Highlights
• Markets are flat, awaiting hints from Powell’s speech
• Tailwinds keep lifting Aerospace & Defense stocks
• Walmart’s report adds to the mounting evidence of a spending squeeze
• Current slide in discretionary spending is a strong recession signal
Key Takeaways
• Markets Steady After a Weeklong Slide: After five straight days of decline, U.S. futures are pointing to a respite. European equities are little changed, in the wake of the news that German real GDP growth in Q2 was marked lower to -0.3% sequentially from the -0.1% initial estimate (denting the positive news we received yesterday in the form of the better-than-expected PMI data).
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