Oddbean

Westpac IQ Economics Morning Report ========== US economic data shows stronger than expected growth in June quarter; inflationary pressures continue to dissipate towards Fed's target of 2%; US equities mixed with tech stocks selloff and poor earnings reports; European stocks lower on weaker than expected data; US bond yields lower, US dollar unchanged; Aussie lower due to softness in commodity prices; ASX200 index falls 1.3%; longer dated US bond yields lower; 2-year bond yield unchanged at 4.43%, 10-year treasury yield declines to 4.24%; Australian yields broadly unchanged; RBA rate hike priced in for August meeting; US dollar broadly unchanged, Aussie lower; commodities generally lower, gold, copper, and iron ore decline; Eurozone's IFO business climate indicator declines in July; Euro area M3 money supply grows by 2.2% in annual terms; US economy expands by 2.8% in June quarter, above expectations; growth in consumer spending picks up; PCE price index rises 2.3%yr, core PCE eases to 2.9%yr; durable goods orders in June fall 6.6%; weekly initial jobless claims remain low; Kansas City's Fed manufacturing index declines in July; no major economic data published in Australia yesterday #Morningreport #Commodities #Australia https://www.westpaciq.com.au/economics/2024/07/morning-report-26-july-2024