Much of the blame for the slight weakness in U.S equity markets and more significant weakness internationally is being attributed to a weak industrial production report out of Germany, minus 1.8% for May, and concerns about about systemic risks to peripheral Eurozone lenders after Portugal's regulatory agency suspended trading in Banco Espírito Santo Thursday. Market's like Spain and Italy were down over 4% with Germany down 3.4%.
The U.S markets seemed to act as though these foreign issues are isolated events. Except for the 4% decline in the Russell 2000 small cap index, the broader S&P 500 Index and Dow Jones Industrial Average were down less than 1% on the week.
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| From The Blog of HORAN Capital Advisors |
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| From The Blog of HORAN Capital Advisors |
For the week ahead, several important economic reports will be released:
- Retail Sales (T)
- Producer Price Index and Industrial Production (W)
- Housing Starts, Jobless Claims and Philly Fed Survey (Th)
- Consumer Sentiment and Leading Indicators (F)
Also important this week will be a number of earnings reports from financial firms like, Citigroup (C), Goldman Sachs (GS), JP Morgan (JPM). In the technology sector, Intel (INTC), Google (GOOG), and International Busness Machines (IBM) report earnings as well.
Article links readers may find of interest can be found in this week's magazine below:
Disclosure: Long JPM, INTC, GOOG
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