Headlines discussed at LNWM’s Monday morning briefing:
— US unemployment is expected to remain around 11%, even after an estimated 2.4 to 3.9 million workers were rehired in June.
— A key US manufacturing index jumped to 52.6 in June, indicating expansion, after readings in the low 40s in April and May.
— Demand for new US mortgages fell slightly for the 2nd straight week, signaling a potential peak in the housing recovery.
— Fitch has downgraded the credit ratings of 33 governments in the 1st half of 2020 and placed 40 more on negative outlook, as debt level rise.
— Several large US states, including Florida and Texas, curtailed reopening plans on rising infection rates of Covid-19, even though death rates so far are on a downward trend.
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