【SMM Morning Meeting Summary: Persistent Macro News Disturbances and P

Published: Jul 8, 2024 08:44

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【SMM Morning Meeting Summary: Persistent Macro News Disturbances and Possible Seasonal Mismatch in Supply-Demand Relationship】At the macro level, the ADP employment data for June in the United States unexpectedly dropped to the lowest level in four months, and the number of people applying for unemployment benefits also saw an unexpected increase. In addition, the sharp decline in the ISM services index further confirms the weakness of economic activity. These factors have jointly raised market expectations for the Fed to cut interest rates in September. On the other hand, the recently released minutes of the European Central Bank's June monetary policy meeting showed that its concerns about the possibility of policy inhibiting economic growth have eased, and it is optimistic about the inflation outlook...

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