Important Information
This information is provided for general educational purposes only without regard to your particular investment needs. This material, including any attachments or hyperlinks, should not be taken as investment or tax advice of any kind whatsoever (whether impartial or otherwise) on which you may rely for your investment decisions, nor be construed as an offer, solicitation or recommendation for any investment strategy, product or service. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment discussed herein.
Material authored by any particular Artisan Partners individual or team represents their own views and opinions, which may or may not reflect the views and opinions of Artisan Partners, including its autonomous investment teams or associates. Statements are based on current market conditions and other factors, which are as of the date indicated and are subject to change without notice. While this information is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion.
All investments are subject to risk, which includes potential loss of principal. Past performance is not indicative of future results.
This material may reference index or other information that is subject to copyright by its respective service provider, including the following: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. The herein referenced S&P index ("Index") is a product of S&P Dow Jones Indices LLC ("S&P DJI") and/or its affiliates and has been licensed for use. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). None of S&P DJI, Dow Jones, their affiliates or third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Source ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofAML indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness and/or completeness of the ICE BofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services.
© 2024 Artisan Partners. All rights reserved.
In the News
Making headlines today is a variety of economic news, including more data which send contradictory messages about the expansion’s resilience. A sample:
US Existing-Home Sales Picked Up in July
Home sales’ first year-over-year increase in over a year. As ever, the devil is in the details, which economists warn paint a more mixed picture. But with mortgage rates at generational (historical, even) lows, this isn’t a terribly surprising outcome.
As the Fed Frets, Retailers Rake in Sales
Earnings season has been a mixed bag to date, with pundits issuing warnings about the potential for negative earnings. The fact that retailers have thus far been resilient (if not outright optimistic) despite the growing list of global macro concerns could be seen as a positive for US growth trajectory—particularly as some two-thirds of US GDP is attributable to individual consumption.
Conference Board’s Leading Economic Index Climbs 0.4% in July
The Conference Board’s Leading Economic Index (LEI)—a forward-looking indicator—rose 0.4% in July.
German Companies Signal Looming Recession After Demand Plunges
A growing number of observers are concerned about Germany’s manufacturing PMI, particularly as the country’s economy is generally considered the economic powerhouse of much of the euro zone. Recall, though, that manufacturing (and other) surveys are just that—surveys, which means they’re based on respondents’ current views that are heavily influenced by the recent past, rather than the forward-looking possibilities. Hardly a foolproof measure of future economic activity and possibly more instructive on sentiment levels than anything else. Regardless, concern about the euro zone economic outlook is rising.
Investors Pull $2.9bn From Funds Investing in China
An array of headwinds faces China, and investors are acting accordingly. That the country is known for its lack of transparency—particularly in reporting economic data—is likely further rattling nerves among those who might otherwise be willing to concede that even slower growth out of an economy as massive as China’s is still a tremendous amount of growth.
Against this mixed backdrop, global central bankers meet in Jackson Hole, WY this week. Some worry there are few arrows left in central banks’ quivers. Others are more sanguine (particularly about the US, whose economy has been stronger). Time will naturally tell which group has been prescient.
Contact the Editorial Staff
Have a question or comment? We welcome your feedback. Comments will not be made public, but will be read by a member of our editorial staff.
Thank you for your question or comment.