Monday July 3rd

This is Brian Hamilton filling in for Mark Vickery while he is on vacation.

Reminder, the U.S. markets close early today, 1pm EST due to the holiday tomorrow.

Overnight we received manufacturing data from several different countries; in China the Caixin Media and Markit Economics gauge improved to 50.4 in June (above 50 indicates expansion, and below 50 indicates contraction) after dipping below 50 in May.  The U.K. reading fell to a three month low of 54.3 in June, falling from 56.3 in May.  The Euro region manufacturing jumped up to 57.4, the strongest pace in six months.

We are expecting several domestic economic data points in the early part of the day; the Markit’s U.S. manufacturing data will be released at 9:45 EST.  June’s reading for ISM manufacturing will be posted at 10am EST, and then a bit later we will receive vehicle sales data with total expectations of 16.5 million.  

In international news, Qatar responded to Saudi Arabia’s list of demands after they and several other countries accused Qatar of supporting extremist groups. No details of the response were released, but Qatar has denied the accusations.  Both the U.S. Kuwait have been acting as intermediaries during the discussions.  

Brian Hamilton

Investment Research Coordinator