Market Recap??

Market Recap??

Recap of the macro news and market activity of the past week. Released every week.

??ON INVESTORS’ MIND

A hectic political news front has moved markets less than expected. In the UK, the landslide victory of Keir Starmer’s Labor revigorated GBP. In France, legislative elections are most probably leading to a hung parliament, with no extreme decisions meant to rock the boat anytime soon. Spreads between 10y bunds and 10y French OAT narrowed. In the US, the market remains insensitive to right or left jitters.

??CHART OF THE WEEK

A tale of 2 cities in CRE: data centers ??VS office ??

Bespoke Investment

??MARKET NEWS

Any news on rates or inflation?

Average cost for group of 10 people to eat on 4th of July is $71.22 in 2024, up 5% from 2023 and only 2.2% since 2022 as per Farm Bureau and Data Arbor. Prices paid components in ISM Manufacturing and Services did not showing any signs for coming increase in inflation pressure.

How do you feel about the economy?

June ADP payrolls +150k (vs. +165k est. & +157k prior), mostly driven by leisure & hospitality. Jobless claims increased again last week, making it the 9th straight increase since mid Ap24. ISM services (48.8 vs 53.8 prior), and ISM manufacturing (48.5 vs 48.7 prior) for Jun24 were both weaker than expected. Factory orders were down -0.5% in May24, first time in 4 months. Jun24 non-farm payrolls posted a +206k gain (vs 190k est, & +218k prior) thanks to recruiting in Government and healthcare mostly.

Houses & mortgages

Home prices made a new all-time high as of end of Jun24 per Redfin, median sale price +4.9% year/year, rising to $397,954. General Motors sales in 2Q24 were highest since covid,

Corporate digest

Tesla remained the #1 in EV distribution in 2Q24, delivering 444k EV (down 5%) vs 426k for BYD (up 21%??). General Motors all-car sales in 2Q24 were highest since covid, including 22k EV sales, up 40% yoy. Google’s carbon emissions grew by 13% in 2023 due to its power-hungry data centers. Nike is losing market share in the running segment to ON and Hoka.

??MARKET DATA as of 5th July 24

S&P500 made all-time high, unperturbed by politics. Yields came in on the back of less sanguine US data. Large Cap claimed again 3.2% over Small Cap in the first week of Jul24, consolidating a 25% advance for the year so far. EUR and GBP remained well bid despite political turmoil.

??WEEK AHEAD

Watch for CPI on Thursday ??

US economic data week of 8Jul24 - Stocktwits

That’s all for now !

About –

360 Advisory LLC is a Boston-based RIA managing investments

??Find Investment Solutions


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