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GOOD MORNING … we celebrate our newest national holiday today
as “K STREET” and “WALL STREET” and POST OFFICE and banksters get day off
But most of main street has to go to work — or at least I had to – lol
While I always saw “Emancipation” doing that – it was on JAN 1st 1863 where holiday already exists
And as GOVT loves vacation days, they could now carve one out in JUNE
Thank God that civilization improved to eliminate slavery in USA & throughout world 🙂Juneteenth is Monday, June 19, 2023! Juneteenth is the oldest-known celebration marking the end of slavery in the United States, first recognized by the state of Texas. It is also known as “Freedom Day,” “Juneteenth National Independence Day,” or “Emancipation Day.”
On January 1, 1863, in the middle of the Civil War, the Emancipation Proclamation was issued by U.S. President Abraham Lincoln. It granted freedom to “all persons held as slaves” in 10 Confederate-controlled states. However, for the most part, the order was not enforced until Union soldiers were able to advance into these areas after the end of the war, the beginning of which came in April 1865 with the surrender of Confederate Gen. Robert E. Lee after the Battle of Appomattox Court House in Virginia. On June 19, 1865, U.S. Maj. Gen. Gordon Granger delivered to the people of Galveston, Texas, General Order No. 3, which read, in part:
“Now I’ve been free, I know what a dreadful condition slavery is. I have seen hundreds of escaped slaves, but I never saw one who was willing to go back and be a slave.” –Harriet Tubman (1820–1913), American abolitionist and political activist.
Thanks for that on Juneteenth – many some unaware of what it is celebrating. Another great market weekly!
Equity indices in the Asia-Pacific region ended Tuesday on a mixed note.
Japan’s Nikkei: +0.1%,
Hong Kong’s Hang Seng: -1.5%,
China’s Shanghai Composite: -0.5%,
India’s Sensex: +0.3%,
South Korea’s Kospi: -0.2%,
Australia’s ASX All Ordinaries: +0.8%.Japan’s April Industrial Production 0.7% m/m (expected -0.4%; last 0.3%) and Capacity Utilization 3.0% m/m (expected 0.3%; last -0.1%)
The People’s Bank of China lowered its one-year loan prime rate by ten basis points to 3.55% while the five-year rate was also lowered by ten basis points, to 4.20%, though the moves were seen as underwhelming by the market.
The RBA announced meeting minutes and marked the AUD lower.
According to the minutes, the Reserve Bank of Australia (RBA) discussed the potential for a 25 basis points rate rise. The board was split but ultimately decided that an immediate hike was necessary to ensure inflation would return to the target over a “reasonable” timeframe. Factors such as the increased risk of inflation expectations rising, higher-than-expected wage increases, and rising electricity prices and rents were cited as key inflation risks. Additionally, productivity was described as disappointing and in need of improvement to balance the wage increases.
The board also noted signs of slowing consumer spending in Q2 and warned of the potential for a sharper economic slowdown due to lags in policy. Despite these concerns, falling commodity and shipping prices could alleviate some inflation pressure. The board concluded that they would continue to monitor household spending and financial stress closely and reiterated their commitment to do what is necessary to bring inflation to the target.
Major European indices trade on a mostly lower note.
STOXX Europe 600: -0.3%,
Germany’s DAX: -0.5%,
U.K.’s FTSE 100: +0.1%,
France’s CAC 40: -0.2%,
Italy’s FTSE MIB: -0.3%,
Spain’s IBEX 35: +0.2%.Eurozone’s April Current Account surplus EUR4.0 bln (expected surplus of EUR27.3 bln; last surplus of EUR31.0 bln). April Construction Output -0.44% m/m (expected 0.0%; last -1.64%)
Germany’s PPI decreased in May with the yr/yr growth rate slowing down to 1.0%, the smallest increase since January 2021.
Germany’s May PPI -1.4% m/m (expected -0.7%; last 0.3%); 1.0% yr/yr (expected 1.7%; last 4.1%)European Central Bank policymaker Stournaras said that additional rate hikes cannot be excluded and that a peak rate will likely be maintained for at least six months.
Swiss May trade surplus CHF5.479 bln (expected surplus of CHF3.450 bln; last surplus of CHF2.560 bln)
U.S. Foods (USFD 42.71, +1.06, +2.6%): upgraded to Overweight from Equal Weight at Morgan Stanley
Baidu (BIDU 146.75, +1.64, +1.1%): upgraded to Overweight from Equal-Weight at Morgan Stanley
Avis Budget (CAR 212.72, +8.43, +4.1%): upgraded to Overweight from Equal-Weight at Morgan Stanley
Alibaba (BABA 89.98, -2.12, -2.3%): announces Chairman and CEO succession plan
U.S. Steel (X 23.28, -0.13, -0.6%): sees Q2 EPS above consensus
Lazard (LAZ 33.55, +1.45, +4.5%): Abu Dhabi’s sovereign wealth fund in discussions to take Lazard (LAZ) private, according to the FT.
V.F. Corp (VFC 19.50, -0.01, -0.1%): appoints Bracken Darrell as President and CEO
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