Headlines discussed at LNWM’s Monday morning briefing:
— The US and China agreed to a trade truce, including postponing new tariffs as trade talks continue, lifting stocks.
— Goldman Sachs and Ally Financial cut the interest rate on certain short-term savings accounts — to 2.15% from 2.25%.
— US consumer spending rose 0.2% in May adjusted for inflation, after a 0.2% increase in April, indicating tepid economic growth.
— US oil production hit a record 12 million barrels a day, with US expected to maintain its place as world’s largest oil producer.
— The 18 largest banks in the US passed the Federal Reserve’s stress test, clearing the way for higher dividends and stock buybacks.
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