In a year marked by a widespread uptick across the US stock market, achieving exceptional performance is no small task. However, technology shares have outshone their counterparts in 2019, emerging as the top-performing sector based on a range of exchange-traded funds.
Federal Reserve officials reaffirm expectations for a rate cut: Bloomberg
The US claims it destroyed an Iranian drone that threatened a Navy ship: Reuters
Iran denies losing a drone due to US fire: USA Today
Trump is expected to nominate the son of the late Supreme Court Justice Scalia to lead the Labor Department: The Hill
South Korea embraces a boycott of Japanese products as trade tensions escalate: WSJ
US jobless claims rose last week but remain close to multi-decade lows: CNBC
The US Leading Economic Index for June suggests a ‘moderation’ in growth for the second half of the year: CB
Philly Fed’s ADS Index still indicates a low recession risk for the US:
How slow can economic growth decelerate before the country faces a recession? Recent reports indicate that US economic growth has slowed, with new signs suggesting that this trend may persist gradually in the upcoming months. The pressing question is: What is the tipping point? While it remains uncertain, the risk of an impending downturn appears to be rising.
Ebola outbreak in Congo declared a global health emergency: AP
US-China trade negotiations remain stalled: WSJ
The US prepares to deploy troops to Saudi Arabia amid rising tensions with Iran: CNN
The House has dismissed a vote on Trump’s impeachment: The Hill
GDPNow estimates US Q2 growth at a sluggish +1.6%: Atlanta Fed
Netflix reports its first decline in US subscribers in nearly a decade: WSJ
UK retail spending in June showed an unexpected rebound: Reuters
The Fed’s Beige Book survey presents a positive economic outlook: Bloomberg
The one-year trend for US housing starts rebounded in June, though permits remain negative:
While not as forceful as Mario Draghi’s famous “whatever it takes” statement from 2012, Federal Reserve Chair Jerome Powell’s recent remarks were still significant. Given the current strength of the US economy compared to the eurozone, which was facing severe challenges during Draghi’s address, Powell’s statements were more measured. However, they emphasize the fact that US growth has indeed slowed, prompting the Federal Reserve to focus on sustaining the economic expansion, which is on track to become the longest in history by the end of this month.
Will Washington impose sanctions on Turkey over its deal with Russia? CNBC
Big tech companies faced tough scrutiny in Congress on Tuesday: AP
China and Vietnam remain in a standoff over the South China Sea dispute: Reuters
Japan and South Korea’s trade conflict is escalating: CNBC
Amazon is facing a European investigation over third-party sales: WSJ
US import prices fell in June, marking the largest decline in six months: MW
Confidence among US home builders remains strong in July: HousingWire
US industrial output contracted in Q2: MW
US retail sales experienced a moderate annual growth rate of 3.4% in June:
While there are no definitive indicators for predicting an economic recession, manufacturing activity has historically been a significant variable to monitor. It is generally expected that output will decline during the early stages of economic contraction, if not right before a downturn commences. However, recent trends question the reliability of manufacturing as a barometer for business cycles, prompting the discussion: Has its effectiveness as an economic indicator diminished since the last recession?
Trump escalates tensions with incendiary remarks against Democrats: Politico
North Korea warns that nuclear talks could be jeopardized by planned US-South Korea military exercises: Reuters
Will the US-China trade conflict negatively affect Q2 corporate earnings? MW
The Japan-South Korea trade dispute poses a new risk to the global economy: CNBC
German economic sentiment remains deeply negative in July: ZEW
Can a non-economist lead the European Central Bank successfully? NY Times
Facebook’s cryptocurrency initiative faces widespread resistance: WSJ
New York Fed Manufacturing Index rebounded in July after experiencing a sharp decline in June: MW
Last week, broadly defined commodities dominated the performance rankings among the major asset classes, with a substantial margin largely attributed to rising oil prices. The increase was driven by a confluence of advantageous factors throughout the week.
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China warns it will sever ties with US companies selling arms to Taiwan: Reuters
China’s GDP growth has dipped to 6.2%, the lowest rate since 1992: SCMP
Positive trends in commodities data suggest an optimistic outlook for China’s economy: Bloomberg
Trump is contemplating the removal of Commerce Secretary Wilbur Ross: NBC
Recent surveys indicate that US Q2 GDP growth is expected to slow to +1.9%: WSJ
Another Canadian citizen has been detained in China: Time
The House is deliberating a bill to prevent tech companies from offering financial services: CNBC
US retail spending’s one-year trend for June is projected to decrease slightly to +3.0%:
This collection of articles highlights significant economic developments and trends from July 2019. The tech sector emerged as a standout performer in the stock market, while various geopolitical tensions and domestic economic indicators showed a more complex and uncertain landscape ahead. Understanding these elements is crucial for evaluating ongoing market conditions and future economic forecasts.
