Monday Morning Meeting Notes (06/10/2024)

Weekly Economic Insights

Monday Morning Meeting Notes (06/10/2024)

Bradley Prosper, CFA®, CFP® Weekly Economic Insights

Monday Morning Meeting Notes (06/10/2024)

General Info:

  • U.S. employment report for May showed 272,000 new jobs added (vs. expectations of 185,000)
  • The unemployment rate rose from 3.9% to 4.0%, while average hourly earnings increased 0.4% month-over-month and 4.1% year-over-year (vs. expectations of 0.3% and 3.9%, respectively)
  • The European Central Bank (ECB) cut rates by 0.25%, bringing its main refinancing rate to 3.75%
  • Fun Fact: The continent of Africa spans across all four hemispheres and covers nearly 12 million square miles
  • Bonus Geography Fact: It takes a drop of water 90 days to travel the entire Mississippi River (2,340 miles, which makes it the third-largest watershed in the world)

Monday 06/10:

  • Apple’s Worldwide Developers Conference is held online through June 14th

Tuesday 06/11:

  • Oracle reports earnings
  • U.K. jobless claims and unemployment data

Wednesday 06/12:

  • Broadcom reports earnings
  • Federal Reserve (Fed) monetary policy meeting, followed by Chair Jerome Powell’s press conference
  • No changes to interest rates are expected, so the fed funds rate is expected to stay at 5.25%-5.50%
  • U.S. consumer price index (CPI) data for May
  • CPI is expected to have risen 0.1% month-over-month and 3.4% year-over-year
  • Core CPI, which excludes volatile food and energy costs, is expected to have risen 0.3% month-over-month and 3.5% year-over-year
  • Germany CPI data for May
  • China producer price index (PPI) and CPI data for May

Thursday 06/13:

  • Adobe and Autodesk report earnings
  • U.S. PPI data for May
  • U.S. initial jobless claims and continuing claims data
  • Eurozone industrial production for April
  • Tesla holds its annual shareholder meeting
  • Proxy adviser Institutional Shareholder Services (ISS) is urging shareholders to reject CEO Elon Musk’s proposed $56 billion compensation
  • The United Nations releases its biannual food and outlook report

Friday 06/14:

  • National Bourbon Day
  • U.S. University of Michigan consumer sentiment index (preliminary June reading)
  • Bank of Japan (BOJ) monetary policy meeting, which is expected to include a discussion of the central bank reducing its bond purchases

About the Author

Bradley Prosper, CFA®, CFP®

Senior Research Analyst
Mr. Prosper is a member of the Firm’s investment research group where he assists in conducting investment research that is instrumental in the construction, maintenance, and management of client portfolios. This research includes the procurement of primary data via direct investment manager interviews as well as analyzing information from our data resources.