German ZEW Survey results Expected On Tuesday
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US Personal Spending Increased 0.4% in June from May
By Xinyang
Personal spending in the US increased 0.4 percent in June from May 2016, the same pace as in the previous month. Economists surveyed by The Wall Street Journal had expected personal spending to rise 0.3% in June. Income was projected to increase at the same rate. It was the third straight month of gains, boosted by a 0.7 percent rise in purchases of nondurable goods. Spending on services increased 0.5 percent but outlays on long-lasting manufactured goods such as automobiles fell 0.3 percent. Income rose 0.2 percent, below expectations of a 0.3 percent increase.
“Just based on the trajectory for the spending data through June, we think that there is some modest upside” to third-quarter spending projections, said J.P. Mogan Chase economist Daniel Silver. Consumer spending will need to remain firm for the economy to grow faster than the near 1% rate average over the past three quarters.
Market Snapshot
Equity Markets: Top performer: Hong Kong. Worst performer: Japan
Closing wrap: The S&P 500 lost 0.84 percent, at 2,152.54 and the Nasdaq Composite was down 1.11 percent, at 5,126.81. The pan-European STOXX 600 and the FTSEurofirst 300 both fell 1.1 percent to their lowest since July 12.
Currency Markets : Top performer: GBP/USD. Worst performer: USD/JPY
Closing wrap: Against the yen, the dollar declined 1.2 percent to 101.22 yen, after earlier touching a three-week low of 101.20 yen. The euro rose to a six-week high against the dollar and was last up 0.5 percent at $1.1212. The Aussie currency was last up 1.2 percent at U.S. $0.7633. The dollar index lost 0.6 percent to 95.165, after earlier falling to 95.151, the lowest level since June 24.
Commodities Markets: Top performer: Sugar. Worst performer: Orange Juice
Closing wrap: U.S. West Texas Intermediate crude was down 1.3 percent, to $39.56 a barrel. It had risen to $40.91 earlier. Brent crude fell 0.7 percent, to $41.84 a barrel, after rising to $43.18 earlier. Spot gold was up 0.9 percent at $1,364.39 an ounce. Platinum was 1.2 percent higher at $1,171.20 an ounce on Tuesday, after touching a more than 15-month high of $1,177.40 earlier in the day. Palladium was 0.9 percent higher at $719.10 an ounce. Silver was up 1.6 percent at $20.73 an ounce.
Treasuries: Top performer: US T-Note 5 YR. Worst performer: Euro Buxi
Closing Wrap: U.S. 30-year yields rose the most among U.S. Treasuries and hit 2.332 percent. U.S. 10-year Treasury yields were last up more than four basis points on the day at 1.542 percent. Short-dated yields also rose, with three-year yields last up nearly two basis points on the day at 0.793 percent.
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By Xinyang
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