Headlines discussed at LNWM’s Monday morning briefing:
— The S&P 500 and NASDAQ both hit new highs on strong performance by tech stocks, record low interest rates, and prospect for Covid-19 vaccine by year-end.
— US home prices hit a new high in July on average ($304,100), as low inventory met with pent-up demand; a key index for manufacturing and services is now in full expansion mode.
— Roughly 1.1 million more Americans filed for unemployment benefits last week, while the total number collecting benefits fell to 14.8 million from a high of 25 million in May.
— Eurozone manufacturing activity seems to be slowing based on preliminary estimates for August, with a reading of 51.6 on a key index vs. 54.9 in July.
— China’s $1.4 trillion corporate debt market could see a significant rise in defaults this year as government support subsides on economic rebound from Covid-19.
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