ticks back to growth in April, just barely: Reuters
Cyclone Fani makes landfall in India: CNN
US worker productivity rebounded sharply in Q1: Bloomberg
Factory orders in US post largest increase since last August: Reuters
Job cuts in US fell 34% in April compared to the previous month: CG&C
US jobless claims held steady at a low level last week, but the one-year trend continued to rise:
The anticipated risk premium for the Global Market Index (GMI) inched upward again in April, reaching an expected annualized return of 4.8%. This forecast reflects a slight increase from the previous month’s projection of 4.7%. The revision for GMI—an unmanaged, market-value-weighted portfolio encompassing all major asset classes (excluding cash)—signifies the ex ante premium over the anticipated “risk-free” rate for the long term.
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Barr defies Congress by skipping the second day of testimony: Reuters
Iranian oil sanctions may lead US and Saudi Arabia toward confrontation: WSJ
Fed keeps rates unchanged, signals no hikes this year: CBS
Eurozone Manufacturing PMI shows a contraction for the third consecutive month in April: IHS Markit
US ISM Manufacturing Index dipped to a two-year low, indicating sluggish growth: IBD
US Manufacturing PMI showed a slight improvement in April: IHS Markit
Construction spending in the US unexpectedly declined in March: Reuters
US private-sector payrolls experienced a sharp rebound in April: ADP
Global equities showed solid performance in April, marking significant gains across all major asset classes. For the first time since last July, all sectors of the world’s stock markets, including the US, foreign developed, and emerging markets, made it to the top of the performance chart for the month.
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Venezuela’s Maduro clings to power, maintaining a stronghold over the military: BBG
Trump threatens an embargo against Cuba for its support of Venezuela: Reuters
GOP senators express skepticism about Moore’s nomination to the Fed: WSJ
Year-over-year trend of US pending home sales continued to decline in March: CNBC
US home-price growth rate persisted at a slower pace in February: HW
US Employment Cost Index saw a 0.7% rise in Q1, indicating modest wage increases: BBG
The first GDPNow estimate for US GDP growth in Q2 stands at a weak +1.3%: Atlanta Fed
US Consumer Confidence Index experienced a rebound in April: MW
### Conclusion
The recent economic landscape reveals a blend of challenges and opportunities, with varying impacts across different sectors. As market dynamics shift, attention to legislative and geopolitical events will remain crucial in shaping future trends. The consistency of data points across sectors offers insights into where growth could flourish or falter. Stakeholders will need to adapt to these changes to navigate the evolving market effectively.
