BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
In this morning’s data, as expected, the European Central Bank decided to keep the deposit rate unchanged, at -0.5%, and monthly bond purchases will remain at 20 billion euros. The statement following their meeting noted ongoing, but moderate economic growth in the Euro area, with weaker manufacturing and a firm labor market. They will also conduct an overall review of their policy strategy. Overall, continued accommodation from the ECB as inflation remains elusive, with some similarities to conditions in the U.S. Meanwhile, initial jobless claims in the U.S. were 211,000 for the previous week, slightly below expectations, suggesting a continued firm labor market here at home. In all, bond yields are little changed and equity futures are lower this morning heading into the market open.
This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.
In this morning’s data, Retail Sales for July were flat for the month, one-tenth less than expected. For the month, Non-store retailers were relatively strong, up 2.7%, while Gasoline Stations, down -1.8%, and Motor Vehicle & Parts Dealers, down -1.6%, were weak....