Headlines discussed at LNWM’s Monday morning briefing:
— A key US consumer inflation gauge rose 3.1% year-over-year in April, and personal income fell due to end of stimulus payments.
— Weekly US mortgage and refinancing applications were down 4% and 9% from a year ago, on a slight increase in US mortgage rates (to 3.18% on 30-year).
— New orders for US durable goods fell 1.3% in April, the 1st drop in 11 months, as auto production was hurt by global shortage of semiconductors.
— Consumer inflation in the Eurozone hit 2% annualized rate in May (from 1.6% in April) and is expected to be as high as 2.5% by year-end before trending down.
— The Chinese manufacturing and services sectors laid off more workers than they hired in May, although production in both sectors is expanding from pre-pandemic lows.
Disclaimer: Clicking on any of the above links will take you away from the LNW web page and to the source page. While we believe the information in these articles is relevant, we cannot guarantee its accuracy or completeness.