Economic data included increases in ISM manufacturing and services indexes. The monthly employment situation report disappointed, with far slower growth than expected, although the unemployment rate also declined.
Equities rose globally last week, helped by decent economic data and better news from the Middle East. Bonds gained as yields fell back globally. Commodities were mixed, with gains in precious metals offset by a decline in energy.
Economic data for the week included the U.S. Federal Reserve keeping interest rates on hold, U.S. GDP for Q2 growing at a pace slightly below trend, as well as moderate gains in personal income and spending, durable goods orders, and home prices. Consumer sentiment remained mixed.
Equities saw gains globally, with decent earnings and lack of Middle East escalation. Bonds were mixed, as yields rose. Commodities fell along with oil prices, coupled with a fading in Middle East tensions early in the week.
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