Succinct Summations week ending June 12th
Positives:
1. NFIB small business optimism came in at 98.3, the highest reading of the year.
2. University of Michigan consumer sentiment came in at 94.6, up from 90.7 in May.
3. US core retail sales rose 0.7% m/o/m and 3.3% y/o/y.
4. Job openings rose to 5.38m, the largest reading on record.
5. Headline PPI rose 0.5% m/o/m, slightly higher than expected. Core PPI rose just 1% m/o/m.
6. Japanese GDP was revised to an annualized gain of 3.9% vs the initial reading of 2.4%.
Negatives:
1. US jobless claims came in at 279k, slightly more than expected and up from 277k last week.
2. Although the major indices are less than 2% from their all-time highs, participation is deteriorating.
3. Chinese imports fell 17.6% y/o/y.
