Citigroup Inc. C, +1.91% and Wells Fargo & Co. WFC, +1.91% both report earnings on Friday, July 15, while Bank of America Corp. BAC, +1.38% and Goldman Sachs Group Inc. GS, +0.74% weigh in on July 18. The detachment between healthy business performance and poorly share prices in 2022 seems …
Read More »Wells Fargo: June’s ISM Manufacturing Data consistent with slower activity pace
Data released on Friday showed the ISM Manufacturing PMI dropped more than expected in June to 53, the lowest level in two years. According to Wells Fargo’a analysts the details of the report demonstrate slower activity in the manufacturing sector, but also that supply problems continue to ease, but only …
Read More »April’s US ISM Manufacturing data offers a mixed image on the state of industry
Wednesday’s data has showed an unexpected acceleration in the US ISM Manufacturing PMI Index in May from 55.4 to 56.1. According to analysts at Wells Fargo, the report offers a mixed read on the state of the industry. “Orders and order backlogs are growing at a faster pace. Meanwhile, supplier …
Read More »US Economy Moving ahead, despite Q1 GDP data
A new estimate of US Q1 GDP growth revised the original contraction of 1.4% to 1.5%. According to analysts at Wells Fargo, the economy continues to plow ahead, despite the modest contraction in real GDP growth observed during the first quarter.Key Quotes: “Revised data that were released this morning showed …
Read More »Wells Fargo: US strong production still encouraging
Data released on Tuesday showed Industrial Production rose 1.1% in April. Analysts at Wells Fargo point out that US factories, mines and energy producers together called more capacity into service than at any other time since the start of the pandemic. They warn supply chains are not fixed and could …
Read More »Wells Fargo: US Dollar Can Strengthen Further Against G10 Currencies
Wells Fargo’s analysts believe that the US dollar can strengthen against G10 and emerging market currencies. They consider the aggressive monetary policy tightening from the Fed, safe haven capital flows as well as markets that are mis-priced for interest rate hikes abroad should all result in a stronger greenback going …
Read More »CPI Data Proves Fed Has A Long Battle Against Inflation
The key report of the week was released on Wednesday. The annual inflation rate in the US dropped in April to 8.3% from the March 8.5% reading (41-year high). The increase was larger than expected. Analysts at Wells Fargo point out April’s CPI data served as a reminder that the …
Read More »NFP data paves the way for 50 bps rate hike in June
The US economy created 428.000 jobs for the second month in a row, near market expectations. According to analysts at Wells Fargo, the report is solid and reinforces their belief that the Federal Reserve will execute another 50 bps interest rate hike at its next meeting on June 14-15.Key Quotes: …
Read More »US supply issues, inflation weighed on ISM services
Data released on Wednesday showed the ISM Service Sector dropped unexpectedly to 57.1 in April. Analysts at Wells Fargo point out that while supply remains a problem for service-producers, a pullback in demand and hiring were the top factors weighing on activity during the month. Key Quotes: “Activity in the …
Read More »Wells Fargo: Inflation likely peak in March, to remain above 6% in Q4
The annual rate of inflation climbed to 8.5% in March, the highest level since 1981. Analysts at Wells Fargo point out that despite wide-ranging price increases again in March, they believe this likely marks the peak in post-COVID inflation. They expect demand for goods to waver as spending pivots back …
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