In today’s briefing:
- Cross Markets: Is the Ship Turning?
- Surveys Screeching Toward Recession
- CX Daily: How Saving Poyang Lake Will Alter A Complex Ecosystem
- UK: Sales Down, Down, Deeper and Down
Cross Markets: Is the Ship Turning?
- Is the inflation ship turning? Price action in markets warrants this question
- The clearest breaks have been in US stocks which should still rally
- Bonds may be the next to move – it is the central market to watch
Surveys Screeching Toward Recession
- Global manufacturing is trending towards contractions, with the Euro area now leading the way for the worse. At least price pressures are easing in the process.
- Services are also being increasingly smashed, proportional to accelerated policy tightening, with the US indicated as contracting, and the EA on the cusp of joining it.
- Survey-Based measures of activity don’t always move with the hard data. However, broad trend shifts tend to be shared signals rather than noise, so they need respect.
CX Daily: How Saving Poyang Lake Will Alter A Complex Ecosystem
In Depth: How saving Poyang Lake will alter a complex ecosystem
Huawei steps up debt financing with $593 million onshore bond sale
Shanghai appoints acting top prosecutor after graft probe topples previous chief
UK: Sales Down, Down, Deeper and Down
- The British consumer continued suffering from painfully high inflation in June, with no significant real growth since Oct-21 creating an annual decline near 6%.
- Food sales were relatively high in June but should probably be read relative to the deep drop in May amid bank holiday changes. April’s similar rise was revised away.
- Non-Retail consumption is also being squeezed. New car sales are trending down at near a 20% annual pace. Consumers are being forced to drop discretionary purchases.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
