Headlines discussed at LNWM’s Monday morning briefing:
— A key US consumer inflation gauge rose 3.1% year-over-year in April, and personal income fell due to end of stimulus payments.
— Weekly US mortgage and refinancing applications were down 4% and 9% from a year ago, on a slight increase in US mortgage rates (to 3.18% on 30-year).
— New orders for US durable goods fell 1.3% in April, the 1st drop in 11 months, as auto production was hurt by global shortage of semiconductors.
— Consumer inflation in the Eurozone hit 2% annualized rate in May (from 1.6% in April) and is expected to be as high as 2.5% by year-end before trending down.
— The Chinese manufacturing and services sectors laid off more workers than they hired in May, although production in both sectors is expanding from pre-pandemic lows.
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