We are closing another week with the last trading session of Us Markets. Let's cover key points of the week.
1- Russia - Ukraine WarThe war is just not ending soon and it may even get bigger. Finland and Sweden are doing their maximum effort to get into NATO and this is making Russia more aggressive. Russia and Ukraine have captured some areas from each other but overall not much change happened on map. As long as this escalation goes on the whole world will be affected severely.
2- Germany Ifo Business ClimateThe Ifo Business Climate indicator for Germany unexpectedly rose to a 3-month high of 93 in May of 2022 from an upwardly revised 91.9 in April, above market expectations of 91.4. Both current conditions (99.5 vs 97.3 in April) and expectations (86.9 vs 86.8) improved. There are no signs of a recession at the moment in Germany, Europe's largest economy, though demand for industrial products has waned significantly and supply issues persist in industry and retail, according to Ifo economists.
3- United States New Home SalesNew home sales in the United States sank 16.6% to a seasonally adjusted annual rate of 591,000 in April of 2022, the lowest since April of 2020 and well below forecasts of 750,000, as rising construction and mortgage costs weigh on buyers' affordability.
4- US Durable Goods OrdersNew orders for US manufactured durable goods increased 0.4% month-over-month to $265.3 billion in April of 2022, following a downwardly revised 0.6% rise in March and below forecasts of 0.6%, in a sign business spending moderated. Orders increased for capital goods (0.7%), transportation equipment (0.6%), machinery (1%), computers and electronic products (0.1%) and primary metals (0.6%). Excluding transportation, new orders rose 0.3% and orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, edged up 0.3%, below 1.1% in March.
5- United States Personal Spending
Personal spending in the US increased 0.9% month-over-month in April of 2022, following an upwardly revised 1.4% rise in March and beating market forecasts of 0.7%, in a sign consumption remains robust despite rising prices. There was widespread spending across goods and services, led by motor vehicles and parts, food services and accommodations as well as housing and utilities while spending on gasoline and other energy goods decreased. Adjusted for changes in prices, purchases of goods and services increased 0.7%, higher than 0.5% in March.
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