“MSCI’s broadest index of Asia-Pacific shares sans Japan has been trending sideways since March and was up just a fraction Monday“– Paul Ebeling
More than 33% of S&P 500 (SPX) is set to report Quarterly results this wk, headlined by Facebook Inc, Tesla Inc, Apple Inc, Alphabet Inc, Microsoft Corp and amazon.com.
Just over 20% of the S&P 500 have reported, 88% of firms have beaten the consensus of analysts’ expectations. And global money managers have poured more than $900-B into US funds in 1-H of Y 2021.
In the US this week
The week is packed with US data that should underline the economy’s outperformance.
Q-2 GDP is forecast to show annualized growth of 8.6%, while the Fed’s favored measure of core inflation is seen rising an annual 3.7% in June.
The Fed meets on Wednesday and, while no change in its dovish policy is expected, Chairman Powell will be pressed to clarify what “substantial further progress” on employment looks like.
The bond market is not troubled by the prospect of eventual tapering as yields on the benchmark 10-yr T-Note having fallen for 4 wks running to stand at 1.28%.
The fall has done little to undermine the Buck, in part because European yields have fallen even further on expectations of continued massive bond buying from the European Central Bank.
The rise in USD has offset the fall in bond yields, and has gold range-bound around 1,800oz.
Crude Oil prices have fared better amid wagers demand will remain strong as the global economy gradually opens and supply stays tight.
Have a prospeerous week, Keep the Faith!