Financial News and Portfolio Management Discussion through July 11th

Global stocks rose over the week despite a significant increase in coronavirus cases in the US. The S&P 500 climbed 1.7% and the Dow gained 1.0% for the week.  Abroad, the FTSE All World Ex US rose 1.8% for the week.  The yield on the 10-year Treasury ticked down to finish the week at 0.63%.

German Factory orders rose 10.4% in May after dropping sharply when the country was locked down and eurozone retail sales were better than expected in May.

The European commission downgraded its outlook and now expects economic growth to drop 8.3% for 2020 compared to 7.4% it projected earlier.

Virus cases in the US surged pass 3 million less than a month after it hit 2 million cases.

Car sales in China rose 10.4% in the second quarter from a year ago.

Corporate profits are projected to drop 44% in the second quarter.

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