Headlines discussed at LNWM’s Monday morning briefing:
— S&P 500 earnings are expected to plunge nearly 45% for 2nd quarter of 2020, ended in June; if accurate, this will be the biggest drop since 4th quarter 2008.
— Around 18 million Americans are collecting unemployment, and 1.3 million new claims were filed in June; both numbers were better-than- expected.
— The US said it will slap a 25% tariff on French imports in retaliation for French tax on digital services, but the effective date is uncertain.
— US inflation seems to be under control for now, despite massive stimulus by the Fed and US government; June showed a small unexpected drop in producer prices last month.
— The US dollar posted its largest weekly drop in a month, as hopes for new Covid-19 treatments were offset by rising infections in the US and elsewhere.
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