- Among equities, the US stock market peaked this week after Fed Chair Powell indicated a probable rate cut this month. On Thursday, the Nasdaq Composite Index dipped a little after President Donald Trump’s tweet indicating challenges in the trade talks between China and the US. European shares ticked up on Friday as auto and chemical shares pushed the Stoxx-600 higher. Equity indices in the Asia-Pacific region dipped due to weak data from China and Singapore.
- The yield on the 10-Year US Treasury Note rose to 2.13% following the release of strong inflation data.
- The Dollar Spot Index started the week with an upward trend. However, the index dipped as the week continued, as the increased possibility of the Fed’s interest rate cut weighed on it.
- The Trump Administration withdrew its proposal to eliminate rebates from government drug plans. Shares of health insurers such as Cigna Corp (CI), United Health (UNH), and CVS Health (CVS), soared.
- The US budget deficit increased to $747.1 billion for the first nine months of the fiscal year. This reflects a year-over-year increase of 23.10% for the same time period. The Trump Administration expects this figure to exceed $1 trillion for this fiscal year.
Click here to download the complete weekly report: EWMWeeklyReview 7.15.19
Disclosure: Past performance is not necessarily indicative of future results.