There was plenty of macro data last week, including the US non-farm payrolls (more info below). However, at a micro level, the second quarter of earnings begins to draw to a close. According to Factset, 84% of the S&P 500 have now reported, with decent percentages beating estimates on both revenue and earnings. Although it does look like we’ll see the largest quarterly earnings decline since Q3 2020. This may cause some alarm and companies might not be quite as strong as they were year ago. But this is broadly as expected, and the economy continues to hold up relatively okay. As always, no data point should be taken in isolation and should always be viewed versus expectations. 


Looking forward to this week, we are entering a traditionally quiet time of year with plenty of annual leave within investment markets. Therefore, trading volumes will be relatively thin in the coming weeks. In terms of data, both US and Chinese inflation data are likely to pique interest in the throughout the week. Finally, for anyone still stuck in work and with any questions, we’re here and happy to chat through any queries.


As always, if you wish to discuss anything in further detail, please do get in touch.