Afternoon Note
Earnings season is back in full-force this week, and judging by the market pop today, we’re off to a great start. On a Monday light with economic data, the Dow Jones Industrial Average managed to recoup the losses of last week to hit a new all-time intraday high this morning. In fact, all three of the major equity indices are trading in the green today, and if the lift continues, they should all close higher. Citigroup (C) was the major earnings mover today, reporting EPS of $1.24 compared to consensus of $1.07 and revenues of $19.34 billion compared to consensus of $18.84 billion. Additionally, a study at Bloomberg shows that individual investors are plowing money back into the U.S. stock market, just as professional strategists say gains for this year are over. About $100 billion has been added to equity mutual funds and exchange-traded funds in the past year – that’s 10 times more than in the previous 12 months. Aside from investing news, Europe is holding onto positive industrial activity over last year, which can be observed in the chart below.
Industrial production in the European Union rose 0.5% year-on-year in May, a slow-down from the 1.4% increase in April caused by falls in consumer goods and energy productions. On a monthly basis, the industrial output fell 1.1% from April. When broken down by segment, year-on-year production of capital goods rose by 1.5%, non-durable consumer goods by 1.4% and intermediate goods by 0.4%, while durable consumer goods fell by 0.3% and energy by 3.1%. In the EU 28, the increase of 1.1% is likely due to production of capital goods rising by 2.2%. Year-over-year, the highest increases in industrial production were registered in Romania (+15.0%), Lithuania (+10.2%) and Hungary (+9.5 %), and the largest decreases in Malta (-11.9%), France (-4.2%) and Finland (-2.9%). The pickup in activity in the eastern portion of the continent is definitely encouraging as it remains a factory-rich region.
There ought to be more market movers later this week, but for the moment, we are enjoying the lift.
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