Weekend Update 7/17/2022

Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!

Inflation continues to surge, but consumer remains resilient

🦅  Inflation still soaring. June 12-month CPI grew 9.1% above expectations and accelerating past May’s 8.6%. While 75 bps expected, investors fearing steeper #RisingYields hike at 100 bps might be on tap. However, market panic waned and recovered on Thursday.

🛍  Resilient consumer. Despite #InflationFears shock, #ConsumerNoConfidence sentiment continues to improve. June retail grew above expectations. New July consumer sentiment survey shows rise off June trough. Meanwhile, credit delinquency/charge-off metrics stay strong.

🏦  Mixed earnings. Earnings kicked off with mostly banks, as usual, leading. As expected, investment banking lower as companies focus internally on tightening belts with #RecessionWatch. However, adding to improving #ConsumerNoConfidence sentiment, consumer banking was a bright spot with spend holding strong.

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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.